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0001626745
FVTI:NanyueBankMember
2022-07-31
0001626745
FVTI:WeBankAndNanyueBankMember
2022-07-01
2022-07-31
0001626745
FVTI:HuanengGuichengMember
2022-07-31
0001626745
FVTI:HuanengGuichengMember
2022-07-01
2022-07-31
0001626745
FVTI:ChinaConstructionBankMember
2023-02-28
0001626745
FVTI:ChinaConstructionBankMember
2023-02-01
2023-02-28
0001626745
FVTI:BankOfNingboMember
2023-04-30
0001626745
FVTI:WeBankMember
2023-04-30
0001626745
FVTI:BankOfNingboAndWeBankMember
2023-04-01
2023-04-30
0001626745
FVTI:CarLoanWeBankMember
2023-04-30
0001626745
FVTI:CarLoanWeBankMember
2023-04-01
2023-04-30
0001626745
FVTI:ChinaConstructionBankMember
2023-05-31
0001626745
FVTI:ChinaConstructionBankMember
2023-05-01
2023-05-31
0001626745
FVTI:WeBankMember
2023-07-31
0001626745
FVTI:NanyueBankMember
2023-07-31
0001626745
FVTI:WeBankAndNanyueBankMember
2023-07-01
2023-07-31
0001626745
FVTI:ChinaConstructionBankLoanOneMember
2023-07-31
0001626745
FVTI:ChinaConstructionBankLoanOneMember
2023-07-01
2023-07-31
0001626745
FVTI:ChinaConstructionBankLoanTwoMember
2023-07-31
0001626745
FVTI:ChinaConstructionBankLoanTwoMember
2023-07-01
2023-07-31
0001626745
FVTI:WeBankMember
2023-11-30
0001626745
FVTI:HuanengGuichengTrustCoLtdMember
2023-11-01
2023-11-30
0001626745
FVTI:WeBankMember
2023-11-01
2023-11-30
0001626745
FVTI:HuanengGuichengTrustCoLtdMember
2024-01-31
0001626745
FVTI:HuanengGuichengTrustCoLtdMember
2024-01-01
2024-01-31
0001626745
FVTI:WeBankMember
2024-02-29
0001626745
FVTI:WeBankMember
2024-01-01
2024-02-29
0001626745
FVTI:WeBankMember
2024-02-01
2024-02-29
0001626745
FVTI:BankLoanFromTheTrustInPRCMember
2024-03-31
0001626745
FVTI:BankLoanFromTheTrustInPRCMember
2023-12-31
0001626745
FVTI:ChinaConstructionBankMember
2024-03-31
0001626745
FVTI:ChinaConstructionBankMember
2023-12-31
0001626745
FVTI:GuangdongNanyueBankMember
2024-03-31
0001626745
FVTI:GuangdongNanyueBankMember
2023-12-31
0001626745
FVTI:WeBankMember
2024-03-31
0001626745
FVTI:WeBankMember
2023-12-31
0001626745
FVTI:BankOfNingboMember
2024-03-31
0001626745
FVTI:BankOfNingboMember
2023-12-31
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
xbrli:pure
iso4217:HKD
iso4217:CNY
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the Quarterly Period Ended March 31, 2024
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _________ to _________
Commission
File Number 000-55555
Fortune
Valley Treasures, Inc.
(Exact
name of registrant issuer as specified in its charter)
Nevada |
|
32-0439333 |
(State
or other jurisdiction
of incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
16th
Floor, Building 2, A+Building
No.
139 Liansheng Road, Humen Town
Dongguan
City, Guangdong Province, China 523000
(Address
of principal executive offices, including zip code)
(86)
769-85729133
(Registrant’s
phone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act: None
Securities
registered pursuant to Section 12(g) of the Act: Common stock, par value $0.001 per share
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large
accelerated filer |
☐ |
|
Accelerated
filer |
☐ |
|
Non-accelerated
filer |
☒ |
|
Smaller
reporting company |
☒ |
|
|
|
|
Emerging
growth company |
☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
☐ No ☒
As
of May 17, 2024, there were 15,655,038 shares, par value $0.001, of the registrant’s common stock outstanding.
TABLE
OF CONTENTS
PART
I - FINANCIAL INFORMATION
Item
1. Condensed Consolidated Financial Statements.
FORTUNE
VALLEY TREASURES, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
AS
OF MARCH 31, 2024 AND DECEMBER 31, 2023
| |
March
31, 2024 | | |
December
31, 2023 | |
| |
(Unaudited) | | |
| |
Assets | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 16,785 | | |
$ | 288,255 | |
Accounts receivable, net (including $42,956 and $61,113 from related parties as of March 31, 2024 and December 31, 2023, respectively) | |
| 2,528,983 | | |
| 3,118,892 | |
Inventories | |
| 25,146 | | |
| 32,587 | |
Prepayments and other current assets, net (including $873,085 and $941,978 to related parties as of March 31, 2024 and December 31, 2023, respectively) | |
| 1,527,126 | | |
| 1,643,455 | |
Total current assets | |
| 4,098,040 | | |
| 5,083,189 | |
| |
| | | |
| | |
Non-current assets | |
| | | |
| | |
Deposits paid, net (including $527,304 and $536,450 to related parties as of March 31, 2024 and December 31, 2023, respectively) | |
| 603,716 | | |
| 618,456 | |
Property and equipment, net | |
| 74,124 | | |
| 83,706 | |
Operating lease right-of-use assets | |
| 215,959 | | |
| 248,626 | |
Operating lease right-of-use assets, related parties | |
| 58,984 | | |
| 63,553 | |
Operating lease right-of-use assets | |
| 58,984 | | |
| 63,553 | |
| |
| | | |
| | |
Intangible assets, net | |
| 97,776 | | |
| 151,639 | |
Total Assets | |
$ | 5,148,599 | | |
$ | 6,249,169 | |
| |
| | | |
| | |
Liabilities and Stockholders’ Equity | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Operating lease obligations – current | |
$ | 82,185 | | |
$ | 119,633 | |
Operating lease obligations, related parties - current | |
| 16,832 | | |
| 16,986 | |
Operating lease obligations | |
| 16,832 | | |
| 16,986 | |
| |
| | | |
| | |
Accounts payable (including $194,550 and $162,310 to related parties as of March 31, 2024 and December 31, 2023, respectively) | |
| 495,227 | | |
| 583,887 | |
Accrued liabilities | |
| 671,722 | | |
| 627,457 | |
Bank and other borrowings - current | |
| 424,604 | | |
| 458,023 | |
Income tax payable | |
| - | | |
| 1,453 | |
Customer advances | |
| 1,350,606 | | |
| 1,364,260 | |
Due to related parties | |
| 779,660 | | |
| 680,226 | |
Total current liabilities | |
| 3,820,836 | | |
| 3,851,925 | |
| |
| | | |
| | |
Non-current liabilities | |
| | | |
| | |
Operating lease obligations – non-current | |
| 123,821 | | |
| 153,487 | |
Operating lease obligations, related parties – non-current | |
| 35,921 | | |
| 40,877 | |
Operating lease obligations | |
| 35,921 | | |
| 40,877 | |
Bank and other borrowings | |
| 247,594 | | |
| 212,042 | |
Total Liabilities | |
| 4,228,172 | | |
| 4,258,331 | |
| |
| | | |
| | |
Stockholders’ Equity | |
| | | |
| | |
Common stock, 150,000,000 shares authorized, 15,655,038 shares issued and outstanding as of March 31, 2024 and December 31, 2023 | |
| 15,655 | | |
| 15,655 | |
Additional paid-in capital | |
| 11,061,233 | | |
| 11,061,233 | |
Accumulated deficit and statutory reserves | |
| (9,550,550 | ) | |
| (8,551,019 | ) |
Accumulated other comprehensive loss | |
| (475,414 | ) | |
| (406,190 | ) |
Total Fortune Valley Treasures, Inc. stockholders’ equity | |
| 1,050,924 | | |
| 2,119,679 | |
Noncontrolling interests | |
| (130,497 | ) | |
| (128,841 | ) |
Total Stockholders’ Equity | |
| 920,427 | | |
| 1,990,838 | |
| |
| | | |
| | |
Total Liabilities and Stockholders’ Equity | |
$ | 5,148,599 | | |
$ | 6,249,169 | |
See
accompanying notes to the unaudited condensed consolidated financial statements.
FORTUNE
VALLEY TREASURES, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR
THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023
(Unaudited)
| |
2024 | | |
2023 | |
| |
Three months ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Net revenues (including $3,844 and $26,750 from related parties for the three months ended March 31, 2024 and 2023, respectively) | |
$ | 267,822 | | |
$ | 1,635,289 | |
| |
| | | |
| | |
Cost of revenues (including $87,912 and $228,982 from related parties for the three months ended March 31, 2024 and 2023, respectively) | |
| 212,889 | | |
| 677,367 | |
Gross profit | |
| 54,933 | | |
| 957,922 | |
| |
| | | |
| | |
Operating expenses: | |
| | | |
| | |
Selling and distribution expenses | |
| 12,597 | | |
| 13,242 | |
General and administrative expenses | |
| 1,035,277 | | |
| 951,395 | |
| |
| | | |
| | |
Operating loss | |
| (992,941 | ) | |
| (6,715 | ) |
| |
| | | |
| | |
Other income (expense): | |
| | | |
| | |
Other income | |
| 2,994 | | |
| 1,774 | |
Interest income | |
| 30 | | |
| 31 | |
Interest expense | |
| (10,844 | ) | |
| (9,292 | ) |
Other expense, net | |
| (7,820 | ) | |
| (7,487 | ) |
| |
| | | |
| | |
| |
| | | |
| | |
Income tax expense | |
| 319 | | |
| 74,974 | |
| |
| | | |
| | |
Net loss | |
$ | (1,001,080 | ) | |
$ | (89,176 | ) |
Less: Net loss attributable to noncontrolling interests | |
| (1,549 | ) | |
| (357 | ) |
Net loss attributable to Fortune Valley Treasures, Inc. | |
| (999,531 | ) | |
| (88,819 | ) |
| |
| | | |
| | |
Other comprehensive income (loss): | |
| | | |
| | |
Foreign currency translation gain (loss) | |
| (69,331 | ) | |
| 45,472 | |
| |
| | | |
| | |
Total comprehensive loss | |
| (1,070,411 | ) | |
| (43,704 | ) |
Less: Comprehensive loss attributable to noncontrolling interests | |
| (1,656 | ) | |
| (175 | ) |
Comprehensive loss attributable to Fortune Valley Treasures, Inc. | |
$ | (1,068,755 | ) | |
$ | (43,529 | ) |
| |
| | | |
| | |
Earnings (loss) per share | |
| | | |
| | |
Basic and diluted earnings (loss) per share | |
$ | (0.06 | ) | |
$ | (0.01 | ) |
Basic and diluted weighted average shares outstanding | |
$ | 15,655,038 | | |
$ | 15,655,038 | |
See
accompanying notes to the unaudited condensed consolidated financial statements.
FORTUNE
VALLEY TREASURES, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR
THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023
(Unaudited)
| |
Number of shares | | |
Amount | | |
Paid-in Capital | | |
Comprehensive Loss | | |
Statutory Reserves | | |
controlling Interests | | |
Stockholders’ Equity | |
| |
Common Stock | | |
Additional | | |
Accumulated Other | | |
Accumulated Deficit and | | |
Non | | |
Total | |
| |
Number of shares | | |
Amount | | |
Paid-in Capital | | |
Comprehensive Loss | | |
Statutory Reserves | | |
controlling Interests | | |
Stockholders’ Equity | |
Balance as of December 31, 2023 | |
| 15,655,038 | | |
$ | 15,655 | | |
$ | 11,061,233 | | |
$ | (406,190 | ) | |
$ | (8,551,019 | ) | |
$ | (128,841 | ) | |
$ | 1,990,838 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (999,531 | ) | |
| (1,549 | ) | |
| (1,001,080 | ) |
Foreign currency translation adjustment | |
| - | | |
| - | | |
| - | | |
| (69,224 | ) | |
| - | | |
| (107 | ) | |
| (69,331 | ) |
Balance as of March 31, 2024 | |
| 15,655,038 | | |
$ | 15,655 | | |
$ | 11,061,233 | | |
$ | (475,414 | ) | |
$ | (9,550,550 | ) | |
$ | (130,497 | ) | |
$ | 920,427 | |
| |
Common Stock | | |
Additional | | |
Accumulated Other | | |
Accumulated Deficit and | | |
Non | | |
Total | |
| |
Number of shares | | |
Amount | | |
Paid-in Capital | | |
Comprehensive Income (Loss) | | |
Statutory Reserves | | |
controlling Interests | | |
Stockholders’ Equity | |
Balance as of December 31, 2022 | |
| 15,655,038 | | |
$ | 15,655 | | |
$ | 11,061,233 | | |
$ | (180,826 | ) | |
$ | (4,504,404 | ) | |
$ | 108,251 | | |
$ | 6,499,909 | |
Balance | |
| 15,655,038 | | |
$ | 15,655 | | |
$ | 11,061,233 | | |
$ | (180,826 | ) | |
$ | (4,504,404 | ) | |
$ | 108,251 | | |
$ | 6,499,909 | |
Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| (88,819 | ) | |
| (357 | ) | |
| (89,176 | ) |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| (88,819 | ) | |
| (357 | ) | |
| (89,176 | ) |
Foreign currency translation adjustment | |
| - | | |
| - | | |
| - | | |
| 45,290 | | |
| - | | |
| 182 | | |
| 45,472 | |
Balance as of March 31, 2023 | |
| 15,655,038 | | |
$ | 15,655 | | |
$ | 11,061,233 | | |
$ | (135,536 | ) | |
$ | (4,593,223 | ) | |
$ | 108,076 | | |
$ | 6,456,205 | |
Balance | |
| 15,655,038 | | |
$ | 15,655 | | |
$ | 11,061,233 | | |
$ | (135,536 | ) | |
$ | (4,593,223 | ) | |
$ | 108,076 | | |
$ | 6,456,205 | |
See
accompanying notes to the unaudited condensed consolidated financial statements.
FORTUNE
VALLEY TREASURES, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR
THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023
(Unaudited)
| |
2024 | | |
2023 | |
| |
Three months ended March 31, | |
| |
2024 | | |
2023 | |
Cash flows from operating activities | |
| | | |
| | |
Net loss | |
$ | (1,001,080 | ) | |
$ | (89,176 | ) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |
| | | |
| | |
Depreciation and amortization expense | |
| 58,560 | | |
| 64,294 | |
Non-cash lease expense | |
| 32,120 | | |
| 34,833 | |
Allowance for credit losses | |
| 645,054 | | |
| 276,769 | |
Loss on disposal of intangible asset | |
| - | | |
| 1,526 | |
Changes in operating assets and liabilities | |
| | | |
| | |
Accounts receivable, net | |
| (104,830 | ) | |
| (546,350 | ) |
Inventories | |
| 6,930 | | |
| 64,778 | |
Prepayments and other current assets, net | |
| 88,878 | | |
| (53,733 | ) |
Deposits paid, net | |
| 4,220 | | |
| (11,881 | ) |
Accounts payable | |
| (79,216 | ) | |
| 23,682 | |
Due to related parties | |
| 65,293 | | |
| 12,199 | |
Customer advances | |
| 9,675 | | |
| 517 | |
Accrued liabilities | |
| 52,682 | | |
| 95,903 | |
Income tax payable | |
| (1,438 | ) | |
| (6,716 | ) |
Operating lease obligations | |
| (67,014 | ) | |
| (41,550 | ) |
Net cash used in operating activities | |
| (290,166 | ) | |
| (174,905 | ) |
| |
| | | |
| | |
Cash flows from investing activities | |
| | | |
| | |
Acquisition of intangible asset | |
| - | | |
| (702 | ) |
Net cash provided by (used in) investing activities | |
| - | | |
| (702 | ) |
| |
| | | |
| | |
Cash flows from financing activities | |
| | | |
| | |
Borrowings from and repayments to revolving credit lines, net | |
| - | | |
| 67,963 | |
Borrowings from bank loans | |
| 75,278 | | |
| - | |
Repayments of bank loans | |
| (96,347 | ) | |
| (27,062 | ) |
Borrowings from and repayments to third party, net | |
| 40,410 | | |
| (9,884 | ) |
Net cash provided by financing activities | |
| 19,341 | | |
| 31,017 | |
| |
| | | |
| | |
Effect of exchange rate changes on cash and cash equivalents | |
| (645 | ) | |
| (909 | ) |
Net changes in cash and cash equivalents | |
| (271,470 | ) | |
| (145,499 | ) |
Cash and cash equivalents–beginning of the period | |
| 288,255 | | |
| 165,685 | |
| |
| | | |
| | |
Cash and cash equivalents–end of the period | |
$ | 16,785 | | |
$ | 20,186 | |
| |
| | | |
| | |
Supplementary cash flow information: | |
| | | |
| | |
Interest paid | |
$ | 10,884 | | |
$ | 9,292 | |
Income taxes paid | |
$ | 2,234 | | |
$ | 121,883 | |
| |
| | | |
| | |
Non-cash investing and financing activities | |
| | | |
| | |
Operating lease right-of-use assets obtained in exchange for operating lease obligations | |
$ | - | | |
$ | 25,185 | |
See
accompanying notes to the unaudited condensed consolidated financial statements.
FORTUNE
VALLEY TREASURES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023
(Unaudited)
NOTE
1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Fortune
Valley Treasures, Inc. (formerly Crypto-Services, Inc.) (“FVTI” or the “Company”) was incorporated in the State
of Nevada on March 21, 2014. The Company’s current primary business operations of wholesale distribution and retail sales of alcoholic
beverages of wine and distilled liquors, and drinking water distribution and delivery are conducted through its subsidiaries in the People’s
Republic of China (“PRC”).
On
April 11, 2018, the Company entered into a share exchange agreement by and among DaXingHuaShang Investment Group Limited (“DIGLS”)
and its shareholders: 1.) Yumin Lin, 2.) Gaosheng Group Co., Ltd. and 3.) China Kaipeng Group Co., Ltd. whereby the Company newly issued
15,000,000 shares of its common stock in exchange for all the outstanding shares in DIGLS. This transaction has been accounted for as
a reverse takeover transaction and a recapitalization of the Company whereby the Company, the legal acquirer, is the accounting acquiree,
and DIGLS, the legal acquiree, is the accounting acquirer; accordingly, the Company’s historical statement of stockholders’
equity has been retroactively restated to the first period presented.
