|SEVEN STARS CLOUD GROUP, INC. filed this Form 8-K/A on 08/14/2017|
Wide Angle Group Limited
December 31, 2015 and December 31, 2016
Note 7 –Other current liabilities
Other current liabilities consist of the following:
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: