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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 10 Acquisitions (continued)


   September 2, 2016 
Assets acquired:     
Cash  $299,916 
Accounts receivable   21,480,975 
Other current assets   6,000 
Total assets acquired  $21,786,891 
Liabilities assumed:     
Accounts payable   20,967,141 
Other current liabilities   25,366 
Net assets acquired   794,384 
Less: purchase price   - 
Gain on bargain purchase  $794,384 


At the acquisition date, WAG estimated that there were no intangible assets acquired and recognized gain on bargain purchase of $794,384.


The accompanying notes are an integral part of these consolidated financial statements. 20