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10-Q Filing

FORTUNE VALLEY TREASURES, INC. CIK: 1626745 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001493152-21-011410
Period End Date 20210331
Filing Date 20210514
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance fvti-20210331.xml
Filing Contents
Balance Sheet 74 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 issued CommonStockSharesIssued 313.10M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 313.10M shares Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 313.10M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $964.34K USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $249.84K USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 313.10M shares Point-in-time
Accounts receivable AccountsReceivableNetCurrent $1.18M USD Point-in-time
Accounts receivable AccountsReceivableNetCurrent $2.47M USD Point-in-time
Inventories InventoryNet $144.56K USD Point-in-time
Inventories InventoryNet $126.77K USD Point-in-time
Prepayments and other current assets PrepaidExpenseAndOtherAssets $2.11M USD Point-in-time
Prepayments and other current assets PrepaidExpenseAndOtherAssets $383.81K USD Point-in-time
Due from related parties DueFromEmployeesCurrent $984.81K USD Point-in-time
Due from related parties DueFromEmployeesCurrent $95.27K USD Point-in-time
Total current assets AssetsCurrent $4.23M USD Point-in-time
Total current assets AssetsCurrent $4.48M USD Point-in-time
Deposits paid DepositsAssetsNoncurrent $982.82K USD Point-in-time
Deposits paid DepositsAssetsNoncurrent $671.92K USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $42.74K USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $47.81K USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $138.84K USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $153.25K USD Point-in-time
Operating lease right-of-use assets, related parties OperatingLeaseRightofuseAssetsToRelatedParties $160.01K USD Point-in-time
Operating lease right-of-use assets, related parties OperatingLeaseRightofuseAssetsToRelatedParties $106.64K USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $3.03M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $2.86M USD Point-in-time
Goodwill Goodwill $1.37M USD Point-in-time
Goodwill Goodwill $1.37M USD Point-in-time
Total Assets Assets $9.66M USD Point-in-time
Total Assets Assets $9.97M USD Point-in-time
Operating lease obligations - current OperatingLeaseLiabilityCurrent $67.92K USD Point-in-time
Operating lease obligations - current OperatingLeaseLiabilityCurrent $68.21K USD Point-in-time
Operating lease obligations, related parties - current OperatingLeaseObligationsToRelatedPartiesCurrent $160.24K USD Point-in-time
Operating lease obligations, related parties - current OperatingLeaseObligationsToRelatedPartiesCurrent $16.99K USD Point-in-time
Accounts payable AccountsPayableCurrent $141.09K USD Point-in-time
Accounts payable AccountsPayableCurrent $251.54K USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $82.38K USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $277.53K USD Point-in-time
Income tax payable TaxesPayableCurrent $321.67K USD Point-in-time
Income tax payable TaxesPayableCurrent $112.73K USD Point-in-time
Customer advances ContractWithCustomerLiabilityCurrent $795.29K USD Point-in-time
Customer advances ContractWithCustomerLiabilityCurrent $580.15K USD Point-in-time
Due to related parties DueToRelatedPartiesCurrent $337.40K USD Point-in-time
Due to related parties DueToRelatedPartiesCurrent $823.83K USD Point-in-time
Total current liabilities LiabilitiesCurrent $2.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $2.04M USD Point-in-time
Operating lease obligations - non-current OperatingLeaseLiabilityNoncurrent $88.69K USD Point-in-time
Operating lease obligations - non-current OperatingLeaseLiabilityNoncurrent $85.76K USD Point-in-time
Operating lease obligations, related parties - non-current OperatingLeaseObligationsToRelatedPartiesNoncurrent $68.19K USD Point-in-time
Operating lease obligations, related parties - non-current OperatingLeaseObligationsToRelatedPartiesNoncurrent $93.33K USD Point-in-time
Bank and other borrowings LongTermDebt $215.18K USD Point-in-time
Bank and other borrowings LongTermDebt $254.27K USD Point-in-time
Total Liabilities Liabilities $2.43M USD Point-in-time
Total Liabilities Liabilities $2.41M USD Point-in-time
Common stock (3,000,000,000 shares authorized, 313,098,220 issued and outstanding as of March 31, 2021 and December 31, 2020) CommonStockValue $313.10K USD Point-in-time
Common stock (3,000,000,000 shares authorized, 313,098,220 issued and outstanding as of March 31, 2021 and December 31, 2020) CommonStockValue $313.10K USD Point-in-time
Additional paid in capital AdditionalPaidInCapitalCommonStock $10.76M USD Point-in-time
Additional paid in capital AdditionalPaidInCapitalCommonStock $10.76M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-4.04M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-4.34M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $300.26K USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $294.20K USD Point-in-time
