10-Q Filing

FORTUNE VALLEY TREASURES, INC. CIK: 1626745 Q3 2019

Filing Information

Form Type	10-Q
Accession Number	`0001493152-19-017411`
Period End Date	20190930
Filing Date	20191114
Fiscal Year	2019
Fiscal Period	Q3
XBRL Instance	fvti-20190930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 68 Cash Flow Statement 45 Stockholders Equity 25

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`	$38.21K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	307.75M	shares	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`	$5.05K	USD	Point-in-time
Inventories	`InventoryNet`	$236.18K	USD	Point-in-time
Inventories	`InventoryNet`	$100.53K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$8.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$11.00K	USD	Point-in-time
Due from related parties	`DueFromRelatedPartiesCurrent`	$54.34K	USD	Point-in-time
Due from related parties	`DueFromRelatedPartiesCurrent`	$54.34K	USD	Point-in-time
Prepaid taxes and taxes recoverable	`PrepaidTaxes`	-	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`	$209.13K	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$8.76K	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$9.81K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$128.66K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Total Assets	`Assets`	$346.55K	USD	Point-in-time
Total Assets	`Assets`	$348.11K	USD	Point-in-time
Accounts and taxes payable	`AccountsPayableAndAccruedLiabilitiesCurrent`	$31.52K	USD	Point-in-time
Accounts and taxes payable	`AccountsPayableAndAccruedLiabilitiesCurrent`	$48.28K	USD	Point-in-time
Accrued liabilities and other payables	`OtherAccountsPayableAndAccruedLiabilities`	$17.25K	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`	$889.42K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$735.34K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$938.20K	USD	Point-in-time
Long term liabilities	`LiabilitiesNoncurrent`	-	USD	Point-in-time
Long term liabilities	`LiabilitiesNoncurrent`	$111.69K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.05M	USD	Point-in-time
Total Liabilities	`Liabilities`	$735.34K	USD	Point-in-time
Common stock (3,000,000,000 shares authorized, 307,750,100 issued and outstanding at September 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 September 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`	$-1.03M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-708.10K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$18.84K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$13.12K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-387.23K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-64.64K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-703.35K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-131.48K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-289.99K	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$348.11K	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$346.55K	USD	Point-in-time

Income Statement 68 line items

Line Item	Tag	Value	Unit	Period
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$45.45K	USD	1 Quarter
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$179.53K	USD	3 Qtrs
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$95.58K	USD	1 Quarter
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$73.43K	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$137.47K	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$75.80K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$19.84K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$36.97K	USD	3 Qtrs
Gross profit	`GrossProfit`	$19.78K	USD	1 Quarter
Gross profit	`GrossProfit`	$25.62K	USD	1 Quarter
Gross profit	`GrossProfit`	$42.06K	USD	3 Qtrs
Gross profit	`GrossProfit`	$36.46K	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$98.48K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$238.33K	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$366.05K	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$64.45K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-78.70K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-38.83K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-323.99K	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-201.87K	USD	3 Qtrs
Other income (expenses):	`OtherNonoperatingIncomeExpense`	$2.42K	USD	3 Qtrs
Other income (expenses):	`OtherNonoperatingIncomeExpense`	$-87.00	USD	1 Quarter
Other income (expenses):	`OtherNonoperatingIncomeExpense`	$1.48K	USD	3 Qtrs
Interest income	`InterestIncomeOther`	-	USD	1 Quarter
Interest income	`InterestIncomeOther`	$185.00	USD	3 Qtrs
Interest income	`InterestIncomeOther`	$44.00	USD	1 Quarter
Interest income	`InterestIncomeOther`	-	USD	3 Qtrs
Interest expense	`InterestExpense`	$91.00	USD	3 Qtrs
Interest expense	`InterestExpense`	$371.00	USD	3 Qtrs
Interest expense	`InterestExpense`	$100.00	USD	1 Quarter
Interest expense	`InterestExpense`	$91.00	USD	1 Quarter
Total Other income (expense)	`NonoperatingIncomeExpense`	$-143.00	USD	1 Quarter
Total Other income (expense)	`NonoperatingIncomeExpense`	$1.38K	USD	3 Qtrs
Total Other income (expense)	`NonoperatingIncomeExpense`	$2.23K	USD	3 Qtrs
Total Other income (expense)	`NonoperatingIncomeExpense`	$-91.00	USD	1 Quarter
Earnings (loss) before tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-38.92K	USD	1 Quarter
Earnings (loss) before tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-78.84K	USD	1 Quarter
Earnings (loss) before tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-200.49K	USD	3 Qtrs
Earnings (loss) before tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-321.75K	USD	3 Qtrs
Income tax	`IncomeTaxExpenseBenefit`	$2.85K	USD	1 Quarter
Income tax	`IncomeTaxExpenseBenefit`	$2.85K	USD	3 Qtrs
Income tax	`IncomeTaxExpenseBenefit`	$-84.00	USD	3 Qtrs
Income tax	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-321.84K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	-	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-197.63K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-262.42K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-78.84K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-36.07K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-187.50K	USD	2 Qtrs
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-489.00	USD	2 Qtrs
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$8.79K	USD	3 Qtrs
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$6.68K	USD	2 Qtrs
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$5.37K	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$5.72K	USD	3 Qtrs
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$3.05K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-316.12K	USD	3 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-75.79K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-30.70K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-188.85K	USD	3 Qtrs
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	3 Qtrs
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	3 Qtrs
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	307.75M	shares	3 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	3 Qtrs
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	307.75M	shares	1 Quarter