On
March 1, 2019, the Company entered into a sale and purchase agreement (the “SP Agreement”) to acquire 100% of the shares
of Jiujiu Group Stock Co., Ltd. (“JJGS”), a company incorporated under the laws of the Republic of Seychelles. The transaction
closed on March 1, 2019. Pursuant to the SP Agreement, the Company issued 5 shares of its common stock to JJGS to acquire 100% of the
shares of JJGS for a cost of $150. After the closing, JJGS became the Company’s wholly owned subsidiary. JJGS owns all of the equity
interest of Jiujiu (HK) Industry Limited (“JJHK”) and Jiujiu (Shenzhen) Industry Co., Ltd. (“JJSZ”). JJGS, JJHK
and JJSZ did not have any material assets or liabilities as of December 31, 2019, and they did not have any substantial operations or
active business during the year ended December 31, 2019.
On
June 22, 2020, the Company entered into a sale and purchase agreement along with Qianhai DaXingHuaShang Investment (Shenzhen) Co., Ltd.,
a company incorporated in China and a wholly-owned subsidiary of FVTI (“QHDX”), to acquire 90% of the shares of Dongguan
Xixingdao Technology Co., Ltd. (“Xixingdao”), a company incorporated in the PRC, from certain shareholders of Xixingdao in
exchange for 243,134 shares of the Company’s common stock. The Company obtained the control of Xixingdao on August 31, 2020, the
shares were issued on December 28, 2020. Xixingdao became the Company’s subsidiary since August 31, 2020.
Basis
of presentation
The
accompanying unaudited condensed consolidated financial statements as of March 31, 2024 and for the three months ended March 31, 2024
and 2023, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”)
that permit reduced disclosure for interim periods. Certain information and footnote disclosures normally included in financial statements
prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been
condensed or omitted. In the opinion of management, all adjustments consisting of normal recurring entries considered necessary for a
fair presentation have been included. The results of operations for these periods are not necessarily comparable to, or indicative of,
results of any other interim period or for the fiscal year taken as a whole. The condensed consolidated balance sheet information as
of December 31, 2023 was derived from the Company’s audited consolidated financial statements included in the Company’s Annual
Report on Form 10-K, for the year ended December 31, 2023, filed with the SEC on April 15, 2024 (the “report”). These unaudited
condensed consolidated financial statements should be read in conjunction with the report.
Basis
of consolidation
The
unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts
and transactions have been eliminated. The results of subsidiaries acquired during the respective periods are included in the consolidated
statements of operations from the effective date of acquisition or up to the effective date of disposal, as appropriate. The portion
of the income or loss applicable to noncontrolling interests in subsidiaries is reflected in the unaudited condensed consolidated statements
of operations.
As
of March 31, 2024, details of the Company’s major subsidiaries were as follows:
SCHEDULE OF ENTITIES AND ITS SUBSIDIARIES
Entity
Name |
|
Date
of
Incorporation |
|
Parent
Entity |
|
% Owned by FVTI |
|
|
Nature of
Operation |
|
Place
of
Incorporation |
DIGLS |
|
July
4, 2016 |
|
FVTI |
|
|
100 |
% |
|
Investment
holding |
|
Republic
of Seychelles |
DILHK |
|
June
22, 2016 |
|
DIGLS |
|
|
100 |
% |
|
Investment
holding |
|
Hong
Kong, PRC |
QHDX |
|
November
3, 2016 |
|
DILHK |
|
|
100 |
% |
|
Investment
holding |
|
PRC |
FVTL |
|
May
31, 2011 |
|
QHDX |
|
|
100 |
% |
|
Trading
of food and platform |
|
PRC |
JJGS |
|
August
17, 2017 |
|
FVTI
|
|
|
100 |
% |
|
Investment
holding |
|
Republic
of Seychelles |
JJHK |
|
August
24, 2017 |
|
JJGS |
|
|
100 |
% |
|
Investment
holding |
|
Hong
Kong, PRC |
JJSZ |
|
November
16, 2018 |
|
JJHK |
|
|
100 |
% |
|
Trading
of food |
|
PRC |
Xixingdao |
|
August
28, 2019 |
|
QHDX
|
|
|
100 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu La Tu Trade Ltd (“FLTT”) |
|
September
27, 2020 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Fu Xin Gu Trade Ltd (“FXGT”) |
|
December
2, 2020 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Fu Xin Technology Ltd (“FXTL”) |
|
November
12, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Guan Healthy Industry Technology Ltd (“FGHL”) |
|
December
21, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Jing Technology Ltd (“FJTL”) |
|
November
17, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Xiang Technology Ltd (“FGTL”) |
|
November
16, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Ji Food & Beverage Ltd (“FJFL”) |
|
November
9, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Lai Food Ltd (“FLFL”) |
|
September
27, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Yi Beverage Ltd (“FYBL”) |
|
November
12, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Xi Drinking Water Company Ltd (“FXWL”) |
|
March
17, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of alcoholic beverages and water purifier |
|
PRC
|
Dongguan
City Fu Jia Drinking Water Company Ltd (“FJWL”) |
|
March
29, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of water purifier |
|
PRC
|
Dongguan
City Fu Sheng Drinking Water Company Ltd (“FSWL”) |
|
March
29, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of water purifier |
|
PRC
|
Shenzhen
Fu Jin Trading Technology Company Ltd (“FJSTL”) |
|
June
7, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of water purifier |
|
PRC
|
Dongguan
City Fu Li Trading Ltd (“FLTL”) |
|
September
10, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of water purifier |
|
PRC |
Guangdong Fu Gu Supply Chain Group Ltd (“FGGC”) |
|
September
13, 2021 |
|
QHDX |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Fu Zhi Gu Trading Ltd (“FZGTL”) |
|
September
9, 2022 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Chang Fu Trading Ltd (“CFTL”) |
|
September
9, 2022 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City La Tong Trading Ltd (“LTTL”) |
|
August
8, 2022 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Kai Fu Trading Ltd (“KFTL”) |
|
September
8, 2022 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Going
concern
The
accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going
concern, which contemplates the realization of assets and fulfillment of obligations in the normal course of business. The realization
of assets and fulfillment of obligations in the normal course of business is dependent on, among other things, the Company’s ability
to generate sufficient cash flows from operations, and the Company’s ability to arrange adequate financing arrangements. As of
March 31, 2024, the Company had a working capital of $277,204, including cash and cash equivalents of $16,785, and accumulated deficit
and statutory reserves of $9,550,550. For the three months ended March 31, 2024, the Company incurred net loss of $1,001,080 and had net
cash outflows of $290,166 from operating activities.
The Company requires additional capital within the
next six months to fund the continued operations of the Company. In order to support the Company’s operations, the Company plans
to take actions to increase revenues and cash inflows by promoting product sales, expanding customer base and making additional efforts
in accounts receivable collections, in addition to seeking bank borrowings and fundings from shareholders. If the Company is unable to
obtain additional equity or debt financing as required, the business operations and prospects of the Company may suffer.
Use
of estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions relating to the
reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements, and the reported
amounts of revenues and expenses during the reporting period. Significant accounting estimates include certain assumptions related to
going concern, allowance of credit losses, allowance of deferred tax asset and uncertain tax position, implicit interest rate of operating
leases, useful lives and impairment of long-lived assets, and impairment of goodwill. Actual results may differ from these estimates.
Foreign
currency translation and re-measurement
The
Company translates its foreign operations to the U.S. dollar in accordance with ASC 830, “Foreign Currency Matters”.
The
reporting currency for the Company and its subsidiaries is the U.S. dollar. The Company, DIGLS, DILHK, JJGS and JJHK’s functional
currency is the U.S. dollar; QHDX, JJSZ and their subsidiaries which are incorporated in PRC use the Chinese Renminbi (“RMB”)
as their functional currency.
The
Company’s subsidiaries, whose records are not maintained in that company’s functional currency, re-measure their records
into their functional currency as follows:
|
● |
Monetary
assets and liabilities at exchange rates in effect at the end of each period |
|
● |
Nonmonetary
assets and liabilities at historical rates |
|
● |
Revenue
and expense items at the average rate of exchange prevailing during the period |
Gains
and losses from these re-measurements were not significant and have been included in the Company’s results of operations.
The
Company’s subsidiaries, whose functional currency is not the U.S. dollar, translate their records into the U.S. dollar as follows:
|
● |
Assets
and liabilities at the rate of exchange in effect at the balance sheet date |
|
● |
Equities
at the historical rate |
|
● |
Revenue
and expense items at the average rate of exchange prevailing during the period |
Translation
of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods:
SCHEDULE OF FOREIGN CURRENCY EXCHANGE RATE TRANSLATION
| |
2024 | | |
2023 | |
| |
As of and for the three months ended March 31, | |
| |
2024 | | |
2023 | |
Period-end RMB:US$1 exchange rate | |
| 0.13850 | | |
| 0.14558 | |
Period-average RMB:US$1 exchange rate | |
| 0.13940 | | |
| 0.14616 | |
The
RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions.
No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.
Impairment
of long-lived assets other than goodwill
The
Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of
assets may not be recoverable. Impairment may be the result of becoming obsolete from a change in the industry or new technologies. Impairment
is present if the carrying amount of an asset is less than its undiscounted cash flows to be generated.
If
an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value
of the asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.
The
Company did not recognize any impairment of long-lived assets during the three months ended March 31, 2024 and 2023.
Goodwill
Goodwill
represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. In
accordance with FASB ASC Topic 350, “Intangibles-Goodwill and Others”, goodwill is subject to at least an annual assessment
for impairment or more frequently if events or changes in circumstances indicate that an impairment may exist, applying a fair-value
based test. Fair value is generally determined using a discounted cash flow analysis. The Company would recognize an impairment charge
for the amount by which the carrying amount of a reporting unit exceeds its fair value up to the amount of goodwill allocated to that
reporting unit.
During
the three months ended March 31, 2024 and 2023, the Company did not record any impairment of goodwill.
Revenue
recognition
The
Company follows the guidance of ASC 606, revenue from contracts with customers is recognized using the following five steps:
|
1. |
Identify
the contract(s) with a customer; |
|
2. |
Identify
the performance obligations in the contract; |
|
3. |
Determine
the transaction price; |
|
4. |
Allocate
the transaction price to the performance obligations in the contract; and |
|
5. |
Recognize
revenue when (or as) the entity satisfies a performance obligation. |
Under
Topic 606, revenues are recognized when the promised products have been confirmed of delivery or services have been transferred to the
consumers in amounts that reflect the consideration the customer expects to be entitled to in exchange for those services. The Company
presents value added taxes (“VAT”) as reductions of revenues. The Company recognizes revenues net of value added taxes (“VAT”)
and relevant charges.
We
generate revenue primarily from the sales of liquor, water, water purifier and other products directly to agents, wholesalers and end
users, with majority of sales transactions were conducted offline. We recognize product revenue at a point in time when the control of
the products has been transferred to customers. The transfer of control is considered complete when products have been picked up by or
delivered to our customers. We account for shipping and handling fees as a fulfillment cost.
The
following table provides information about disaggregated revenue based on revenue by product types:
SCHEDULE OF DISAGGREGATION REVENUE
| |
2024 | | |
2023 | |
| |
Three months ended March 31, | |
| |
2024 | | |
2023 | |
Sales of liquor | |
$ | 70,244 | | |
$ | 903,720 | |
Sales of water | |
| 92,379 | | |
| 419,620 | |
Sales of water purifier | |
| 58,888 | | |
| 253,123 | |
Others | |
| 46,311 | | |
| 58,826 | |
Total | |
$ | 267,822 | | |
$ | 1,635,289 | |
Contract
liabilities
Contract
liabilities consist mainly of customer advances. On certain occasions, the Company may receive prepayments from downstream retailers
or wholesales customers for liquors, water and other products prior to them taking possession of the Company’s products. The Company
records these receipts as customer advances until the control of the products has been transferred the customers. As of March 31, 2024
and December 31, 2023, the Company had customer advances of $1,350,606 and $1,364,260, respectively. During the three months ended March
31, 2024, the Company recognized $39,076 of customer advances in the opening balance.
Related
party transaction
Transactions
involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive,
free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related
party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations
can be substantiated.
Recently
adopted accounting pronouncements
In
June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic
326), Measurement of Credit Losses on Financial Instruments. ASU No. 2016-13 was further amended in November 2020 by ASU No. 2020-10,
Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842). As a result, ASC
Topic 326, Financial Instruments – Credit Losses is effective for smaller reporting companies for fiscal years beginning after
December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU No. 2016-13 on January 1, 2023 and the
adoption did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In
October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers. This ASU clarifies that an acquirer of a business should recognize and measure contract assets and contract
liabilities in a business combination in accordance with ASC Topic 606, “Revenue from Contracts with Customers”. This ASU
is expected to improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date
of and after a business combination. The new guidance is effective for fiscal years beginning after December 15, 2022, including interim
periods within those fiscal years. The Company adopted ASU No. 2021-08 on January 1, 2023 and the adoption did not have a material impact
on the Company’s unaudited condensed consolidated financial statements.
NOTE
2 – ACCOUNTS RECEIVABLE, NET
Accounts
receivable consisted of the following as of March 31, 2024 and December 31, 2023:
SCHEDULE OF ACCOUNTS RECEIVABLE
| |
March 31, 2024 | | |
December 31, 2023 | |
Accounts receivable (including $72,923 and $70,710 from related parties as of March 31, 2024
and December 31, 2023, respectively) | |
$ | 4,859,495 | | |
$ | 4,837,852 | |
Less: Doubtful allowance (including $29,967 and $2,602 from related parties as of March 31, 2024 and December 31, 2023, respectively) | |
| (2,330,512 | ) | |
| (1,718,960 | ) |
Accounts receivable, net | |
$ | 2,528,983 | | |
$ | 3,118,892 | |
Allowance
for doubtful accounts movement is as follows:
SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS RECEIVABLE
| |
March 31, 2024 | | |
December 31, 2023 | |
Beginning balance | |
$ | 1,718,960 | | |
$ | - | |
Additions to allowance | |
| 645,054 | | |
| 1,726,142 | |
Foreign currency translation adjustment | |
| (33,502 | ) | |
| (7,182 | ) |
Ending balance | |
$ | 2,330,512 | | |
$ | 1,718,960 | |
NOTE
3 – PREPAYMENTS AND OTHER CURRENT ASSETS, NET
Prepayments
and other current assets consisted of the following as of March 31, 2024 and December 31, 2023:
SCHEDULE OF PREPAYMENT AND OTHER CURRENT ASSETS
| |
March 31, 2024 | | |
December 31, 2023 | |
Prepayments (including $2,669,677 and $2,769,741 to related parties as of March 31, 2024 and December 31, 2023, respectively) | |
$ | 3,838,888 | | |
$ | 3,995,750 | |
Other current assets | |
| 2,708 | | |
| 2,330 | |
Total prepayments and other current assets | |
| 3,841,596 | | |
| 3,998,080 | |
Less: Allowance for doubtful accounts (including $1,796,952 and $1,827,763 to related parties as of March 31, 2024 and December 31, 2023, respectively) | |
| (2,314,470 | ) | |
| (2,354,625 | ) |
Prepayments and other current assets, net | |
$ | 1,527,126 | | |
$ | 1,643,455 | |
Balance
of prepayments represented the advanced payments to suppliers including related party suppliers.
Allowance
for doubtful accounts movement is as follows:
SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS
| |
March 31, 2024 | | |
December 31, 2023 | |
Beginning balance | |
$ | 2,354,625 | | |
$ | 1,247,580 | |
Additions to allowance | |
| - | | |
| 1,169,058 | |
Foreign currency translation adjustment | |
| (40,155 | ) | |
| (62,013 | ) |
Ending balance | |
$ | 2,314,470 | | |
$ | 2,354,625 | |
NOTE
4 – DEPOSITS PAID, NET
Deposits
paid consisted of the following as of March 31, 2024 and December 31, 2023:
SCHEDULE OF DEPOSITS PAID
| |
March 31, 2024 | | |
December 31, 2023 | |
Deposits paid (including $1,569,824 and $1,597,060 to related parties as of March 31, 2024 and December 31, 2023, respectively) | |
$ | 2,268,987 | | |
$ | 2,312,622 | |
Less: Allowance for doubtful accounts (including $1,042,522 and $1,060,610 to related parties as of March 31, 2024 and December 31, 2023, respectively) | |
| (1,665,271 | ) | |
| (1,694,166 | ) |
Deposits paid, net | |
$ | 603,716 | | |
$ | 618,456 | |
Allowance
for doubtful accounts movement is as follows:
SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS OF DEPOSITS PAID
| |
March 31, 2024 | | |
December 31, 2023 | |
Beginning balance | |
$ | 1,694,166 | | |
$ | 1,244,350 | |
Additions to allowance | |
| - | | |
| 484,800 | |
Foreign currency translation adjustment | |
| (28,895 | ) | |
| (34,984 | ) |
Ending balance | |
$ | 1,665,271 | | |
$ | 1,694,166 | |
NOTE
5 – PROPERTY AND EQUIPMENT, NET
Property
and equipment consisted of the following as of March 31, 2024 and December 31, 2023:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
March 31, 2024 | | |
December 31, 2023 | |
Office equipment (including $9,009 and $nil to the disposal of office equipment as of March 31, 2024 and December 31, 2023, respectively) | |
$ | 95,402 | | |
$ | 106,225 | |
Leasehold improvement | |
| 112,543 | | |
| 114,495 | |
Vehicle | |
| 31,841 | | |
| 32,393 | |
Property and equipment | |
| 239,786 | | |
| 253,113 | |
Less: Accumulated depreciation (including $9,009 and $nil to the written back disposal of office equipment as of March 31, 2024 and December 31, 2023, respectively) | |
| (165,662 | ) | |
| (169,407 | ) |
Property and equipment, net | |
$ | 74,124 | | |
$ | 83,706 | |
Depreciation
expense, which was included in general and administrative expenses, for the three months ended March 31, 2024 and 2023 was $8,207 and
$10,183, respectively.
Written
back depreciation expense, which was included in general and administrative expenses, for the three months ended March 31, 2024 and 2023
was $9,069 and $nil, respectively.
No
gain or loss was recorded for the disposal as the property and equipment was fully depreciated with zero residual value upon
disposal and no proceeds were received.
NOTE
6 – INTANGIBLE ASSETS, NET
Intangible
assets and related accumulated amortization were as follows:
SCHEDULE OF INTANGIBLE ASSETS
| |
March 31, 2024 | | |
December 31, 2023 | |
Distribution channel | |
$ | 2,983,268 | | |
$ | 3,035,029 | |
Others | |
| 24,998 | | |
| 25,601 | |
Total intangible assets | |
| 3,008,266 | | |
| 3,060,630 | |
Less: Accumulated amortization | |
| (1,999,859 | ) | |
| (1,982,560 | ) |
Less: Accumulated impairment | |
| (910,631 | ) | |
| (926,431 | ) |
Intangible assets, net | |
$ | 97,776 | | |
$ | 151,639 | |
Amortization
expense for the three months ended March 31, 2024 and 2023 was $50,353 and $54,111, respectively, included in cost of revenues and general
and administrative expenses.
