Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2017shares | |
Document and Entity Information: | |
Entity Registrant Name | MJ Holdings, Inc. |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2017 |
Trading Symbol | mjne |
Amendment Flag | false |
Entity Central Index Key | 1,456,857 |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 12,227,939 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q2 |
MJ Holdings, Inc. - Condensed C
MJ Holdings, Inc. - Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | |
Current Assets: | |||
Cash | $ 58,074 | $ 463,773 | |
Accounts receivables | 25,155 | 30,187 | |
Prepaid assets | 6,862 | ||
Current assets held for disposition | 54,419 | ||
Total Currents Assets | 83,229 | 555,241 | |
Property and equipment, net | [1] | 889 | 1,222 |
Noncurrent assets held for disposition | 3,807,782 | ||
Total Assets | 84,118 | 4,364,245 | |
Current Liabilities: | |||
Accounts payable and accrued liabilities | 30,268 | 130,889 | |
Accrued liabilities due to related party | 2,725,000 | 2,132 | |
Current liabilities held for disposition | 2,722,865 | ||
Total current liabilities | 30,268 | 2,855,886 | |
Security deposits | 70,168 | ||
Total Liabilities | 30,268 | 2,926,054 | |
Stockholders' Equity | |||
Preferred stock | [2] | ||
Common stock | [3] | 14,028 | 14,028 |
Additional paid-in capital | 3,200,998 | 2,779,105 | |
Accumulated deficit | (1,613,176) | (1,354,942) | |
Less: Treasury Stock | [4] | (1,548,000) | |
Total Stockholders' Deficit | 53,850 | 1,438,191 | |
Total Liabilities and Stockholders' Deficit | $ 84,118 | $ 4,364,245 | |
[1] | Net of accumulated depreciation of $1,111 and $778 | ||
[2] | $0.001 par value, 5,000,000 shares authorized; 0 shares issued and outstanding | ||
[3] | $0.001 par value, 95,000,000 shares authorized; 14,027,939 shares issued; 12,227,939 and 14,027,939 shares outstanding at June 30, 2017, and December 31, 2016, respectively. | ||
[4] | at cost; 1,800,000 shares at June 30, 2017 |
Statement of Financial Position
Statement of Financial Position - Parenthetical - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position | ||
Preferred Stock, Par Value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 95,000,000 | 95,000 |
Common Stock, Shares Issued | 14,027,939 | 14,027,939 |
Common Stock, Shares Outstanding | 12,227,939 | 14,027,939 |
MJ Holdings, Inc. - Condensed 4
MJ Holdings, Inc. - Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement | ||||
Revenues | $ 2,139 | $ 2,139 | ||
Operating Expenses: | ||||
General and administrative | $ 246,490 | 40,281 | $ 273,201 | 58,378 |
Depreciation expense | 167 | 167 | 334 | 334 |
Total operating expenses | 246,657 | 40,448 | 273,535 | 58,712 |
Operating loss | (246,657) | (38,309) | (273,535) | (56,573) |
Other income | 29 | 63 | ||
Loss before income taxes | (246,657) | (38,280) | (273,535) | (56,510) |
Provision for income taxes | ||||
Loss from continuing operations, net of tax | (246,657) | (38,280) | (273,535) | (56,510) |
Income from discontinued operations, net of tax | 29,961 | 15,301 | 73,642 | |
Net income (loss) | $ (246,657) | $ (8,319) | $ (258,234) | $ 17,132 |
Basic and diluted net income (loss) per common share: | ||||
Continuing operations | $ (0.020) | $ (0.003) | $ (0.022) | $ (0.004) |
Discontinued operations | 0.002 | 0.001 | 0.005 | |
Net income (loss) per common share | $ (0.020) | $ (0.001) | $ (0.021) | $ 0.001 |
Weighted average shares outstanding, basic and diluted | 12,227,939 | 14,027,939 | 12,327,387 | 14,027,939 |
MJ Holdings, Inc. - Condensed 5
MJ Holdings, Inc. - Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
Cash flows from operating activities: | |||
Net income (loss) | $ (258,234) | $ 17,132 | |
Less: income from discontinued operations, net of tax | (15,301) | (73,642) | |
Loss from continuing operations, net of tax | (273,535) | (56,510) | |
Adjustments to reconcile loss from continuing operations to net cash provided by operating activities: | |||
Depreciation | 334 | 334 | |
Changes in operating assets and liabilities: | |||
Accounts payable and accrued liabilities, increase decrease | 12,735 | (125) | |
Net cash used in operating activities, continuing operations | (260,466) | (56,301) | |
Net cash provided by (used in) operating activities, discontinued operations | (10,200) | 79,282 | |
Net Cash Provided by (Used in) Operating Activities | (270,666) | 22,981 | |
Cash flows from investing activities: | |||
Payment of cash through exchange offer | [1] | (135,033) | |
Investment in real estate loan receivable | (150,000) | ||
Net cash used in investing activities, continuing operations | (135,033) | (150,000) | |
Net cash used in investing activities, discontinued operations | |||
Net Cash Used in Investing Activities | (135,033) | (150,000) | |
Cash flows from financing activities: | |||
Net Cash Provided by Financing Activities | |||
