10-Q Filing

FORTUNE VALLEY TREASURES, INC. CIK: 1626745 Q2 2019

Filing Information

Form Type	10-Q
Accession Number	`0001493152-19-013013`
Period End Date	20190630
Filing Date	20190819
Fiscal Year	2019
Fiscal Period	Q2
XBRL Instance	fvti-20190630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 68 Cash Flow Statement 43 Stockholders Equity 24

Balance Sheet 56 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$87.42K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	307.75M	shares	Point-in-time
Accounts and other receivable, net	`AccountsAndOtherReceivablesNetCurrent`	$7.71K	USD	Point-in-time
Accounts and other receivable, net	`AccountsAndOtherReceivablesNetCurrent`	$3.87K	USD	Point-in-time
Inventories	`InventoryNet`	$180.72K	USD	Point-in-time
Inventories	`InventoryNet`	$236.18K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$14.00K	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`	$4.13K	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`	$344.47K	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$9.81K	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$9.28K	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`	$476.55K	USD	Point-in-time
Total Assets	`Assets`	$348.11K	USD	Point-in-time
Accounts and taxes payable	`AccountsPayableAndAccruedLiabilitiesCurrent`	$34.17K	USD	Point-in-time
Accounts and taxes payable	`AccountsPayableAndAccruedLiabilitiesCurrent`	$48.28K	USD	Point-in-time
Accrued liabilities and other payables	`OtherAccountsPayableAndAccruedLiabilities`	$17.15K	USD	Point-in-time
Accrued liabilities and other payables	`OtherAccountsPayableAndAccruedLiabilities`	$291.00	USD	Point-in-time
Customers advances and deposits	`ContractWithCustomerLiability`	$15.00	USD	Point-in-time
Customers advances and deposits	`ContractWithCustomerLiability`	-	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$686.77K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$947.12K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$998.45K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$735.34K	USD	Point-in-time
Long term liabilities	`LiabilitiesNoncurrent`	$105.66K	USD	Point-in-time
Long term liabilities	`LiabilitiesNoncurrent`	-	USD	Point-in-time
Total Liabilities	`Liabilities`	$735.34K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.10M	USD	Point-in-time
Common stock (3,000,000,000 shares authorized, 307,750,100 issued and outstanding at June 30, 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 June 30, 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`	$-951.09K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-708.10K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$13.12K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$15.78K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-64.64K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-289.99K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-387.23K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-131.48K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-627.56K	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$348.11K	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$476.55K	USD	Point-in-time

Income Statement 68 line items

Line Item	Tag	Value	Unit	Period
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$41.94K	USD	1 Quarter
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$14.23K	USD	1 Quarter
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$27.97K	USD	2 Qtrs
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$83.96K	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$61.67K	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$32.77K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$17.13K	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$9.57K	USD	1 Quarter
Gross profit	`GrossProfit`	$9.17K	USD	1 Quarter
Gross profit	`GrossProfit`	$10.84K	USD	2 Qtrs
Gross profit	`GrossProfit`	$22.28K	USD	2 Qtrs
Gross profit	`GrossProfit`	$4.65K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$70.77K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$173.88K	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$267.57K	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$220.33K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-245.29K	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-163.04K	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-66.12K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-211.16K	USD	1 Quarter
Other income (expenses):	`OtherNonoperatingIncomeExpense`	$1.48K	USD	2 Qtrs
Other income (expenses):	`OtherNonoperatingIncomeExpense`	$1.48K	USD	1 Quarter
Other income (expenses):	`OtherNonoperatingIncomeExpense`	$2.50K	USD	2 Qtrs
Other income (expenses):	`OtherNonoperatingIncomeExpense`	$1.20K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$141.00	USD	2 Qtrs
Interest income	`InterestIncomeOther`	-	USD	2 Qtrs
Interest income	`InterestIncomeOther`	$103.00	USD	1 Quarter
Interest income	`InterestIncomeOther`	-	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	2 Qtrs
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$212.00	USD	1 Quarter
Interest expense	`InterestExpense`	$271.00	USD	2 Qtrs
Total Other income (expense)	`NonoperatingIncomeExpense`	$1.09K	USD	1 Quarter
Total Other income (expense)	`NonoperatingIncomeExpense`	$1.48K	USD	1 Quarter
Total Other income (expense)	`NonoperatingIncomeExpense`	$2.37K	USD	2 Qtrs
Total Other income (expense)	`NonoperatingIncomeExpense`	$1.48K	USD	2 Qtrs
Earnings (loss) before tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-161.57K	USD	2 Qtrs
Earnings (loss) before tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-242.91K	USD	2 Qtrs
Earnings (loss) before tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-210.07K	USD	1 Quarter
Earnings (loss) before tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-64.64K	USD	1 Quarter
Income tax	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax	`IncomeTaxExpenseBenefit`	$1.00	USD	1 Quarter
Income tax	`IncomeTaxExpenseBenefit`	$-84.00	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-187.50K	USD	6 Qtrs
Net loss	`NetIncomeLoss`	$-210.07K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-243.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-262.42K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-161.57K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-64.64K	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$3.41K	USD	2 Qtrs
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$6.68K	USD	2 Qtrs
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$4.94K	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$6.16K	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$2.66K	USD	2 Qtrs
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-489.00	USD	6 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-59.70K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-240.33K	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-203.91K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-158.15K	USD	2 Qtrs
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	2 Qtrs
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	2 Qtrs
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	307.75M	shares	2 Qtrs
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
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	307.75M	shares	2 Qtrs