As
of March 31, 2024, the future estimated amortization costs for intangible assets are as follows:
SCHEDULE
OF FUTURE AMORTIZATION EXPENSES FOR DISTRIBUTION CHANNELS
Year ending December 31, | |
| | |
2024 (remaining) | |
$ | 86,849 | |
2025 | |
| 5,000 | |
2026 | |
| 5,000 | |
2027 | |
| 927 | |
2028 | |
| - | |
Total | |
$ | 97,776 | |
NOTE
7 - RELATED PARTY TRANSACTIONS
Amounts
due to related parties as of March 31, 2024 and December 31, 2023 are as follows:
SCHEDULE
OF AMOUNT DUE FROM AND DUE TO RELATED PARTIES
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Mr. Yumin Lin | |
President, Chief Executive Officer, Secretary, Director and majority shareholder | |
$ | 376,542 | | |
$ | 341,831 | |
Ms. Xiulan Zhou | |
Manager of a subsidiary, Mr. Yumin Lin’s wife | |
| 2,481 | | |
| 2,118 | |
Mr. Huagen Li | |
Manager of a subsidiary | |
| 2,216 | | |
| 2,254 | |
Mr. Guodong Jia | |
Manager of a subsidiary | |
| 9,787 | | |
| 7,479 | |
Mr. Hongwei Ye | |
Manager of a subsidiary, Shareholder | |
| 15 | | |
| 15 | |
Mr. Anping Chen | |
Manager of a subsidiary | |
| 18,426 | | |
| 12,798 | |
Mr. Jiangwei Jia | |
Manager of a subsidiary | |
| 17,495 | | |
| 10,449 | |
Mr. Yuwen Li | |
Vice President | |
| 133,956 | | |
| 122,327 | |
Ms. Lihua Li | |
Manager of a subsidiary | |
| 17,590 | | |
| 14,907 | |
Shenzhen DaXingHuaShang Industrial Group Ltd. (fka Shenzhen DaXingHuaShang Industry Development Ltd.) | |
Mr. Yumin Lin is the supervisor of Shenzhen DaXingHuaShang Industrial Group Ltd. | |
| 83,099 | | |
| 84,541 | |
Ms. Chunxiang Zhang | |
Manager of a subsidiary | |
| 17,108 | | |
| 6,810 | |
Mr. Meng Xue | |
Manager of a subsidiary | |
| 8,064 | | |
| 8,204 | |
Ms. Shuqin Chen | |
Manager of a subsidiary | |
| 19,488 | | |
| 18,171 | |
Mr. Zhipeng Zuo | |
Manager of a subsidiary | |
| 27,253 | | |
| 10,103 | |
Mr. Aisheng Zhang | |
Manager of a subsidiary | |
| 34,652 | | |
| 28,751 | |
Mr. Zhihua Liao | |
Manager of a subsidiary | |
| 11,405 | | |
| 9,468 | |
Ms. Xiuyun Wang | |
Manager of a subsidiary | |
| 83 | | |
| - | |
| |
| |
$ | 779,660 | | |
$ | 680,226 | |
Revenues
generated from related parties during the three months ended March 31, 2024 and 2023 are as follows:
SCHEDULE OF REVENUE GENERATED FROM RELATED PARTIES
| |
| |
2024 | | |
2023 | |
| |
| |
Three months ended March 31, | |
| |
| |
2024 | | |
2023 | |
Mr. Kaihong Lin | |
Chief Financial Officer and Treasurer | |
$ | - | | |
$ | 146 | |
Ms. Xiulan Zhou | |
Manager of a subsidiary, Mr. Yumin Lin’s wife | |
| - | | |
| 14 | |
Guangdong Yuexin Jiaotong Construction Co., Ltd. | |
Mr. Naiyong Luo, a manager of a subsidiary, is the controlling shareholder of Guangdong Yuexin Jiaotong Construction Co., Ltd. | |
| 903 | | |
| 8,383 | |
Dongguan Humen Shuiyan Drinking Water Store | |
Ms. Shuiyan Li, a shareholder of the Company, is the controlling shareholder of Dongguan Humen Shuiyan Drinking Water Store | |
| 2,460 | | |
| 18,207 | |
Dongguan Zhengui Industry Ltd. | |
Significantly influenced by the Company | |
| 903 | | |
| - | |
Revenues generated from related parties | |
| |
$ | 3,844 | | |
$ | 26,750 | |
Cost
of revenues from related parties during the three months ended March 31, 2024 and 2023 is as follows:
SCHEDULE OF COST OF REVENUES FROM RELATED PARTIES
| |
| |
2024 | | |
2023 | |
| |
| |
Three months ended March 31, | |
| |
| |
2024 | | |
2023 | |
Dongguan Baxi Food Distribution Co., Ltd. | |
Significantly influenced by the Company | |
$ | 25,781 | | |
$ | 32,883 | |
Dongguan Dalingshan Xinwenhua Drinking Water Store | |
Significantly influenced by the Company | |
| 3,991 | | |
| 13,743 | |
Dongguan Pengqin Drinking Water Co., Ltd. | |
Significantly influenced by the Company | |
| 2,825 | | |
| 17,186 | |
Dongguan Dengqinghu Drinking Water Store | |
Significantly influenced by the Company | |
| - | | |
| 1,388 | |
Dongguan Tailai Trading Co., Ltd. | |
Significantly influenced by the Company | |
| 14,306 | | |
| 31,470 | |
Dongguan Anxiang Technology Co., Ltd. | |
Significantly influenced by the Company | |
| 12,951 | | |
| 35,989 | |
Guangdong Jiaduonuo Shengshi Trading Co., Ltd. | |
Significantly influenced by the Company | |
| 4,798 | | |
| 68,214 | |
Dongguan Dalingshan Runxin Drinking Water Store | |
Significantly influenced by the Company | |
| 770 | | |
| 9,450 | |
Dongguan City Yijia Trading Co., Ltd. | |
Mr. Yongming Li, a shareholder of the Company, is the controlling shareholder of Dongguan City Yijia Trading Co., Ltd. | |
| 22,490 | | |
| 18,659 | |
Cost of revenues from
related parties | |
| |
$ | 87,912 | | |
$ | 228,982 | |
Purchases
from related parties during the three months ended March 31, 2024 and 2023 are as follows:
SCHEDULE OF PURCHASES FROM RELATED PARTIES
| |
| |
2024 | | |
2023 | |
| |
| |
Three months ended March 31, | |
| |
| |
2024 | | |
2023 | |
Dongguan Baxi Food Distribution Co., Ltd. | |
Significantly influenced by the Company | |
$ | 25,503 | | |
$ | 36,365 | |
Dongguan Dalingshan Xinwenhua Drinking Water Store | |
Significantly influenced by the Company | |
| 3,969 | | |
| 15,198 | |
Dongguan Pengqin Drinking Water Co., Ltd. | |
Significantly influenced by the Company | |
| 2,810 | | |
| 19,005 | |
Dongguan Dengqinghu Drinking Water Store | |
Significantly influenced by the Company | |
| - | | |
| 1,535 | |
Dongguan Tailai Trading Co., Ltd. | |
Significantly influenced by the Company | |
| 14,306 | | |
| 34,802 | |
Dongguan Anxiang Technology Co., Ltd. | |
Significantly influenced by the Company | |
| 12,951 | | |
| 35,989 | |
Guangdong Jiaduonuo Shengshi Trading Co., Ltd. | |
Significantly influenced by the Company | |
| 4,798 | | |
| 68,215 | |
Dongguan Dalingshan Runxin Drinking Water Store | |
Significantly influenced by the Company | |
| 758 | | |
| 10,451 | |
Dongguan City Yijia Trading Co., Ltd. | |
Mr. Yongming Li, a shareholder of the Company, is the controlling shareholder of Dongguan City Yijia Trading Co., Ltd. | |
| 22,491 | | |
| 18,660 | |
Purchase from related party | |
| |
$ | 87,586 | | |
$ | 240,220 | |
Due
to related parties mainly consists of borrowings for working capital purpose, the balances are unsecured, non-interest bearing and due
on demand.
Mr.
Yuwen Li, the Vice President of the Company, authorized the Company to use trademarks that were owned by him for ten years from October
5, 2019 to October 4, 2029 at no cost.
Also
see Note 2, 3, 4, 9 and 10 for more transactions with related parties.
NOTE
8 - INCOME TAXES
United
States of America
The
Company is registered in the State of Nevada and is subject to United States of America tax law. The U.S. federal income tax rate is
21%.
Seychelles
Under
the current laws of the Seychelles, DIGLS and JJGS are registered as an international business company governed by the International
Business Companies Act of Seychelles and there is no income tax charged in Seychelles.
Hong
Kong
From
year of assessment of 2018/2019 onwards, Hong Kong profit tax rates are 8.25% on assessable profits up to HK$2,000,000 (approximately
$255,112), and 16.5% on any part of assessable profits over HK$2,000,000. For the three months ended March 31, 2024 and 2023, the Company
did not have any assessable profits arising in or derived from Hong Kong, therefore no provision for Hong Kong profits tax was made in
the periods reported.
The
PRC
The
Company’s subsidiaries are incorporated in the PRC, and are subject to the PRC Enterprise Income Tax Laws (“EIT Laws”)
with the statutory income tax rate of 25% with the following exceptions.
On
April 2, 2021, the State Taxation Administration issued the notice of the Ministry of Finance and the State Administration of Taxation
(“MOF and SAT”) [2021] No.12 to provide an enterprise income tax rate of 2.5% on small-scale and low-profit enterprises whose
annual taxable income is less than RMB1,000,000, approximately $142,209, from January 1, 2021 to December 31, 2022. MOF and SAT [2022]
No.13 also provides an enterprise income tax rate of 5% on small-scale and low-profit enterprises whose annual taxable income is more
than RMB1,000,000, approximately $139,404, but less than RMB3,000,000, approximately $418,212, from January 1, 2022 to December 31, 2024.
The qualifications of small-scale and low-profit enterprises were examined annually by the Tax Bureau. All of the Company’s PRC
subsidiaries met the criteria of small-scale and low-profit enterprises, except for Xixingdao, FVT Supply Chain and FLTT.
The
components of the income tax provision are as follows:
SCHEDULE OF COMPONENTS OF INCOME TAX PROVISION
| |
2024 | | |
2023 | |
| |
Three months ended March 31, | |
| |
2024 | | |
2023 | |
Current: | |
| | |
| |
– United States of America | |
$ | - | | |
$ | 41,444 | |
– Seychelles | |
| - | | |
| - | |
– Hong Kong | |
| - | | |
| - | |
– The PRC | |
| 319 | | |
| 33,530 | |
Current income tax expense | |
| | | |
| | |
Deferred | |
| | | |
| | |
– United States of America | |
| - | | |
| - | |
– Seychelles | |
| - | | |
| - | |
– Hong Kong | |
| - | | |
| - | |
– The PRC | |
| - | | |
| - | |
Deferred income tax expense | |
| | | |
| | |
Total | |
$ | 319 | | |
$ | 74,974 | |
The
effective tax rate was 18% and -527.9%
for the three months ended March 31, 2024 and 2023, respectively.
NOTE
9 - OPERATING LEASES
As
of March 31, 2024, the Company has twenty-one separate operating lease agreements for three office spaces, one warehouse and seventeen
stores in PRC with remaining lease terms of from 3 month to 39 months.
Two
of the leases described above were entered with related parties. The operating lease entered with Ms. Qingmei Lin, a related party, is
for the premises in Dongguan City, PRC. The agreement covers the period from January 1, 2019 to April 30, 2027 with the monthly rent
expense of RMB10,000 (approximately $1,394). The operating lease agreement entered with Mr. Hongwei Ye, another related party, is for
the premises in Dongguan City, PRC. The agreement covers the period from October 1, 2023 to September 30, 2026 with the monthly rent
expense of RMB960 (approximately $134).
The
components of lease expense and supplemental cash flow information related to leases for the three months ended March 31, 2024 and 2023
are as follows:
SCHEDULE OF COMPONENTS OF LEASE EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION
| |
2024 | | |
2023 | |
Operating lease cost (included in general and administrative expenses in the Company’s unaudited condensed consolidated statements of operations) | |
Three months ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Related parties | |
$ | 5,047 | | |
$ | 4,806 | |
Non-related parties | |
| 52,469 | | |
| 33,284 | |
Total | |
$ | 57,516 | | |
$ | 38,090 | |
Other information for the three months ended | |
March 31, 2024 | | |
March 31, 2023 | |
Cash paid for amounts included in the measurement of lease obligations | |
$ | 71,727 | | |
$ | 42,179 | |
Weighted average remaining lease term (in years) | |
| 2.35 | | |
| 2.91 | |
Weighted average discount rate | |
| 3.23 | % | |
| 3.23 | % |
Maturities
of the Company’s lease obligations as of March 31, 2024 are as follows:
SCHEDULE OF MATURITIES OF LEASE OBLIGATIONS
Year ending December 31, | |
| | |
2024 (remaining) | |
$ | 116,363 | |
2025 | |
| 129,074 | |
2026 | |
| 48,566 | |
2027 | |
| 5,540 | |
2028 | |
| - | |
Total lease payment | |
| 299,543 | |
Less: Imputed interest | |
| (40,784 | ) |
Operating lease obligations | |
$ | 258,759 | |
NOTE
10 – BANK AND OTHER BORROWINGS
In
May 2022, the Company obtained a loan in the principal amount of RMB161,000 (approximately $24,000 when borrowed) from Huaneng Guicheng
Trust Co., Ltd. (“Huaneng Guicheng”), which bears interest at 11.34%. The loan is guaranteed by Yumin Lin. The maturity date
is on May 21, 2024.
In
May 2022, the Company obtained a bank loan in the principal amount of RMB69,000 (approximately $10,000 when borrowed) from WeBank, which
bears interest at 11.34%. The loan is guaranteed by Yumin Lin. The maturity date is on May 21, 2024.
In
July 2022, the Company obtained two loans in the principal amount of RMB99,000 (approximately $15,000 when borrowed) and RMB231,000 (approximately
$34,000 when borrowed) from WeBank and Guangdong Nanyue Bank Co., Ltd. (“Nanyue Bank”), respectively, which bear interest
at 14.4%. The loans are guaranteed by Kaihong Lin. The maturity date is on July 8, 2024.
In
July 2022, the Company obtained two loans in the principal amount of RMB153,000 (approximately $23,000 when borrowed) and RMB357,000
(approximately $53,000 when borrowed) from WeBank and Nanyue Bank, respectively, which bear interest at 14.4%. The loans are guaranteed
by Falan Zhou, a manager of subsidiaries. The maturity date is on July 13, 2024.
In
July 2022, the Company obtained a loan in the principal amount of RMB380,000 (approximately $57,000 when borrowed) from Huaneng Guicheng,
which bears interest at 12.6%. The loan is guaranteed by Yumin Lin. The maturity date is on July 21, 2024.
In
February 2023, the Company obtained a revolving credit line in the principal amount of RMB465,000 (approximately $68,000 when borrowed)
from China Construction Bank, which bears interest at 4.00%. The loan is guaranteed by Shuqin Chen, a related party. The maturity date
is on February 11, 2024. As of March 31, 2024, the Company had repaid this bank loan in full to China Construction Bank.
In
April 2023, the Company obtained two bank loans in the principal amount of RMB224,000 (approximately $31,000 when borrowed) and RMB96,000
(approximately $13,000 when borrowed) from Bank of Ningbo and WeBank, respectively, which bear interest at 12.24%. The loans are guaranteed
by Falan Zhou, a manager of subsidiaries. The maturity date is on April 7, 2025.
In
April 2023, the Company obtained a mortgage loan in the principal amount of RMB195,415 (approximately $27,000 when borrowed) from WeBank,
which bears interest at 6.54%. The loan is pledged with a vehicle of the Company. The maturity date is on April 10, 2028.
In
May 2023, the Company obtained a revolving credit line in the principal amount of RMB1,050,000 (approximately $146,000 when borrowed),
with Yumin Lin as a co-borrower, from China Construction Bank, which bears interest at 4.20%. The maturity date is on May 26, 2024.
In
July 2023, the Company obtained two bank loans in the principal amount of RMB57,000 (approximately $8,000 when borrowed) and RMB133,000
(approximately $18,000 when borrowed) from WeBank and Nanyue Bank, respectively, which bear interest at 10.44%. The loans are guaranteed
by Falan Zhou, a manager of subsidiaries. The maturity date is on July 13, 2025.
In
July 2023, the Company obtained a revolving credit line in the principal amount of RMB1,040,000 (approximately $143,000 when borrowed)
from China Construction Bank, which bears interest at 3.70%. The credit line is guaranteed by Xiulan Zhou, a related party, and pledged
with her property. The maturity date is on July 17, 2026.
In
July 2023, the Company obtained a revolving credit line in the principal amount of RMB817,000 (approximately $114,000 when borrowed),
with Yumin Lin as a co-borrower from China Construction Bank, which bears interest at 3.85%. The maturity date is on July 22, 2024.
In
November 2023, the Company obtained a bank loan in the principal amount of RMB440,000 (approximately $62,000 when borrowed) from WeBank,
which bears interest at 7.92%. The loan is guaranteed by Jianglong Xiong. The maturity date is on November 16, 2025.
In
January 2024, the Company obtained a bank loan, in the principal amount of RMB390,000 (approximately $544,000 when borrowed) from from
Huaneng Guicheng Trust Co., Ltd. (“Huaneng Guicheng”), which bears interest at 17.64%. The loan is guaranteed by Yumin Lin.
The maturity date is on January 21, 2016.
In
February 2024, the Company obtained two bank loans, both in the principal amount of RMB270,000 (approximately $38,000 when borrowed)
from WeBank, which bears interest at 7.92%. The loans are both guaranteed by Jianglong Xiong. The maturity dates are both on February
22, 2026.
The
balance of the loans borrowed as of March 31, 2024 and December 31, 2023 were as follows:
SCHEDULE OF BALANCE OF LOAN BORROWED UNDER CREDIT LINES
| |
March 31, 2024 | | |
December 31, 2023 | |
Loans from a trust in PRC | |
$ | 60,143 | | |
$ | 20,343 | |
China Construction Bank | |
| 402,617 | | |
| 475,121 | |
Guangdong Nanyue Bank | |
| 13,573 | | |
| 24,164 | |
WeBank | |
| 179,060 | | |
| 129,396 | |
Bank of Ningbo | |
| 16,805 | | |
| 21,041 | |
Aggregate outstanding principal balances | |
| 672,198 | | |
| 670,065 | |
Less: current portion | |
| 424,604 | | |
| 458,023 | |
Non-current portion | |
$ | 247,594 | | |
$ | 212,042 | |
The
total interest expense was $10,844 and $9,292 for the three months ended March 31, 2024 and 2023, respectively.
