Item 1. Description of Business
General Description and Development of Business
We are a start-up, Development Stage Corporation and have not yet generated or realized any revenues from our business activities. We were incorporated in the State of Nevada on May 18, 2005. Initially, we have the right to conduct exploration activities on one property, but we do not own any interest in any property.
On March 16, 2007, the Company entered into a Joint Venture Agreement with Beijing Hua Ju Net Media Technology Co. Ltd. ("Hua Ju") for a term of 20 years to be organized in Beijing, People's Republic of China ("China"). The purpose of the Joint Venture is to conduct a video sharing website and other related internet interactive media businesses in China. On May 1, 2009, the Joint Venture Agreement was terminated.
On April 1, 2009, the Company acquired certain assets of First Light Resources, Inc. ("First Light"), relating to the mineral exploration industry pursuant to an Asset Purchase and Sale Agreement. The purchase price for the assets was $114,000, payable in cash and/or Company common stock. No cash was paid to First Light and a total of 55,000,000 shares of Company common stock were issued to three designated parties of First Light, increasing the issued and outstanding shares of common stock from 30,060 shares to 85,060 shares. The Company also assumed a $10,912 account payable of First Light in connection with this transaction.
On October 5, 2009, the Company executed a Shares Purchase Agreement with 722868 Ontario Ltd. ("Seller"), an Ontario corporation. The agreement provides for the acquisition from Seller of 51% of the capital stock of Microart Services Inc. ("Microart"), an Ontario corporation engaged in the electronic manufacturing and design services business, in exchange for $500,000 cash and 1,250,000 post reverse stock split (see succeeding paragraph) shares of the Company's common stock. The closing, which is subject to satisfaction of certain conditions precedent to closing, is to take place on October 15, 2009, or at such other time as the parties may mutually agree. This transaction has not closed. Microart and the Seller are considered to be related parties to the Company, as a director of Microart is also a director of Dog Lake, First Light (see Note 4) and 722868 Ontario Ltd. that has significant stockholdings in the Company.
On April 1, 2010, Auric Mining Company signed an option with Microelectronics Technology Company to acquire fifty- two percent working interest in the mining claims held in trust, on behalf of the Company by Dog Lake Exploration Inc. The option expires on September 15, 2011.
Effective October 6, 2009, the Company effectuated a 1 for 1,000 reverse stock splits, thereby reducing the issued and outstanding shares of Common Stock from 100,060,000 prior to the reverse split to 100,060 following the reverse split. This Form 10-K has been retroactively adjusted to reflect this reverse stock split.
Liquidity and Financial Resources
The Company is in the development stage and has not generated any revenues and has incurred losses of $1,129,422 since inception. At June 30, 2010, the Company had $47 cash, total assets of $125,345 and $257,545 in current liabilities. Further, the Company incurred a loss of $52,745 during the year ended June 30, 2010. In view of these conditions, the ability of the Company to continue as a going concern is in substantial doubt and dependent upon achieving a profitable level of operations and on the ability of the Company to obtain necessary financing to fund ongoing operations. To meet these objectives, the Company continues to seek other sources of financing in order to support existing operations and expand the range and scope of its business. However, there are no assurances that any such financing can be obtained on acceptable terms, if at all. These financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern.
Item 1A.
Item 1A. Risk Factors
As the Company has no recent operating history or revenue and only minimal assets, there is a risk that we will be unable to continue as a going concern and consummate a business combination. We have no significant assets or financial resources. We will, in all likelihood, sustain operating expenses without corresponding revenues, at least until the consummation of a business combination. This may result in our incurring a net operating loss that will increase continuously until we can consummate a business combination with a profitable business opportunity. We cannot assure you that we can identify a suitable business opportunity and consummate a business combination.
FUTURE SUCCESS IS HIGHLY DEPENDENT ON THE ABILITY OF MANAGEMENT TO LOCATE AND ATTRACT A SUITABLE ACQUISITION.
Item 1B.
Item 1B. Unresolved Staff Comments
None
Item 2.
Item 2. Properties
The Company neither rents nor owns any properties. The Company currently has no policy with respect to investments or interests in real estate, real estate mortgages or securities of, or interests in, persons primarily engaged in real estate activities.
Item 3.
Item 3. Legal Proceedings
In the ordinary course of business, the Company may be involved in legal proceedings from time to time.
On March 22, 2007, the British Columbia Securities Commission (the "Commission") sent the Company an Order for Production of certain documents and records. In August and September 2007, the Commission issued three Halt Trade Orders to the Company because the Commission claimed it became aware of unsolicited electronic mail (spam) promoting the Company's securities. The Company has responded to all inquires of the Commission and has advised the Commission that they were not involved in any way in the creation or dissemination of the spam, nor do they have any information as to its origin.
In April 2008, a legal action was brought by a third party against the Company alleging violations of the Pennsylvania Unsolicited Telecommunication Advertisement Act. The action, which sought total damages of approximately $7,100 was dismissed prior to June 30, 2008.
In July 2008, the Company received a letter from the attorney of the investor relations firm which received 1,400 restricted shares of common stock that had been issued as partial compensation for certain specified investor relations services for a period of 3 months commencing March 1, 2008. The letter asserts that the Company is obligated to issue an additional 842 shares of common stock to the investor relations firm and failure to do so will result in legal action. The Company believes that it has meritorious defenses to any legal action brought.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
There were no matters submitted to a vote of security holders during the fourth quarter of 2010.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
The Company's Common Stock is presently quoted on the National Association of Securities Dealers' Over-the- Counter Bulletin Board and on the "Pink Sheets" under the symbol "MELY".
As of June 30, 2010, the Company had approximately 37 shareholders on record of its common stock. The Company has not paid cash dividends on its common stock. The Company anticipates that for the foreseeable future any earnings will be retained for use in its business, and no cash dividends will be paid on the common stock. Declaration of common stock dividends will remain within the discretion of the Company's Board of Directors and will depend upon the Company's growth, profitability, financial condition and other relevant factors.
