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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 11 – Purchase consideration and related allocation (continued)

 

   August 1, 2016 
Assets acquired:     
Cash   33,175 
Accounts receivable, net   85,718 
Inventory   342,437 
Other current assets   3,104,359 
Property and equipment, net   3,329 
Intangible assets, net   66,202 
Total assets acquired   3,635,220 
      
Liabilities assumed:     
Deferred revenue   22,158 
Amounts due to related parties   3,452,774 
Other current liabilities   96,585 
Net assets acquired   63,703 
Less: purchase price   - 
Gain on bargain purchase   63,703 

 

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:

 

Type  Name of related party  December 31, 
      2015   2016 
Former owner of MYP  Dillon   -    3,102,669  

 

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.

 

The accompanying notes are an integral part of these consolidated financial statements” 23