Processa Pharmaceuticals, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations, Disclosure

Discontinued Operations, Disclosure

6 Months Ended

Jun. 30, 2016

5. DISCONTINUED OPERATIONS:

In efforts to streamline operations and expenses the Company elected to discontinue the Dr. Pave and Dr. Pave Worldwide entities during 2015. The financial results of these events are represented in the discontinued operations included in the June 30, 2016 and 2015 financial statements.

The operating results of the discontinued operations of Dr. Pave and Dr. Pave Worldwide for the three and six months ended June 30, 2016 and 2015 are summarized below:

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
Revenue	$	--	$	20,040	$	--	$	28,870
Expense		48		116,196		(1,792)		225,085
Net Loss, before Other income and expense and taxes		(48)		(96,156)		(1,792)		(236,797)
Other income (expense)		3,308		(15,292)		(536)		(23,832)
Income tax benefit		--		--		--		--
Net Income (Loss), net of tax	$	3,260	$	(111,448)	$	1,256	$	(263,629)

The balance sheet items for discontinued operations as of June 30, 2016 and December 31, 2015 are summarized below:

	2016		2015
Cash and cash equivalents	$	3,584	$	12,350
Total assets	$	3,584	$	12,350

Payables and accrued liabilities		--		70,358
Short-term debt		--		229,980
Total liabilities	$	--	$	300,338