Future
minimum loan payments as of March 31, 2024 are as follows:
SCHEDULE OF FUTURE MINIMUM LOAN PAYMENTS
Year ending December 31, | |
| | |
2024 (remaining) | |
$ | 393,386 | |
2025 | |
| 113,770 | |
2026 | |
| 158,152 | |
2027 | |
| 4,980 | |
Thereafter | |
| 1,910 | |
Total | |
$ | 672,198 | |
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The
information contained in this Form 10-Q is intended to update the information contained in our Annual Report on Form 10-K for the year
ended December 31, 2023 filed with the Securities and Exchange Commission on April 15, 2024 (the “Form 10-K”) and presumes
that readers have access to, and will have read, the “Management’s Discussion and Analysis of Financial Condition and Results
of Operations” and other information contained in such Form 10-K. The following discussion and analysis also should be read together
with our financial statements and the notes to the financial statements included elsewhere in this Form 10-Q.
The
following discussion contains certain statements that may be deemed “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements appear in a number of places in this Report, including, without limitation,
“Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These statements are not guaranteed
of future performance and involve risks, uncertainties and requirements that are difficult to predict or are beyond our control. Forward-looking
statements speak only as of the date of this quarterly report. You should not put undue reliance on any forward-looking statements. We
strongly encourage investors to carefully read the factors described in our Form 10-K in the section entitled “Risk Factors”
for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements.
We assume no responsibility to update the forward-looking statements contained in this quarterly report on Form 10-Q. The following should
also be read in conjunction with the unaudited Financial Statements and notes thereto that appear elsewhere in this report.
Overview
Fortune
Valley Treasures, Inc. (the “Company,” “we,” “our” or “us”) was incorporated in the State
of Nevada on March 21, 2014. We were initially incorporated to offer users with up-to-date information on digital currencies. We engage
in the food supply chain operations and management through a service platform. Through various acquisitions of high-quality upstream
and downstream companies in the industry, the Company creates a complete industrial chain to reduce costs and enhance competitiveness.
The company mainly focuses on online and offline sales targeting regional wholesalers, retailers, supermarkets and major food and beverage
(“F&B”) chains.
During
the three months ended March 31, 2024 and 2023, the Company conducted its business in one revenue stream: product sales – liquor,
water, water purifier and other F&B products.
Results
of Operations
Three
months ended March 31, 2024 and 2023
| |
Three months ended March 31, | | |
| |
| |
2024 | | |
2023 | | |
Change | |
Net revenues | |
$ | 267,822 | | |
$ | 1,635,289 | | |
$ | (1,367,467 | ) |
Cost of revenues | |
| (212,889 | ) | |
| (677,367 | ) | |
| (464,478 | ) |
Gross profit | |
| 54,933 | | |
| 957,922 | | |
| (902,989 | ) |
Operating expense | |
| (1,047,874 | ) | |
| (964,637 | ) | |
| 83,237 | |
Other income | |
| 2,994 | | |
| 1,774 | | |
| 1,220 | |
Interest income | |
| 30 | | |
| 31 | | |
| (1 | ) |
Interest expense | |
| (10,844 | ) | |
| (9,292 | ) | |
| (1,552 | ) |
Income taxes expense | |
| (319 | ) | |
| (74,974 | ) | |
| 74,655 | |
Net loss | |
| (1,001,080 | ) | |
| (89,176 | ) | |
| (910,904 | ) |
Net loss attributable to noncontrolling interests | |
| (1,549 | ) | |
| (357 | ) | |
| (1,192 | ) |
Net loss attributable to Fortune Valley Treasures, Inc. | |
$ | (999,531 | ) | |
$ | (88,819 | ) | |
$ | (910,712 | ) |
Net
Revenues
Net
revenues were $267,822 for the three months ended March 31, 2024, reflecting a decrease of $1,367,467, or 84%, from $1,635,289 for the
three months ended March 31, 2023. The decrease in net revenues was mainly due to the lower product sales volume than the same period
of the prior year and to a lesser extent, the lower unit sales prices of wine products. The decrease in product sales was resulted from
a decline in market demand resulting from the sluggish economic environment and slow recovery in China’s economy as compared to
the same period of the prior year. And in order to attract new customers, the Company has lowered the unit sales prices of wine products
beginning in April 2023.
Cost
of Revenues
Cost
of revenues was $212,889 for the three months ended March 31, 2024, reflecting a decrease of $464,478, or 69%, from $677,367 for the
three months ended March 31, 2023. The decrease in cost of revenues was mainly due to the lower product sales volume in line with our
net revenues decrease and to a lesser extent, the lower unit sales prices of wine products, which led to a lesser decrease in cost of
revenues comparing to net revenues.
Gross
Profit
Gross
profit was $54,933 and $957,922 for the three months ended March 31, 2024 and 2023, respectively, reflecting a decrease of $902,989,
or 94%. The decrease in gross profit was mainly due to the decrease in the net revenues.
Operating
Expenses
Operating
expenses were $1,047,874 for the three months ended March 31, 2024, reflecting an increase of $83,237, or 9%, from $964,637 for the three
months ended March 31, 2023. The increase in operating expenses was mainly due to the allowance of credit loss for accounts receivable.
Net
Loss
For
the three months ended March 31, 2024, our net loss was $1,001,080, compared to the net loss of $89,176 for the three months ended March
31, 2023. The increase in net loss was a result of the factors described above.
Net
Loss Attributable to Noncontrolling Interests
The
Company records net loss attributable to noncontrolling interests in the unaudited condensed consolidated statements of operations for
any noncontrolling interests of consolidated subsidiaries.
For
the three months ended March 31, 2024 and 2023, the Company recorded the net loss attributable to noncontrolling interests of $1,549
and $357, respectively.
Liquidity
and Capital Resources
Working
Capital
| |
March 31, 2024 | | |
December 31, 2023 | | |
Change | |
Total current assets | |
$ | 4,098,040 | | |
$ | 5,083,189 | | |
$ | (985,149 | ) |
Total current liabilities | |
| 3,820,836 | | |
| 3,851,925 | | |
| (31,089 | ) |
Working capital | |
$ | 277,204 | | |
$ | 1,231,264 | | |
$ | (954,060 | ) |
As
of March 31, 2024, we had working capital of $277,204, as compared to working capital of $1,231,264 as of December 31, 2023. We had total
current assets of $4,098,040, consisting of cash and cash equivalents of $16,785, inventories of $25,146, prepayments and other current
assets of $1,527,126, accounts receivable of $2,528,983 compared to total current assets of $5,083,189 as of December 31, 2023. The decrease
in total current assets was mainly due to the decrease in accounts receivable, prepayments and other current assets, and cash and cash
equivalents. We had current liabilities of $3,820,836, consisting of operating lease obligations - current of $99,017, accounts payable
of $495,227, accrued liabilities of $671,722, bank and other borrowing - current of $424,604, customer advances of $1,350,606 and due
to related parties of $779,660. The decrease in total current liabilities was mainly due to the decrease in the accounts payable and
customer advances.
Our
cash and cash equivalents balance decreased to $16,785 as of March 31, 2024, from $288,255 as of December 31, 2023. We estimate the Company
currently has insufficient working capital to support its daily operations for the next twelve months, without raising additional capital.
The Company is continuing to look for different financing opportunities in order to increase working capital and improve liquidity, including bank borrowings and additional fundings from major shareholders.
We intend to commence new promotion plans to increase product sales and expand customer base and make additional efforts in accounts receivable
collections. If we are unable to generate sufficient profits from operations or obtain additional equity or debt financing as required,
there could be substantial uncertainty regarding our ability to continue as a going concern.
No
assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory
to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on its operations, in
the case of debt financing, or cause substantial dilution for its shareholders, in the case of equity financing.
Cash
Flows
| |
Three months ended March 31, | | |
| |
| |
2024 | | |
2023 | | |
Change | |
Cash Flows used in Operating Activities | |
$ | (290,166 | ) | |
$ | (174,905 | ) | |
$ | (115,261 | ) |
Cash Flows used in Investing Activities | |
| - | | |
| (702 | ) | |
| 702 | |
Cash Flows provided by Financing Activities | |
| 19,341 | | |
| 31,017 | | |
| (11,676 | ) |
Effect of exchange rate changes | |
| (645 | ) | |
| (909 | ) | |
| 264 | |
Net Changes in Cash and Cash Equivalents | |
$ | (271,470 | ) | |
$ | (145,499 | ) | |
$ | (125,971 | ) |
Cash
Flow from Operating Activities
Net
cash used in operating activities for the three months ended March 31, 2024 was $290,166, as compared to the amount of $174,905 provided
by operating activities for the three months ended March 31, 2023, reflecting an increase of $115,261 in cash outflows. Such increase
was mainly resulted from the allowance of credit loss for accounts receivables.
Cash
Flow from Investing Activities
Net
cash used in investing activities was $nil for the three months ended March 31, 2024, compared to net cash used in investing activities
of $702 for the three months ended March 31, 2023. Such decrease was mainly resulted from no purchase of property and equipment in 2024.
Cash
Flow from Financing Activities
Net
cash provided by financing activities was $19,341 for the three months ended March 31, 2024, compared to net cash provided by financing
activities of $31,017 for the three months ended March 31, 2023. Such decrease was mainly resulted from the higher repayment to bank
loan during the periods ended March 31, 2024 than 2023.
Critical
Accounting Policies and Estimates
The
discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been
prepared in accordance with the accounting principles generally accepted in the United States. The preparation of financial statements
requires management to make estimates and assumptions that affect the amounts reported and disclosed in our financial statements and
the accompanying notes. Actual results could differ materially from these estimates under different assumptions or conditions. We identified
no critical accounting estimates in the current period.
As
described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, we consider our critical accounting policies
to be those related to revenue recognition, allowance of doubtful accounts and impairment of intangible assets and goodwill. There have
been no material changes to our critical accounting policies as disclosed in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2023.
Off-Balance
Sheet Arrangements
We
do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources
that is material to investors.
Related
Party Transactions
As
of March 31, 2024 and December 31, 2023, the Company had accounts receivable from related parties in the amounts of $42,956 and $61,113,
prepayments to related parties in the amounts of $873,085 and $941,978, deposits to related parties in the amounts of $527,304 and $536,450, and
accounts payable to related parties in amounts of $194,550 and $162,310, respectively.
As
of March 31, 2024 and December 31, 2023, the Company had outstanding payables due to its related parties in the amounts of $779,660 and
$680,226, respectively, which mainly consisted of borrowings for working capital purpose. The balances were unsecured, non-interest bearing
and due on demand.
During
the three months ended March 31, 2024 and 2023, the Company sold products to its related parties in the amounts of $3,844 and $26,750, respectively,
purchased goods from its related parties in the amounts of $87,586 and $240,220, and incurred the costs of revenues from related parties
in the amounts of $87,912 and $228,982, respectively.
During
the three months ended March 31, 2024 and 2023, the rental expenses to related parties were $5,047 and $4,806, respectively.
Our
related parties are primarily those who are significantly influenced by the Company based on our common business relationships. Refer
to Note 7 to the unaudited condensed consolidated financial statements for additional details regarding the related party transactions.
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
As
a “smaller reporting company” as defined by Rule 12b-2 of the Securities Exchange Act of 1934, the Company is not required
to provide the information under this item.
Item
4. Controls and Procedures.
Evaluation
of Disclosure Controls and Procedures
We
conducted an evaluation under the supervision and with the participation of our management, including our Chief Executive Officer and
Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. The term “disclosure
controls and procedures”, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended
(“Exchange Act”), means controls and other procedures of a company that are designed to ensure that information required
to be disclosed by the company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported,
within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures
also include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in
the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including
its principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions
regarding required disclosure. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded as of March
31, 2024, that our disclosure controls and procedures were not effective.
The
matters involving internal controls and procedures that our management considered to be material weakness under the standards of the
Public Company Accounting Oversight Board was lack of well-established procedures to identify, approve and review related party transactions.
Management’s
Report on Internal Control over Financial Reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over
financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the
supervision of, the Company’s principal executive and principal financial officers and effected by the board of directors (the
“Board”), management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the
United States (“GAAP”) and includes those policies and procedures that:
|
● |
Apply
to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets
of the company; |
|
|
|
|
● |
Provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
GAAP and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors
of the company; and |
|
|
|
|
● |
Provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s
assets that could have a material effect on the financial statements. |
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed,
have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect
to financial statement preparation and presentation. Because of the inherent limitations of internal control, there is a risk that material
misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent
limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to
reduce, though not eliminate, this risk.
We
carried out an assessment, under the supervision and with the participation of our management, including our Chief Executive Officer
and Chief Financial Officer, of the effectiveness of our internal controls over financial reporting, as defined in Rules 13a-15(e) and
15d-15(e) of the Exchange Act, as of March 31, 2024. Management based the assessment on criteria for effective internal control over
financial reporting described in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (2013 framework). Management’s assessment included an evaluation of the design of our internal control over financial
reporting and testing of the operational effectiveness of its internal control over financial reporting. Based on this assessment, management
has concluded that as of March 31, 2024, our internal control over financial reporting was not effective to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
U.S. generally accepted accounting principles. In an effort to remediate the identified material weaknesses and other deficiencies and
enhance our internal controls, we have initiated, or plan to initiate, the following series of measures:
|
● |
We
have increased our personnel resources and technical accounting expertise within the accounting function and intend to hire one or
more additional personnel for the function due to turnover. |
|
|
|
|
● |
We
plan to test our updated controls and remediate our deficiencies at the end of 2024. |
Changes
in Internal Control over Financial Reporting
There
have been no changes in our internal controls over financial reporting that occurred during the period covered by this Report, which
has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.
PART
II — OTHER INFORMATION
Item
1. Legal Proceedings.
We
know of no material, active or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceedings or
pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any beneficial shareholder are
an adverse party or has a material interest adverse to us.
Item
1A. Risk Factors.
Not
applicable to a smaller reporting company
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
None.
Item
3. Defaults Upon Senior Securities.
None.
Item
4. Mine Safety Disclosures.
Not
applicable.
Item
5. Other Information.
None.
Item
6. Exhibits
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed
on its behalf by the undersigned, thereunto duly authorized.
|
Fortune
Valley Treasures, Inc. |
|
|
|
Date:
May 20, 2024 |
By: |
/s/
Yumin Lin |
|
|
Yumin
Lin |
|
|
President
and Chief Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
Date:
May 20, 2024 |
By: |
/s/
Kaihong Lin |
|
|
Kaihong
Lin |
|
|
Chief
Financial Officer and Treasurer |
|
|
(Principal
Financial and Accounting Officer) |
EXHIBIT
31.1
CERTIFICATION
I,
Yumin Lin, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of Fortune Valley Treasures, Inc. (the “Company”) for the quarter ended
March 31, 2024;
2.
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed
such internal control over financial reporting or caused such internal control to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. |
|
|
|
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; |
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
May 20, 2024 |
|
|
|
By: |
/s/
Yumin Lin |
|
Name: |
Yumin
Lin |
|
Title: |
Chief
Executive Officer and President
(Principal Executive Officer) |
EXHIBIT
31.2
CERTIFICATION
I,
Kaihong Lin, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of Fortune Valley Treasures, Inc. (the “Company”) for the quarter ended
March 31, 2024;
2.
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed
such internal control over financial reporting or caused such internal control to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. |
|
|
|
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; |
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting |
Date:
May 20, 2024 |
|
|
|
By: |
/s/
Kaihong Lin |
|
Name: |
Kaihong
Lin |
|
Title: |
Chief
Financial Officer and Treasurer
(Principal
Financial and Accounting Officer) |
EXHIBIT
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Fortune Valley Treasures, Inc. (the “Company”) on Form 10-Q for the period ended
March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I hereby certify,
pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge
and belief:
(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
May 20, 2024 |
|
|
|
By: |
/s/
Yumin Lin |
|
Name: |
Yumin
Lin |
|
Title: |
Chief
Executive Officer and President
(Principal
Executive Officer) |
EXHIBIT
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Fortune Valley Treasures, Inc. (the “Company”) on Form 10-Q for the period ended
March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I hereby certify,
pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge
and belief:
(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of
the Company.
Date:
May 20, 2024 |
|
|
|
By: |
/s/
Kaihong Lin |
|
Name: |
Kaihong
Lin |
|
Title: |
Chief
Financial Officer and Treasurer |
|
|
(Principal
Financial and Accounting Officer) |
v3.24.1.1.u2
Cover - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
May 17, 2024 |
Cover [Abstract] |
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10-Q
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|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-55555
|
|
Entity Registrant Name |
Fortune
Valley Treasures, Inc.
|
|
Entity Central Index Key |
0001626745
|
|
Entity Tax Identification Number |
32-0439333
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
16th
Floor, Building 2, A+Building
|
|
Entity Address, Address Line Two |
No.