Net decrease in cash | (405,699) | (127,019) | |
Cash at beginning of period | 463,773 | 303,368 | |
Cash at end of period | 58,074 | 176,349 | |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest to related party | 45,417 | 136,250 | |
Supplemental schedule of non-cash financing activities: | |||
Disposition of real estate business through exchange offer | [1] | $ 1,126,107 | |
[1] | See Note 3 |
Note 1 - Interim Financial Stat
Note 1 - Interim Financial Statements | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 1 - Interim Financial Statements | Note 1 Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required for audited annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to make the condensed consolidated financial statements not misleading have been included. The balance sheet at December 31, 2016, has been derived from the Companys audited consolidated financial statements as of that date. The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and the notes thereto that are included in the Companys Annual Report on Form 10-K for the year ended December 31, 2016, that was filed with the SEC on March 30, 2017. The results of operations for the six months ended June 30, 2017, are not necessarily indicative of the results to be expected for the full year. The unaudited condensed consolidated financial statements include the accounts of the Company and its previously wholly owned subsidiaries, 5353 Joliet, LLC, MJ Havana, LLC, and MJ Sheridan, LLC. Intercompany balances and transactions have been eliminated in consolidation. Effective February 1, 2017, the Company transferred its ownership interests in its wholly owned subsidiaries as part of the exchange transaction discussed below in Note 3. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 2 - Summary of Significant Accounting Policies | Note 2 Summary of Significant Accounting Policies The significant accounting policies followed by the Company for interim reporting are consistent with those included in the Companys Annual Report on Form 10-K for the year ended December 31, 2016. There were no material changes to our significant accounting policies during the interim period ended June 30, 2017. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the FASB) issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. An entity should apply the guidance either retrospectively to each prior reporting period presented or retrospectively with the cumulative adjustment at the date of the initial application. In July 2015, the FASB delayed the effective date of the new guidance to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is now permitted after the original effective date of December 15, 2016. The Company is still evaluating the impact of adopting the new accounting guidance, but does not expect the adoption to have a material impact on its consolidated financial statements. |
Note 3 - Disposition of Real Es
Note 3 - Disposition of Real Estate Business | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 3 - Disposition of Real Estate Business | Note 3 Disposition of Real Estate Business On November 22, 2016, in connection with a plan to divest its real estate business, the Company submitted to its shareholders an offer to exchange (the "Exchange Offer") the Company's common stock for shares in MJ Real Estate Partners, LLC, (MJRE) a newly formed LLC formed for the sole purpose of effecting the Exchange Offer. On January 10, 2017, the Company accepted for exchange 1,800,000 shares of the Company's common stock in exchange for 1,800,000 shares of MJRE's common units, representing membership interests in MJRE. Effective February 1, 2017, the Company transferred its ownership interests in the real estate properties and its subsidiaries, through which the Company held ownership of the real estate properties, to MJRE. MJRE will also assume the senior notes and any and all obligations associated with the real estate properties and business, effective February 1, 2017. On February 1, 2017, the 1,800,000 shares of the Company's common stock acquired in the Exchange Offer was recorded as an acquisition of treasury stock at a cost equal to the market value of the shares of the Company's common stock accepted in the exchange offer. The difference of $421,893 between the market value of the treasury stock acquired in the Exchange Offer and the net book value of the assets and liabilities exchanged was recorded as additional paid-in capital due to the common controlling interests between the two entities involved with the Exchange Offer. In addition, $135,033 of cash was transferred to MJRE to cover accrued property taxes and security deposits, less prepaid property insurance premiums, held by the Company that were previously collected from the tenants of the real estate properties exchanged. The historical results of the disposed assets and