Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.0.6
Discontinued Operations
 9 Months Ended
Sep. 30, 2012
Discontinued Operations  
Note 17. 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 nine months ended September 30, 2012 and 2011 are as follows:

 

    2012     2011  
China Youth Media, Inc.   $ 2,799     $ 7,815  
Youth Media (Hong Kong)     -       -  
Youth Media (Beijing)     287       13,035  
Net loss from discontinued operations   $ 3,086     $ 20,850  

 

Assets and liabilities of discontinued operations were comprised of the following at September 30, 2012 and December 31, 2011:

 

    2012     2011  
Accounts payable and accrued expenses   $ 365,081     $ 379,521  
Related party note payable     169,984       169,984  
Convertible note payable     50,000       50,000  
Total liabilities   $ 585,065     $ 599,505