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SEC Filings

SEVEN STARS CLOUD GROUP, INC. filed this Form 8-K/A on 08/14/2017
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Wide Angle Group Limited


December 31, 2015 and December 31, 2016


Note 2–Going Concern and Management’s Plans


For the years ended December 31, 2015 and 2016, we incurred losses from operations of approximately $0.50 million and $1.35 million, respectively, and we used cash for operations of approximately $0.19 million as of December 31, 2015 and provided by cash for operations of approximately $0.79 million as of December 31, 2016.As of December 31, 2016 net current assets $0.66 million Further, we had accumulated deficits of approximately $3.33 million as of December 31, 2016, due to recurring losses since our inception.


In the opinion of the directors of the Group, the Group is able to maintain itself as a going concern in the coming year by taking into consideration of the arrangements which include, but are not limited to, the directors of the Group continue to implement measures to tighten cost controls over various operating costs and expenses of the Group and its shareholders undertake to provide adequate funds to enable the Group to meet in full all their financial obligations as they fall due. Although the Group believes it has the ability to raise funds by issuing debt, additional financing may not be available to the Group on terms acceptable to the Group or at all or such resources may not be received in a timely manner.


These conditions raise substantial doubt about the Group’s ability to continue as a going concern. The consolidated financial statements have been prepared assuming that the Group will continue as a going concern and, accordingly, do not include any adjustments that might result from the outcome of this uncertainty.


Note 3 –  Accounts receivable, net


Accounts receivable consist of the following:


   December 31, 
   2015   2016 
Accounts receivable, gross:   62,267    8,092,191 
Less: allowance for doubtful accounts   3,672    3,672 
Accounts receivable, net   58,595    8,088,519 


Note 4 – Other current assets


Other current assets consist of the following:


   December 31, 
   2015   2016 
Lease deposits   15,178    15,634 
Other receivable   21,742    - 
Total   36,920    15,634 


The accompanying notes are an integral part of these consolidated financial statements. 15