liabilities are shown in the Company's financial statements as discontinued operations for periods presented before the exchange. In subsequent periods, the Company's financial statements will no longer reflect the assets, liabilities, results of operations or cash flows attributable to the disposed assets and liabilities. A summary of the difference between the market value of the treasury stock acquired in the Exchange Offer and the net book value of the assets and liabilities exchanged that was recorded as additional paid-in capital on February 1, 2017, is as follows: February 1, 2017 Treasury stock acquired via exchange 1,800,000 shares at $0.86 per share (market value as of 1/10/2017) $ 1,548,000 Net book value of assets and liabilities exchanged: Land $ 747,389 Building and improvements 3,145,167 Less: accumulated depreciation (266,406) Real estate property, net 3,626,150 Deferred rent receivable 99,359 Deferred leasing costs 127,360 Total assets exchanged 3,852,869 Notes payable, net of unamortized debt issuance costs (2,723,292) Other accrued liabilities (3,470) Net book value of assets and liabilities exchanged $ 1,126,107 Change in additional paid-in capital $ 421,893 A summary of the results of operations reported as discontinued operations for the three and six months ended June 30, 2017 and 2016, is as follows: For the three months ended June 30, For the six months ended June 30, 2017 2016 2017 2016 Net revenues $ $ 169,121 $ 57,978 $ 337,994 Operating expenses: Property expenses 39,243 9,883 63,699 Depreciation expense 28,871 9,659 57,742 Total operating expenses 68,114 19,542 121,441 Operating income 101,007 38,436 216,553 Interest expense, net - related party (68,125) (22,708) (136,250) Interest expense, net (2,921) (427) (6,661) Income before income taxes 29,961 15,301 73,642 Provision for income taxes Income from discontinued operations, net of tax $ $ 29,961 $ 15,301 $ 73,642 |
Note 4 - Going Concern
Note 4 - Going Concern | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 4 - Going Concern | Note 4 Going Concern The Companys financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. During the first quarter of 2017, the Company divested their real estate properties and associated business. During the six months ended June 30, 2017, the Company generated a loss from continuing operations of $273,535 and used $260,466 of cash for continuing operations. Subsequent to the divestiture of its real estate business, the Company does not expect to generate revenues for the next six to nine months. These factors, among others, raise substantial doubt about the Companys ability to continue as a going concern. The Company is developing mobile and computer based applications focused on providing cannabis for medical use content and educational materials to licensed medical professionals, in addition to matching patients with medical professionals who are familiar with the therapeutic effects and indications of cannabinoids and making social connections by and between cannabis users. Our goal is to develop a freemium based business model, where we offer our services for free in an effort to build and develop a user-base. We expect to generate revenues in the future through advertising and by marketing premium products and services to our growing user-base. Although we can provide no assurances, we believe our cash on hand will provide sufficient liquidity and capital resources to fund our business for the next twelve months. In the event the Company experiences liquidity and capital resource constraints because of unanticipated operating losses, we may need to raise additional capital in the form of equity and/or debt financing. If such additional capital is not available on terms acceptable to us or at all, then we may need to curtail our operations and/or take additional measures to conserve and manage our liquidity and capital resources, any of which would have a material adverse effect on our financial position, results of operations, and our ability to continue in existence. These financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Note 5 - Related Party Transact
Note 5 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 5 - Related Party Transactions | Note 5 Related Party Transactions During the six months ended June 30, 2017 and 2016, the Company paid $45,417 and $136,250, respectively, for interest due pursuant to $2,725,000 of promissory notes held by Chemtov Mortgage Group (CMG), an entity wholly-owned by the Company's previous co-CEO and current shareholder, Shawn Chemtov. On February 1, 2017, the promissory notes held by CMG were exchanged as part of the Exchange Offer discussed above in Note 3. During the six months ended June 30, 2017, the Company paid $75,000 to each of the Companys co-CEOs, Mr. Laufer and Mr. Chemtov, as a result of one-time bonuses earned as part of employment