The table below reflects the high and low "bid" and "ask" quotations for the Company's Common Stock for each of the calendar years covered by this report, as reported by the National Association of Securities Dealers Over the Counter Bulletin Board National Quotation System. The prices reflect inter-dealer prices, without retail mark-up, markdown or commission and do not necessarily represent actual transactions.
	2010		High			Low
1st Quarter		1.50			0.05 2nd Quarter		1.00			0.02 3rd Quarter		3.00			0.01 4th Quarter		0.01			0.01
	2009 		High			Low
1st Quarter		0.0500			0.0090 2nd Quarter		0.0140			0.0025 3rd Quarter		0.0140			0.0015 4th Quarter		0.0340			0.0020
The Transfer Agent for the Company's Common Stock is Presidents Stock Transfer, located at 900 - 850 West Hastings Street, Vancouver, B.C. V6C 1E1 Canada.
Section 15(g) of the Securities Exchange Act of 1934: The Company's shares are covered by Section 15(g) of the Securities Exchange Act of 1934, as amended that imposes additional sales practice requirements on broker/dealers who sell such securities to persons other than established customers and accredited investors (generally institutions with assets in excess of $5,000,000 or individuals with net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouses). For transactions covered by this Section 15(g), the broker/dealer must make a special suitability determination for the purchase and have received the purchaser's written agreement to the transaction prior to the sale. Consequently, Section 15(g) may affect the ability of broker/dealers to sell the Company's securities and also may affect your ability to sell your shares in the secondary market.
Section 15(g) also imposes additional sales practice requirements on broker/dealers who sell penny securities. These rules require a one page summary of certain essential items. The items include the risk of investing in penny stocks in both public offerings and secondary marketing; terms important to an understanding of the function of the penny stock market, such as "bid" and "offer" quotes, a dealers "spread" and broker/dealer compensation; the broker/dealer compensation, the broker/dealers duties to its customers, including the disclosures required by any other penny stock disclosure rules; the customers rights and remedies in causes of fraud in penny stock its customers, including the disclosures required by any other penny stock disclosure rules; the customers rights and remedies in causes of fraud in penny stock transactions; and, the NASD's toll free telephone number and the central number of the North American Administrators Association, for information on the disciplinary history of broker/dealers and their associated persons.
RECENT SALES OF UNREGISTERED SECURITIES
On October 15, 2009, the Company issued 3,300,000 restricted common shares at $0.01 per share. This included 1,250,000 shares to an Ontario Corporation described above.
On October 15, 2009, the Company issued 110,000 Class A preferred shares at $0.01 per share.
On October 20, 2009, the Company issued 600,000 common shares at $0.01 per share.
On February 15, 2010, the Company issued 40,000,000 restricted common shares at $0.001 per share.
On March 8, 2010, the Company issued 10,132,430 common shares at $0.001 per share for settlement of debt of $10,132.
The Company has not issued any stock options.
Item 6.
Item 6. Selected Financial Data.
Not applicable
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion of our financial condition and results of operations should be read in conjunction with the financial statements and notes thereto and the other financial information included elsewhere in this report. Certain statements contained in this report, including, without limitation, statements containing the words "believes," "anticipates," "expects" and words of similar import, constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks and uncertainties. Our actual results may differ materially from those anticipated in these forward- looking statements as a result of certain factors, including our ability to create, sustain, manage or forecast our growth; our ability to attract and retain key personnel; changes in our business strategy or development plans; competition; business disruptions; adverse publicity; and international, national and local general economic and market conditions.
Overview
The Company does not currently engage in any business activities that provide cash flow. The Company is currently in the development stage.
On March 16, 2007, the Company entered into a Joint Venture Agreement with Beijing Hua Ju Net Media Technology Co. Ltd. ("Hua Ju") for a term of 20 years to be organized in Beijing, People's Republic of China ("China"). The purpose of the Joint Venture is to conduct a video sharing website and other related internet interactive media businesses in China. On May 1, 2009, the Joint Venture Agreement was terminated.
On April 1, 2009, the Company acquired certain assets of First Light Resources, Inc. ("First Light"), relating to the mineral exploration industry pursuant to an Asset Purchase and Sale Agreement. The purchase price for the assets was $114,000, payable in cash and/or Company common stock. No cash was paid to First Light and a total of 55,000 shares of Company common stock were issued to three designated parties of First Light, increasing the issued and outstanding shares of common stock from 30,060 shares to 85,060 shares. The Company also assumed a $10,912 account payable of First Light in connection with this transaction.
On October 5, 2009, the Company executed a Shares Purchase Agreement with 722868 Ontario Ltd. ("Seller"), an Ontario corporation. The agreement provides for the acquisition from Seller of 51% of the capital stock of Microart Services Inc. ("Microart"), an Ontario corporation engaged in the electronic manufacturing and design services business, in exchange for $500,000 cash and 1,250,000 post reverse stock split (see succeeding paragraph) shares of the Company's common stock. The closing, which is subject to satisfaction of certain conditions precedent to closing, is to take place on October 15, 2009, or at such other time as the parties may mutually agree. This transaction has not closed. Microart and the Seller are considered to be related parties to the Company, as a director of Microart is also a director of Dog Lake, First Light (see Note 4) and 722868 Ontario Ltd. that has significant stockholdings in the Company.
On April 1, 2010, Auric Mining Company signed an option with Microelectronics Technology Company to acquire fifty- two percent working interest in the mining claims held in trust, on behalf of the Company by Dog Lake Exploration Inc. The option expires on September 15, 2011.
Results of Operations for the Years ended June 30, 2010 and
The audited operating results and cash flows are presented for the year ended June 30, 2010 and 2009 and for the period of inception to June 30, 2010.
Revenue. There are no revenue for the year ended June 30, 2010 and 2009.
Operating Expenses. For the year ended June 30, 2010, the company had total operating expenses of $52,745 as compared to $379,605 for the year ended June 30, 2009.
