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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 STATEMENTS OF OPERATIONS

 

   Three Months Ended   Nine Months Ended 
   September 30,   September 30,   September 30,   September 30, 
   2017   2016   2017   2016 
                 
Revenue  $30,223,638   $1,626,844   $106,712,428   $4,377,034 
Cost of revenue   28,273,862    893,796    100,888,964    2,609,975 
Gross profit   1,949,776    733,048    5,823,464    1,767,059 
                     
Operating expenses:                    
Selling, general and administrative expense   3,630,949    2,320,247    7,771,561    6,294,206 
Research and development expense   400,040    -    400,040    - 
Professional fees   831,039    326,353    1,845,590    964,290 
Depreciation and amortization   36,508    123,502    293,661    344,308 
Impairment of other intangible assets   152,847    172,064    216,468    172,064 
Total operating expense   5,051,383    2,942,166    10,527,320    7,774,868 
                     
Loss from operations   (3,101,607)   (2,209,118)   (4,703,856)   (6,007,809)
                     
Interest and other income (expense)                    
Interest expense, net   (27,186)   (24,971)   (72,439)   (225,154)
Change in fair value of warrant liabilities   131,357    58,220    (112,642)   201,826 
Equity in loss of equity method investees   (23,632)   17,487    (100,468)   (19,862)
Other   (806)   (3,313)   (111,448)   (8,409)
Loss before income taxes   (3,021,874)   (2,161,695)   (5,100,853)   (6,059,408)
                     
Income tax benefit   -    8,612    -    25,836 
                     
Net loss   (3,021,874)   (2,153,083)   (5,100,853)   (6,033,572)
                     
Net loss (income) attributable to non-controlling interest   (22,723)   105,879    608,910    261,809 
                     
Net loss attributable to Seven Stars Cloud shareholders  $(3,044,597)  $(2,047,204)  $(4,491,943)  $(5,771,763)
                     
Basic loss per share  $(0.05)  $(0.05)  $(0.08)  $(0.18)
Diluted loss per share  $(0.05)  $(0.05)  $(0.08)  $(0.18)
                     
Weighted average shares outstanding:                    
Basic   62,146,168    41,184,037    59,594,289    31,640,230 
Diluted   62,146,168    41,184,037    59,594,289    31,640,230 

 

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

 

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