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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


Notes to Consolidated Financial Statements


Note 1 - Operations and significant accounting policies


Organization and description of business


Wide Angle Group Limited (the "Company" or "WAG"), formerly known as Wide Angle Press Limited and Wide Angle Media Limited, was incorporated in Hong Kong in 1986. The Company is engaged in printing and publishing business and primarily involved in producing the "Wide Angle" magazine, school teaching materials and reference books for public examinations. By special resolution passed on May 22, 2015, the Company's name was changed from "Wide Angle Media Limited" to "Wide Angle Press Limited". By special resolution passed on June 24, 2016, the name of the Company was changed from "Wide Angle Press Limited" to "Wide Angle Group Limited".


Amer Global Technology Limited ("Amer") was incorporated on September 19, 2011 and is engaged in purchase and selling electronic products. WAG acquired Amer’s 100% equity interest on September 2, 2016 under non-common control.


Shanghai Huicang Supply Chain Limited ("Shanghai Huicang") is a wholly foreign-owned enterprise organized under the laws of the People’s Republic of China ("PRC"), which is set up by WAG on September 18, 2016. As of December 31, 2016, Shanghai Huicang has no revenue or operation.


Accordingly, the Company’s historical financial statements are those of WAG and its wholly-owned subsidiaries, Amer and Shanghai Huicang.


The accompanying notes are an integral part of these consolidated financial statements. 7