Net Loss. The net loss for the year ended June 30, 2010, was $52,745 as compared to $379,605 for the year ended June 30, 2009, a decrease of $326,860.
Liquidity and Financial Resources
The Company remains in the development stage since inception. Operations were financed through proceeds from sales and the issuance of equity and loans from directors. The directors have also advanced funds into the Company to cover cash flow deficiencies. The advances have no stated repayment terms.
The Company's financial statements are presented on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. At June 30, 2010, we have been unsuccessful in our efforts to raise additional capital to meet our plan of operation. Our cash position as of June 30, 2010 was $47. Since inception, we have no revenue and have accumulated operating losses of $1,129,422. At the present time, and over the next twelve months, our primary focus will be to explore various methods for raising additional funds and seeking profitable ventures.
Item 7A.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
The Company does not hold any derivatives or investments that are subject to market risk. The carrying values of any financial instruments, approximate fair value as of those dates because of relatively short-term maturity of these instruments which eliminates any potential market risk associated with such instruments.
Item 8.
Item 8. Financial Statements and Supplementary Data
Microelectronics Technology Company
Contents					 Pages
Report of Independent Registered Public Accounting Firm					 	11
Balance Sheets as of June 30, 2010 and 2009	 	12 Statements of Operations for the years ended June 30, 2010 and 2009 and for the period May 18, 2005 (Inception) to June 30, 2010	 	13
Statements of Stockholders' Deficit for the Period May 18, 2005 (Inception) to June 30, 2010							14
Statements of Cash Flows for the years ended June 30, 2010 and 2009 and for the period May 18, 2005 (Inception) to June 30, 2010 		15
Notes to Financial Statements 			 	16 - 22
MICROELECTRONICS TECHNOLOGY COMPANY
(formerly China YouTV Corp.)
FINANCIAL STATEMENTS
FOR THE YEARS ENDED
JUNE 30, 2010 AND 2009
(Expressed in US Dollars)
MANNING ELLIOTT CHARTERED ACCOUNTANTS 11TH floor, 1050 West Pender Street, Vancouver, BC, Canada V6E 3S7 Phone : 604-714-3600 Fax : 604-714-3669
Report of Independent Registered Public Accounting Firm
To the Directors and Stockholders Microelectronics Technology Company (formerly China YouTV Corp.) (A Development Stage Company)
We have audited the accompanying balance sheet of Microelectronics Technology Company (A Development Stage Company) as of June 30, 2010 and 2009 and the related statements of operations, stockholders' deficit, and cash flows for the year then ended and accumulated from July 1, 2008 to June 30, 2010. The financial statements for the period from May 18, 2005 (Date of inception) through June 30, 2008 include a net loss and comprehensive loss of $697,072. Our opinion on the statements of operations, stockholders' deficit and cash flows for the period May 18, 2005 (Date of inception) through June 30, 2008, insofar as it relates to amounts for prior periods through June 30, 2008, is based on the reports of other auditors. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Microelectronics Technology Company (A Development Stage Company) as of June 30, 2010 and 2009 and the results of its operations and its cash flows for the year then ended and accumulated from July 1, 2008 to June 30, 2010, in conformity with accounting principles generally accepted in the United States.
The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has a working capital deficiency and has incurred operating losses since inception. These factors raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also discussed in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/s/ "Manning Elliott LLP"
CHARTERED ACCOUNTANTS
Vancouver, Canada
September 27, 2010
Microelectronics Technology Company (formerly China YouTV Corp.) (A Development Stage Company) Balance Sheets (Expressed in US Dollars )
						 June 30,	 June 30, 							2010		2009 Assets
Current Assets Cash						 $ 47 $ 299 Accounts receivable 386 - ____________________________________________________________________________ Total current assets 433 299
Mineral claims acquisition costs(Note 4) 124,912 124,912 ____________________________________________________________________________ Total assets 125,345 125,211 ____________________________________________________________________________
Liabilities and Stockholders' Deficit
Current Liabilities Accounts payable $ 38,881 $ 55,414 Accrued liabilities 3,360 11,000 Due to related parties (Note 5) 25,220 - Due to former related party (Note 6) 190,084 190,084 ____________________________________________________________________________ Total Liabilities 257,545 256,498 ____________________________________________________________________________
Contingency and commitment (Notes 1 and 5)
Stockholders' Deficit
Convertible preferred stock, $0.00001 par value (Note 8) Authorized 200,000,000 shares Issued and outstanding, 110,000 (nil - 2009) $ 1 $ - Common stock, $0.00001 par value (Note 7) Authorized 200,000,000 shares Issued and outstanding, 54,133,345 and 100,060 shares, respectively 541 1 Additional paid-in capital 1,035,080 945,389 Subscription notes receivable (38,400) - Accumulated deficit (1,129,422) (1,076,677) ____________________________________________________________________________ Total Stockholders' Deficit (132,200) (131,287) ____________________________________________________________________________ Total liabilities and Stockholders' Deficit $ 125,345 $ 125,211 ____________________________________________________________________________
The accompanying notes are an integral part of these financial statements.
Microelectronics Technology Company (formerly China YouTV Corp.) (A Development Stage Company) Statements of Operations (Expressed in US Dollars )
								 Accumulated 								 during the 								 development 							 stage (May 18, 				 Years ended June 30, 2005 to 				 2010 2009 June 30, 2010 _____________________________________________________________________________
Revenue $ - $ - $ - _____________________________________________________________________________
Expenses
General and administrative 52,745 379,605 1,121,950 Impairment of mineral property costs - - 7,794 _____________________________________________________________________________ Total operating expenses $ 52,745 $ 379,605 $ 1,129,744 _____________________________________________________________________________
Loss before other income (52,745) (379,605) (1,129,744)
Other income Interest income - - 322 _____________________________________________________________________________ Net loss $ (52,745) $ (379,605) $ (1,129,422) _____________________________________________________________________________
Net loss per common share - - Basic and diluted $ (0.00) $ (8.55)
Weighted average number of common shares outstanding 20,956,612 44,384
The accompanying notes are an integral part of these financial statements.
