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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
 

Wecast Services Group Limited

 

December 31, 2015 and December 31, 2016

 

Note 5 –Other current assets

 

Prepaid expense and other current assets consist of the following:

 

   December 31, 
   2015   2016 
Prepaid expense (i)   -     45,710 
Others   -     16,112 
Total   -    61,822 

 

(i)This mainly represents the prepaid rental cost of Dalian branch and Ningbo branch offices, which amount to $31,971.

 

Note 6 – Property and equipment, net

 

Property and equipment, net consist of the following:

 

   December 31, 
   2015   2016 
Furniture and office equipment   725    135,193 
Vehicles   -     62,575 
Leasehold Improvement   -    89,321 
Total at cost   725    287,089 
           
Less: Accumulated depreciation   653    88,046 
Property and equipment, net   72    199,043 

 

The Group acquired MYP under non-common control in 2016. At acquisition date, there was accumulated depreciation of $78,154 related to property and equipment acquired. Depreciation expense was $nil and $9,239 for the years ended December 31, 2015 and 2016, respectively.

 

The accompanying notes are an integral part of these consolidated financial statements” 19