10-Q Filing

FORTUNE VALLEY TREASURES, INC. CIK: 1626745 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001493152-20-009135`
Period End Date	20200331
Filing Date	20200515
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	fvti-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 52 Income Statement 34 Cash Flow Statement 43 Stockholders Equity 12 Comprehensive Income 2

Balance Sheet 52 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`	75.00M	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`	$68.39K	USD	Point-in-time
Accounts and other receivable, net	`AccountsAndOtherReceivablesNetCurrent`	$16.07K	USD	Point-in-time
Accounts and other receivable, net	`AccountsAndOtherReceivablesNetCurrent`	$146.00	USD	Point-in-time
Inventories	`InventoryNet`	$28.50K	USD	Point-in-time
Inventories	`InventoryNet`	$26.32K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$4.09K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$17.00K	USD	Point-in-time
Prepaid taxes and taxes recoverable	`PrepaidTaxes`	$3.09K	USD	Point-in-time
Prepaid taxes and taxes recoverable	`PrepaidTaxes`	$4.01K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$73.97K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$131.79K	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$55.34K	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$8.61K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$105.05K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$110.46K	USD	Point-in-time
Total Assets	`Assets`	$292.18K	USD	Point-in-time
Total Assets	`Assets`	$193.04K	USD	Point-in-time
Lease obligation-current	`OperatingLeaseLiabilityCurrent`	$13.62K	USD	Point-in-time
Lease obligation-current	`OperatingLeaseLiabilityCurrent`	$13.71K	USD	Point-in-time
Accounts, taxes, other payables, and accruals	`AccountsPayableAndAccruedLiabilitiesCurrent`	$32.86K	USD	Point-in-time
Accounts, taxes, other payables, and accruals	`AccountsPayableAndAccruedLiabilitiesCurrent`	$188.36K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$852.83K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$808.78K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$855.35K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.05M	USD	Point-in-time
Long term liabilities	`LiabilitiesNoncurrent`	-	USD	Point-in-time
Long term liabilities	`LiabilitiesNoncurrent`	-	USD	Point-in-time
Lease obligations-non-current	`OperatingLeaseLiabilityNoncurrent`	$98.19K	USD	Point-in-time
Lease obligations-non-current	`OperatingLeaseLiabilityNoncurrent`	$93.23K	USD	Point-in-time
Total Liabilities	`Liabilities`	$953.54K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.15M	USD	Point-in-time
Common stock (3,000,000,000 shares authorized, 307,750,100 issued and outstanding at March 31, 2020 and December 31, 2019)	`CommonStockValue`	$307.75K	USD	Point-in-time
Common stock (3,000,000,000 shares authorized, 307,750,100 issued and outstanding at March 31, 2020 and December 31, 2019)	`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`	$-1.19M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$17.60K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$24.82K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-387.23K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-760.50K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-855.85K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$193.04K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$292.18K	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net revenues (related party revenue $0 and $34,220, respectively)	`RevenueFromContractWithCustomerExcludingAssessedTax`	$42.02K	USD	1 Quarter
Net revenues (related party revenue $0 and $34,220, respectively)	`RevenueFromContractWithCustomerExcludingAssessedTax`	$22.05K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$14.43K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$28.91K	USD	1 Quarter
Gross profit	`GrossProfit`	$13.11K	USD	1 Quarter
Gross profit	`GrossProfit`	$7.62K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$47.24K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$110.86K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-34.13K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-103.24K	USD	1 Quarter
Other income (expenses):	`OtherNonoperatingIncomeExpense`	$1.30K	USD	1 Quarter
Other income (expenses):	`OtherNonoperatingIncomeExpense`	$778.00	USD	1 Quarter
Interest income	`InterestIncomeOther`	$8.00	USD	1 Quarter
Interest income	`InterestIncomeOther`	$38.00	USD	1 Quarter
Interest expense	`InterestExpense`	$118.00	USD	1 Quarter
Interest expense	`InterestExpense`	$59.00	USD	1 Quarter
Total Other income (expense)	`NonoperatingIncomeExpense`	$1.28K	USD	1 Quarter
Total Other income (expense)	`NonoperatingIncomeExpense`	$668.00	USD	1 Quarter
Loss before tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-102.57K	USD	1 Quarter
Loss 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`	$-102.57K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-377.76K	USD	Annual
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-3.49K	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$4.48K	USD	Annual
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$7.22K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-36.42K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-95.35K	USD	1 Quarter
Basic and diluted loss per share	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted loss 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 43 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-32.93K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-102.57K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-377.76K	USD	Annual
Depreciation of fixed assets	`AdjustmentsInDepreciationOfFixedAssets`	$-276.00	USD	1 Quarter
Depreciation of fixed assets	`AdjustmentsInDepreciationOfFixedAssets`	$-6.83K	USD	1 Quarter
Decrease/(increase) in accounts and other receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-2.75K	USD	1 Quarter
Decrease/(increase) in accounts and other receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$16.14K	USD	1 Quarter
Decrease in inventories	`IncreaseDecreaseInInventories`	$-24.63K	USD	1 Quarter
Decrease in inventories	`IncreaseDecreaseInInventories`	$-1.76K	USD	1 Quarter
(Increase)/ decrease in advances and prepayments to suppliers	`IncreaseDecreaseInPrepaidExpense`	$9.74K	USD	1 Quarter
(Increase)/ decrease in advances and prepayments to suppliers	`IncreaseDecreaseInPrepaidExpense`	$13.88K	USD	1 Quarter
Increase (decrease) in accounts and other payables	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-16.33K	USD	1 Quarter
Increase (decrease) in accounts and other payables	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$149.27K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-31.34K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$25.28K	USD	1 Quarter
Investment in improvements and decorations	`InvestmentInImprovementsAndDecorations`	-	USD	1 Quarter
Investment in improvements and decorations	`InvestmentInImprovementsAndDecorations`	$50.55K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-50.55K	USD	1 Quarter
Borrowing and payments to related parties, net	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$159.12K	USD	1 Quarter
Borrowing and payments to related parties, net	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$56.59K	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`	$56.59K	USD	1 Quarter
Net increase of cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$31.32K	USD	1 Quarter
Net increase of cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$127.78K	USD	1 Quarter
Effect of foreign currency translation on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.00	USD	1 Quarter
Effect of foreign currency translation on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-991.00	USD	1 Quarter
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$68.39K	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$38.07K	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`	$157.95K	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$68.39K	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$38.07K	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`	$157.95K	USD	Point-in-time
Interest received	`InterestReceived`	$8.00	USD	1 Quarter
Interest received	`InterestReceived`	$38.00	USD	1 Quarter
Interest paid	`InterestPaidNet`	$118.00	USD	1 Quarter
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Recognition of right of use asset	`RecognitionOfRightOfUseAsset`	$122.81K	USD	1 Quarter
Recognition of right of use asset	`RecognitionOfRightOfUseAsset`	$105.05K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-387.23K	USD	Point-in-time
Balance	`StockholdersEquity`	$-760.50K	USD	Point-in-time
Balance	`StockholdersEquity`	$-855.85K	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$-32.93K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-102.57K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-377.76K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-3.49K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$4.48K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$7.22K	USD	1 Quarter
Balance	`StockholdersEquity`	$-387.23K	USD	Point-in-time
Balance	`StockholdersEquity`	$-760.50K	USD	Point-in-time
Balance	`StockholdersEquity`	$-855.85K	USD	Point-in-time

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.