Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.0.6
Discontinued Operations
 3 Months Ended
Mar. 31, 2013
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 condensed consolidated statements of operations.

 

Results for discontinued operations for the quarters ended March 31, 2013 and 2012 are as follows:

 

    2013     2012  
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, 2013 and December 31, 2012:

 

    2013     2012  
Accounts payable and accrued expenses   $ 262,032     $ 262,032  
Related party note payable     169,984       169,984  
Convertible note payable     50,000       50,000  
Total liabilities   $ 482,016     $ 482,016