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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 11 – Related Party Transactions (continued)

 

Amounts due to related parties:

 

Type  Name of related party  December 31, 
      2015   2016 
Ultimate controlling party  Bruno Wu Zheng   -    19,170 
Related parties with common ultimate investors  Sun Media Limited   16,178    - 
Related parties with common ultimate investors  New Ocean Management Limited   56,960    - 
Related parties with common ultimate investors  Seven Star Media Limited   998,653    - 
Related parties with common ultimate investors  Sun News Group Hong Kong Limited   -    1,176 
Related parties with common ultimate investors  Seven Stars Entertainment and Media Limited   79,082    62,585 
Related parties with common ultimate investors  Beijing Wide Angle Culture Communication Co., Limited   1,993    - 
Total      1,152,866    82,931 

 

In 2016, the Group’s parent company BT assumed the liabilities of $998,653 due to Seven Star Media Limited and then signed a waiver letter with WAG to waive it.

 

All the related party receivables are related to disbursement fees the Group paid for related parties. The Group does not charge interest to these related parties and all these receivables are short-term.

 

During the year, the Group entered into the following transactions with related parties:

 

Nature of transactions  2015   2016 
         
New Ocean Management Limited          
- Received consultancy fee income from   -    68,364 
           
Seven Stars Entertainment and Media Limited          
- Received consultancy fee income from   7,224    3,957 
           
Sun News Group Hong Kong Limited          
- Paid consultancy fee to   -    10,053 
           
Yang Lan          
- Paid consultancy fee to   -    1,273,849 

 

The accompanying notes are an integral part of these consolidated financial statements. 22