Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

 v2.3.0.11
Discontinued Operations
 6 Months Ended
Jun. 30, 2011
Discontinued Operations  
Note 18 - 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 (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 statement of income.

 

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 period from June 21, 2011 to June 30, 2011 are as follows:

 

    2011  
China Youth Media, Inc.   $ (153,608 )
Youth Media (Beijing)     (1,871 )
Loss from discontinued operations   $ (155,479 )

 

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

 

    2011  
Prepaid expenses   $ 1,149  
Other assets     2,000  
Total assets   $ 3,149  
         
Accounts payable and accrued expenses   $ 379,743  
Related party note payable     140,242  
Convertible note payable     50,000  
Beneficial conversion feature     (110,269 )
Total liabilities   $ 459,716