agreements executed in April 2017. In May 2017, Mr. Chemtov resigned from his position as co-CEO of the Company and from its Board of Directors. As part of the separation, the Company paid Mr. Chemtov $75,000 during the six months ended June 30, 2017. In May 2016, the Company invested $150,000 in a $1,750,000 promissory note secured by the assignment of a mortgage on real estate property located in Miami, Florida. The mortgage was held by CMG, an entity wholly-owned by the Company's previous co-CEO and current shareholder, Shawn Chemtov. The Company did not incur any loan origination fees or any other costs associated with the mortgage investment. The promissory note paid interest at 12% per annum and provided for cash interest payments on a monthly basis, commencing on July 1, 2016. The Company earned $2,139 of interest income, recorded as revenue, as a result of the $150,000 investment during the three and six months ended June 30, 2016. The outstanding principal amount and unpaid interest were repaid in September 2016. |
Note 6 - Outstanding Warrants
Note 6 - Outstanding Warrants | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 6 - Outstanding Warrants | Note 6 Outstanding Warrants A summary of warrants issued, exercised and expired during the six months ended June 30, 2017, is as follows: Weighted Avg. Exercise Warrants: Shares Price Balance at January 1, 2017 166,665 $ 5.88 Issued Exercised Expired Balance at June 30, 2017 166,665 $ 5.88 |
Note 7 - Basic and Diluted Earn
Note 7 - Basic and Diluted Earnings (loss) Per Common Share | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 7 - Basic and Diluted Earnings (loss) Per Common Share | Note 7 Basic and Diluted Earnings (Loss) per Common Share Basic earnings (loss) per share is computed by dividing the net income or net loss available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is calculated using the treasury stock method and reflects the potential dilution that could occur if warrants were exercised and were not anti-dilutive. For the three and six months ended June 30, 2017 and 2016, basic and diluted earnings (loss) per common share were the same since there were no potentially dilutive shares outstanding during the respective periods. Outstanding warrants as of June 30, 2017 and 2016, to purchase 166,665 shares of common stock were not included in the calculations of diluted income per share because the impact would have been anti-dilutive for each of the periods presented. |
Note 2 - Summary of Significa13
Note 2 - Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the FASB) issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. An entity should apply the guidance either retrospectively to each prior reporting period presented or retrospectively with the cumulative adjustment at the date of the initial application. In July 2015, the FASB delayed the effective date of the new guidance to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is now permitted after the original effective date of December 15, 2016. The Company is still evaluating the impact of adopting the new accounting guidance, but does not expect the adoption to have a material impact on its consolidated financial statements. |
Note 3 - Disposition of Real 14
Note 3 - Disposition of Real Estate Business: Schedule of Disposal Group Including Discontinued Operation Balance Sheet Disclosure Table Text Block (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Disposal Group Including Discontinued Operation Balance Sheet Disclosure Table Text Block | February 1, 2017 Treasury stock acquired via exchange 1,800,000 shares at $0.86 per share (market value as of 1/10/2017) $ 1,548,000 Net book value of assets and liabilities exchanged: Land $ 747,389 Building and improvements 3,145,167 Less: accumulated depreciation (266,406) Real estate property, net 3,626,150 Deferred rent receivable 99,359 Deferred leasing costs 127,360 Total assets exchanged 3,852,869 Notes payable, net of unamortized debt issuance costs (2,723,292) Other accrued liabilities (3,470) Net book value of assets and liabilities exchanged $ 1,126,107 Change in additional paid-in capital $ 421,893 |
Note 3 - Disposition of Real 15
Note 3 - Disposition of Real Estate Business: Schedule of Disposal Group Not Discontinued Operation Income Statement Disclsoures Table Text Block (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Disposal Group Not Discontinued Operation Income Statement Disclsoures Table Text Block | For the three months ended June 30, For the six months ended June 30, 2017 2016 2017 2016 Net revenues $ $ 169,121 $ 57,978 $ 337,994 Operating expenses: Property expenses 39,243 9,883 63,699 Depreciation expense 28,871 9,659 57,742 Total operating expenses 68,114 19,542 121,441 Operating income 101,007 38,436 216,553 Interest expense, net - related party (68,125) (22,708) (136,250) Interest expense, net (2,921) (427) (6,661) Income before income taxes 29,961 15,301 73,642 Provision for income taxes Income from discontinued operations, net of tax $ $ 29,961 $ 15,301 $ 73,642 |
