Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.0.6
Discontinued Operations
 3 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
Discontinued Operations

Note 15 – 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 (Hong Kong) Limited, Youth Media (Beijing) Limited and Rebel Crew Films, Inc.  Accordingly, the results of operations of these entities are reported as losses from discontinued operations in the consolidated statements of operations.

 

The Company does not expect to derive any revenues from the Discontinued Group in the future and does not expect to incur any significant ongoing operating expenses.

 

 Results for discontinued operations for the quarter ended June 30, 2011 are as follows:

 

 

  2011
China Youth Media, Inc.  $               7,815
Youth Media (Hong Kong)  - 
Youth Media (Beijing)                 13,035
Net Loss discontinued operations  $             20,850

 

 

Assets and liabilities of discontinued operations were comprised of the following at June 30, 2011:

 

 

  2011
Cash  $               8,652
     Total Assets  $               8,652
   
Accounts payable and accrued expenses  $           448,988
Related party note payable               153,984
Convertible note payable                 50,000
Total liabilities  $           652,972