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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

 

Note 7 –Other current liabilities

 

Other current liabilities consist of the following:        

 

   December 31, 
   2015   2016 
SKY ACE Investments Limited   2,007,722    - 
Mr. He Rong   2,500,018    - 
Other payable   25,116    92,280 
Taxes payable   -    6 
Total   4,532,856    92,286 

 

In 2013, two investors, SKY ACE Investments Limited and Mr. He Rong, contributed $4,507,740 to the Company with Bruno Wu Zheng’s commitment of average annual return not less than 10% within next 3 years. Otherwise the Company would return the capital to these investors. In 2014, the Company was operated at a loss and expected that the commitment may not be achieved, so the capital of $4,507,740 should be returned back to these two investors. In 2016, the group’s parent company BT Capital Global Ltd (“BT”). assumed the liabilities of $4,507,740 and then signed a waiver letter with WAG to waive it.  

 

Note 8 – Other income, net

 

Other income, net consists of the following:      

 

   December 31, 
   2015   2016 
Income on disposal of fixed assets   177,116    - 
Income from acquisition of subsidiary   -    794,384 
Others   8    26 
Total   177,124    794,410 

 

The accompanying notes are an integral part of these consolidated financial statements. 17