10-K Filing

FORTUNE VALLEY TREASURES, INC. CIK: 1626745 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0001493152-20-008770`
Period End Date	20191231
Filing Date	20200514
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	fvti-20191231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 32 Cash Flow Statement 36 Stockholders Equity 10 Comprehensive Income 2

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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$38.14K	USD	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`	$30.00K	USD	Point-in-time
Accounts and other receivable, net	`AccountsAndOtherReceivablesNetCurrent`	$146.00	USD	Point-in-time
Accounts and other receivable, net	`AccountsAndOtherReceivablesNetCurrent`	$7.71K	USD	Point-in-time
Inventories	`InventoryNet`	$28.50K	USD	Point-in-time
Inventories	`InventoryNet`	$236.18K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$4.09K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$8.00K	USD	Point-in-time
Due from related parties	`DueFromRelatedPartiesCurrent`	-	USD	Point-in-time
Due from related parties	`DueFromRelatedPartiesCurrent`	$54.34K	USD	Point-in-time
Prepaid taxes and taxes recoverable	`PrepaidTaxes`	$2.08K	USD	Point-in-time
Prepaid taxes and taxes recoverable	`PrepaidTaxes`	$3.09K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$73.97K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$338.31K	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$9.81K	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$8.61K	USD	Point-in-time
Right of use asset, net	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Right of use asset, net	`OperatingLeaseRightOfUseAsset`	$110.46K	USD	Point-in-time
Total Assets	`Assets`	$193.04K	USD	Point-in-time
Total Assets	`Assets`	$348.11K	USD	Point-in-time
Lease obligation - current	`OperatingLeaseLiabilityCurrent`	$13.71K	USD	Point-in-time
Lease obligation - current	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Accounts and taxes payable	`AccountsPayableAndAccruedLiabilitiesCurrent`	$48.28K	USD	Point-in-time
Accounts and taxes payable	`AccountsPayableAndAccruedLiabilitiesCurrent`	$32.86K	USD	Point-in-time
Accrued liabilities and other payables	`OtherAccountsPayableAndAccruedLiabilities`	$291.00	USD	Point-in-time
Accrued liabilities and other payables	`OtherAccountsPayableAndAccruedLiabilities`	-	USD	Point-in-time
Customers advances and deposits	`ContractWithCustomerLiabilityCurrent`	-	USD	Point-in-time
Customers advances and deposits	`ContractWithCustomerLiabilityCurrent`	-	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$808.78K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$686.77K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$735.34K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$855.35K	USD	Point-in-time
Lease obligations - non-current	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Lease obligations - non-current	`OperatingLeaseLiabilityNoncurrent`	$98.19K	USD	Point-in-time
Total Liabilities	`Liabilities`	$735.34K	USD	Point-in-time
Total Liabilities	`Liabilities`	$953.54K	USD	Point-in-time
Common stock (3,000,000,000 shares authorized, 307,750,000 issued and outstanding at December 31, 2019 and 2018)	`CommonStockValue`	$307.75K	USD	Point-in-time
Common stock (3,000,000,000 shares authorized, 307,750,000 issued and outstanding at December 31, 2019 and 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`	$-1.09M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-708.10K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$17.60K	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`	$-131.48K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-760.50K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$348.11K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$193.04K	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net revenues (related party revenue $245,392 and $46,585 for 2019 and 2018)	`RevenueFromContractWithCustomerExcludingAssessedTax`	$95.85K	USD	Annual
Net revenues (related party revenue $245,392 and $46,585 for 2019 and 2018)	`RevenueFromContractWithCustomerExcludingAssessedTax`	$275.22K	USD	Annual
Cost of revenues	`CostOfRevenue`	$46.50K	USD	Annual
Cost of revenues	`CostOfRevenue`	$216.22K	USD	Annual
Gross profit	`GrossProfit`	$59.00K	USD	Annual
Gross profit	`GrossProfit`	$49.35K	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$439.34K	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$315.44K	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-266.08K	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-380.34K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$1.44K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$2.47K	USD	Annual
Interest income	`InterestIncomeOther`	$206.00	USD	Annual
Interest income	`InterestIncomeOther`	$104.00	USD	Annual
Interest expense	`InterestExpense`	$11.00	USD	Annual
Interest expense	`InterestExpense`	$699.00	USD	Annual
Total Other income (expense)	`NonoperatingIncomeExpense`	$2.67K	USD	Annual
Total Other income (expense)	`NonoperatingIncomeExpense`	$847.00	USD	Annual
Loss before tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-377.67K	USD	Annual
Loss before tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-265.24K	USD	Annual
Income tax	`IncomeTaxExpenseBenefit`	$-82.00	USD	Annual
Income tax	`IncomeTaxExpenseBenefit`	$2.81K	USD	Annual
Net loss	`NetIncomeLoss`	$-377.76K	USD	Annual
Net loss	`NetIncomeLoss`	$-262.42K	USD	Annual
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$4.48K	USD	Annual
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$6.68K	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-373.28K	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-255.75K	USD	Annual
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	Annual
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	Annual
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	307.75M	shares	Annual
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	307.75M	shares	Annual