Microelectronics Technology Company (formerly China YouTV Corp.) (A Development Stage Company) Statements of Stockholders' Deficit For the period May 18, 2005 (Inception) to June 30, 2010 (Expressed in US Dollars )
				 Preferred Stock Common Stock, 					______________________________________ 				 Number $ Number $ ______________________________________________________________________________
Shares for cash, May 19, 2005 10,000 - Net loss for the period - - _____________________________________________________________________________ Balance, June 30, 2005 - 10,000 - Shares for cash, Sept 29, 2005 13,800 - Net loss for the year - - - _____________________________________________________________________________ Balance, June 30, 2006 - 23,800 - Shares for services, June 22, 2007 - 100 - Shares for services, June 22, 2007 - 10 - Shares for services, July 1, 2007 - 250 - Amortization of stock-based compensation - - - Net loss for the year - - - __________________________________________________________________________ Balance, June 30, 2007 - 24,160 - Shares for services, Oct 1, 2007 - 4,500 - Shares for services, March 4, 2008 - 1,400 - Amortization of stock-based compensation - - - Net loss for the year - - - _____________________________________________________________________________ Balance, June 30, 2008 - 30,060 - Shares for mineral claims on April 1, 2009 - 55,000 1 Shares for services, June 4, 2009 - 15,000 - Amortization of stock-based compensation - - - Net loss for the year - - - ______________________________________________________________________ Balance, June 30, 2009 - 100,060 1 Adjustments for stock splits, (Note 7(a)) - 855 - Shares issued for cash, Oct 15, 2009 110,000 1 - - Shares issued for cash, Oct 15, 2009 - 3,300,000 33 Shares issued for cash, Oct 20, 2009 - 600,000 6 Shares issued for cash, Feb 15, 2010 - 40,000,000 400 Debt settled (Note 5), Mar 8, 2010 - 10,132,430 101 Subscription notes receivable - - - - Net loss for the year - - - - _____________________________________________________________________________ Balance, June 30, 2010 110,000 1 54,133,345 541 _____________________________________________________________________________
The accompanying notes are an integral part of these financial statements.
Microelectronics Technology Company (formerly China YouTV Corp.) (A Development Stage Company) Statements of Stockholders' Equity (Deficit) For the period May 18, 2005 (Inception) to June 30, 2010 (Expressed in US Dollars )
								 Total 				 Additional Deferred		 Stockholders' 				 Paid-In Stock-Based Accumulated Equity 				 Capital Compensation Deficit (Deficit) ______________________________________________________________________________
Shares for cash, May 19, 2005 10 - - 10 Net loss for the period - - (14,936) (14,936) ______________________________________________________________________________ Balance, June 30, 2005 10 - (14,936) (14,926) Shares for cash, Sept 29, 2005 34,500 - - 34,500 Net loss for the year - - (27,540) (27,540) ______________________________________________________________________________ Balance, June 30, 2006 34,510 - (42,476) (7,966) Shares for services, June 22, 2007 44,680 - - 44,680 Shares for services, June 22, 2007 4,500 - - 4,500 Shares for services, July 1, 2007 187,500 (187,500) - - Amortization of stock-based compensation - 31,250 - 31,250 Net loss for the year - - (161,753) (161,753) ____________________________________________________________________________ Balance, June 30, 2007 271,190 (156,250) (204,229) (89,289) Shares for services, Oct 1, 2007 315,000 (315,000) - - Shares for services, March 4, 2008 95,200 (95,200) - - Amortization of stock-based compensation - 377,700 - 377,700 Net loss for the year - - (492,843) (492,843) ______________________________________________________________________________ Balance, June 30, 2008 681,390 (188,750) (697,072) (204,432) Shares for mineral claims on April 1, 2009 113,999 - - 114,000 Shares for services, June 4, 2009 150,000 - - 150,000 Amortization of stock-based compensation - 188,750 - 188,750 Net loss for the year - - (379,605) (379,605) __________________________________________________________________________ Balance, June 30, 2009 945,389 - (1,076,677) (131,287) Adjustments for stock splits, (Note7(a)) - - - - Shares issued for cash,Oct 15,2009 1,099 - - 1,100 Shares issued for cash,Oct 15,2009 32,967 - - 33,000 Shares issued for cash,Oct 20,2009 5,994 - - 6,000 Shares issued for cash,Feb 15,2010 39,600 - - 40,000 Debt settled (Note 5),Mar 8,2010 10,031 - - 10,132 Subscription notes receivable - - - (38,400) Net loss for the year - - (52,745) (52,745) ______________________________________________________________________________ Balance, June 30, 2010 1,035,080 - (1,129,422) (132,200) ______________________________________________________________________________
The accompanying notes are an integral part of these financial statements.