139 Liansheng Road, Humen Town
|
|
Entity Address, Address Line Three |
Dongguan
City
|
|
Entity Address, City or Town |
Guangdong Province
|
|
Entity Address, Country |
CN
|
|
Entity Address, Postal Zip Code |
523000
|
|
City Area Code |
(86)
|
|
Local Phone Number |
769-85729133
|
|
Title of 12(g) Security |
Common stock, par value $0.001 per share
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Current assets |
|
|
Cash and cash equivalents |
$ 16,785
|
$ 288,255
|
Accounts receivable, net (including $42,956 and $61,113 from related parties as of March 31, 2024 and December 31, 2023, respectively) |
2,528,983
|
3,118,892
|
Inventories |
25,146
|
32,587
|
Prepayments and other current assets, net (including $873,085 and $941,978 to related parties as of March 31, 2024 and December 31, 2023, respectively) |
1,527,126
|
1,643,455
|
Total current assets |
4,098,040
|
5,083,189
|
Non-current assets |
|
|
Deposits paid, net (including $527,304 and $536,450 to related parties as of March 31, 2024 and December 31, 2023, respectively) |
603,716
|
618,456
|
Property and equipment, net |
74,124
|
83,706
|
Intangible assets, net |
97,776
|
151,639
|
Total Assets |
5,148,599
|
6,249,169
|
Current liabilities |
|
|
Accounts payable (including $194,550 and $162,310 to related parties as of March 31, 2024 and December 31, 2023, respectively) |
495,227
|
583,887
|
Accrued liabilities |
671,722
|
627,457
|
Bank and other borrowings - current |
424,604
|
458,023
|
Income tax payable |
|
1,453
|
Customer advances |
1,350,606
|
1,364,260
|
Total current liabilities |
3,820,836
|
3,851,925
|
Non-current liabilities |
|
|
Bank and other borrowings |
247,594
|
212,042
|
Total Liabilities |
4,228,172
|
4,258,331
|
Stockholders’ Equity |
|
|
Common stock, 150,000,000 shares authorized, 15,655,038 shares issued and outstanding as of March 31, 2024 and December 31, 2023 |
15,655
|
15,655
|
Additional paid-in capital |
11,061,233
|
11,061,233
|
Accumulated deficit and statutory reserves |
(9,550,550)
|
(8,551,019)
|
Accumulated other comprehensive loss |
(475,414)
|
(406,190)
|
Total Fortune Valley Treasures, Inc. stockholders’ equity |
1,050,924
|
2,119,679
|
Noncontrolling interests |
(130,497)
|
(128,841)
|
Total Stockholders’ Equity |
920,427
|
1,990,838
|
Total Liabilities and Stockholders’ Equity |
5,148,599
|
6,249,169
|
Nonrelated Party [Member] |
|
|
Non-current assets |
|
|
Operating lease right-of-use assets |
215,959
|
248,626
|
Current liabilities |
|
|
Operating lease obligations |
82,185
|
119,633
|
Non-current liabilities |
|
|
Operating lease obligations |
123,821
|
153,487
|
Related Party [Member] |
|
|
Non-current assets |
|
|
Operating lease right-of-use assets |
58,984
|
63,553
|
Current liabilities |
|
|
Operating lease obligations |
16,832
|
16,986
|
Due to related parties |
779,660
|
680,226
|
Non-current liabilities |
|
|
Operating lease obligations |
$ 35,921
|
$ 40,877
|
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v3.24.1.1.u2
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|
Mar. 31, 2024 |
Dec. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Deposit paid, related parties |
$ 527,304
|
$ 536,450
|
Common stock, shares authorized |
150,000,000
|
150,000,000
|
Common stock, shares issued |
15,655,038
|
15,655,038
|
Common stock, shares outstanding |
15,655,038
|
15,655,038
|
Related Party [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Accounts receivable |
$ 42,956
|
$ 61,113
|
Prepayments and other current assets, net |
873,085
|
941,978
|
Accounts payable |
$ 194,550
|
$ 162,310
|
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v3.24.1.1.u2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
Net revenues (including $3,844 and $26,750 from related parties for the three months ended March 31, 2024 and 2023, respectively) |
$ 267,822
|
$ 1,635,289
|
Cost of revenues (including $87,912 and $228,982 from related parties for the three months ended March 31, 2024 and 2023, respectively) |
212,889
|
677,367
|
Gross profit |
54,933
|
957,922
|
Operating expenses: |
|
|
Selling and distribution expenses |
12,597
|
13,242
|
General and administrative expenses |
1,035,277
|
951,395
|
Operating loss |
(992,941)
|
(6,715)
|
Other income (expense): |
|
|
Other income |
2,994
|
1,774
|
Interest income |
30
|
31
|
Interest expense |
(10,844)
|
(9,292)
|
Other expense, net |
(7,820)
|
(7,487)
|
Loss before income tax |
(1,000,761)
|
(14,202)
|
Income tax expense |
319
|
74,974
|
Net loss |
(1,001,080)
|
(89,176)
|
Less: Net loss attributable to noncontrolling interests |
(1,549)
|
(357)
|
Net loss attributable to Fortune Valley Treasures, Inc. |
(999,531)
|
(88,819)
|
Other comprehensive income (loss): |
|
|
Foreign currency translation gain (loss) |
(69,331)
|
45,472
|
Total comprehensive loss |
(1,070,411)
|
(43,704)
|
Less: Comprehensive loss attributable to noncontrolling interests |
(1,656)
|
(175)
|
Comprehensive loss attributable to Fortune Valley Treasures, Inc. |
$ (1,068,755)
|
$ (43,529)
|
Earnings (loss) per share |
|
|
Basic earnings (loss) per share |
$ (0.06)
|
$ (0.01)
|
Diluted earnings (loss) per share |
$ (0.06)
|
$ (0.01)
|
Basic weighted average shares outstanding |
15,655,038
|
15,655,038
|
Diluted weighted average shares outstanding |
15,655,038
|
15,655,038
|
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Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Noncontrolling Interest [Member] |
Total |
Balance at Dec. 31, 2022 |
$ 15,655
|
$ 11,061,233
|
$ (180,826)
|
$ (4,504,404)
|
$ 108,251
|
$ 6,499,909
|
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15,655,038
|
|
|
|
|
|
Net income (loss) |
|
|
|
(88,819)
|
(357)
|
(89,176)
|
Foreign currency translation adjustment |
|
|
45,290
|
|
182
|
45,472
|
Balance at Mar. 31, 2023 |
$ 15,655
|
11,061,233
|
(135,536)
|
(4,593,223)
|
108,076
|
6,456,205
|
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15,655,038
|
|
|
|
|
|
Balance at Dec. 31, 2023 |
$ 15,655
|
11,061,233
|
(406,190)
|
(8,551,019)
|
(128,841)
|
1,990,838
|
Balance, shares at Dec. 31, 2023 |
15,655,038
|
|
|
|
|
|
Net income (loss) |
|
|
|
(999,531)
|
(1,549)
|
(1,001,080)
|
Foreign currency translation adjustment |
|
|
(69,224)
|
|
(107)
|
(69,331)
|
Balance at Mar. 31, 2024 |
$ 15,655
|
$ 11,061,233
|
$ (475,414)
|
$ (9,550,550)
|
$ (130,497)
|
$ 920,427
|
Balance, shares at Mar. 31, 2024 |
15,655,038
|
|
|
|
|
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v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cash flows from operating activities |
|
|
Net loss |
$ (1,001,080)
|
$ (89,176)
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
Depreciation and amortization expense |
58,560
|
64,294
|
Non-cash lease expense |
32,120
|
34,833
|
Allowance for credit losses |
645,054
|
276,769
|
Loss on disposal of intangible asset |
|
1,526
|
Changes in operating assets and liabilities |
|
|
Accounts receivable, net |
(104,830)
|
(546,350)
|
Inventories |
6,930
|
64,778
|
Prepayments and other current assets, net |
88,878
|
(53,733)
|
Deposits paid, net |
4,220
|
(11,881)
|
Accounts payable |
(79,216)
|
23,682
|
Due to related parties |
65,293
|
12,199
|
Customer advances |
9,675
|
517
|
Accrued liabilities |
52,682
|
95,903
|
Income tax payable |
(1,438)
|
(6,716)
|
Operating lease obligations |
(67,014)
|
(41,550)
|
Net cash used in operating activities |
(290,166)
|
(174,905)
|
Cash flows from investing activities |
|
|
Acquisition of intangible asset |
|
(702)
|
Net cash provided by (used in) investing activities |
|
(702)
|
Cash flows from financing activities |
|
|
Borrowings from and repayments to revolving credit lines, net |
|
67,963
|
Borrowings from bank loans |
75,278
|
|
Repayments of bank loans |
(96,347)
|
(27,062)
|
Borrowings from and repayments to third party, net |
40,410
|
(9,884)
|
Net cash provided by financing activities |
19,341
|
31,017
|
Effect of exchange rate changes on cash and cash equivalents |
(645)
|
(909)
|
Net changes in cash and cash equivalents |
(271,470)
|
(145,499)
|
Cash and cash equivalents–beginning of the period |
288,255
|
165,685
|
Cash and cash equivalents–end of the period |
16,785
|
20,186
|
Supplementary cash flow information: |
|
|
Interest paid |
10,884
|
9,292
|
Income taxes paid |
2,234
|
121,883
|
Non-cash investing and financing activities |
|
|
Operating lease right-of-use assets obtained in exchange for operating lease obligations |
|
$ 25,185
|
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v3.24.1.1.u2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Fortune
Valley Treasures, Inc. (formerly Crypto-Services, Inc.) (“FVTI” or the “Company”) was incorporated in the State
of Nevada on March 21, 2014. The Company’s current primary business operations of wholesale distribution and retail sales of alcoholic
beverages of wine and distilled liquors, and drinking water distribution and delivery are conducted through its subsidiaries in the People’s
Republic of China (“PRC”).
On
April 11, 2018, the Company entered into a share exchange agreement by and among DaXingHuaShang Investment Group Limited (“DIGLS”)
and its shareholders: 1.) Yumin Lin, 2.) Gaosheng Group Co., Ltd. and 3.) China Kaipeng Group Co., Ltd. whereby the Company newly issued
15,000,000 shares of its common stock in exchange for all the outstanding shares in DIGLS. This transaction has been accounted for as
a reverse takeover transaction and a recapitalization of the Company whereby the Company, the legal acquirer, is the accounting acquiree,
and DIGLS, the legal acquiree, is the accounting acquirer; accordingly, the Company’s historical statement of stockholders’
equity has been retroactively restated to the first period presented.
On
March 1, 2019, the Company entered into a sale and purchase agreement (the “SP Agreement”) to acquire 100% of the shares
of Jiujiu Group Stock Co., Ltd. (“JJGS”), a company incorporated under the laws of the Republic of Seychelles. The transaction
closed on March 1, 2019. Pursuant to the SP Agreement, the Company issued 5 shares of its common stock to JJGS to acquire 100% of the
shares of JJGS for a cost of $150. After the closing, JJGS became the Company’s wholly owned subsidiary. JJGS owns all of the equity
interest of Jiujiu (HK) Industry Limited (“JJHK”) and Jiujiu (Shenzhen) Industry Co., Ltd. (“JJSZ”). JJGS, JJHK
and JJSZ did not have any material assets or liabilities as of December 31, 2019, and they did not have any substantial operations or
active business during the year ended December 31, 2019.
On
June 22, 2020, the Company entered into a sale and purchase agreement along with Qianhai DaXingHuaShang Investment (Shenzhen) Co., Ltd.,
a company incorporated in China and a wholly-owned subsidiary of FVTI (“QHDX”), to acquire 90% of the shares of Dongguan
Xixingdao Technology Co., Ltd. (“Xixingdao”), a company incorporated in the PRC, from certain shareholders of Xixingdao in
exchange for 243,134 shares of the Company’s common stock. The Company obtained the control of Xixingdao on August 31, 2020, the
shares were issued on December 28, 2020. Xixingdao became the Company’s subsidiary since August 31, 2020.
Basis
of presentation
The
accompanying unaudited condensed consolidated financial statements as of March 31, 2024 and for the three months ended March 31, 2024
and 2023, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”)
that permit reduced disclosure for interim periods. Certain information and footnote disclosures normally included in financial statements
prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been
condensed or omitted. In the opinion of management, all adjustments consisting of normal recurring entries considered necessary for a
fair presentation have been included. The results of operations for these periods are not necessarily comparable to, or indicative of,
results of any other interim period or for the fiscal year taken as a whole. The condensed consolidated balance sheet information as
of December 31, 2023 was derived from the Company’s audited consolidated financial statements included in the Company’s Annual
Report on Form 10-K, for the year ended December 31, 2023, filed with the SEC on April 15, 2024 (the “report”). These unaudited
condensed consolidated financial statements should be read in conjunction with the report.
Basis
of consolidation
The
unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts
and transactions have been eliminated. The results of subsidiaries acquired during the respective periods are included in the consolidated
statements of operations from the effective date of acquisition or up to the effective date of disposal, as appropriate. The portion
of the income or loss applicable to noncontrolling interests in subsidiaries is reflected in the unaudited condensed consolidated statements
of operations.
As
of March 31, 2024, details of the Company’s major subsidiaries were as follows:
SCHEDULE OF ENTITIES AND ITS SUBSIDIARIES
Entity
Name |
|
Date
of
Incorporation |
|
Parent
Entity |
|
% Owned by FVTI |
|
|
Nature of
Operation |
|
Place
of
Incorporation |
DIGLS |
|
July
4, 2016 |
|
FVTI |
|
|
100 |
% |
|
Investment
holding |
|
Republic
of Seychelles |
DILHK |
|
June
22, 2016 |
|
DIGLS |
|
|
100 |
% |
|
Investment
holding |
|
Hong
Kong, PRC |
QHDX |
|
November
3, 2016 |
|
DILHK |
|
|
100 |
% |
|
Investment
holding |
|
PRC |
FVTL |
|
May
31, 2011 |
|
QHDX |
|
|
100 |
% |
|
Trading
of food and platform |
|
PRC |
JJGS |
|
August
17, 2017 |
|
FVTI
|
|
|
100 |
% |
|
Investment
holding |
|
Republic
of Seychelles |
JJHK |
|
August
24, 2017 |
|
JJGS |
|
|
100 |
% |
|
Investment
holding |
|
Hong
Kong, PRC |
JJSZ |
|
November
16, 2018 |
|
JJHK |
|
|
100 |
% |
|
Trading
of food |
|
PRC |
Xixingdao |
|
August
28, 2019 |
|
QHDX
|
|
|
100 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu La Tu Trade Ltd (“FLTT”) |
|
September
27, 2020 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Fu Xin Gu Trade Ltd (“FXGT”) |
|
December
2, 2020 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Fu Xin Technology Ltd (“FXTL”) |
|
November
12, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Guan Healthy Industry Technology Ltd (“FGHL”) |
|
December
21, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Jing Technology Ltd (“FJTL”) |
|
November
17, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Xiang Technology Ltd (“FGTL”) |
|
November
16, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Ji Food & Beverage Ltd (“FJFL”) |
|
November
9, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Lai Food Ltd (“FLFL”) |
|
September
27, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Yi Beverage Ltd (“FYBL”) |
|
November
12, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Xi Drinking Water Company Ltd (“FXWL”) |
|
March
17, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of alcoholic beverages and water purifier |
|
PRC
|
Dongguan
City Fu Jia Drinking Water Company Ltd (“FJWL”) |
|
March
29, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of water purifier |
|
PRC
|
Dongguan
City Fu Sheng Drinking Water Company Ltd (“FSWL”) |
|
March
29, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of water purifier |
|
PRC
|
Shenzhen
Fu Jin Trading Technology Company Ltd (“FJSTL”) |
|
June
7, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of water purifier |
|
PRC
|
Dongguan
City Fu Li Trading Ltd (“FLTL”) |
|
September
10, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of water purifier |
|
PRC |
Guangdong Fu Gu Supply Chain Group Ltd (“FGGC”) |
|
September
13, 2021 |
|
QHDX |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Fu Zhi Gu Trading Ltd (“FZGTL”) |
|
September
9, 2022 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Chang Fu Trading Ltd (“CFTL”) |
|
September
9, 2022 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City La Tong Trading Ltd (“LTTL”) |
|
August
8, 2022 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Kai Fu Trading Ltd (“KFTL”) |
|
September
8, 2022 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Going
concern
The
accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going
concern, which contemplates the realization of assets and fulfillment of obligations in the normal course of business. The realization
of assets and fulfillment of obligations in the normal course of business is dependent on, among other things, the Company’s ability
to generate sufficient cash flows from operations, and the Company’s ability to arrange adequate financing arrangements. As of
March 31, 2024, the Company had a working capital of $277,204, including cash and cash equivalents of $16,785, and accumulated deficit
and statutory reserves of $9,550,550. For the three months ended March 31, 2024, the Company incurred net loss of $1,001,080 and had net
cash outflows of $290,166 from operating activities.
The Company requires additional capital within the
next six months to fund the continued operations of the Company. In order to support the Company’s operations, the Company plans
to take actions to increase revenues and cash inflows by promoting product sales, expanding customer base and making additional efforts
in accounts receivable collections, in addition to seeking bank borrowings and fundings from shareholders. If the Company is unable to
obtain additional equity or debt financing as required, the business operations and prospects of the Company may suffer.
Use
of estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions relating to the
reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements, and the reported
amounts of revenues and expenses during the reporting period. Significant accounting estimates include certain assumptions related to
going concern, allowance of credit losses, allowance of deferred tax asset and uncertain tax position, implicit interest rate of operating
leases, useful lives and impairment of long-lived assets, and impairment of goodwill. Actual results may differ from these estimates.
Foreign
currency translation and re-measurement
The
Company translates its foreign operations to the U.S. dollar in accordance with ASC 830, “Foreign Currency Matters”.
The
reporting currency for the Company and its subsidiaries is the U.S. dollar. The Company, DIGLS, DILHK, JJGS and JJHK’s functional
currency is the U.S. dollar; QHDX, JJSZ and their subsidiaries which are incorporated in PRC use the Chinese Renminbi (“RMB”)
as their functional currency.
The
Company’s subsidiaries, whose records are not maintained in that company’s functional currency, re-measure their records
into their functional currency as follows:
|
● |
Monetary
assets and liabilities at exchange rates in effect at the end of each period |
|
● |
Nonmonetary
assets and liabilities at historical rates |
|
● |
Revenue
and expense items at the average rate of exchange prevailing during the period |
Gains
and losses from these re-measurements were not significant and have been included in the Company’s results of operations.
The
Company’s subsidiaries, whose functional currency is not the U.S. dollar, translate their records into the U.S. dollar as follows:
|
● |
Assets
and liabilities at the rate of exchange in effect at the balance sheet date |
|
● |
Equities
at the historical rate |
|
● |
Revenue
and expense items at the average rate of exchange prevailing during the period |
Translation
of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods:
SCHEDULE OF FOREIGN CURRENCY EXCHANGE RATE TRANSLATION
| |
2024 | | |
2023 | |
| |
As of and for the three months ended March 31, | |
| |
2024 | | |
2023 | |
Period-end RMB:US$1 exchange rate | |
| 0.13850 | | |
| 0.14558 | |
Period-average RMB:US$1 exchange rate | |
| 0.13940 | | |
| 0.14616 | |
The
RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions.
No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.
Impairment
of long-lived assets other than goodwill
The
Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of
assets may not be recoverable. Impairment may be the result of becoming obsolete from a change in the industry or new technologies. Impairment
is present if the carrying amount of an asset is less than its undiscounted cash flows to be generated.
If
an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value
of the asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.
The
Company did not recognize any impairment of long-lived assets during the three months ended March 31, 2024 and 2023.
Goodwill
Goodwill
represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. In
accordance with FASB ASC Topic 350, “Intangibles-Goodwill and Others”, goodwill is subject to at least an annual assessment
for impairment or more frequently if events or changes in circumstances indicate that an impairment may exist, applying a fair-value
based test. Fair value is generally determined using a discounted cash flow analysis. The Company would recognize an impairment charge
for the amount by which the carrying amount of a reporting unit exceeds its fair value up to the amount of goodwill allocated to that
reporting unit.
During
the three months ended March 31, 2024 and 2023, the Company did not record any impairment of goodwill.
