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SEC Filings

10-Q
SEVEN STARS CLOUD GROUP, INC. filed this Form 10-Q on 08/14/2017
Entire Document
 

 

Seven Stars Cloud Group, Inc., Its Subsidiaries and Variable Interest Entities

 


UNAUDITED CONSOLIDATED BALANCE SHEETS

 

   June 30, 2017   December 31, 2016 
         
ASSETS          
Current assets:          
Cash  $3,163,470   $3,761,814 
Accounts receivable, net   41,967,360    9,522,151 
Licensed content, current   883,015    124,319 
Notes receivable   -    1,749,830 
Inventory   216,453    203,697 
Prepaid expenses   534,573    375,944 
Other current assets   4,318,995    3,581,822 
Total current assets   

51,083,866

    19,319,577 
Property and equipment, net   117,389    4,963,725 
Licensed content, non-current   16,075,134    17,593,528 
Intangible assets, net   331,564    453,242 
Goodwill   -    6,648,911 
Long term investments   

6,664,547

    6,654,664 
Other non-current assets   1,239    112,643 
Total assets  $

74,273,739

   $55,746,290 
LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK AND EQUITY      
Current liabilities: (including amounts of the consolidated VIEs without recourse to Seven Stars Cloud Group, Inc. See note 3)          
Accounts payable  $42,536,415   $13,341,680 
Advance from customers   720,073    1,350,054 
Accrued interest due to a related party   617,605    557,918 
Accrued other expenses   327,958    708,987 
Accrued salaries   760,848    766,957 
Payable for purchase of building   -    987,015 
Amount due to related parties   106,813    1,060,817 
Other current liabilities   151,019    934,480 
Accrued license content fees   -    1,236,661 
Convertible promissory note due to a related party   3,000,000    3,000,000 
Warrant liabilities   137,587    70,785 
Total current liabilities   48,358,318    24,015,354 
Total liabilities  $48,358,318   $24,015,354 
Commitments and contingencies (Note 17)          
Convertible redeemable preferred stock:          
Series A - 7,000,000 shares issued and outstanding, liquidation and deemed liquidation preference of $3,500,000 as of June 30, 2017 and December 31, 2016, respectively  $1,261,995   $1,261,995 
Equity:          
Series E Preferred Stock - $0.001 par value; 16,500,000 shares authorized, Nil and 7,154,997 shares issued and outstanding, liquidation preference of Nil and $12,521,245 as of June 30, 2017 and December 31, 2016, respectively   -    7,155 
Common stock - $0.001 par value; 1,500,000,000 shares authorized,  61,964,057 and 53,918,523 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively   61,963    53,918 
Additional paid-in capital   144,952,445    152,755,919 
Accumulated deficit   (117,477,132)   (115,669,268)
Accumulated other comprehensive loss   (841,255)   (1,353,302)
Total Seven Stars Cloud shareholders’ equity   

26,696,021

    35,794,422 
Non-controlling interest   (2,042,595)   (5,325,481)
Total equity   

24,653,426

    30,468,941 
Total liabilities, convertible redeemable preferred stock and equity  $

74,273,739

   $55,746,290 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

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