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SEC Filings

8-K/A
SEVEN STARS CLOUD GROUP, INC. filed this Form 8-K/A on 08/14/2017
Entire Document
 

Wide Angle Group Limited

 

December 31, 2015 and December 31, 2016

 

Consolidated Statements of Cash Flows

(Amounts expressed in U.S. dollars)      

 

   December 31, 
   2015   2016 
Operating activities:          
Net loss   (497,378)   (1,350,138)
Adjustments to reconcile net income to net cash (used)/provided by operating activities:          
Depreciation and amortization   22,190    20,811 
Income from disposal of property, plant and equipment   (177,116)   - 
Income from acquisition of subsidiary   -    (794,384)
Impairment loss from other receivables   407,038    - 
Changes in operating assets and liabilities:          
Accounts receivable   6,466    (7,516,090)
Amounts due from related parties   666,749    1,873,278 
Prepaid expenses and other current assets   6,266    (1,732,546)
Accounts payable   19,941    9,819,676 
Deferred revenue   (635)   495,424 
Amounts due to related parties   (670,591)   (64,092)
Other current liabilities   23,856    34,614 
Net cash provided by / (used in) operating activities   (193,214)   786,553 
           
Investing activities:          
Proceeds from disposal of property, plant and equipment   190,874    - 
Acquisition of subsidiaries   -    299,916 
Net cash provided by investing activities   190,874    299,916 
           
Effect of exchange rate changes on cash and cash equivalents   (5,569)   2,399 
           
Net decrease in cash and cash equivalents   (7,909)   1,088,868 
           
Cash and cash equivalents at the beginning of the year   58,846    50,937 
           
Cash and cash equivalents at the end of the year   50,937    1,139,805 
           
Supplemental cash flow disclosures          
Non-cash financing activities          
Debt waived from related party   -    5,506,393 

 

The accompanying notes are an integral part of these consolidated financial statements. 6