v3.22.4
DISCONTINUED OPERATIONS
 9 Months Ended
Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS

NOTE 3 – DISCONTINUED OPERATIONS

 

Discontinued operations comprise those activities disposed of during the period or classified as held for sale at the end of the period. It represents a separate, major line of business clearly distinguished for operational and financial reporting purposes. Due to the efforts of the Company to sell One More Gym Tuscaloosa, LLC and One More Gym Birmingham, LLC the assets and liabilities were written down to fair value and an impairment loss was recognized.

 

The revenues and expenses associated with discontinued operations included in the Company’s consolidated income statement for the three and nine months ended December 31, 2022 and 2021 were as follows:

                     
   For the three months ended   For the nine months ended 
   December 31,   December 31,   December 31,   December 31, 
   2022   2021   2022   2021 
Revenue from discontinued operations                    
Gym revenue   63,688    348,850    501,214    1,058,863 
                     
Operating expenses from discontinued operations                    
Sales and marketing   –    5,170    5,102    14,178 
Utilities   9,514    42,268    60,737    126,611 
Leasing expense   8,069    138,859    132,492    417,296 
Payroll expense   30,229    174,179    226,392    456,461 
General and administrative   322,351    124,560    417,357    401,904 
Loss on impairment of assets   300,475    –    300,475    – 
Total general and administrative corporate expenses
from discontinued operations		   670,638    485,036    1,142,555    1,416,450 
                     
Loss from discontinued operations   (606,950)   (136,186)   (641,341)   (357,587)
                     
Other income (expense):                    
Gain on forgiveness of loan   –    –    –    7,704 
Gain (loss) on sale of assets   –    100    (6,958)   1,240 
Interest expense   –    (929)   –    (3,283)
Total other expense   –    (829)   (6,958)   5,661 
                     
Net loss on discontinued operations  $(606,950)  $(137,015)  $(648,299)  $(351,926)
                     
Basic and diluted earnings per share on
net loss from discontinued operations		  $(0.000)  $(0.000)  $(0.000)  $(0.001)
                     
Weighted average shares outstanding   3,207,338,338    1,452,481,989    2,446,125,019    1,341,287,504