Quarterly report pursuant to Section 13 or 15(d)

16. Discontinued Operations

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16. Discontinued Operations
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2013 and 2012 are as follows:

 

    2013     2012  
China Youth Media, Inc.   $ -     $ 1,791  
Youth Media (Hong Kong)     -       -  
Youth Media (Beijing)     -       (823 )
Net loss from discontinued operations   $ -     $ 968  

 

Assets and liabilities of discontinued operations were comprised of the following at June 30, 2013 and December 31, 2012:

 

    2013     2012  
Accounts payable and accrued expenses   $ 262,032     $ 262,032  
Related party note payable     -       169,984  
Convertible note payable     50,000       50,000  
Total liabilities   $ 312,032     $ 482,016