Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS

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DISCONTINUED OPERATIONS
3 Months Ended
Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS

Effective December 7, 2016, the Company sold all Streamline related assets after the Board authorized management to seek buyers for Streamline in May 2016. The Company sought additional funds to complete the development and launch of the Company’s primary product, the DenerveX System, and the decision to sell the Streamline assets helped raise part of the necessary funds required for continuing operations of the Company in a non-dilutive manner to existing shareholders.

 

The results of the discontinued operations, which represents Streamline’s IV Suspension System (“ISS”), for the three months ended March 31, 2017 and 2016 are as follows:

 

    Three Months Ended March 31,  
    2017     2016  
Operating Expenses            
General and administrative   $ 1,163     $ 79,834  
Research and development     --       46,100  
Depreciation and amortization     --       142,207  
Total Operating Expenses     --       268,141  
Operating Loss     (1,163 )     (268,141 )
Other Expenses                
Interest expense     --       2,756  
Total Other Expenses     --       2,756  
Net Loss   $ (1,163 )   $ (270,897 )

 

Cash flows from discontinued operations are as follows:

 

   

Three Months Ended

March 31,

 
    2017     2016  
Cash Flows used in Operating Activities   $ (1,163 )   $ (244,775 )
Cash Flows used in Investing Activities     --       --  
Cash Flows used in Financing Activities     --       --  
Net Cash Used in Discontinued Operations   $ (1,163 )   $ (244,755 )

 

Amortization expense related to the discontinued intangible assets for the three months ended March 31, 2017 and 2016 was $0 and $142,142, respectively. Depreciation expense amounted to approximately $0 and $65 for the three months ended March 31, 2017 and 2016, respectively.