Cash Flow Statement 43 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-187.50K	USD	6 Qtrs
Net loss	`NetIncomeLoss`	$-210.07K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-243.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-262.42K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-161.57K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-64.64K	USD	1 Quarter
Depreciation of fixed assets	`Depreciation`	$3.47K	USD	2 Qtrs
Depreciation of fixed assets	`Depreciation`	$546.00	USD	2 Qtrs
Decrease/(increase) in accounts and other receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$6.44K	USD	2 Qtrs
Decrease/(increase) in accounts and other receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-3.88K	USD	2 Qtrs
Decrease in inventories	`IncreaseDecreaseInInventories`	$-56.43K	USD	2 Qtrs
Decrease in inventories	`IncreaseDecreaseInInventories`	$-13.94K	USD	2 Qtrs
(Increase)/ decrease in advances and prepayments to suppliers	`IncreaseDecreaseInPrepaidExpense`	$-23.23K	USD	2 Qtrs
(Increase)/ decrease in advances and prepayments to suppliers	`IncreaseDecreaseInPrepaidExpense`	$8.08K	USD	2 Qtrs
Increase (decrease) in accounts and other payables	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-14.38K	USD	2 Qtrs
Increase (decrease) in accounts and other payables	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-10.81K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-204.59K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-138.17K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Borrowing and payments to related parties, net	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$261.26K	USD	2 Qtrs
Borrowing and payments to related parties, net	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$86.19K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$86.19K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$261.26K	USD	2 Qtrs
Net increase of cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-51.98K	USD	2 Qtrs
Net increase of cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$56.67K	USD	2 Qtrs
Effect of foreign currency translation on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$749.00	USD	2 Qtrs
Effect of foreign currency translation on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.51K	USD	2 Qtrs
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`	$29.31K	USD	Point-in-time
Cash and cash equivalents-beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$87.42K	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`	$29.31K	USD	Point-in-time
Cash and cash equivalents-end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$87.42K	USD	Point-in-time
Interest received	`InterestReceived`	-	USD	2 Qtrs
Interest received	`InterestReceived`	$141.00	USD	2 Qtrs
Interest paid	`InterestPaidNet`	-	USD	2 Qtrs
Interest paid	`InterestPaidNet`	$271.00	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaidNet`	$84.00	USD	2 Qtrs
Recognition of right of use asset	`RecognitionOfRightOfUseAsset`	$122.81K	USD	2 Qtrs

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-64.64K	USD	Point-in-time
Balance	`StockholdersEquity`	$-289.99K	USD	Point-in-time
Balance	`StockholdersEquity`	$-387.23K	USD	Point-in-time
Balance	`StockholdersEquity`	$-131.48K	USD	Point-in-time
Balance	`StockholdersEquity`	$-627.56K	USD	Point-in-time
Recapitalization	`StockIssuedDuringPeriodValueIssuedRecapitalization`	$10.70K	USD	6 Qtrs
Capital contribution by owners	`CapitalContributionInAdditionalContribution`	$47.22K	USD	6 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$3.41K	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$6.68K	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$4.94K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$6.16K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$2.66K	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-489.00	USD	6 Qtrs
Net income	`NetIncomeLoss`	$-187.50K	USD	6 Qtrs
Net income	`NetIncomeLoss`	$-210.07K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-243.00K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-262.42K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-161.57K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-64.64K	USD	1 Quarter
Balance	`StockholdersEquity`	$-64.64K	USD	Point-in-time
Balance	`StockholdersEquity`	$-289.99K	USD	Point-in-time
Balance	`StockholdersEquity`	$-387.23K	USD	Point-in-time
Balance	`StockholdersEquity`	$-131.48K	USD	Point-in-time
Balance	`StockholdersEquity`	$-627.56K	USD	Point-in-time

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