10-Q Filing

FORTUNE VALLEY TREASURES, INC. CIK: 1626745 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001493152-19-007344`
Period End Date	20190331
Filing Date	20190515
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	fvti-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 53 Income Statement 31 Cash Flow Statement 44 Comprehensive Income 2

Balance Sheet 53 line items

Line Item	Tag	Value	Unit	Period
Common stock, shares authorized	`CommonStockSharesAuthorized`	3.00B	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	3.00B	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	3.00B	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	307.75M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	307.75M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	307.75M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	307.75M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$157.95K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.00K	USD	Point-in-time
Accounts and other receivable, net	`AccountsAndOtherReceivablesNetCurrent`	$7.71K	USD	Point-in-time
Accounts and other receivable, net	`AccountsAndOtherReceivablesNetCurrent`	$5.71K	USD	Point-in-time
Inventories	`InventoryNet`	$216.72K	USD	Point-in-time
Inventories	`InventoryNet`	$236.18K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$17.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$8.00K	USD	Point-in-time
Due from related parties	`DueFromRelatedPartiesCurrent`	$54.33K	USD	Point-in-time
Due from related parties	`DueFromRelatedPartiesCurrent`	$54.34K	USD	Point-in-time
Prepaid taxes and taxes recoverable	`PrepaidTaxes`	$2.86K	USD	Point-in-time
Prepaid taxes and taxes recoverable	`PrepaidTaxes`	$2.08K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$338.31K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$454.57K	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$9.81K	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$9.75K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$122.81K	USD	Point-in-time
Total Assets	`Assets`	$587.12K	USD	Point-in-time
Total Assets	`Assets`	$348.11K	USD	Point-in-time
Accounts and taxes payable	`AccountsPayableAndAccruedLiabilitiesCurrent`	$48.28K	USD	Point-in-time
Accounts and taxes payable	`AccountsPayableAndAccruedLiabilitiesCurrent`	$32.44K	USD	Point-in-time
Accrued liabilities and other payables	`OtherAccountsPayableAndAccruedLiabilities`	$291.00	USD	Point-in-time
Accrued liabilities and other payables	`OtherAccountsPayableAndAccruedLiabilities`	$17.15K	USD	Point-in-time
Customers advances and deposits	`ContractWithCustomerLiability`	-	USD	Point-in-time
Customers advances and deposits	`ContractWithCustomerLiability`	$606.00	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$686.77K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$854.92K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$558.67K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$905.11K	USD	Point-in-time
Long term liabilities	`LiabilitiesNoncurrent`	-	USD	Point-in-time
Long term liabilities	`LiabilitiesNoncurrent`	$105.66K	USD	Point-in-time
Total Liabilities	`Liabilities`	$735.34K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.01M	USD	Point-in-time
Common stock (3,000,000,000 shares authorized, 307,750,100 issued and outstanding at March 31, 2019 and December 31,2018)	`CommonStockValue`	$307.75K	USD	Point-in-time
Common stock (3,000,000,000 shares authorized, 307,750,100 issued and outstanding at March 31, 2019 and December 31,2018)	`CommonStockValue`	$307.75K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	-	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-708.10K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-741.02K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$9.62K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$13.12K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-423.65K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-387.23K	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$348.11K	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$587.12K	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Net revenues (related party revenue $34,220 and $0 for March 31 2019 and 2018)	`RevenueFromContractWithCustomerExcludingAssessedTax`	$13.75K	USD	1 Quarter
Net revenues (related party revenue $34,220 and $0 for March 31 2019 and 2018)	`RevenueFromContractWithCustomerExcludingAssessedTax`	$42.02K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$7.56K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$28.91K	USD	1 Quarter
Gross profit	`GrossProfit`	$13.11K	USD	1 Quarter
Gross profit	`GrossProfit`	$6.19K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$47.24K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$102.62K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-96.43K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-34.13K	USD	1 Quarter
Other income (expenses):	`OtherNonoperatingIncomeExpense`	$1.30K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$38.00	USD	1 Quarter