Revenue
recognition
The
Company follows the guidance of ASC 606, revenue from contracts with customers is recognized using the following five steps:
|
1. |
Identify
the contract(s) with a customer; |
|
2. |
Identify
the performance obligations in the contract; |
|
3. |
Determine
the transaction price; |
|
4. |
Allocate
the transaction price to the performance obligations in the contract; and |
|
5. |
Recognize
revenue when (or as) the entity satisfies a performance obligation. |
Under
Topic 606, revenues are recognized when the promised products have been confirmed of delivery or services have been transferred to the
consumers in amounts that reflect the consideration the customer expects to be entitled to in exchange for those services. The Company
presents value added taxes (“VAT”) as reductions of revenues. The Company recognizes revenues net of value added taxes (“VAT”)
and relevant charges.
We
generate revenue primarily from the sales of liquor, water, water purifier and other products directly to agents, wholesalers and end
users, with majority of sales transactions were conducted offline. We recognize product revenue at a point in time when the control of
the products has been transferred to customers. The transfer of control is considered complete when products have been picked up by or
delivered to our customers. We account for shipping and handling fees as a fulfillment cost.
The
following table provides information about disaggregated revenue based on revenue by product types:
SCHEDULE OF DISAGGREGATION REVENUE
| |
2024 | | |
2023 | |
| |
Three months ended March 31, | |
| |
2024 | | |
2023 | |
Sales of liquor | |
$ | 70,244 | | |
$ | 903,720 | |
Sales of water | |
| 92,379 | | |
| 419,620 | |
Sales of water purifier | |
| 58,888 | | |
| 253,123 | |
Others | |
| 46,311 | | |
| 58,826 | |
Total | |
$ | 267,822 | | |
$ | 1,635,289 | |
Contract
liabilities
Contract
liabilities consist mainly of customer advances. On certain occasions, the Company may receive prepayments from downstream retailers
or wholesales customers for liquors, water and other products prior to them taking possession of the Company’s products. The Company
records these receipts as customer advances until the control of the products has been transferred the customers. As of March 31, 2024
and December 31, 2023, the Company had customer advances of $1,350,606 and $1,364,260, respectively. During the three months ended March
31, 2024, the Company recognized $39,076 of customer advances in the opening balance.
Related
party transaction
Transactions
involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive,
free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related
party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations
can be substantiated.
Recently
adopted accounting pronouncements
In
June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic
326), Measurement of Credit Losses on Financial Instruments. ASU No. 2016-13 was further amended in November 2020 by ASU No. 2020-10,
Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842). As a result, ASC
Topic 326, Financial Instruments – Credit Losses is effective for smaller reporting companies for fiscal years beginning after
December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU No. 2016-13 on January 1, 2023 and the
adoption did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In
October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers. This ASU clarifies that an acquirer of a business should recognize and measure contract assets and contract
liabilities in a business combination in accordance with ASC Topic 606, “Revenue from Contracts with Customers”. This ASU
is expected to improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date
of and after a business combination. The new guidance is effective for fiscal years beginning after December 15, 2022, including interim
periods within those fiscal years. The Company adopted ASU No. 2021-08 on January 1, 2023 and the adoption did not have a material impact
on the Company’s unaudited condensed consolidated financial statements.
|
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- DefinitionThe entire disclosure for the business description and accounting policies concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Accounting policies describe all significant accounting policies of the reporting entity.
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v3.24.1.1.u2
ACCOUNTS RECEIVABLE, NET
|
3 Months Ended |
Mar. 31, 2024 |
Credit Loss [Abstract] |
|
ACCOUNTS RECEIVABLE, NET |
NOTE
2 – ACCOUNTS RECEIVABLE, NET
Accounts
receivable consisted of the following as of March 31, 2024 and December 31, 2023:
SCHEDULE OF ACCOUNTS RECEIVABLE
| |
March 31, 2024 | | |
December 31, 2023 | |
Accounts receivable (including $72,923 and $70,710 from related parties as of March 31, 2024
and December 31, 2023, respectively) | |
$ | 4,859,495 | | |
$ | 4,837,852 | |
Less: Doubtful allowance (including $29,967 and $2,602 from related parties as of March 31, 2024 and December 31, 2023, respectively) | |
| (2,330,512 | ) | |
| (1,718,960 | ) |
Accounts receivable, net | |
$ | 2,528,983 | | |
$ | 3,118,892 | |
Allowance
for doubtful accounts movement is as follows:
SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS RECEIVABLE
| |
March 31, 2024 | | |
December 31, 2023 | |
Beginning balance | |
$ | 1,718,960 | | |
$ | - | |
Additions to allowance | |
| 645,054 | | |
| 1,726,142 | |
Foreign currency translation adjustment | |
| (33,502 | ) | |
| (7,182 | ) |
Ending balance | |
$ | 2,330,512 | | |
$ | 1,718,960 | |
|
X |
- DefinitionThe entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable.
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v3.24.1.1.u2
PREPAYMENTS AND OTHER CURRENT ASSETS, NET
|
3 Months Ended |
Mar. 31, 2024 |
Prepayments And Other Current Assets Net |
|
PREPAYMENTS AND OTHER CURRENT ASSETS, NET |
NOTE
3 – PREPAYMENTS AND OTHER CURRENT ASSETS, NET
Prepayments
and other current assets consisted of the following as of March 31, 2024 and December 31, 2023:
SCHEDULE OF PREPAYMENT AND OTHER CURRENT ASSETS
| |
March 31, 2024 | | |
December 31, 2023 | |
Prepayments (including $2,669,677 and $2,769,741 to related parties as of March 31, 2024 and December 31, 2023, respectively) | |
$ | 3,838,888 | | |
$ | 3,995,750 | |
Other current assets | |
| 2,708 | | |
| 2,330 | |
Total prepayments and other current assets | |
| 3,841,596 | | |
| 3,998,080 | |
Less: Allowance for doubtful accounts (including $1,796,952 and $1,827,763 to related parties as of March 31, 2024 and December 31, 2023, respectively) | |
| (2,314,470 | ) | |
| (2,354,625 | ) |
Prepayments and other current assets, net | |
$ | 1,527,126 | | |
$ | 1,643,455 | |
Balance
of prepayments represented the advanced payments to suppliers including related party suppliers.
Allowance
for doubtful accounts movement is as follows:
SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS
| |
March 31, 2024 | | |
December 31, 2023 | |
Beginning balance | |
$ | 2,354,625 | | |
$ | 1,247,580 | |
Additions to allowance | |
| - | | |
| 1,169,058 | |
Foreign currency translation adjustment | |
| (40,155 | ) | |
| (62,013 | ) |
Ending balance | |
$ | 2,314,470 | | |
$ | 2,354,625 | |
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v3.24.1.1.u2
DEPOSITS PAID, NET
|
3 Months Ended |
Mar. 31, 2024 |
Deposits Paid Net |
|
DEPOSITS PAID, NET |
NOTE
4 – DEPOSITS PAID, NET
Deposits
paid consisted of the following as of March 31, 2024 and December 31, 2023:
SCHEDULE OF DEPOSITS PAID
| |
March 31, 2024 | | |
December 31, 2023 | |
Deposits paid (including $1,569,824 and $1,597,060 to related parties as of March 31, 2024 and December 31, 2023, respectively) | |
$ | 2,268,987 | | |
$ | 2,312,622 | |
Less: Allowance for doubtful accounts (including $1,042,522 and $1,060,610 to related parties as of March 31, 2024 and December 31, 2023, respectively) | |
| (1,665,271 | ) | |
| (1,694,166 | ) |
Deposits paid, net | |
$ | 603,716 | | |
$ | 618,456 | |
Allowance
for doubtful accounts movement is as follows:
SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS OF DEPOSITS PAID
| |
March 31, 2024 | | |
December 31, 2023 | |
Beginning balance | |
$ | 1,694,166 | | |
$ | 1,244,350 | |
Additions to allowance | |
| - | | |
| 484,800 | |
Foreign currency translation adjustment | |
| (28,895 | ) | |
| (34,984 | ) |
Ending balance | |
$ | 1,665,271 | | |
$ | 1,694,166 | |
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v3.24.1.1.u2
PROPERTY AND EQUIPMENT, NET
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT, NET |
NOTE
5 – PROPERTY AND EQUIPMENT, NET
Property
and equipment consisted of the following as of March 31, 2024 and December 31, 2023:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
March 31, 2024 | | |
December 31, 2023 | |
Office equipment (including $9,009 and $nil to the disposal of office equipment as of March 31, 2024 and December 31, 2023, respectively) | |
$ | 95,402 | | |
$ | 106,225 | |
Leasehold improvement | |
| 112,543 | | |
| 114,495 | |
Vehicle | |
| 31,841 | | |
| 32,393 | |
Property and equipment | |
| 239,786 | | |
| 253,113 | |
Less: Accumulated depreciation (including $9,009 and $nil to the written back disposal of office equipment as of March 31, 2024 and December 31, 2023, respectively) | |
| (165,662 | ) | |
| (169,407 | ) |
Property and equipment, net | |
$ | 74,124 | | |
$ | 83,706 | |
Depreciation
expense, which was included in general and administrative expenses, for the three months ended March 31, 2024 and 2023 was $8,207 and
$10,183, respectively.
Written
back depreciation expense, which was included in general and administrative expenses, for the three months ended March 31, 2024 and 2023
was $9,069 and $nil, respectively.
No
gain or loss was recorded for the disposal as the property and equipment was fully depreciated with zero residual value upon
disposal and no proceeds were received.
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v3.24.1.1.u2
INTANGIBLE ASSETS, NET
|
3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS, NET |
NOTE
6 – INTANGIBLE ASSETS, NET
Intangible
assets and related accumulated amortization were as follows:
SCHEDULE OF INTANGIBLE ASSETS
| |
March 31, 2024 | | |
December 31, 2023 | |
Distribution channel | |
$ | 2,983,268 | | |
$ | 3,035,029 | |
Others | |
| 24,998 | | |
| 25,601 | |
Total intangible assets | |
| 3,008,266 | | |
| 3,060,630 | |
Less: Accumulated amortization | |
| (1,999,859 | ) | |
| (1,982,560 | ) |
Less: Accumulated impairment | |
| (910,631 | ) | |
| (926,431 | ) |
Intangible assets, net | |
$ | 97,776 | | |
$ | 151,639 | |
Amortization
expense for the three months ended March 31, 2024 and 2023 was $50,353 and $54,111, respectively, included in cost of revenues and general
and administrative expenses.
As
of March 31, 2024, the future estimated amortization costs for intangible assets are as follows:
SCHEDULE
OF FUTURE AMORTIZATION EXPENSES FOR DISTRIBUTION CHANNELS
Year ending December 31, | |
| | |
2024 (remaining) | |
$ | 86,849 | |
2025 | |
| 5,000 | |
2026 | |
| 5,000 | |
2027 | |
| 927 | |
2028 | |
| - | |
Total | |
$ | 97,776 | |
|
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v3.24.1.1.u2
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
7 - RELATED PARTY TRANSACTIONS
Amounts
due to related parties as of March 31, 2024 and December 31, 2023 are as follows:
SCHEDULE
OF AMOUNT DUE FROM AND DUE TO RELATED PARTIES
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Mr. Yumin Lin | |
President, Chief Executive Officer, Secretary, Director and majority shareholder | |
$ | 376,542 | | |
$ | 341,831 | |
Ms. Xiulan Zhou | |
Manager of a subsidiary, Mr. Yumin Lin’s wife | |
| 2,481 | | |
| 2,118 | |
Mr. Huagen Li | |
Manager of a subsidiary | |
| 2,216 | | |
| 2,254 | |
Mr. Guodong Jia | |
Manager of a subsidiary | |
| 9,787 | | |
| 7,479 | |
Mr. Hongwei Ye | |
Manager of a subsidiary, Shareholder | |
| 15 | | |
| 15 | |
Mr. Anping Chen | |
Manager of a subsidiary | |
| 18,426 | | |
| 12,798 | |
Mr. Jiangwei Jia | |
Manager of a subsidiary | |
| 17,495 | | |
| 10,449 | |
Mr. Yuwen Li | |
Vice President | |
| 133,956 | | |
| 122,327 | |
Ms. Lihua Li | |
Manager of a subsidiary | |
| 17,590 | | |
| 14,907 | |
Shenzhen DaXingHuaShang Industrial Group Ltd. (fka Shenzhen DaXingHuaShang Industry Development Ltd.) | |
Mr. Yumin Lin is the supervisor of Shenzhen DaXingHuaShang Industrial Group Ltd. | |
| 83,099 | | |
| 84,541 | |
Ms. Chunxiang Zhang | |
Manager of a subsidiary | |
| 17,108 | | |
| 6,810 | |
Mr. Meng Xue | |
Manager of a subsidiary | |
| 8,064 | | |
| 8,204 | |
Ms. Shuqin Chen | |
Manager of a subsidiary | |
| 19,488 | | |
| 18,171 | |
Mr. Zhipeng Zuo | |
Manager of a subsidiary | |
| 27,253 | | |
| 10,103 | |
Mr. Aisheng Zhang | |
Manager of a subsidiary | |
| 34,652 | | |
| 28,751 | |
Mr. Zhihua Liao | |
Manager of a subsidiary | |
| 11,405 | | |
| 9,468 | |
Ms. Xiuyun Wang | |
Manager of a subsidiary | |
| 83 | | |
| - | |
| |
| |
$ | 779,660 | | |
$ | 680,226 | |
Revenues
generated from related parties during the three months ended March 31, 2024 and 2023 are as follows:
SCHEDULE OF REVENUE GENERATED FROM RELATED PARTIES
| |
| |
2024 | | |
2023 | |
| |
| |
Three months ended March 31, | |
| |
| |
2024 | | |
2023 | |
Mr. Kaihong Lin | |
Chief Financial Officer and Treasurer | |
$ | - | | |
$ | 146 | |
Ms. Xiulan Zhou | |
Manager of a subsidiary, Mr. Yumin Lin’s wife | |
| - | | |
| 14 | |
Guangdong Yuexin Jiaotong Construction Co., Ltd. | |
Mr. Naiyong Luo, a manager of a subsidiary, is the controlling shareholder of Guangdong Yuexin Jiaotong Construction Co., Ltd. | |
| 903 | | |
| 8,383 | |
Dongguan Humen Shuiyan Drinking Water Store | |
Ms. Shuiyan Li, a shareholder of the Company, is the controlling shareholder of Dongguan Humen Shuiyan Drinking Water Store | |
| 2,460 | | |
| 18,207 | |
Dongguan Zhengui Industry Ltd. | |
Significantly influenced by the Company | |
| 903 | | |
| - | |
Revenues generated from related parties | |
| |
$ | 3,844 | | |
$ | 26,750 | |
Cost
of revenues from related parties during the three months ended March 31, 2024 and 2023 is as follows:
SCHEDULE OF COST OF REVENUES FROM RELATED PARTIES
| |
| |
2024 | | |
2023 | |
| |
| |
Three months ended March 31, | |
| |
| |
2024 | | |
2023 | |
Dongguan Baxi Food Distribution Co., Ltd. | |
Significantly influenced by the Company | |
$ | 25,781 | | |
$ | 32,883 | |
Dongguan Dalingshan Xinwenhua Drinking Water Store | |
Significantly influenced by the Company | |
| 3,991 | | |
| 13,743 | |
Dongguan Pengqin Drinking Water Co., Ltd. | |
Significantly influenced by the Company | |
| 2,825 | | |
| 17,186 | |
Dongguan Dengqinghu Drinking Water Store | |
Significantly influenced by the Company | |
| - | | |
| 1,388 | |
Dongguan Tailai Trading Co., Ltd. | |
Significantly influenced by the Company | |
| 14,306 | | |
| 31,470 | |
Dongguan Anxiang Technology Co., Ltd. | |
Significantly influenced by the Company | |
| 12,951 | | |
| 35,989 | |
Guangdong Jiaduonuo Shengshi Trading Co., Ltd. | |
Significantly influenced by the Company | |
| 4,798 | | |
| 68,214 | |
Dongguan Dalingshan Runxin Drinking Water Store | |
Significantly influenced by the Company | |
| 770 | | |
| 9,450 | |
Dongguan City Yijia Trading Co., Ltd. | |
Mr. Yongming Li, a shareholder of the Company, is the controlling shareholder of Dongguan City Yijia Trading Co., Ltd. | |
| 22,490 | | |
| 18,659 | |
Cost of revenues from
related parties | |
| |
$ | 87,912 | | |
$ | 228,982 | |
Purchases
from related parties during the three months ended March 31, 2024 and 2023 are as follows:
SCHEDULE OF PURCHASES FROM RELATED PARTIES
| |
| |
2024 | | |
2023 | |
| |
| |
Three months ended March 31, | |
| |
| |
2024 | | |
2023 | |
Dongguan Baxi Food Distribution Co., Ltd. | |
Significantly influenced by the Company | |
$ | 25,503 | | |
$ | 36,365 | |
Dongguan Dalingshan Xinwenhua Drinking Water Store | |
Significantly influenced by the Company | |
| 3,969 | | |
| 15,198 | |
Dongguan Pengqin Drinking Water Co., Ltd. | |
Significantly influenced by the Company | |
| 2,810 | | |
| 19,005 | |
Dongguan Dengqinghu Drinking Water Store | |
Significantly influenced by the Company | |
| - | | |
| 1,535 | |
Dongguan Tailai Trading Co., Ltd. | |
Significantly influenced by the Company | |
| 14,306 | | |
| 34,802 | |
Dongguan Anxiang Technology Co., Ltd. | |
Significantly influenced by the Company | |
| 12,951 | | |
| 35,989 | |
Guangdong Jiaduonuo Shengshi Trading Co., Ltd. | |
Significantly influenced by the Company | |
| 4,798 | | |
| 68,215 | |
Dongguan Dalingshan Runxin Drinking Water Store | |
Significantly influenced by the Company | |
| 758 | | |
| 10,451 | |
Dongguan City Yijia Trading Co., Ltd. | |
Mr. Yongming Li, a shareholder of the Company, is the controlling shareholder of Dongguan City Yijia Trading Co., Ltd. | |
| 22,491 | | |
| 18,660 | |
Purchase from related party | |
| |
$ | 87,586 | | |
$ | 240,220 | |
Due
to related parties mainly consists of borrowings for working capital purpose, the balances are unsecured, non-interest bearing and due
on demand.
Mr.
Yuwen Li, the Vice President of the Company, authorized the Company to use trademarks that were owned by him for ten years from October
5, 2019 to October 4, 2029 at no cost.