Microelectronics Technology Company (formerly China YouTV Corp.) (A Development Stage Company) Statements Of Cash Flows (Expressed in US Dollars )
								 Accumulated 								 during the 								 development 								stage (May 18, 				 For the year ended June 30, 2005 to 				 2010 2009 June 30, 2010) _____________________________________________________________________________
Cash Flows (Used In) Provided By : Operating Activities Net Loss $ (52,745) $ (379,605) $ (1,129,422) Adjustments to reconcile net loss to net cash in operating activities: Impairment of mineral property costs - - 6,033 Stock-based compensation - 338,750 796,880 Changes in operating assets and liabilities: Prepaid expenses - 2,136 - Accounts receivable (386) - (386) Accounts payable and accrued liabilities (24,173) (5,466) 31,329 Due to related parties 25,220 - 25,220 _____________________________________________________________________________ Net cash used in operating activities (52,084) (44,185) (270,346) _____________________________________________________________________________
Investing Activities Mineral claim acquisition costs incurred - - (6,033) _____________________________________________________________________________ Net cash used in investing activities - - (6,033) _____________________________________________________________________________
Financing Activities Loans from related party - 20,000 190,084 Proceeds from sales of preferred stock 1,100 - 1,100 Proceeds from sales of common stock 50,732 - 85,242 _____________________________________________________________________________ Net cash provided by financing activities 51,832 20,000 276,426 _____________________________________________________________________________
Increase/(Decrease) in Cash (252) (24,185) 47 Cash, beginning 299 24,484 - _____________________________________________________________________________ Cash, ending $ 47 $ 299 $ 47 _____________________________________________________________________________
Supplemental disclosure of cash flow information: Interest paid $ - $ - $ - Income tax paid $ - $ - $ - _____________________________________________________________________________
Noncash investing and financing activities: Shares issued for debt settled $ 10,132 $ - $ 10,132 Acquisition of mineral claims in exchange for 55,000 shares of common stock and assumption of $10,912 account payable $ - $ - $ 124,912 _____________________________________________________________________________
The accompanying notes are an integral part of these financial statements.
Microelectronics Technology Company (formerly China YouTV Corp.) (A Development Stage Company) Notes to Financial Statements as of June 30, 2010 (Expressed in US Dollars) _______________________________________________________________
Note 1 - Nature of Operations and Continuance of Business
Microelectronics Technology Company (the "Company") was incorporated in the State of Nevada on May 18, 2005 under the name Admax Resources Inc., which name was changed on February 9, 2007 to China YouTV Corp. and then to Microelectronics Technology Company on August 31, 2009. From May 18, 2005 to present, the Company's business operations were limited to the acquisition and evaluation of mineral claims and the evaluation of an internet media venture in China (see Note 3).
The Company is in the development stage and has not generated any revenues and has incurred losses of $1,129,422 since inception. At June 30, 2010, the Company had $47 cash and $257,545 in current liabilities. Further, the Company incurred a loss of $52,745 for the year ended June 30, 2010. In view of these conditions, the ability of the Company to continue as a going concern is in substantial doubt and dependent upon achieving a profitable level of operations and on the ability of the Company to obtain necessary financing to fund ongoing operations. To meet these objectives, the Company continues to seek other sources of financing in order to support existing operations and expand the range and scope of its business. However, there are no assurances that any such financing can be obtained on acceptable terms, if at all. These financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern.
Note 2 - Summary of Significant Accounting Policies
a)	Basis of Presentation
These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. The Company's fiscal year end is June 30.
On October 6, 2009, the Company effected a 1 for 1,000 reverse stock-split of its issued and outstanding common stock. The issued and outstanding share capital decreased from 100,060,000 shares of common stock to 100,060 shares of common stock. All per share amounts have been retroactively restated to reflect the reverse stock-split.
b)	Use of Estimates
The preparation of these financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the
Microelectronics Technology Company (formerly China YouTV Corp.) (A Development Stage Company) Notes to Financial Statements as of June 30, 2010 (Expressed in US Dollars) _______________________________________________________________
Note 2 - Summary of Significant Accounting Policies (continued)
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company regularly evaluates estimates and assumptions related to stock-based compensation and deferred income tax valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
c)	Basic and Diluted Earnings (Loss) Per Share
The Company computes earnings (loss) per share in accordance with ASC 260, Earnings per Share which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all potentially dilutive shares if their effect is anti dilutive.
Microelectronics Technology Company (formerly China YouTV Corp.) (A Development Stage Company) Notes to Financial Statements as of June 30, 2010 (Expressed in US Dollars) _______________________________________________________________
Note 2 - Summary of Significant Accounting Policies (continued)
d)	Comprehensive Loss
ASC 220, Comprehensive Income establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at June 30, 2010 and 2009, the Company had no items that represent other comprehensive loss, and therefore has not included a schedule of comprehensive loss in the consolidated financial statements.
e)	Cash and Cash Equivalents
The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.
f)	Financial Instruments
The Company's financial instruments consist principally of cash, accounts payable and due to former related party. Pursuant to ASC 820, Fair Value Measurements and Disclosures, and ASC 825, Financial Instruments the fair value of the Company's cash equivalents is determined based on "Level 1" inputs, which consist of quoted prices in active markets for identical assets. The Company believes that the recorded values of all of the Company's other financial instruments approximate their current fair values because of their nature or respective relatively short maturity dates.
The Company's operations are in Canada, which results in exposure to market risks from changes in foreign currency rates. The financial risk is the risk to the Company's operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk.
g)	Mineral Property Costs
Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized. The Company assesses the carrying costs for impairment under ASC 360, Property, Plant, and Equipment at each fiscal quarter
Microelectronics Technology Company (formerly China YouTV Corp.) (A Development Stage Company) Notes to Financial Statements as of June 30, 2010 (Expressed in US Dollars) _______________________________________________________________
Note 2 - Summary of Significant Accounting Policies (continued)
end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations.
h)	Income Taxes
The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.
i)	Foreign Currency Translation
The functional and reporting currency of the Company is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated to United States dollars in accordance with ASC 740 Foreign Currency Translation Matters, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.
Microelectronics Technology Company (formerly China YouTV Corp.) (A Development Stage Company) Notes to Financial Statements as of June 30, 2010 (Expressed in US Dollars) _______________________________________________________________
Note 2 - Summary of Significant Accounting Policies (continued)
To the extent that the Company incurs transactions that are not denominated in its functional currency, they are undertaken in Canadian dollars. The Company has not, to the date of these financials statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.
j)	Stock-based Compensation
The Company records stock-based compensation in accordance with ASC 718, Compensation - Stock Based Compensation and ASC 505, Equity Based Payments to Non-Employees, which requires the measurement and recognition of compensation expense based on estimated fair values for all share-based awards made to employees and directors, including stock options.
