Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.0.6
Discontinued Operations
 3 Months Ended
Mar. 31, 2012
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 (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 quarters ended March 31, 2012 and 2011 are as follows:

 

    2012     2011  
China Youth Media, Inc.   $ 997     $ -  
Youth Media (Hong Kong)     -       -  
Youth Media (Beijing)     81       -  
Net loss from discontinued operations   $ 1,078     $ -  

 

Assets and liabilities of discontinued operations were comprised of the following at March 31, 2012 and December 31, 2011:

 

    2012     2011  
Accounts payable and accrued expense   $ 432,051     $ 430,973  
Related party note payable     169,984       169,984  
Convertible note payable     50,000       50,000  
Total liabilities   $ 652,035     $ 650,957