Also
see Note 2, 3, 4, 9 and 10 for more transactions with related parties.
|
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v3.24.1.1.u2
INCOME TAXES
|
3 Months Ended |
Mar. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE
8 - INCOME TAXES
United
States of America
The
Company is registered in the State of Nevada and is subject to United States of America tax law. The U.S. federal income tax rate is
21%.
Seychelles
Under
the current laws of the Seychelles, DIGLS and JJGS are registered as an international business company governed by the International
Business Companies Act of Seychelles and there is no income tax charged in Seychelles.
Hong
Kong
From
year of assessment of 2018/2019 onwards, Hong Kong profit tax rates are 8.25% on assessable profits up to HK$2,000,000 (approximately
$255,112), and 16.5% on any part of assessable profits over HK$2,000,000. For the three months ended March 31, 2024 and 2023, the Company
did not have any assessable profits arising in or derived from Hong Kong, therefore no provision for Hong Kong profits tax was made in
the periods reported.
The
PRC
The
Company’s subsidiaries are incorporated in the PRC, and are subject to the PRC Enterprise Income Tax Laws (“EIT Laws”)
with the statutory income tax rate of 25% with the following exceptions.
On
April 2, 2021, the State Taxation Administration issued the notice of the Ministry of Finance and the State Administration of Taxation
(“MOF and SAT”) [2021] No.12 to provide an enterprise income tax rate of 2.5% on small-scale and low-profit enterprises whose
annual taxable income is less than RMB1,000,000, approximately $142,209, from January 1, 2021 to December 31, 2022. MOF and SAT [2022]
No.13 also provides an enterprise income tax rate of 5% on small-scale and low-profit enterprises whose annual taxable income is more
than RMB1,000,000, approximately $139,404, but less than RMB3,000,000, approximately $418,212, from January 1, 2022 to December 31, 2024.
The qualifications of small-scale and low-profit enterprises were examined annually by the Tax Bureau. All of the Company’s PRC
subsidiaries met the criteria of small-scale and low-profit enterprises, except for Xixingdao, FVT Supply Chain and FLTT.
The
components of the income tax provision are as follows:
SCHEDULE OF COMPONENTS OF INCOME TAX PROVISION
| |
2024 | | |
2023 | |
| |
Three months ended March 31, | |
| |
2024 | | |
2023 | |
Current: | |
| | |
| |
– United States of America | |
$ | - | | |
$ | 41,444 | |
– Seychelles | |
| - | | |
| - | |
– Hong Kong | |
| - | | |
| - | |
– The PRC | |
| 319 | | |
| 33,530 | |
Current income tax expense | |
| | | |
| | |
Deferred | |
| | | |
| | |
– United States of America | |
| - | | |
| - | |
– Seychelles | |
| - | | |
| - | |
– Hong Kong | |
| - | | |
| - | |
– The PRC | |
| - | | |
| - | |
Deferred income tax expense | |
| | | |
| | |
Total | |
$ | 319 | | |
$ | 74,974 | |
The
effective tax rate was 18% and -527.9%
for the three months ended March 31, 2024 and 2023, respectively.
|
X |
- DefinitionThe entire disclosure for income tax.
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v3.24.1.1.u2
OPERATING LEASES
|
3 Months Ended |
Mar. 31, 2024 |
Operating Leases |
|
OPERATING LEASES |
NOTE
9 - OPERATING LEASES
As
of March 31, 2024, the Company has twenty-one separate operating lease agreements for three office spaces, one warehouse and seventeen
stores in PRC with remaining lease terms of from 3 month to 39 months.
Two
of the leases described above were entered with related parties. The operating lease entered with Ms. Qingmei Lin, a related party, is
for the premises in Dongguan City, PRC. The agreement covers the period from January 1, 2019 to April 30, 2027 with the monthly rent
expense of RMB10,000 (approximately $1,394). The operating lease agreement entered with Mr. Hongwei Ye, another related party, is for
the premises in Dongguan City, PRC. The agreement covers the period from October 1, 2023 to September 30, 2026 with the monthly rent
expense of RMB960 (approximately $134).
The
components of lease expense and supplemental cash flow information related to leases for the three months ended March 31, 2024 and 2023
are as follows:
SCHEDULE OF COMPONENTS OF LEASE EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION
| |
2024 | | |
2023 | |
Operating lease cost (included in general and administrative expenses in the Company’s unaudited condensed consolidated statements of operations) | |
Three months ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Related parties | |
$ | 5,047 | | |
$ | 4,806 | |
Non-related parties | |
| 52,469 | | |
| 33,284 | |
Total | |
$ | 57,516 | | |
$ | 38,090 | |
Other information for the three months ended | |
March 31, 2024 | | |
March 31, 2023 | |
Cash paid for amounts included in the measurement of lease obligations | |
$ | 71,727 | | |
$ | 42,179 | |
Weighted average remaining lease term (in years) | |
| 2.35 | | |
| 2.91 | |
Weighted average discount rate | |
| 3.23 | % | |
| 3.23 | % |
Maturities
of the Company’s lease obligations as of March 31, 2024 are as follows:
SCHEDULE OF MATURITIES OF LEASE OBLIGATIONS
Year ending December 31, | |
| | |
2024 (remaining) | |
$ | 116,363 | |
2025 | |
| 129,074 | |
2026 | |
| 48,566 | |
2027 | |
| 5,540 | |
2028 | |
| - | |
Total lease payment | |
| 299,543 | |
Less: Imputed interest | |
| (40,784 | ) |
Operating lease obligations | |
$ | 258,759 | |
|
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v3.24.1.1.u2
BANK AND OTHER BORROWINGS
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
BANK AND OTHER BORROWINGS |
NOTE
10 – BANK AND OTHER BORROWINGS
In
May 2022, the Company obtained a loan in the principal amount of RMB161,000 (approximately $24,000 when borrowed) from Huaneng Guicheng
Trust Co., Ltd. (“Huaneng Guicheng”), which bears interest at 11.34%. The loan is guaranteed by Yumin Lin. The maturity date
is on May 21, 2024.
In
May 2022, the Company obtained a bank loan in the principal amount of RMB69,000 (approximately $10,000 when borrowed) from WeBank, which
bears interest at 11.34%. The loan is guaranteed by Yumin Lin. The maturity date is on May 21, 2024.
In
July 2022, the Company obtained two loans in the principal amount of RMB99,000 (approximately $15,000 when borrowed) and RMB231,000 (approximately
$34,000 when borrowed) from WeBank and Guangdong Nanyue Bank Co., Ltd. (“Nanyue Bank”), respectively, which bear interest
at 14.4%. The loans are guaranteed by Kaihong Lin. The maturity date is on July 8, 2024.
In
July 2022, the Company obtained two loans in the principal amount of RMB153,000 (approximately $23,000 when borrowed) and RMB357,000
(approximately $53,000 when borrowed) from WeBank and Nanyue Bank, respectively, which bear interest at 14.4%. The loans are guaranteed
by Falan Zhou, a manager of subsidiaries. The maturity date is on July 13, 2024.
In
July 2022, the Company obtained a loan in the principal amount of RMB380,000 (approximately $57,000 when borrowed) from Huaneng Guicheng,
which bears interest at 12.6%. The loan is guaranteed by Yumin Lin. The maturity date is on July 21, 2024.
In
February 2023, the Company obtained a revolving credit line in the principal amount of RMB465,000 (approximately $68,000 when borrowed)
from China Construction Bank, which bears interest at 4.00%. The loan is guaranteed by Shuqin Chen, a related party. The maturity date
is on February 11, 2024. As of March 31, 2024, the Company had repaid this bank loan in full to China Construction Bank.
In
April 2023, the Company obtained two bank loans in the principal amount of RMB224,000 (approximately $31,000 when borrowed) and RMB96,000
(approximately $13,000 when borrowed) from Bank of Ningbo and WeBank, respectively, which bear interest at 12.24%. The loans are guaranteed
by Falan Zhou, a manager of subsidiaries. The maturity date is on April 7, 2025.
In
April 2023, the Company obtained a mortgage loan in the principal amount of RMB195,415 (approximately $27,000 when borrowed) from WeBank,
which bears interest at 6.54%. The loan is pledged with a vehicle of the Company. The maturity date is on April 10, 2028.
In
May 2023, the Company obtained a revolving credit line in the principal amount of RMB1,050,000 (approximately $146,000 when borrowed),
with Yumin Lin as a co-borrower, from China Construction Bank, which bears interest at 4.20%. The maturity date is on May 26, 2024.
In
July 2023, the Company obtained two bank loans in the principal amount of RMB57,000 (approximately $8,000 when borrowed) and RMB133,000
(approximately $18,000 when borrowed) from WeBank and Nanyue Bank, respectively, which bear interest at 10.44%. The loans are guaranteed
by Falan Zhou, a manager of subsidiaries. The maturity date is on July 13, 2025.
In
July 2023, the Company obtained a revolving credit line in the principal amount of RMB1,040,000 (approximately $143,000 when borrowed)
from China Construction Bank, which bears interest at 3.70%. The credit line is guaranteed by Xiulan Zhou, a related party, and pledged
with her property. The maturity date is on July 17, 2026.
In
July 2023, the Company obtained a revolving credit line in the principal amount of RMB817,000 (approximately $114,000 when borrowed),
with Yumin Lin as a co-borrower from China Construction Bank, which bears interest at 3.85%. The maturity date is on July 22, 2024.
In
November 2023, the Company obtained a bank loan in the principal amount of RMB440,000 (approximately $62,000 when borrowed) from WeBank,
which bears interest at 7.92%. The loan is guaranteed by Jianglong Xiong. The maturity date is on November 16, 2025.
In
January 2024, the Company obtained a bank loan, in the principal amount of RMB390,000 (approximately $544,000 when borrowed) from from
Huaneng Guicheng Trust Co., Ltd. (“Huaneng Guicheng”), which bears interest at 17.64%. The loan is guaranteed by Yumin Lin.
The maturity date is on January 21, 2016.
In
February 2024, the Company obtained two bank loans, both in the principal amount of RMB270,000 (approximately $38,000 when borrowed)
from WeBank, which bears interest at 7.92%. The loans are both guaranteed by Jianglong Xiong. The maturity dates are both on February
22, 2026.
The
balance of the loans borrowed as of March 31, 2024 and December 31, 2023 were as follows:
SCHEDULE OF BALANCE OF LOAN BORROWED UNDER CREDIT LINES
| |
March 31, 2024 | | |
December 31, 2023 | |
Loans from a trust in PRC | |
$ | 60,143 | | |
$ | 20,343 | |
China Construction Bank | |
| 402,617 | | |
| 475,121 | |
Guangdong Nanyue Bank | |
| 13,573 | | |
| 24,164 | |
WeBank | |
| 179,060 | | |
| 129,396 | |
Bank of Ningbo | |
| 16,805 | | |
| 21,041 | |
Aggregate outstanding principal balances | |
| 672,198 | | |
| 670,065 | |
Less: current portion | |
| 424,604 | | |
| 458,023 | |
Non-current portion | |
$ | 247,594 | | |
$ | 212,042 | |
The
total interest expense was $10,844 and $9,292 for the three months ended March 31, 2024 and 2023, respectively.
Future
minimum loan payments as of March 31, 2024 are as follows:
SCHEDULE OF FUTURE MINIMUM LOAN PAYMENTS
Year ending December 31, | |
| | |
2024 (remaining) | |
$ | 393,386 | |
2025 | |
| 113,770 | |
2026 | |
| 158,152 | |
2027 | |
| 4,980 | |
Thereafter | |
| 1,910 | |
Total | |
$ | 672,198 | |
|
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v3.24.1.1.u2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of presentation |
Basis
of presentation
The
accompanying unaudited condensed consolidated financial statements as of March 31, 2024 and for the three months ended March 31, 2024
and 2023, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”)
that permit reduced disclosure for interim periods. Certain information and footnote disclosures normally included in financial statements
prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been
condensed or omitted. In the opinion of management, all adjustments consisting of normal recurring entries considered necessary for a
fair presentation have been included. The results of operations for these periods are not necessarily comparable to, or indicative of,
results of any other interim period or for the fiscal year taken as a whole. The condensed consolidated balance sheet information as
of December 31, 2023 was derived from the Company’s audited consolidated financial statements included in the Company’s Annual
Report on Form 10-K, for the year ended December 31, 2023, filed with the SEC on April 15, 2024 (the “report”). These unaudited
condensed consolidated financial statements should be read in conjunction with the report.
|
Basis of consolidation |
Basis
of consolidation
The
unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts
and transactions have been eliminated. The results of subsidiaries acquired during the respective periods are included in the consolidated
statements of operations from the effective date of acquisition or up to the effective date of disposal, as appropriate. The portion
of the income or loss applicable to noncontrolling interests in subsidiaries is reflected in the unaudited condensed consolidated statements
of operations.
As
of March 31, 2024, details of the Company’s major subsidiaries were as follows:
SCHEDULE OF ENTITIES AND ITS SUBSIDIARIES
Entity
Name |
|
Date
of
Incorporation |
|
Parent
Entity |
|
% Owned by FVTI |
|
|
Nature of
Operation |
|
Place
of
Incorporation |
DIGLS |
|
July
4, 2016 |
|
FVTI |
|
|
100 |
% |
|
Investment
holding |
|
Republic
of Seychelles |
DILHK |
|
June
22, 2016 |
|
DIGLS |
|
|
100 |
% |
|
Investment
holding |
|
Hong
Kong, PRC |
QHDX |
|
November
3, 2016 |
|
DILHK |
|
|
100 |
% |
|
Investment
holding |
|
PRC |
FVTL |
|
May
31, 2011 |
|
QHDX |
|
|
100 |
% |
|
Trading
of food and platform |
|
PRC |
JJGS |
|
August
17, 2017 |
|
FVTI
|
|
|
100 |
% |
|
Investment
holding |
|
Republic
of Seychelles |
JJHK |
|
August
24, 2017 |
|
JJGS |
|
|
100 |
% |
|
Investment
holding |
|
Hong
Kong, PRC |
JJSZ |
|
November
16, 2018 |
|
JJHK |
|
|
100 |
% |
|
Trading
of food |
|
PRC |
Xixingdao |
|
August
28, 2019 |
|
QHDX
|
|
|
100 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu La Tu Trade Ltd (“FLTT”) |
|
September
27, 2020 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Fu Xin Gu Trade Ltd (“FXGT”) |
|
December
2, 2020 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Fu Xin Technology Ltd (“FXTL”) |
|
November
12, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Guan Healthy Industry Technology Ltd (“FGHL”) |
|
December
21, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Jing Technology Ltd (“FJTL”) |
|
November
17, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Xiang Technology Ltd (“FGTL”) |
|
November
16, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Ji Food & Beverage Ltd (“FJFL”) |
|
November
9, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Lai Food Ltd (“FLFL”) |
|
September
27, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Yi Beverage Ltd (“FYBL”) |
|
November
12, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Xi Drinking Water Company Ltd (“FXWL”) |
|
March
17, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of alcoholic beverages and water purifier |
|
PRC
|
Dongguan
City Fu Jia Drinking Water Company Ltd (“FJWL”) |
|
March
29, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of water purifier |
|
PRC
|
Dongguan
City Fu Sheng Drinking Water Company Ltd (“FSWL”) |
|
March
29, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of water purifier |
|
PRC
|
Shenzhen
Fu Jin Trading Technology Company Ltd (“FJSTL”) |
|
June
7, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of water purifier |
|
PRC
|
Dongguan
City Fu Li Trading Ltd (“FLTL”) |
|
September
10, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of water purifier |
|
PRC |
Guangdong Fu Gu Supply Chain Group Ltd (“FGGC”) |
|
September
13, 2021 |
|
QHDX |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Fu Zhi Gu Trading Ltd (“FZGTL”) |
|
September
9, 2022 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Chang Fu Trading Ltd (“CFTL”) |
|
September
9, 2022 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City La Tong Trading Ltd (“LTTL”) |
|
August
8, 2022 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Kai Fu Trading Ltd (“KFTL”) |
|
September
8, 2022 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
|
Going concern |
Going
concern
The
accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going
concern, which contemplates the realization of assets and fulfillment of obligations in the normal course of business. The realization
of assets and fulfillment of obligations in the normal course of business is dependent on, among other things, the Company’s ability
to generate sufficient cash flows from operations, and the Company’s ability to arrange adequate financing arrangements. As of
March 31, 2024, the Company had a working capital of $277,204, including cash and cash equivalents of $16,785, and accumulated deficit
and statutory reserves of $9,550,550. For the three months ended March 31, 2024, the Company incurred net loss of $1,001,080 and had net
cash outflows of $290,166 from operating activities.
The Company requires additional capital within the
next six months to fund the continued operations of the Company. In order to support the Company’s operations, the Company plans
to take actions to increase revenues and cash inflows by promoting product sales, expanding customer base and making additional efforts
in accounts receivable collections, in addition to seeking bank borrowings and fundings from shareholders. If the Company is unable to
obtain additional equity or debt financing as required, the business operations and prospects of the Company may suffer.
|
Use of estimates |
Use
of estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions relating to the
reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements, and the reported
amounts of revenues and expenses during the reporting period. Significant accounting estimates include certain assumptions related to
going concern, allowance of credit losses, allowance of deferred tax asset and uncertain tax position, implicit interest rate of operating
leases, useful lives and impairment of long-lived assets, and impairment of goodwill. Actual results may differ from these estimates.
|
Foreign currency translation and re-measurement |
Foreign
currency translation and re-measurement
The
Company translates its foreign operations to the U.S. dollar in accordance with ASC 830, “Foreign Currency Matters”.
The
reporting currency for the Company and its subsidiaries is the U.S. dollar. The Company, DIGLS, DILHK, JJGS and JJHK’s functional
currency is the U.S. dollar; QHDX, JJSZ and their subsidiaries which are incorporated in PRC use the Chinese Renminbi (“RMB”)
as their functional currency.
The
Company’s subsidiaries, whose records are not maintained in that company’s functional currency, re-measure their records
into their functional currency as follows:
|
● |
Monetary
assets and liabilities at exchange rates in effect at the end of each period |
|
● |
Nonmonetary
assets and liabilities at historical rates |
|
● |
Revenue
and expense items at the average rate of exchange prevailing during the period |
Gains
and losses from these re-measurements were not significant and have been included in the Company’s results of operations.
The
Company’s subsidiaries, whose functional currency is not the U.S. dollar, translate their records into the U.S. dollar as follows:
|
● |
Assets
and liabilities at the rate of exchange in effect at the balance sheet date |
|
● |
Equities
at the historical rate |
|
● |
Revenue
and expense items at the average rate of exchange prevailing during the period |
Translation
of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods:
SCHEDULE OF FOREIGN CURRENCY EXCHANGE RATE TRANSLATION
| |
2024 | | |
2023 | |
| |
As of and for the three months ended March 31, | |
| |
2024 | | |
2023 | |
Period-end RMB:US$1 exchange rate | |
| 0.13850 | | |
| 0.14558 | |
Period-average RMB:US$1 exchange rate | |
| 0.13940 | | |
| 0.14616 | |
The
RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions.