ASC 718 requires companies to estimate the fair value of share-based awards on the date of grant using an option- pricing model. The Company uses the Black-Scholes option- pricing model as its method of determining fair value. This model is affected by the Company's stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to the Company's expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviours. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the statement of operations over the requisite service period.
All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.
k)	Reclassifications
Certain reclassifications have been made to the prior year's financial statements to conform to the current year period's presentation.
Microelectronics Technology Company (formerly China YouTV Corp.) (A Development Stage Company) Notes to Financial Statements as of June 30, 2010 (Expressed in US Dollars) _______________________________________________________________
Note 2 - Summary of Significant Accounting Policies (continued)
l)	Recently Issued Accounting Pronouncements
In June 2009, the FASB issued guidance now codified as ASC 105, Generally Accepted Accounting Principles as the single source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with U.S. GAAP, aside from those issued by the SEC. ASC 105 does not change current U.S. GAAP, but is intended to simplify user access to all authoritative U.S. GAAP by providing all authoritative literature related to a particular topic in one place. The adoption of ASC 105 did not have a material impact on the Company's financial statements, but did eliminate all references to pre-codification standards.
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
Note 3 - Joint Venture with Beijing Hua Ju Net Media Technology Co. Ltd. ("Hua Ju")
On March 16, 2007, the Company entered into a Joint Venture Agreement with Beijing Hua Ju Net Media Technology Co. Ltd. ("Hua Ju") for a term of 20 years to be organized in Beijing, People's Republic of China ("China"). The purpose of the Joint Venture was to conduct a video sharing website and other related internet interactive media businesses in China.
Under the Joint Venture Agreement, the Company was to contribute RMB510,000 ($74,639) to the Joint Venture, was to own 51% of the joint venture company, was to appoint a majority of the seats on the board of directors, was to provide the required working capital for the Joint Venture, and was to be in charge of the Joint Venture's accounting management. Hua Ju was to contribute RMB490,000 ($71,712) to the Joint Venture, was to own 49% of the joint venture company, was to appoint a minority of the seats on the board of directors, was to contribute its website and customer contracts to the Joint Venture, and was to be in charge of the Joint Venture's daily operations for at least three years. The former President of the Company was also the President of Hua Ju.
Also under the Joint Venture Agreement, the Company was to issue 20,000,000 newly issued shares of its common stock to Hua Ju or its designee as additional consideration for entering into the agreement, in an offering intended to be exempt from registration under the Securities Act of 1933, as amended (the "Act"), pursuant to Regulation S promulgated pursuant to the Act.
On February 18, 2008, the Joint Venture license was approved by the regulatory authorities of the People's Republic of China ("PRC"). However, the required funding never occurred and operations were never transferred from Hua Ju to the Joint Venture.
On May 1, 2009, the Company and Hua Ju executed a Termination of Joint Venture Agreement (the "Termination Agreement"). The Termination Agreement provided for the cancellation of the Joint Venture Agreement and termination of the rights and obligations of the parties thereunder.
Microelectronics Technology Company (formerly China YouTV Corp.) (A Development Stage Company) Notes to Financial Statements as of June 30, 2010 (Expressed in US Dollars) _______________________________________________________________
Note 4 - Mineral Claims
On April 1, 2009, the Company acquired certain assets of First Light Resources, Inc. ("First Light"), namely six mineral claims located near Wawa in northern Ontario, Canada. The purchase price for the assets was $114,000, payable in cash and/or Company common stock. No cash was paid to First Light and a total of 55,000 shares of Company common stock were issued to three designated parties of First Light, increasing the issued and outstanding shares of Company common stock from 30,060 shares to 85,060 shares. The Company also assumed a $10,912 account payable of First Light in connection with this transaction. The total $124,912 purchase consideration in the First Light transaction was allocated to the six mineral claims which represents First Light's represented amount of exploration costs on the properties. Title to the mineral claims is being held in trust, on behalf of the Company, by Dog Lake Exploration Inc. ("Dog Lake"). Two of the six mineral claims were allowed to lapse in fiscal 2009 and four claims remain in good standing as of June 30, 2010. After completion of the First Light transaction both Dog Lake and First Light are considered related parties with the Company due to significant stockholdings in the Company by a director in common between Dog Lake and First Light.
On April 1, 2010, Auric Mining Company ("Auric") entered into an option agreement with the Company to acquire from the Company a fifty-two percent working interest in the mining claims held in trust, on behalf of the Company by Dog Lake. Auric is to complete its due diligence prior to the option expiring on September 15, 2011. No payment terms or amounts have been negotiated or finalized. A director of the Company is also the President of Auric, therefore Auric is considered to be a related party and the option agreement is a related party transaction.
Note 5 - Related Party Transactions
The Company incurred administration and accounting fees of $15,845 to a corporation which is a significant shareholder of the Company. As at June 30, 2010, $14,309 is owing to this corporation
Microelectronics Technology Company (formerly China YouTV Corp.) (A Development Stage Company) Notes to Financial Statements as of June 30, 2010 (Expressed in US Dollars) _______________________________________________________________
that is included in amounts due to related parties which is unsecured, non-interest bearing and is due on demand.
On March 8, 2010 the Company issued 10,132,430 common shares to settle a total $10,132 of debt owing to corporations that are significant shareholders of the Company or have directors in common with significant shareholders. The debt settlement of $10,132 is recorded as a capital transaction.
Included in amounts due to related parties is $10,912 owing to 722868 Ontario Ltd. for the amount payable that was assumed by the Company in the acquisition of the mineral claims from First Light (see Note 4).
On October 5, 2009, the Company executed a Stock Purchase Agreement with 722868 Ontario Ltd. ("Seller"), an Ontario corporation. The agreement provides for the acquisition from Seller of 51% of the capital stock of Microart Services Inc. ("Microart"), an Ontario corporation engaged in the electronic manufacturing and design services business, in exchange for $500,000 cash and 1,250,000 post reverse stock split (see succeeding paragraph) shares of the Company's common stock. The closing, which is subject to satisfaction of certain conditions precedent to closing, is to take place on October 15, 2009, or at such other time as the parties may mutually agree. As at September 27, 2010, this transaction has not closed. Microart and the Seller are considered to be related parties to the Company, as a director of Microart is also a director of Dog Lake, First Light (see Note 4) and 722868 Ontario Ltd. that has significant stockholdings in the Company.
