Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS

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DISCONTINUED OPERATIONS
6 Months Ended
Jun. 30, 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 and six months ended June 30, 2017 and 2016 are as follows:

 

    Three Months Ended June 30,   Six Months Ended June 30,
    2017   2016   2017   2016
Revenues   $--   $--   $--   $--
Operating Expenses                                
General and administrative     —         64,797       1,163       144,631  
Research and development     —         13,318       —         59,418  
Depreciation and amortization     —         47,445       —         189,652  
Total Operating Expenses     —         125,560       1,163       393,701  
Operating Loss     —         (125,560 )     (1,163 )     (393,701 )
Other Expenses                                
Interest expense     —         2,603       —         5,359  
Total Other Expenses     —         2,603       —         5,359  
Net Loss   $ —       $ (128,163 )   $ (1,163 )   $ (399,060 )

 

 

Cash flows from discontinued operations are as follows:

    Six Months Ended June 30,
    2017   2016
Cash Flows used in Operating Activities   $ (1,163 )   $ (418,605 )
Cash Flows used in Investing Activities     —         —    
Cash Flows used in Financing Activities     —         (30,113 )
Net Cash Used in Discontinued Operations   $ (1,163 )   $ (448,718 )

 

 

No amortization expense was recognized related to the discontinued intangible assets for the three and six months ended June 30, 2017. Amortization expense related to the discontinued intangible assets for the three and six months ended June 30, 2016 was approximately $47,000 and $190,000, respectively.

 

No depreciation expense was recognized for the three and six months ended June 30, 2017. Depreciation expense amounted to $64 and $128, respectively, for the three and six months ended June 30, 2016.