Interest income	`InterestIncomeOther`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$491.00	USD	1 Quarter
Interest expense	`InterestExpense`	$59.00	USD	1 Quarter
Total Other income (expense)	`NonoperatingIncomeExpense`	$-491.00	USD	1 Quarter
Total Other income (expense)	`NonoperatingIncomeExpense`	$1.28K	USD	1 Quarter
Earnings before tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-96.92K	USD	1 Quarter
Earnings before tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-32.84K	USD	1 Quarter
Income tax	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax	`IncomeTaxExpenseBenefit`	$85.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-32.93K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-96.92K	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.53K	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-3.49K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-36.42K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-98.45K	USD	1 Quarter
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	307.75M	shares	1 Quarter
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	307.75M	shares	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-32.93K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-96.92K	USD	1 Quarter
Depreciation of fixed assets	`Depreciation`	$276.00	USD	1 Quarter
Depreciation of fixed assets	`Depreciation`	$1.75K	USD	1 Quarter
Increase in accounts and other receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$29.76K	USD	1 Quarter
Increase in accounts and other receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-2.75K	USD	1 Quarter
Increase in inventories	`IncreaseDecreaseInInventories`	$-24.63K	USD	1 Quarter
Increase in inventories	`IncreaseDecreaseInInventories`	$-6.63K	USD	1 Quarter
Increase in advances and prepayments to suppliers	`IncreaseDecreaseInPrepaidExpense`	$9.74K	USD	1 Quarter
Increase in advances and prepayments to suppliers	`IncreaseDecreaseInPrepaidExpense`	$16.19K	USD	1 Quarter
Increase (decrease) in accounts and other payables	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.47K	USD	1 Quarter
Increase (decrease) in accounts and other payables	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-16.33K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-31.34K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-98.64K	USD	1 Quarter
Purchase of plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds of owners' injection of capital	`ProceedsFromContributedCapital`	-	USD	1 Quarter
Proceeds of owners' injection of capital	`ProceedsFromContributedCapital`	-	USD	1 Quarter
Borrowing and payments to related parties, net	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$93.38K	USD	1 Quarter
Borrowing and payments to related parties, net	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$159.12K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$159.12K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$93.38K	USD	1 Quarter
Net decrease of cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$127.78K	USD	1 Quarter
Net decrease of cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-5.25K	USD	1 Quarter
Effect of foreign currency translation on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$4.21K	USD	1 Quarter
Effect of foreign currency translation on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$175.00	USD	1 Quarter
Cash and cash equivalents-beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$157.95K	USD	Point-in-time
Cash and cash equivalents-beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$30.00K	USD	Point-in-time
Cash and cash equivalents-beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$77.78K	USD	Point-in-time
Cash and cash equivalents-beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$76.74K	USD	Point-in-time
Cash and cash equivalents-end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$157.95K	USD	Point-in-time
Cash and cash equivalents-end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$30.00K	USD	Point-in-time
Cash and cash equivalents-end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$77.78K	USD	Point-in-time
Cash and cash equivalents-end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$76.74K	USD	Point-in-time
Interest received	`InterestReceived`	$38.00	USD	1 Quarter
Interest received	`InterestReceived`	-	USD	1 Quarter
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Interest paid	`InterestPaidNet`	$-491.00	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Recognition of right of use asset	`RecognitionOfRightOfUseAsset`	-	USD	1 Quarter
Recognition of right of use asset	`RecognitionOfRightOfUseAsset`	$122.81K	USD	1 Quarter

Comprehensive Income 2 line items

Line Item	Tag	Value	Unit	Period
Related party revenue	`RevenueFromRelatedParties`	-	USD	1 Quarter
Related party revenue	`RevenueFromRelatedParties`	$34.22K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.