Note 6 - Due to Former Related Party
As at June 30, 2010, $190,084 was due to former related party who is the Company's former President and Director who resigned in June 2007. These amounts are non-interest bearing, unsecured and have no specific terms of repayment.
Microelectronics Technology Company (formerly China YouTV Corp.) (A Development Stage Company) Notes to Financial Statements as of June 30, 2010 (Expressed in US Dollars) _______________________________________________________________
Note 7 - Common Stock
a)	Effective October 6, 2009, the Company affected a 1 for 1,000 reverse stock split, thereby reducing the issued and outstanding shares of common stock from 100,060,000 prior to the reverse split to 100,060 following the reverse split. An additional 855 shares were issued due to no fractional shares issued as a result of the reverse stock split. In lieu of issuing fractional shares, the Company issued a full common share to any stockholder who otherwise would have been entitled to receive a fractional share as a result of the reverse stock split. The total number of common shares outstanding subsequent to the reverse stock split described above was 100,915. The financial statements have been retroactively adjusted to reflect this reverse stock split.
b)	On October 15, 2009, the Company issued 3,300,000 restricted common shares at $0.01 per share. This included 1,250,000 shares to 722868 Ontario Ltd. described in Note 5.
c)	On October 15, 2009, the Company issued 110,000 Class A preferred shares at $0.01 per share.
d)	On October 20, 2009, the Company issued 600,000 common shares at $0.01 per share.
e)	On February 15, 2010, the Company issued 40,000,000 restricted common shares at $0.001 per share.
f)	On March 8, 2010, the Company issued 10,132,430 common shares at $0.001 per share for settlement of debt of $10,132.
The Company has not issued any stock options.
Microelectronics Technology Company (formerly China YouTV Corp.) (A Development Stage Company) Notes to Financial Statements as of June 30, 2010 (Expressed in US Dollars) _______________________________________________________________
Note 8 - Preferred Stock
On October 5, 2009, the Company issued 110,000 preferred shares at $0.01 per share. Each preferred share is convertible into 100 common shares and each preferred share entitles the holder to 100 votes at any shareholders' meeting. The preferred shareholders have the first right of refusal to be acquired in the event of a change in control.
Note 9 - Income Taxes
The Company accounts for income taxes under ASC 740, Income Taxes. Deferred income tax assets and liabilities are determined based upon differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Income tax expense differs from the amount that would result from applying the U.S federal and state income tax rates to earnings before income taxes. The Company has net operating losses carried forward of approximately $375,669 available to offset taxable income in future years which begin expiring in fiscal 2025. Pursuant to ASC 740, the potential benefits of the net operating losses carried forward has not been recognized in the financial statements since the Company cannot be assured that it is more likely than not that such benefit will be utilized in future years.
The Company is subject to United States federal and state income taxes at an approximate rate of 35% (2009 - 35%) The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company's income tax expense as reported is as follows:
							June 30,	June 30, 							 2010 2009
Income tax recovery at statutory rate $ (18,450) $ (132,860) Stock-based compensation - 118,560 Valuation allowance change 18,450 14,300 ______________________________________________________________________________ Provision for income taxes $ - $ - ______________________________________________________________________________
For the years ended June 30, 2010 and 2009, the valuation allowance established against the deferred tax assets increased by $18,450 and $14,300 respectively.
Deferred tax assets consist of:
							June 30, June 30, 							 2010 2009
Net operating loss carryforward $ 131,484 $ 113,030 Less valuation allowance (131,484) (113,030) ______________________________________________________________________________ Net deferred tax asset $ - $ - ______________________________________________________________________________
Based on management's present assessment, the Company has not yet determined it to be more likely than not that a deferred tax asset of $131,484 attributable to the future utilization of the $375,669 net operating loss carryforward as of June 30, 2010 will be realized. Accordingly, the Company has provided a 100% allowance against the deferred tax asset in the financial statements at June 30, 2010. The Company will continue to review this valuation allowance and make adjustments as appropriate. The net operating loss carryforward expires in years 2025, 2026, 2027, 2028, 2029 and 2030 in the amounts of $11,525, $24,918, $130,503, $115,143, $40,855 and $52,725 respectively.
Current tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited.
Note 10 - Subsequent Events
The Company has determined that there were no additional subsequent events to recognize or disclose in these financial statements.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
Not applicable
Item 9A
Item 9A (T). Controls and Procedures.
As supervised by our board of directors and our principal executive and principal financial officers, management has established a system of disclosure controls and procedures and has evaluated the effectiveness of that system. The system and its evaluation are reported on in the below Management's Annual Report on Internal Control over Financial Reporting. Our principal executive and financial officer has concluded that our disclosure controls and procedures (as defined in the 1934 Securities Exchange Act Rule 13a-15(e)) as of December 31, 2008, are not effective, based on the evaluation of these controls and procedures required by paragraph (b) of Rule 13a-15.
Management's Annual Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) of the Securities Exchange Act of 1934 (the "Exchange Act"). Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles.
Management assessed the effectiveness of internal control over financial reporting as of June 30, 2010. We carried out this assessment using the criteria of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework.
This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by our registered public accounting firm, pursuant to temporary rules of the Securities and Exchange Commission that permit us to provide only management's report in this annual report. Management concluded in this assessment that as of June 30, 2010, our internal control over financial reporting is not effective. There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d- 15(f) under the Exchange Act) during the fourth quarter of our 2010 fiscal year that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Item 9B.
Item 9B. Other Information.
None.
PART III
Item 10.
Item 10. Directors, Executive Officers, Promoters, Control Persons and Corporate Governance.
(a) Identification of directors.
