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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 STATEMENTS OF OPERATIONS

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30,   June 30,   June 30, 
   2017   2016   2017   2016 
                 
Revenue  $43,324,439   $1,480,464   $76,488,790   $2,750,190 
Cost of revenue   43,272,723    800,399    72,615,102    1,716,179 
Gross profit   51,716    680,065    3,873,688    1,034,011 
                     
Operating expenses:                    
Selling, general and administrative expense   2,875,440    1,808,906    4,140,612    3,973,959 
Professional fees   747,418    270,491    1,014,551    637,937 
Depreciation and amortization   60,942    123,343    257,153    220,806 
Impairment of other intangible assets   63,621    -    63,621    - 
Total operating expense   3,747,421    2,202,740    5,475,937    4,832,702 
                     
Loss from operations   (3,695,705)   (1,522,675)   (1,602,249)   (3,798,691)
                     
Interest and other income (expense)                    
Interest expense, net   (3,696)   (166,710)   (45,253)   (200,183)
Change in fair value of warrant liabilities   26,117    106,583    (243,999)   143,606 
Equity in loss of equity method investees   (33,090)   (27,001)   (76,836)   (37,349)
Other   (11,072)   (5,258)   (110,642)   (5,096)
Loss before income taxes   (3,717,446)   (1,615,061)   (2,078,979)   (3,897,713)
                     
Income tax benefit   -    8,612    -    17,224 
                     
Net loss   (3,717,446)   (1,606,449)   (2,078,979)   (3,880,489)
                     
Net loss attributable to non-controlling interest   57,221    18,360    631,633    155,929 
                     
Net loss attributable to Seven Stars Cloud shareholders  $(3,660,225)  $(1,588,089)  $(1,447,346)  $(3,724,560)
                     
Basic  loss per share  $(0.06)  $(0.05)  $(0.02)  $(0.14)
Diluted loss per share  $(0.06)  $(0.05)  $(0.02)  $(0.14)
                     
Weighted average shares outstanding:                    
Basic   61,180,365    29,197,899    58,297,202    26,815,888 
Diluted   61,180,365    29,197,899    58,297,202    26,815,888 

 

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

 

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