|SEVEN STARS CLOUD GROUP, INC. filed this Form 8-K/A on 08/14/2017|
Wecast Services Group Limited
December 31, 2015 and December 31, 2016
Note 11 – Purchase consideration and related allocation (continued)
At the acquisition date, the Group estimated that there were no intangible assets acquired and recognized Gain on bargain purchase of $63,703.
Note 12 – Related Party Transactions
Amounts due from related parties:
The Group acquired MYP on August 1, 2016. The amount totaled $3,102,669 due to the vender, L.F.T.E. Inc., before the effective date should be charged with the former owner of MYP, Dillon.