Skip to Content

SEC Filings

10-Q
SEVEN STARS CLOUD GROUP, INC. filed this Form 10-Q on 11/13/2017
Entire Document
 

  

Seven Stars Cloud Group, Inc., Its Subsidiaries and Variable Interest Entities
UNAUDITED CONSOLIDATED BALANCE SHEETS

 

   September 30, 2017   December 31, 2016 
         
ASSETS          
Current assets:          
Cash  $1,676,756   $3,761,814 
Accounts receivable, net   42,784,281    9,522,151 
Licensed content, current   883,015    124,319 
Notes receivable   -    1,749,830 
Inventory   375,693    203,697 
Prepaid expenses   370,041    375,944 
Other current assets   2,163,878    3,581,822 
Total current assets   48,253,664    19,319,577 
Property and equipment, net   119,304    4,963,725 
Licensed content, non-current   16,075,134    17,593,528 
Intangible assets, net   151,069    453,242 
Goodwill   -    6,648,911 
Long term investments   6,958,411    6,654,664 
Other non-current assets   -    112,643 
Total assets  $71,557,582   $55,746,290 
LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK AND EQUITY          
Current liabilities: (including amounts of consolidated VIEs without recourse to Seven Stars Cloud Group, Inc. See note 3)          
Accounts payable  $43,128,270   $13,341,680 
Deferred revenue   207,112    1,350,054 
Accrued interest due to a related party   397,852    557,918 
Accrued other expenses   118,833    708,987 
Accrued salaries   684,739    766,957 
Payable for purchase of building   -    987,015 
Amounts due to related parties   58,567    1,060,817 
Other current liabilities   168,316    934,480 
Accrued license content fees   -    1,236,661 
Convertible promissory note due to a related party   3,000,000    3,000,000 
Warrant liabilities   -    70,785 
Total current liabilities   47,763,689    24,015,354 
Total liabilities  $47,763,689   $24,015,354 
Commitments and contingencies (Note 17)          
Convertible redeemable preferred stock:          
Series A - 7,000,000 shares issued and outstanding, liquidation and deemed liquidation preference of $3,500,000 as of September 30, 2017 and December 31, 2016, respectively  $1,261,995   $1,261,995 
Equity:          
Series E Preferred Stock - $0.001 par value; 16,500,000 shares authorized, Nil and 7,154,997 shares issued and outstanding, liquidation preference of Nil and $12,521,245 as of September 30, 2017 and December 31, 2016, respectively   -    7,155 
Common stock - $0.001 par value; 1,500,000,000 shares authorized,  62,264,494 and 53,918,523 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively   62,264    53,918 
Additional paid-in capital   145,791,961    152,755,919 
Accumulated deficit   (120,521,733)   (115,669,268)
Accumulated other comprehensive loss   (775,512)   (1,353,302)
Total Seven Stars Cloud shareholders’ equity   24,556,980    35,794,422 
Non-controlling interest   (2,025,082)   (5,325,481)
Total equity   22,531,898    30,468,941 
Total liabilities, convertible redeemable preferred stock and equity  $71,557,582   $55,746,290 

 

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

 

 4