Note 6 - Outstanding Warrants_
Note 6 - Outstanding Warrants: Schedule of Stockholders' Equity Note, Warrants or Rights (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Stockholders' Equity Note, Warrants or Rights | Weighted Avg. Exercise Warrants: Shares Price Balance at January 1, 2017 166,665 $ 5.88 Issued Exercised Expired Balance at June 30, 2017 166,665 $ 5.88 |
Note 3 - Disposition of Real 17
Note 3 - Disposition of Real Estate Business (Details) - USD ($) | 2 Months Ended | |||
Feb. 01, 2017 | Jun. 30, 2017 | Jan. 10, 2017 | Dec. 31, 2016 | |
Details | ||||
Number of Shares Issued in Exchange | 1,800,000 | |||
Treasury Stock, Shares, Acquired | 1,800,000 | |||
Additional paid-in capital | $ 421,893 | $ 3,200,998 | $ 2,779,105 | |
Cash Transferred for Accrued Taxes | $ 135,033 |
Note 3 - Disposition of Real 18
Note 3 - Disposition of Real Estate Business: Schedule of Disposal Group Including Discontinued Operation Balance Sheet Disclosure Table Text Block (Details) - USD ($) | Jun. 30, 2017 | Feb. 01, 2017 | Dec. 31, 2016 | ||
Details | |||||
Less: Treasury Stock | $ (1,548,000) | [1] | $ 1,548,000 | [1] | |
Disposal Group Including Discontinued Operation Property Land Noncurrent | 747,389 | ||||
Disposal Group Including Discontinued Operation Building and Improvements Noncurrent | 3,145,167 | ||||
Disposal Group Including Discontinued Operation Accumulated Depreciation | (266,406) | ||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | 3,626,150 | ||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 99,359 | ||||
Disposal Group, Including Discontinued Operation, Capital Leased Assets, Noncurrent | 127,360 | ||||
Disposal Group, Including Discontinued Operation, Assets | 3,852,869 | ||||
Disposal Group, Including Discontinued Operation, Accounts Payable, Current | (2,723,292) | ||||
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current | (3,470) | ||||
Net Book Value of Assets and Liabilities Exchanged | 1,126,107 | ||||
Additional paid-in capital | $ 3,200,998 | $ 421,893 | $ 2,779,105 | ||
[1] | at cost; 1,800,000 shares at June 30, 2017 |
Note 3 - Disposition of Real 19
Note 3 - Disposition of Real Estate Business: Schedule of Disposal Group Not Discontinued Operation Income Statement Disclsoures Table Text Block (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Details | |||
Disposal Group, Including Discontinued Operation, Revenue | $ 169,121 | $ 57,978 | $ 337,994 |
Operating Expenses: | |||
Discontinued Operations Property Expenses | 39,243 | 9,883 | 63,699 |
Depreciation and Amortization, Discontinued Operations | 28,871 | 9,659 | 57,742 |
Disposal Group, Including Discontinued Operation, Operating Expense | 68,114 | 19,542 | 121,441 |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 101,007 | 38,436 | 216,553 |
Disposal Group Including Discontinued Operation Interest Expense Related Party | (68,125) | (22,708) | (136,250) |
Disposal Group, Including Discontinued Operation, Interest Expense | (2,921) | (427) | (6,661) |
Disposal Group Including Discontinued Operation Income Before Income Taxes | 29,961 | 15,301 | 73,642 |
Income from discontinued operations, net of tax | $ 29,961 | $ 15,301 | $ 73,642 |
Note 4 - Going Concern (Details
Note 4 - Going Concern (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Details | ||||
Loss before income taxes | $ 246,657 | $ 38,280 | $ 273,535 | $ 56,510 |
Net cash used in operating activities, continuing operations | $ 260,466 | $ 56,301 |
Note 5 - Related Party Transa21
Note 5 - Related Party Transactions (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | May 31, 2017 | Dec. 31, 2016 | |
Interest Expense, Related Party | $ 45,417 | $ 136,250 | ||
Accrued liabilities due to related party | 2,725,000 | $ 2,132 | ||
Investment in Promissory Note | $ 150,000 | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 12.00% | |||
Interest Income (Expense), Net | $ 2,139 | |||
Co-CEO's | ||||
Due to Related Parties, Current | $ 75,000 | |||
Mr. Chemtov | ||||
Supplemental Unemployment Benefits, Severance Benefits | $ 75,000 |
Note 6 - Outstanding Warrants22
Note 6 - Outstanding Warrants: Schedule of Stockholders' Equity Note, Warrants or Rights (Details) | Jun. 30, 2017$ / sharesshares |
Details | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 166,665 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 5.88 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 166,665 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 5.88 |
Note 7 - Basic and Diluted Ea23
Note 7 - Basic and Diluted Earnings (loss) Per Common Share (Details) | 6 Months Ended |
Jun. 30, 2017shares | |
Details | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 166,665 |