The following table furnishes the information concerning Company directors and officers as of the date of this report. The directors of the Registrant are elected every year and serve until their successors are elected and qualify. They are:
Name			Age	Title			Term
Brian Stewart		43	President and		Annual 				Director
Michael Lee		58	Secretary, Treasurer	Annual 				And Director
Notes.
On May 5, 2009, John Sadowski was appointed as the President and Director of the company. He resigned on August 24, 2009.
On May 5, 2009, Michael Lee was appointed Director, Secretary and Treasurer of the company.
On August 24, 2009, Brian Stewart was appointed as the President and Director of the company.
(b) Identification of executive officers.
Strategic matters, critical decisions and day to day management are handled by the Company's directors.
(c) Identification of certain significant employees.
None
(d) Family relationships.
None
(e) Business experience.
Mr. Brian Stewart - President, Chief Executive Officer and Director.
Mr. Stewart, has a Bachelor of Arts degree from Simon Fraser University, majoring in Political Science. He also attended British Columbia's Institute of Technology where he studied Natural Resource Management. Mr. Stewart has over ten years of mining industry experience as he has worked for Teck Cominco and several TSX Venture Exchange companies in a variety of roles on assignments in Canada, the United States and throughout Latin America. He has lived in Honduras in Peru as a project manager for a Vancouver exploration company. For the past five years Mr. Stewart has been gaining experience in corporate finance, merger and acquisitions and public company restructuring. He has served as an Officer and Director to publicly traded companies listed in Canada and the United States.
Mr. Michael Lee - Secretary, Treasurer and Director.
Mr. Lee, is a professional accountant, a member of the Association of Chartered Certified Accountants; U.K. Michael has more than 30 years of management, accounting and auditing experience in various corporations. Michael is the Chief Financial Officer of President Corporate Group since August 1st, 2007. He is responsible for the preparation of financial statements and reports and compliance with the filings to SEC. He is proficient with the US and Canadian GAAP. Prior to this, he worked as an auditor with Crown Plaza Hotel Georgia from October 1999 to January 2007.
TERM OF OFFICE
Our directors are elected for a one-year term to hold office until the next annual general meeting of our shareholders or until removed from office in accordance with our bylaws. Our officers are appointed by our board of directors and hold office until removed by the board.
Item 11.
Item 11. Executive Compensation.
No executives of the Company who served in such capacity at the end of the last fiscal year have total annual salary and bonus exceeded $100,000.
Executive Compensation
		 Fees 		Earned 	 Non-Equity Nonqualified 		 or Stock Option Incentive Plan Deferred All Other 	 Paid in Awards Awards Compensation CompensationCompensation Total Name Year Cash ($) ($) ($) ($) ($) ($) ____________________________________________________________________________ (a) (b) (c) (d) (e) (f) (g) (h) (i)
Brian 2008 0 0 0 0 0 0 0 Stewart 2009 0 0 0 0 0 0 0 	 2010 0 0 0 0 0 0 0
Michael 2008 0 0 0 0 0 0 0 Lee 2009 0 0 0 0 0 0 0 2010 0 0 0 0 0 0 0
Officers who are also directors of Microelectronics Technology Company receive no cash compensation for services as a director. However, the directors will be reimbursed for reasonable out-of-pocket expenses incurred in connection with attendance at board and committee meet
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
The following table sets forth, as of August 30, 2010, the number of shares of Common Stock owned of record and beneficially by executive officers, directors and persons who holds 5% or more of the outstanding Common Stock of the company. Also included are the shares held by all executive officers and directors as a group.
As of August 30, 2010, there were 54,133,345 shares of common stock outstanding. Amount and 						 Nature of Name and				Beneficial Percentage Address			 Position Ownership	of class
Cale Corporation	 Shareholder	 3,510,000	 6.48% 430-5190 Neil Road, Reno, NV 89502
722868 Ontario Ltd.	 Shareholder	 21,250,000	 39.25% 3475 14th Avenue Markham, ON L3R 0H4 Canada
Presidents Corporate Shareholder	 11,000,000	 20.32% Group 100 West Liberty Street 10th floor Reno, NV 89502
Sofiane Group Inc	 Shareholder	 10,000,000	 18.47% 35 A Regent Street Belize City, Belize
Item 13.
Item 13. Certain Relationships and Related Transactions, and Director Independence.
None
Item 14.
Item 14. Principal Accountant Fees and Services.
1) Audit Fees
The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for our audit of annual financial statements and review of financial statements included in our Form 10K or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years was:
2010 $ 19,860 Manning Elliott LLP 2009 $ 11,059 Michael T. Studer CPA P.C.
(2) Audit-Related Fees
The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountants that are reasonably related to the performance of the audit or review of our financial statements and are not reported in the preceding paragraph:
2010 $ 0 Manning Elliott LLP 2009 $ 0 Michael T. Studer CPA P.C.
(3) Tax Fees
The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning was:
2010 $ 0 Manning Elliott LLP 2009 $ 0 Michael T. Studer CPA P.C.
(4) All Other Fees
The aggregate fees billed in each of the last two fiscal years for the products and services provided by the principal accountant, other than the services reported in paragraphs (1), (2), and (3) was:
2010 $ 0 Manning Elliott LLP 2009 $ 0 Michael T. Studer CPA P.C.
(5) Our audit committee's pre-approval policies and procedures described in paragraph (c)(7)(i) of Rule 2-01 of Regulation S-X were that the audit committee pre-approve all accounting related activities prior to the performance of any services by any accountant or auditor.
(6) The percentage of hours expended on the principal accountant's engagement to audit our financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full time, permanent employees was 0%.
Item 6. Exhibits
31.1 Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.2 Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
32.1 Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.
32.1 Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith. SIGNATURES
In accordance with the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Dated: September 27, 2010
Microelectronics Technology Company
By: /S/ Brian Stewart Brian Stewart Chief Executive Officer & Director
By: /S/ Michael Lee Michael lee Chief Financial Officer