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SEC Filings

SEVEN STARS CLOUD GROUP, INC. filed this Form 8-K/A on 08/14/2017
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3.Pro forma adjustment


The pro forma adjustments included in the unaudited pro forma combined financial information are as follows:


a)WAG acquired Amer’s 100% equity interest on September 2, 2016 with no consideration under non-common control. Amer became a consolidated subsidiary of WAG on this date. At the acquisition date, WAG recognized gain on bargain purchase of $794,384, which comes wholly from Amer’s net profit in 2016 before the acquisition.


b)In accordance with the WAG Purchase Agreement, SSC agreed to purchase and BT agreed to sell 55% of the outstanding capital stock of WAG. The unaudited pro forma combined statements of income has been prepared as if the acquisition had occurred on January 1, 2016 and we calculated net loss attributable to non-controlling interest at consolidated level.