Midwest Energy Emissions Corp.
|
China Youth
Media, Inc.
|
Pro Forma
Adjustments
|
Pro Forma
Combined
|
|||||||||||||
ASSETS
|
||||||||||||||||
CURRENT ASSETS
|
||||||||||||||||
Cash
|
$ | 50,779 | $ | 53,530 | $ | - | $ | 104,309 | ||||||||
Accounts receivable, net
|
- | 1,181 | - | 1,181 | ||||||||||||
Other current assets
|
104,167 | 1,852 | - | 106,019 | ||||||||||||
Total current assets
|
154,946 | 56,563 | - | 211,509 | ||||||||||||
Property and Equipment, Net
|
1,007,945 | 35,946 | - | 1,043,891 | ||||||||||||
Other Asset
|
||||||||||||||||
Intangible assets, net of accumulated amortization
|
86,766 | 2,000 | - | 88,766 | ||||||||||||
TOTAL ASSETS
|
$ | 1,249,657 | $ | 94,509 | $ | - | $ | 1,344,166 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
|
||||||||||||||||
CURRENT LIABILITIES
|
||||||||||||||||
Accounts payable and accrued expenses
|
$ | 419,439 | $ | 372,412 | $ | - | $ | 791,851 | ||||||||
Advances payable - related party
|
526,870 | - | - | 526,870 | ||||||||||||
Note payable - related party
|
154,102 | 140,242 | - | 294,344 | ||||||||||||
Total current liabilities
|
1,100,411 | 512,654 | - | 1,613,065 | ||||||||||||
Note payable
|
741,073 | 50,000 | - | 791,073 | ||||||||||||
Beneficial conversion feature
|
- | (116,071 | ) | - | (116,071 | ) | ||||||||||
TOTAL LIABILITIES
|
1,841,484 | 446,583 | - | 2,288,067 | ||||||||||||
STOCKHOLDERS' EQUITY (DEFICIT)
|
||||||||||||||||
Preferred stock
|
||||||||||||||||
Series A Preferred Stock
|
- | - | - | - | ||||||||||||
Series B Preferred Stock
|
- | 10 | 10 | |||||||||||||
Common stock
|
10,000 | 334,727 | (10,000 | ) | 334,727 | |||||||||||
Additional paid-in capital
|
337,218 | 23,746,266 | (24,423,077 | ) | (339,593 | ) | ||||||||||
Accumulated other comprehensive income
|
- | (16,525 | ) | 16,525 | - | |||||||||||
Accumulated deficit
|
(939,045 | ) | (24,416,542 | ) | 24,416,542 | (939,045 | ) | |||||||||
Total stockholders' deficit
|
(591,827 | ) | (352,074 | ) | - | (943,901 | ) | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
|
$ | 1,249,657 | $ | 94,509 | $ | - | $ | 1,344,166 |
(A)
|
– Represents the effect of the reverse merger on Stockholders’ Equity (Deficit).
|
Midwest Energy
|
China Youth
|
Pro Forma | Pro Forma | |||||||||||||
Emissions Corp.
|
Media, Inc.