Cash Flow Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-377.76K	USD	Annual
Net loss	`NetIncomeLoss`	$-262.42K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$3.93K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$16.31K	USD	Annual
Increase in accounts and other receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-7.51K	USD	Annual
Increase in accounts and other receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$4.29K	USD	Annual
(Decrease)/increase in inventories	`IncreaseDecreaseInInventories`	$-206.78K	USD	Annual
(Decrease)/increase in inventories	`IncreaseDecreaseInInventories`	$-33.82K	USD	Annual
Increase (decrease) in advances and prepayments to suppliers	`IncreaseDecreaseInPrepaidExpense`	$-2.85K	USD	Annual
Increase (decrease) in advances and prepayments to suppliers	`IncreaseDecreaseInPrepaidExpense`	$3.50K	USD	Annual
(Decrease) increase in accounts, other payables and lease obligations	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.10K	USD	Annual
(Decrease) increase in accounts, other payables and lease obligations	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-29.36K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-230.38K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-173.65K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Borrowing and payments to related parties, net	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$182.42K	USD	Annual
Borrowing and payments to related parties, net	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$182.31K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$182.42K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$182.31K	USD	Annual
Net decrease of cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$8.66K	USD	Annual
Net decrease of cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-47.96K	USD	Annual
Effect of foreign currency translation on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-522.00	USD	Annual
Effect of foreign currency translation on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$178.00	USD	Annual
Cash and cash equivalents-beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$38.14K	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-end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$38.14K	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
Interest received	`InterestReceived`	$206.00	USD	Annual
Interest received	`InterestReceived`	$104.00	USD	Annual
Interest paid	`InterestPaidNet`	$699.00	USD	Annual
Interest paid	`InterestPaidNet`	$11.00	USD	Annual
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	Annual
Income taxes paid	`IncomeTaxesPaidNet`	$82.00	USD	Annual

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-387.23K	USD	Point-in-time
Balance	`StockholdersEquity`	$-131.48K	USD	Point-in-time
Balance	`StockholdersEquity`	$-760.50K	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-377.76K	USD	Annual
Net loss	`NetIncomeLoss`	$-262.42K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$4.48K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$6.68K	USD	Annual
Balance	`StockholdersEquity`	$-387.23K	USD	Point-in-time
Balance	`StockholdersEquity`	$-131.48K	USD	Point-in-time
Balance	`StockholdersEquity`	$-760.50K	USD	Point-in-time

Comprehensive Income 2 line items

Line Item	Tag	Value	Unit	Period
Related party revenue	`RevenueFromRelatedParties`	$46.59K	USD	Annual
Related party revenue	`RevenueFromRelatedParties`	$245.39K	USD	Annual

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