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16. Discontinued Operations
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Note 16. Discontinued Operations |
Pursuant to the Merger Agreement, on June 21, 2011, the Company ceased operations of the following entities: Youth Media (BVI) Limited, Youth Media (BVI) Limited, Youth Media (Hong Kong) Limited and Youth Media (Beijing) Limited. These entities were dissolved during the year ended December 31, 2012. Rebel Crew Films, Inc. is now dormant while the Company evaluates its future usefulness to the company. Accordingly, the results of operations of these entities are reported as losses from discontinued operations in the consolidated statement of operations.
Results for discontinued operations for the years ended December 31, 2013 and 2012 are as follows:
Upon the dissolution of Youth Media (Beijing) a gain on forgiveness of liabilities of $104,024 was recorded
As of December 31, 2013, the Company owes Jay Rifkin a current director who is also a former officer of the Company, $250,000 for unpaid consulting fees accrued prior to the Merger. Liabilities of discontinued operations were comprised of the following at December 31, 2013 and 2012:
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