|
Adjustments
|
Combined
|
|||||||||||||
REVENUE
|
||||||||||||||||
Sales
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Total revenue
|
- | - | - | - | ||||||||||||
OPERATING EXPENSES
|
||||||||||||||||
License Maintenance Fees
|
325,000 | - | - | 325,000 | ||||||||||||
Research and development
|
102,418 | - | - | 102,418 | ||||||||||||
Selling, general and administrative expenses
|
82,726 | - | - | 82,726 | ||||||||||||
Professional Fees
|
57,522 | - | - | 57,522 | ||||||||||||
Total operating expenses
|
567,666 | - | - | 567,666 | ||||||||||||
Operating loss
|
(567,666 | ) | - | - | (567,666 | ) | ||||||||||
Other Income (expense)
|
||||||||||||||||
Interest income (expense)
|
(18,527 | ) | - | - | (18,527 | ) | ||||||||||
Foreign Exchage
|
(537 | ) | - | - | (537 | ) | ||||||||||
Total other income (expense)
|
(19,064 | ) | - | - | (19,064 | ) | ||||||||||
NET LOSS FROM CONTINUING OPERATIONS
|
(586,730 | ) | - | - | (586,730 | ) | ||||||||||
NET LOSS FROM DISCONTINUED OPERATIONS
|
- | (140,251 | ) | - | (140,251 | ) | ||||||||||
NET LOSS
|
(586,730 | ) | (140,251 | ) | - | (726,981 | ) | |||||||||
Comprehensive Loss
|
||||||||||||||||
Foreign currency translation adjustment
|
- | (16,525 | ) | - | (16,525 | ) | ||||||||||
Net loss
|
(586,730 | ) | (140,251 | ) | - | (726,981 | ) | |||||||||
COMPREHENSIVE LOSS
|
$ | (586,730 | ) | $ | (156,776 | ) | $ | - | $ | (743,506 | ) | |||||
NET LOSS PER COMMON SHARE - BASIC AND DILUTED:
|
||||||||||||||||
CONTINUING OPERATIONS
|
- | |||||||||||||||
DISCONTINUED OPERATIONS
|
- | |||||||||||||||
$ | - | |||||||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
334,727,476 |
Midwest Energy
|
China Youth
|
Pro Forma | Pro Forma | |||||||||||||
Emissions Corp.
|
Media, Inc.
|
Adjustments
|
Combined
|
|||||||||||||
REVENUE
|
||||||||||||||||
Sales
|
$ | 7,000 | $ | - | $ | - | $ | 7,000 | ||||||||
Total revenue
|
7,000 | - | - | 7,000 | ||||||||||||
OPERATING EXPENSES
|
||||||||||||||||
License Maintenance Fees
|
100,000 | - | - | 100,000 | ||||||||||||
Research and development
|
125,834 | - | - | 125,834 | ||||||||||||
General and administrative expenses
|
94,174 | - | - | 94,174 | ||||||||||||
Professional Fees
|
149,655 | - | - | 149,655 | ||||||||||||
Amortization of license fees
|
5,882 | - | - | 5,882 | ||||||||||||
Total operating expenses
|
475,545 | - | - | 475,545 | ||||||||||||
Operating loss
|
(468,545 | ) | - | - | (468,545 | ) | ||||||||||
Other Income (expense)
|
||||||||||||||||
Interest income (expense)
|
- | - | - | - | ||||||||||||
Foreign Exchage
|
(3,020 | ) | - | - | (3,020 | ) | ||||||||||
Total other income (expense)
|
(3,020 | ) | - | - | (3,020 | ) | ||||||||||
NET LOSS FROM CONTINUING OPERATIONS
|
(471,565 | ) | - | - | (471,565 | ) | ||||||||||
NET LOSS FROM DISCONTINUED OPERATIONS
|
- | (4,117,192 | ) | - | (4,117,192 | ) | ||||||||||
NET LOSS
|
(471,565 | ) | (4,117,192 | ) | - | (4,588,757 | ) | |||||||||
Comprehensive Loss
|
||||||||||||||||
Foreign currency translation adjustment
|
- | (705 | ) | - | (705 | ) | ||||||||||
Net loss
|
(471,565 | ) | (4,117,192 | ) | - | (4,588,757 | ) | |||||||||
COMPREHENSIVE LOSS
|
$ | (471,565 | ) | $ | (4,117,897 | ) | $ | - | $ | (4,589,462 | ) | |||||
NET LOSS PER COMMON SHARE - BASIC AND DILUTED:
|
||||||||||||||||
CONTINUING OPERATIONS
|
(0.00 | ) | ||||||||||||||
DISCONTINUED OPERATIONS
|
(0.03 | ) | ||||||||||||||
$ | (0.03 | ) | ||||||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
159,365,971 |