Midwest Energy Emissions Corp.
|
China Youth
Media, Inc.
|
Pro Forma
Adjustments
|
Pro Forma
Combined
|
|||||||||||||
ASSETS
|
||||||||||||||||
CURRENT ASSETS
|
||||||||||||||||
Cash
|
$
|
779
|
$
|
53,530
|
$
|
-
|
$
|
54,309
|
||||||||
Accounts receivable, net
|
-
|
1,181
|
-
|
1,181
|
||||||||||||
Other current assets
|
104,167
|
1,852
|
-
|
106,019
|
||||||||||||
Total current assets
|
104,946
|
56,563
|
-
|
161,509
|
||||||||||||
Property and Equipment, Net
|
1,032,600
|
35,946
|
-
|
1,068,546
|
||||||||||||
Other Asset
|
||||||||||||||||
Intangible assets, net of accumulated amortization
|
86,766
|
2,000
|
-
|
88,766
|
||||||||||||
TOTAL ASSETS
|
$
|
1,224,312
|
$
|
94,509
|
$
|
-
|
$
|
1,318,821
|
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
|
||||||||||||||||
CURRENT LIABILITIES
|
||||||||||||||||
Accounts payable and accrued expenses
|
$
|
1,021,890
|
$
|
372,412
|
$
|
-
|
$
|
1,394,302
|
||||||||
Advances payable - related party
|
680,972
|
-
|
-
|
680,972
|
||||||||||||
Note payable - related party
|
-
|
140,242
|
-
|
140,242
|
||||||||||||
Total current liabilities
|
1,702,862
|
512,654
|
-
|
2,215,516
|
||||||||||||
Note payable
|
-
|
50,000
|
-
|
50,000
|
||||||||||||
Beneficial conversion feature
|
-
|
(116,071
|
)
|
-
|
(116,071
|
)
|
||||||||||
TOTAL LIABILITIES
|
1,702,862
|
446,583
|
-
|
2,149,445
|
||||||||||||
STOCKHOLDERS' EQUITY (DEFICIT)
|
||||||||||||||||
Preferred stock
|
||||||||||||||||
Series A Preferred Stock
|
-
|
-
|
-
|
-
|
||||||||||||
Series B Preferred Stock
|
- |
-
|
10
|
10
|
||||||||||||
Common stock
|
9,980
|
334,727
|
(9,980
|
)
|
334,727
|
|||||||||||
Additional paid-in capital
|
287,238
|
23,746,266
|
(24,423,097
|
)
|
(389,593
|
)
|
||||||||||
Accumulated other comprehensive income
|
-
|
(16,525
|
)
|
16,525
|
-
|
|||||||||||
Accumulated deficit
|
(775768
|
)
|
(24,416,542
|
)
|
24,416,542
|
(775,768
|
)
|
|||||||||
Total stockholders' deficit
|
(478,550
|
)
|
(352,074
|
)
|
-
|
(830,624
|
)
|
|||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
|
$
|
1,224,312
|
$
|
94,509
|
$
|
-
|
$
|
1,318,821
|
(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
|
37,500
|
-
|
-
|
37,500
|
||||||||||||
Research and development
|
102,418
|
-
|
-
|
102,418
|
||||||||||||
Selling, general and administrative expenses
|
115,008
|
-
|
-
|
115,008
|
||||||||||||
Total operating expenses
|
254,926
|
-
|
-
|
254,626
|
||||||||||||
Operating loss
|
(254,926
|
)
|
-
|
-
|
(254,926
|
)
|
||||||||||
Other Income (expense)
|
||||||||||||||||
Interest income (expense)
|
(18,527
|
)
|
-
|
-
|
(18,527
|
)
|
||||||||||
Total other income (expense)
|
(18,527
|
)
|
-
|
-
|
(18,527
|
)
|
||||||||||
NET LOSS FROM CONTINUING OPERATIONS
|
(273,453
|
)
|
-
|
-
|
(273,453
|
)
|
||||||||||
NET LOSS FROM DISCONTINUED OPERATIONS
|
-
|
(140,251
|
)
|
-
|
(140,251
|
)
|
||||||||||
NET LOSS
|
(273,453
|
)
|
(140,251
|
)
|
-
|
(413,704
|
)
|
|||||||||
Comprehensive Loss
|
||||||||||||||||
Foreign currency translation adjustment
|
-
|
(16,525
|
)
|
-
|
(16,525
|
)
|
||||||||||
Net loss
|
(273,453
|
)
|
(140,251
|
)
|
-
|
(413,704
|
)
|
|||||||||
COMPREHENSIVE LOSS
|
$
|
(273,453
|
)
|
$
|
(156,776
|
)
|
$
|
-
|
$
|
(430,229
|
)
|
|||||
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
|
97,194
|
-
|
-
|
97,194
|
||||||||||||
Professional Fees
|
149,655
|
-
|
-
|
149,655
|
||||||||||||
Amortization of license fees
|
5,882
|
-
|
-
|
5,882
|
||||||||||||
Total operating expenses
|
478,565
|
-
|
-
|
478,565
|
||||||||||||
Operating loss
|
(471,565
|
)
|
-
|
-
|
(471,565
|
)
|
||||||||||
Other Income (expense)
|
||||||||||||||||
Interest income (expense)
|
-
|
-
|
-
|
-
|
||||||||||||
Total other income (expense)
|
-
|
-
|
-
|
-
|
||||||||||||
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
|