Total Fortune Valley Treasures, Inc. stockholders' equity StockholdersEquity $7.33M USD Point-in-time
Total Fortune Valley Treasures, Inc. stockholders' equity StockholdersEquity $7.04M USD Point-in-time
Noncontrolling interests MinorityInterest $195.91K USD Point-in-time
Noncontrolling interests MinorityInterest $225.63K USD Point-in-time
Total Stockholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-855.85K USD Point-in-time
Total Stockholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $7.56M USD Point-in-time
Total Stockholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-760.50K USD Point-in-time
Total Stockholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $7.23M USD Point-in-time
Total Liabilities and Stockholders' Equity LiabilitiesAndStockholdersEquity $9.66M USD Point-in-time
Total Liabilities and Stockholders' Equity LiabilitiesAndStockholdersEquity $9.97M USD Point-in-time
Income Statement 44 line items
Line Item Tag Value Unit Period
Net revenues (including related party revenue $11,232 and $0, respectively) RevenueFromContractWithCustomerExcludingAssessedTax $1.64M USD 1 Quarter
Related party revenue RevenueFromRelatedParties - USD 1 Quarter
Net revenues (including related party revenue $11,232 and $0, respectively) RevenueFromContractWithCustomerExcludingAssessedTax $22.05K USD 1 Quarter
Related party revenue RevenueFromRelatedParties $11.23K USD 1 Quarter
Cost of revenues CostOfRevenue $14.43K USD 1 Quarter
Cost of revenues CostOfRevenue $729.74K USD 1 Quarter
Gross profit GrossProfit $914.42K USD 1 Quarter
Gross profit GrossProfit $7.62K USD 1 Quarter
Selling and distribution expenses SellingAndMarketingExpense - USD 1 Quarter
Selling and distribution expenses SellingAndMarketingExpense $27.55K USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $481.58K USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $110.86K USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $405.29K USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $-103.24K USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $31.00 USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $778.00 USD 1 Quarter
Interest income InterestIncomeOther $8.00 USD 1 Quarter
Interest income InterestIncomeOther $165.00 USD 1 Quarter
Interest expense InterestExpense $118.00 USD 1 Quarter
Interest expense InterestExpense $3.55K USD 1 Quarter
Other income (expense), net NonoperatingIncomeExpense $-3.36K USD 1 Quarter
Other income (expense), net NonoperatingIncomeExpense $668.00 USD 1 Quarter
Income (loss) before income tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-102.57K USD 1 Quarter
Income (loss) before income tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $401.93K USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit - USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $-66.36K USD 1 Quarter
Net income (loss) ProfitLoss $335.57K USD 1 Quarter
Net income (loss) ProfitLoss $-102.57K USD 1 Quarter
Less: Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest - USD 1 Quarter
Less: Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $30.32K USD 1 Quarter
Net income (loss) attributable to Fortune Valley Treasures, Inc. NetIncomeLoss $-102.57K USD 1 Quarter
Net income (loss) attributable to Fortune Valley Treasures, Inc. NetIncomeLoss $305.25K USD 1 Quarter
Foreign currency translation gain (loss) OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-6.67K USD 1 Quarter
Foreign currency translation gain (loss) OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $7.22K USD 1 Quarter
Total comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $328.90K USD 1 Quarter
Total comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-95.35K USD 1 Quarter
Less: comprehensive income attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $29.72K USD 1 Quarter
Less: comprehensive income attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest - USD 1 Quarter
Comprehensive income (loss) attributable to Fortune Valley Treasures, Inc. ComprehensiveIncomeNetOfTax $299.19K USD 1 Quarter
Comprehensive income (loss) attributable to Fortune Valley Treasures, Inc. ComprehensiveIncomeNetOfTax $-95.35K USD 1 Quarter
Basic and diluted earnings (loss) per share EarningsPerShareBasicAndDiluted - USD 1 Quarter
Basic and diluted earnings (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 313.10M shares 1 Quarter
Cash Flow Statement 62 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $335.57K USD 1 Quarter
Net income (loss) ProfitLoss $-102.57K USD 1 Quarter
Depreciation and amortization expense DepreciationDepletionAndAmortization $201.53K USD 1 Quarter
Depreciation and amortization expense DepreciationDepletionAndAmortization $6.83K USD 1 Quarter
Non-cash lease expense NoncashLeaseExpense $26.52K USD 1 Quarter
Non-cash lease expense NoncashLeaseExpense - USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-1.29M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $16.14K USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-17.44K USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-1.76K USD 1 Quarter
