|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 12 – Related Party Transactions (continued)
On January 30, 2017, BT entered into a Securities Purchase Agreement with SSC, pursuant to which SSC agreed to purchase and BT agreed to sell all of the outstanding capital stock of SVG for an aggregate purchase price of (i) $800,000; and (ii) a Promissory Note. SSC wired $800,000 (or its RMB equivalent) to MYP and Shanghai Wecast upon signing the term sheet as Good Faith Deposit. As of December 31, 2016, the transaction has not yet been closed, and $800,000 of the deposit has been paid to MYP and Shanghai Wecast. According to the SVG Purchase Agreement, the amount of $800,000 MYP and Shanghai Wecast received in 2016 is due to BT.
L.F.T.E. Inc. is controlled by MYP’s former owner, who is now a minority shareholder of the group. At December 31, 2016, there was about $3,445,106 account payable due to MYP’s vender, L.F.T.E. Inc., recorded at MYP’s balance sheet.
Other related party payables are related to disbursement fees related parties paid for the Group. The Group does not pay interest to these related parties and all these payables are short-term.
Note 13 - Commitments and Contingencies
The Group leases certain office premises under non-cancelable leases. Rental expenses under operating leases for 2015 and 2016 were nil and $ 97,729, respectively. As of December 31, 2016, future minimum lease payments under non-cancelable operating leases agreements were as follows: