Midwest Energy Emissions Corp.
|
China Youth
Media, Inc.
|
Pro Forma
Adjustments
|
Pro Forma
Combined
|
|||||||||||||
ASSETS
|
||||||||||||||||
CURRENT ASSETS
|
||||||||||||||||
Cash
|
$ | 13 | $ | 11,150 | $ | - | $ | 11,163 | ||||||||
Other current asset
|
579 | 1,876 | - | 2,455 | ||||||||||||
Total current assets | 592 | 13,026 | - | 13,618 | ||||||||||||
Property and Equipment, Net
|
980,914 | 5,705 | - | 986,619 | ||||||||||||
Other Asset
|
||||||||||||||||
License, Net of accumulated amortization
|
85,295 | 2,000 | - | 87,295 | ||||||||||||
TOTAL ASSETS
|
$ | 1,066,801 | $ | 20,731 | $ | - | $ | 1,087,532 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
|
||||||||||||||||
CURRENT LIABILITIES
|
||||||||||||||||
Accounts payable and accrued expenses
|
676,105 | 377,140 | - | 1,053,245 | ||||||||||||
Advances payable - related party
|
190,116 | - | - | 190,116 | ||||||||||||
Note payable - related party
|
140,242 | - | 140,242 | |||||||||||||
Total current liabilities | 866,221 | 517,382 | - | 1,383,603 | ||||||||||||
Note payable - related party
|
1,125,016 | - | - | 1,125,016 | ||||||||||||
Note payable
|
276,145 | 50,000 | - | 326,145 | ||||||||||||
Beneficial conversion feature
|
- | (116,072 | ) | - | (116,072 | ) | ||||||||||
TOTAL LIABILITIES
|
2,267,382 | 451,310 | - | 2,718,692 | ||||||||||||
STOCKHOLDERS' EQUITY (DEFICIT)
|
||||||||||||||||
Preferred stock, $0.001 par value: 2,000,000 shares authorized;
|
||||||||||||||||
Series A Preferred Stock, $0.001 par value; 500,000 shares authorized;
|
||||||||||||||||
zero shares issued and outstanding at June 21, 2011;
|
- | - | - | - | ||||||||||||
Series B Preferred Stock; $0.001 par value; 10,000 shares authorized;
|
- | - | 10,000 | 10,000 | ||||||||||||
10,000 shares issued and outstanding as of June 21, 2011
|
- | |||||||||||||||
Additional paid-in capital - Series B Preferred Stock
|
- | - | - | - | ||||||||||||
Common stock; $0.001 par value; 500,000,000 shares authorized;
|
||||||||||||||||
334,727,476 issued and outstanding as of June 21, 2011, respectively
|
10,000 | 334,727 | (10,000 | )(A) | 334,727 | |||||||||||
Additional paid-in capital
|
337,218 | 23,746,266 | (24,511,572 | ) | (428,088 | ) | ||||||||||
Accumulated other comprehensive income
|
- | (16,910 | ) | 16,910 | (A) | - | ||||||||||
Accumulated deficit
|
(1,547,799 | ) | (24,494,662 | ) | 24,494,662 | (A) | (1,547,799 | ) | ||||||||
Total stockholders' deficit | (1,200,581 | ) | (430,579 | ) | - | (1,631,160 | ) | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
|
$ | 1,066,801 | $ | 20,731 | $ | - | $ | 1,087,532 |
(A)
|
- Reflects the recapitalization of China Youth Media, Inc. as a result of the merger agreement.
|
Midwest Energy
|
China Youth
|
Pro Forma
|
Pro Forma
|
||||||||||||||
Emissions Corp.
|
Media, Inc.
|
Adjustments
|
Combined
|
||||||||||||||
REVENUE
|
|||||||||||||||||
Sales
|
$ | - | $ | 22,451 | $ | (22,451 | ) |
(B)
|
$ | - | |||||||
Total revenue
|
- | 22,451 | (22,451 | ) | - | ||||||||||||
OPERATING EXPENSES
|
|||||||||||||||||
License Maintenance Fees
|
375,000 | - | - | 375,000 | |||||||||||||
Research and development
|
204,213 | - | - | 204,213 | |||||||||||||
Selling, general and administrative expenses
|
587,422 | 416,397 | (416,397 | ) |
(B)
|
587,422 | |||||||||||
Total operating expenses
|
1,166,635 | 416,397 | (416,397 | ) | 1,166,635 | ||||||||||||
Operating loss
|
(1,166,635 | ) | (393,946 | ) | 393,946 |
(B)
|
(1,166,635 | ) | |||||||||
Other Income (expense)
|
|||||||||||||||||
Interest income (expense)
|
(28,138 | ) | (45,238 | ) | 45,238 |
(B)
|
(28,138 | ) | |||||||||
Foreign Exchage
|
(711 | ) | - | - | (711 | ) | |||||||||||
Rental Income
|
- | - | - | - | |||||||||||||
Loss on impairment
|
- | (26,519 | ) | 26,519 |
(B)
|
- | |||||||||||
Gain on debt extinguishment
|
- | 247,333 | (247,333 | ) |
(B)
|
- | |||||||||||
Total other income (expense)
|
(28,849 | ) | 175,576 | (175,576 | ) | (28,849 | ) | ||||||||||
NET LOSS
|
$ | (1,195,484 | ) | $ | (218,370 | ) | 218,370 | (1,195,484 | ) | ||||||||
Comprehensive Loss
|
|||||||||||||||||
Foreign currency translation adjustment
|
- | (16,910 | ) | 16,910 |
(B)
|
- | |||||||||||
Net loss
|
(1,195,484.00 | ) | (218,370 | ) | 218,370 |
(B)
|
(1,195,484 | ) | |||||||||
COMPREHENSIVE LOSS
|
$ | (1,195,484.00 | ) | $ | (235,280 | ) | $ | - | $ | (1,195,484 | ) |
(B)
|
– Reflects the recapitalization of China Youth Media, Inc. as a result of the reverse merger.
|