Current Report Filing (8-k)
February 22 2018 - 5:13PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C.
20549
Form
8-K
CURRENT REPORT
Pursuant to Section 13 OR
15(d) of the Securities Exchange Act of 1934
Date of Report (Date
of earliest event reported):
February 16, 2018
SEVEN
STARS CLOUD GROUP, INC.
(Exact name of registrant as
specified in its charter)
Nevada
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001-35561
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20-1778374
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(State or
other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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Building B4, Tai
Ming International Business Court,
Tai Hu Town, Tongzhou District, Beijing, China 101116
(Address of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code:
212-206-1216
(Former name or former
address, if changed since last report.)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see
General Instruction A.2. below):
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Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a -12)
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Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d -2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e -4(c))
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Indicate by check mark whether the registrant is
an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
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If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 4.01
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Changes in Registrant's Certifying Accountant.
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(a)
Grant Thornton (“GT”), China member firm of Grant Thornton International, was previously the independent registered
public accounting firm for Seven Stars Cloud Group, Inc., formerly known as Wecast Network, Inc. (the “Company”). On
February 16, 2018, the Audit Committee of the board of directors of the Company (the “Audit Committee”) approved the
dismissal of GT.
The Audit Committee engaged GT in April 2017 as
its independent registered public accounting firm. The Company’s prior independent registered public accounting firm that
issued audit reports on the Company’s financial statements as of and for the fiscal years ended 2016 and 2015 did not include
an adverse opinion or a disclaimer of opinion in those reports, and those reports were not qualified or modified as to uncertainty,
audit scope, or accounting principles.
Since the commencement
of GT’s engagement in April 2017
through February 16, 2018, there were no: (1) disagreements (as defined in Item 304(a)(1)(iv)
of Regulation S-K and the related instructions) with GT on any matter of accounting principles or practices, financial statement
disclosure or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to
make reference in connection with their opinion to the subject matter of the disagreement, or (2) reportable events requiring disclosures
(as described in Item 304(a)(1)(v) of Regulation S-K), except that GT advised the Company of a material weakness in the Company’s
internal control of financial reporting related to the design, documentation and implementation of effective internal controls
over the review of the cash flow forecasts used in assessing the recoverability of licensed content.
The
Company has authorized GT to respond fully to inquiries of the successor accountant.
GT has not issued
any audit report on the consolidated financial statements of the Company for any prior fiscal year, including as of and for the
years ended December 31, 2017 and 2016 and therefore GT has not issued an audit report containing an adverse opinion or a disclaimer
of opinion, nor has any audit report been qualified or modified as to uncertainty, audit scope or accounting principles.
A letter from GT is attached as Exhibit 16.1 to this
Form 8-K.
(b)
On February 16, 2018, the Company appointed BF Borgers CPA PC (“BF”) as its new independent registered public
accounting firm to audit the Company’s financial statements as of and for the year ended December 31, 2017. The decision
to retain BF was approved by the Audit Committee.
During the Company's
fiscal years ended December 31, 2016 and 2015 and the subsequent interim period through February 16, 2018, neither the Company
nor anyone on its behalf has consulted with BF regarding (i) the application of accounting principles to a specific transaction,
either completed or proposed or (ii) the type of audit opinion that might be rendered on the Company's financial statements and,
neither a written report nor oral advice was provided to the Company that BF concluded was an important factor considered by the
Company in reaching a decision as to accounting, auditing or financial reporting issues, or (iii) any matter that was the subject
of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions), or (iv) any “reportable
event” (as described in Item 304(a)(1)(v) of Regulation S-K).
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Item 9.01
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Financial Statements and Exhibits.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SEVEN STARS CLOUD GROUP, INC.
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Date: February 22, 2018
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By:
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/s/ Bruno Wu
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Bruno Wu
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Chief Executive Officer
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Seven Stars Cloud Group, Inc. (NASDAQ:SSC)
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