Cash Flow Statement 45 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-321.84K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	-	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-197.63K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-262.42K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-78.84K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-36.07K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-187.50K	USD	2 Qtrs
Depreciation of fixed assets	`Depreciation`	$3.75K	USD	3 Qtrs
Depreciation of fixed assets	`Depreciation`	$791.00	USD	3 Qtrs
Decrease/(increase) in accounts and other receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$7.08K	USD	3 Qtrs
Decrease/(increase) in accounts and other receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-2.45K	USD	3 Qtrs
Decrease in inventories	`IncreaseDecreaseInInventories`	$-130.21K	USD	3 Qtrs
Decrease in inventories	`IncreaseDecreaseInInventories`	$-33.62K	USD	3 Qtrs
(Increase)/ decrease in advances and prepayments to suppliers	`IncreaseDecreaseInPrepaidExpense`	$-27.31K	USD	3 Qtrs
(Increase)/ decrease in advances and prepayments to suppliers	`IncreaseDecreaseInPrepaidExpense`	$960.00	USD	3 Qtrs
Increase (decrease) in accounts and other payables	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-16.58K	USD	3 Qtrs
Increase (decrease) in accounts and other payables	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-11.98K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-152.01K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-205.92K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Borrowing and payments to related parties, net	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$215.03K	USD	3 Qtrs
Borrowing and payments to related parties, net	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$109.86K	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$109.86K	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$215.03K	USD	3 Qtrs
Net increase of cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$9.11K	USD	3 Qtrs
Net increase of cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-42.16K	USD	3 Qtrs
Effect of foreign currency translation on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.16K	USD	3 Qtrs
Effect of foreign currency translation on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-899.00	USD	3 Qtrs
Cash and cash equivalents-beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$30.00K	USD	Point-in-time
Cash and cash equivalents-beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$37.78K	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`	$38.21K	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`	$37.78K	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`	$38.21K	USD	Point-in-time
Interest received	`InterestReceived`	-	USD	3 Qtrs
Interest received	`InterestReceived`	$185.00	USD	3 Qtrs
Interest paid	`InterestPaidNet`	$371.00	USD	3 Qtrs
Interest paid	`InterestPaidNet`	$-91.00	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaidNet`	$84.00	USD	3 Qtrs
Recognition of right of use asset	`RecognitionOfRightOfUseAsset`	$128.66K	USD	3 Qtrs
Recognition of right of use asset	`RecognitionOfRightOfUseAsset`	-	USD	3 Qtrs

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-387.23K	USD	Point-in-time
Balance	`StockholdersEquity`	$-64.64K	USD	Point-in-time
Balance	`StockholdersEquity`	$-703.35K	USD	Point-in-time
Balance	`StockholdersEquity`	$-131.48K	USD	Point-in-time
Balance	`StockholdersEquity`	$-289.99K	USD	Point-in-time
Recapitalization	`StockIssuedDuringPeriodValueIssuedRecapitalization`	$10.70K	USD	2 Qtrs
Capital contribution by owners	`CapitalContributionInAdditionalContribution`	$47.22K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-321.84K	USD	3 Qtrs
Net income	`NetIncomeLoss`	-	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-197.63K	USD	3 Qtrs
Net income	`NetIncomeLoss`	$-262.42K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-78.84K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-36.07K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-187.50K	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-489.00	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$8.79K	USD	3 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$6.68K	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$5.37K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$5.72K	USD	3 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$3.05K	USD	1 Quarter
Balance	`StockholdersEquity`	$-387.23K	USD	Point-in-time
Balance	`StockholdersEquity`	$-64.64K	USD	Point-in-time
Balance	`StockholdersEquity`	$-703.35K	USD	Point-in-time
Balance	`StockholdersEquity`	$-131.48K	USD	Point-in-time
Balance	`StockholdersEquity`	$-289.99K	USD	Point-in-time

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