Prepayments and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $13.88K USD 1 Quarter
Prepayments and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $1.75M USD 1 Quarter
Deposits paid IncreaseDecreaseInDepositOtherAssets - USD 1 Quarter
Deposits paid IncreaseDecreaseInDepositOtherAssets $316.74K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade - USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $-110.70K USD 1 Quarter
Customer advances IncreaseDecreaseInContractWithCustomerLiability $219.61K USD 1 Quarter
Customer advances IncreaseDecreaseInContractWithCustomerLiability - USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $-181.72K USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $149.27K USD 1 Quarter
Income tax payable IncreaseDecreaseInAccruedIncomeTaxesPayable - USD 1 Quarter
Income tax payable IncreaseDecreaseInAccruedIncomeTaxesPayable $-209.98K USD 1 Quarter
Operating lease obligations OperatingLeaseObligations - USD 1 Quarter
Operating lease obligations OperatingLeaseObligations $35.15K USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $25.28K USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-508.78K USD 1 Quarter
Repayment of advance to related parties PaymentsToFundLongtermLoansToRelatedParties - USD 1 Quarter
Repayment of advance to related parties PaymentsToFundLongtermLoansToRelatedParties $2.67M USD 1 Quarter
Advance to related parties PaymentAdvanceToRelatedParties $1.84M USD 1 Quarter
Advance to related parties PaymentAdvanceToRelatedParties - USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $50.55K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment - USD 1 Quarter
Purchase of intangible asset PaymentsToAcquireIntangibleAssets $23.44K USD 1 Quarter
Purchase of intangible asset PaymentsToAcquireIntangibleAssets - USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-50.55K USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $809.04K USD 1 Quarter
Borrowings from related parties ProceedsFromRelatedPartyDebt $814.81K USD 1 Quarter
Borrowings from related parties ProceedsFromRelatedPartyDebt $146.70K USD 1 Quarter
Repayments to related parties ProceedsFromPaymentsToRelatedParties $-371.84K USD 1 Quarter
Repayments to related parties ProceedsFromPaymentsToRelatedParties $-90.11K USD 1 Quarter
Repayment to the bank borrowings, net RepaymentsOfBankDebt $38.56K USD 1 Quarter
Repayment to the bank borrowings, net RepaymentsOfBankDebt - USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $56.59K USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $404.40K USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $-1.06K USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $9.84K USD 1 Quarter
Net changes in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $714.50K USD 1 Quarter
Net changes in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $30.25K USD 1 Quarter
Cash and cash equivalents-beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $964.34K USD Point-in-time
Cash and cash equivalents-beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $249.84K USD Point-in-time
Cash and cash equivalents-beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $68.39K USD Point-in-time
Cash and cash equivalents-beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $38.14K USD Point-in-time
Cash and cash equivalents-end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $964.34K USD Point-in-time
Cash and cash equivalents-end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $249.84K USD Point-in-time
Cash and cash equivalents-end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $68.39K USD Point-in-time
Cash and cash equivalents-end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $38.14K USD Point-in-time
Interest paid InterestPaidNet $118.00 USD 1 Quarter
Interest paid InterestPaidNet $3.55K USD 1 Quarter
Income taxes paid IncomeTaxesPaidNet $295.96K USD 1 Quarter
Income taxes paid IncomeTaxesPaidNet - USD 1 Quarter
Expenses paid by related parties on behalf of the Company ExpensePaidByRelatedPartiesOnBehalfOfCompany $14.49K USD 1 Quarter
Expenses paid by related parties on behalf of the Company ExpensePaidByRelatedPartiesOnBehalfOfCompany - USD 1 Quarter
Stockholders Equity 12 line items
Line Item Tag Value Unit Period
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-855.85K USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $7.56M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-760.50K USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $7.23M USD Point-in-time
Net income loss ProfitLoss $335.57K USD 1 Quarter
Net income loss ProfitLoss $-102.57K USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-6.67K USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $7.22K USD 1 Quarter
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-855.85K USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $7.56M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-760.50K USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $7.23M USD Point-in-time

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

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