| Summary of Selected Operating Results of Discontinued Operations |
Summarized selected operating results of the discontinued operations for the six-month periods ended June 30, 2025 are as follows:
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For the Period February 20 - June 30, 2025 |
Revenues, net |
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$ |
1,377,987 |
Cost of sales |
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(347,208) |
Gross profit |
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1,030,779 |
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Operating expenses: |
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Selling, general and administrative expenses |
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637,405 |
Marketing and e-commerce expenses |
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1,318,518 |
Loss on disposal of subsidiary |
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12,862,936 |
Total operating expenses |
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14,818,859 |
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Operating loss |
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(13,788,080) |
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Other income: |
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Interest income |
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17,628 |
Total other income |
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17,628 |
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Loss from discontinued operations |
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(288) |
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Net loss from discontinued operations |
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$ |
(13,770,740) |
The loss on sale of the Company’s subsidiary, Americana Liberty, is analyzed as follows:
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Assets of Americana Liberty as of June 27, 2025 |
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$ |
1,957,873 |
Goodwill attributed to Americana Liberty as of June 27, 2025 |
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$ |
11,082,174 |
Trademark attributed to Americana Liberty as of June 27, 2025 |
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$ |
530,000 |
Liabilities of Americana Liberty as of June 27, 2025 |
|
$ |
(372,169) |
Net assets of Americana Liberty as of June 27, 2025 |
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$ |
13,197,878 |
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Fair value of consideration for the disposal of Americana Liberty on June 27, 2025 |
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Receivables |
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$ |
334,942 |
Total fair value of consideration for the disposal of Americana Liberty on June 27, 2025 |
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$ |
334,942 |
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Loss on disposal of Americana Liberty on June 27, 2025 |
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$ |
(12,862,936) |
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