No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.
|
Impairment of long-lived assets other than goodwill |
Impairment
of long-lived assets other than goodwill
The
Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of
assets may not be recoverable. Impairment may be the result of becoming obsolete from a change in the industry or new technologies. Impairment
is present if the carrying amount of an asset is less than its undiscounted cash flows to be generated.
If
an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value
of the asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.
The
Company did not recognize any impairment of long-lived assets during the three months ended March 31, 2024 and 2023.
|
Goodwill |
Goodwill
Goodwill
represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. In
accordance with FASB ASC Topic 350, “Intangibles-Goodwill and Others”, goodwill is subject to at least an annual assessment
for impairment or more frequently if events or changes in circumstances indicate that an impairment may exist, applying a fair-value
based test. Fair value is generally determined using a discounted cash flow analysis. The Company would recognize an impairment charge
for the amount by which the carrying amount of a reporting unit exceeds its fair value up to the amount of goodwill allocated to that
reporting unit.
During
the three months ended March 31, 2024 and 2023, the Company did not record any impairment of goodwill.
|
Revenue recognition |
Revenue
recognition
The
Company follows the guidance of ASC 606, revenue from contracts with customers is recognized using the following five steps:
|
1. |
Identify
the contract(s) with a customer; |
|
2. |
Identify
the performance obligations in the contract; |
|
3. |
Determine
the transaction price; |
|
4. |
Allocate
the transaction price to the performance obligations in the contract; and |
|
5. |
Recognize
revenue when (or as) the entity satisfies a performance obligation. |
Under
Topic 606, revenues are recognized when the promised products have been confirmed of delivery or services have been transferred to the
consumers in amounts that reflect the consideration the customer expects to be entitled to in exchange for those services. The Company
presents value added taxes (“VAT”) as reductions of revenues. The Company recognizes revenues net of value added taxes (“VAT”)
and relevant charges.
We
generate revenue primarily from the sales of liquor, water, water purifier and other products directly to agents, wholesalers and end
users, with majority of sales transactions were conducted offline. We recognize product revenue at a point in time when the control of
the products has been transferred to customers. The transfer of control is considered complete when products have been picked up by or
delivered to our customers. We account for shipping and handling fees as a fulfillment cost.
The
following table provides information about disaggregated revenue based on revenue by product types:
SCHEDULE OF DISAGGREGATION REVENUE
| |
2024 | | |
2023 | |
| |
Three months ended March 31, | |
| |
2024 | | |
2023 | |
Sales of liquor | |
$ | 70,244 | | |
$ | 903,720 | |
Sales of water | |
| 92,379 | | |
| 419,620 | |
Sales of water purifier | |
| 58,888 | | |
| 253,123 | |
Others | |
| 46,311 | | |
| 58,826 | |
Total | |
$ | 267,822 | | |
$ | 1,635,289 | |
|
Contract liabilities |
Contract
liabilities
Contract
liabilities consist mainly of customer advances. On certain occasions, the Company may receive prepayments from downstream retailers
or wholesales customers for liquors, water and other products prior to them taking possession of the Company’s products. The Company
records these receipts as customer advances until the control of the products has been transferred the customers. As of March 31, 2024
and December 31, 2023, the Company had customer advances of $1,350,606 and $1,364,260, respectively. During the three months ended March
31, 2024, the Company recognized $39,076 of customer advances in the opening balance.
|
Related party transaction |
Related
party transaction
Transactions
involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive,
free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related
party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations
can be substantiated.
|
Recently adopted accounting pronouncements |
Recently
adopted accounting pronouncements
In
June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic
326), Measurement of Credit Losses on Financial Instruments. ASU No. 2016-13 was further amended in November 2020 by ASU No. 2020-10,
Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842). As a result, ASC
Topic 326, Financial Instruments – Credit Losses is effective for smaller reporting companies for fiscal years beginning after
December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU No. 2016-13 on January 1, 2023 and the
adoption did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In
October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers. This ASU clarifies that an acquirer of a business should recognize and measure contract assets and contract
liabilities in a business combination in accordance with ASC Topic 606, “Revenue from Contracts with Customers”. This ASU
is expected to improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date
of and after a business combination. The new guidance is effective for fiscal years beginning after December 15, 2022, including interim
periods within those fiscal years. The Company adopted ASU No. 2021-08 on January 1, 2023 and the adoption did not have a material impact
on the Company’s unaudited condensed consolidated financial statements.
|
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v3.24.1.1.u2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
SCHEDULE OF ENTITIES AND ITS SUBSIDIARIES |
As
of March 31, 2024, details of the Company’s major subsidiaries were as follows:
SCHEDULE OF ENTITIES AND ITS SUBSIDIARIES
Entity
Name |
|
Date
of
Incorporation |
|
Parent
Entity |
|
% Owned by FVTI |
|
|
Nature of
Operation |
|
Place
of
Incorporation |
DIGLS |
|
July
4, 2016 |
|
FVTI |
|
|
100 |
% |
|
Investment
holding |
|
Republic
of Seychelles |
DILHK |
|
June
22, 2016 |
|
DIGLS |
|
|
100 |
% |
|
Investment
holding |
|
Hong
Kong, PRC |
QHDX |
|
November
3, 2016 |
|
DILHK |
|
|
100 |
% |
|
Investment
holding |
|
PRC |
FVTL |
|
May
31, 2011 |
|
QHDX |
|
|
100 |
% |
|
Trading
of food and platform |
|
PRC |
JJGS |
|
August
17, 2017 |
|
FVTI
|
|
|
100 |
% |
|
Investment
holding |
|
Republic
of Seychelles |
JJHK |
|
August
24, 2017 |
|
JJGS |
|
|
100 |
% |
|
Investment
holding |
|
Hong
Kong, PRC |
JJSZ |
|
November
16, 2018 |
|
JJHK |
|
|
100 |
% |
|
Trading
of food |
|
PRC |
Xixingdao |
|
August
28, 2019 |
|
QHDX
|
|
|
100 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu La Tu Trade Ltd (“FLTT”) |
|
September
27, 2020 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Fu Xin Gu Trade Ltd (“FXGT”) |
|
December
2, 2020 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Fu Xin Technology Ltd (“FXTL”) |
|
November
12, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Guan Healthy Industry Technology Ltd (“FGHL”) |
|
December
21, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Jing Technology Ltd (“FJTL”) |
|
November
17, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Xiang Technology Ltd (“FGTL”) |
|
November
16, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Ji Food & Beverage Ltd (“FJFL”) |
|
November
9, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Lai Food Ltd (“FLFL”) |
|
September
27, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Yi Beverage Ltd (“FYBL”) |
|
November
12, 2020 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery |
|
PRC |
Dongguan
City Fu Xi Drinking Water Company Ltd (“FXWL”) |
|
March
17, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of alcoholic beverages and water purifier |
|
PRC
|
Dongguan
City Fu Jia Drinking Water Company Ltd (“FJWL”) |
|
March
29, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of water purifier |
|
PRC
|
Dongguan
City Fu Sheng Drinking Water Company Ltd (“FSWL”) |
|
March
29, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of water purifier |
|
PRC
|
Shenzhen
Fu Jin Trading Technology Company Ltd (“FJSTL”) |
|
June
7, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of water purifier |
|
PRC
|
Dongguan
City Fu Li Trading Ltd (“FLTL”) |
|
September
10, 2021 |
|
Xixingdao |
|
|
90 |
% |
|
Drinking
water distribution and delivery, sales of water purifier |
|
PRC |
Guangdong Fu Gu Supply Chain Group Ltd (“FGGC”) |
|
September
13, 2021 |
|
QHDX |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Fu Zhi Gu Trading Ltd (“FZGTL”) |
|
September
9, 2022 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Chang Fu Trading Ltd (“CFTL”) |
|
September
9, 2022 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City La Tong Trading Ltd (“LTTL”) |
|
August
8, 2022 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
Dongguan
City Kai Fu Trading Ltd (“KFTL”) |
|
September
8, 2022 |
|
FVTL |
|
|
100 |
% |
|
Trading
of alcoholic beverages |
|
PRC |
|
SCHEDULE OF FOREIGN CURRENCY EXCHANGE RATE TRANSLATION |
Translation
of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods:
SCHEDULE OF FOREIGN CURRENCY EXCHANGE RATE TRANSLATION
| |
2024 | | |
2023 | |
| |
As of and for the three months ended March 31, | |
| |
2024 | | |
2023 | |
Period-end RMB:US$1 exchange rate | |
| 0.13850 | | |
| 0.14558 | |
Period-average RMB:US$1 exchange rate | |
| 0.13940 | | |
| 0.14616 | |
|
SCHEDULE OF DISAGGREGATION REVENUE |
The
following table provides information about disaggregated revenue based on revenue by product types:
SCHEDULE OF DISAGGREGATION REVENUE
| |
2024 | | |
2023 | |
| |
Three months ended March 31, | |
| |
2024 | | |
2023 | |
Sales of liquor | |
$ | 70,244 | | |
$ | 903,720 | |
Sales of water | |
| 92,379 | | |
| 419,620 | |
Sales of water purifier | |
| 58,888 | | |
| 253,123 | |
Others | |
| 46,311 | | |
| 58,826 | |
Total | |
$ | 267,822 | | |
$ | 1,635,289 | |
|
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v3.24.1.1.u2
ACCOUNTS RECEIVABLE, NET (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Credit Loss [Abstract] |
|
SCHEDULE OF ACCOUNTS RECEIVABLE |
Accounts
receivable consisted of the following as of March 31, 2024 and December 31, 2023:
SCHEDULE OF ACCOUNTS RECEIVABLE
| |
March 31, 2024 | | |
December 31, 2023 | |
Accounts receivable (including $72,923 and $70,710 from related parties as of March 31, 2024
and December 31, 2023, respectively) | |
$ | 4,859,495 | | |
$ | 4,837,852 | |
Less: Doubtful allowance (including $29,967 and $2,602 from related parties as of March 31, 2024 and December 31, 2023, respectively) | |
| (2,330,512 | ) | |
| (1,718,960 | ) |
Accounts receivable, net | |
$ | 2,528,983 | | |
$ | 3,118,892 | |
|
SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS RECEIVABLE |
Allowance
for doubtful accounts movement is as follows:
SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS RECEIVABLE
| |
March 31, 2024 | | |
December 31, 2023 | |
Beginning balance | |
$ | 1,718,960 | | |
$ | - | |
Additions to allowance | |
| 645,054 | | |
| 1,726,142 | |
Foreign currency translation adjustment | |
| (33,502 | ) | |
| (7,182 | ) |
Ending balance | |
$ | 2,330,512 | | |
$ | 1,718,960 | |
|
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v3.24.1.1.u2
PREPAYMENTS AND OTHER CURRENT ASSETS, NET (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Prepayments And Other Current Assets Net |
|
SCHEDULE OF PREPAYMENT AND OTHER CURRENT ASSETS |
Prepayments
and other current assets consisted of the following as of March 31, 2024 and December 31, 2023:
SCHEDULE OF PREPAYMENT AND OTHER CURRENT ASSETS
| |
March 31, 2024 | | |
December 31, 2023 | |
Prepayments (including $2,669,677 and $2,769,741 to related parties as of March 31, 2024 and December 31, 2023, respectively) | |
$ | 3,838,888 | | |
$ | 3,995,750 | |
Other current assets | |
| 2,708 | | |
| 2,330 | |
Total prepayments and other current assets | |
| 3,841,596 | | |
| 3,998,080 | |
Less: Allowance for doubtful accounts (including $1,796,952 and $1,827,763 to related parties as of March 31, 2024 and December 31, 2023, respectively) | |
| (2,314,470 | ) | |
| (2,354,625 | ) |
Prepayments and other current assets, net | |
$ | 1,527,126 | | |
$ | 1,643,455 | |
|
SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS |
Allowance
for doubtful accounts movement is as follows:
SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS
| |
March 31, 2024 | | |
December 31, 2023 | |
Beginning balance | |
$ | 2,354,625 | | |
$ | 1,247,580 | |
Additions to allowance | |
| - | | |
| 1,169,058 | |
Foreign currency translation adjustment | |
| (40,155 | ) | |
| (62,013 | ) |
Ending balance | |
$ | 2,314,470 | | |
$ | 2,354,625 | |
|
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v3.24.1.1.u2
DEPOSITS PAID, NET (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Deposits Paid Net |
|
SCHEDULE OF DEPOSITS PAID |
Deposits
paid consisted of the following as of March 31, 2024 and December 31, 2023:
SCHEDULE OF DEPOSITS PAID
| |
March 31, 2024 | | |
December 31, 2023 | |
Deposits paid (including $1,569,824 and $1,597,060 to related parties as of March 31, 2024 and December 31, 2023, respectively) | |
$ | 2,268,987 | | |
$ | 2,312,622 | |
Less: Allowance for doubtful accounts (including $1,042,522 and $1,060,610 to related parties as of March 31, 2024 and December 31, 2023, respectively) | |
| (1,665,271 | ) | |
| (1,694,166 | ) |
Deposits paid, net | |
$ | 603,716 | | |
$ | 618,456 | |
|
SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS OF DEPOSITS PAID |
Allowance
for doubtful accounts movement is as follows:
SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS OF DEPOSITS PAID
| |
March 31, 2024 | | |
December 31, 2023 | |
Beginning balance | |
$ | 1,694,166 | | |
$ | 1,244,350 | |
Additions to allowance | |
| - | | |
| 484,800 | |
Foreign currency translation adjustment | |
| (28,895 | ) | |
| (34,984 | ) |
Ending balance | |
$ | 1,665,271 | | |
$ | 1,694,166 | |
|
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v3.24.1.1.u2
PROPERTY AND EQUIPMENT, NET (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT |
Property
and equipment consisted of the following as of March 31, 2024 and December 31, 2023:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
March 31, 2024 | | |
December 31, 2023 | |
Office equipment (including $9,009 and $nil to the disposal of office equipment as of March 31, 2024 and December 31, 2023, respectively) | |
$ | 95,402 | | |
$ | 106,225 | |
Leasehold improvement | |
| 112,543 | | |
| 114,495 | |
Vehicle | |
| 31,841 | | |
| 32,393 | |
Property and equipment | |
| 239,786 | | |
| 253,113 | |
Less: Accumulated depreciation (including $9,009 and $nil to the written back disposal of office equipment as of March 31, 2024 and December 31, 2023, respectively) | |
| (165,662 | ) | |
| (169,407 | ) |
Property and equipment, net | |
$ | 74,124 | | |
$ | 83,706 | |
|
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v3.24.1.1.u2
INTANGIBLE ASSETS, NET (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INTANGIBLE ASSETS |
Intangible
assets and related accumulated amortization were as follows:
SCHEDULE OF INTANGIBLE ASSETS
| |
March 31, 2024 | | |
December 31, 2023 | |
Distribution channel | |
$ | 2,983,268 | | |
$ | 3,035,029 | |
Others | |
| 24,998 | | |
| 25,601 | |
Total intangible assets | |
| 3,008,266 | | |
| 3,060,630 | |
Less: Accumulated amortization | |
| (1,999,859 | ) | |
| (1,982,560 | ) |
Less: Accumulated impairment | |
| (910,631 | ) | |
| (926,431 | ) |
Intangible assets, net | |
$ | 97,776 | | |
$ | 151,639 | |
|
SCHEDULE OF FUTURE AMORTIZATION EXPENSES FOR DISTRIBUTION CHANNELS |
As
of March 31, 2024, the future estimated amortization costs for intangible assets are as follows:
SCHEDULE
OF FUTURE AMORTIZATION EXPENSES FOR DISTRIBUTION CHANNELS
Year ending December 31, | |
| | |
2024 (remaining) | |
$ | 86,849 | |
2025 | |
| 5,000 | |
2026 | |
| 5,000 | |
2027 | |
| 927 | |
2028 | |
| - | |
Total | |
$ | 97,776 | |
|
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v3.24.1.1.u2
RELATED PARTY TRANSACTIONS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
SCHEDULE OF AMOUNT DUE FROM AND DUE TO RELATED PARTIES |
Amounts
due to related parties as of March 31, 2024 and December 31, 2023 are as follows:
SCHEDULE
OF AMOUNT DUE FROM AND DUE TO RELATED PARTIES
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Mr. Yumin Lin | |
President, Chief Executive Officer, Secretary, Director and majority shareholder | |
$ | 376,542 | | |
$ | 341,831 | |
Ms. Xiulan Zhou | |
Manager of a subsidiary, Mr. Yumin Lin’s wife | |
| 2,481 | | |
| 2,118 | |
Mr. Huagen Li | |
Manager of a subsidiary | |
| 2,216 | | |
| 2,254 | |
Mr. Guodong Jia | |
Manager of a subsidiary | |
| 9,787 | | |
| 7,479 | |
Mr. Hongwei Ye | |
Manager of a subsidiary, Shareholder | |
| 15 | | |
| 15 | |
Mr. Anping Chen | |
Manager of a subsidiary | |
| 18,426 | | |
| 12,798 | |
Mr. Jiangwei Jia | |
Manager of a subsidiary | |
| 17,495 | | |
| 10,449 | |
Mr. Yuwen Li | |
Vice President | |
| 133,956 | | |
| 122,327 | |
Ms. Lihua Li | |
Manager of a subsidiary | |
| 17,590 | | |
| 14,907 | |
Shenzhen DaXingHuaShang Industrial Group Ltd. (fka Shenzhen DaXingHuaShang Industry Development Ltd.) | |
Mr. Yumin Lin is the supervisor of Shenzhen DaXingHuaShang Industrial Group Ltd. | |
| 83,099 | | |
| 84,541 | |
Ms. Chunxiang Zhang | |
Manager of a subsidiary | |
| 17,108 | | |
| 6,810 | |
Mr. Meng Xue | |
Manager of a subsidiary | |
| 8,064 | | |
| 8,204 | |
Ms. Shuqin Chen | |
Manager of a subsidiary | |
| 19,488 | | |
| 18,171 | |
Mr. Zhipeng Zuo | |
Manager of a subsidiary | |
| 27,253 | | |
| 10,103 | |
Mr. Aisheng Zhang | |
Manager of a subsidiary | |
| 34,652 | | |
| 28,751 | |
Mr. Zhihua Liao | |
Manager of a subsidiary | |
| 11,405 | | |
| 9,468 | |
Ms. Xiuyun Wang | |
Manager of a subsidiary | |
| 83 | | |
| - | |
| |
| |
$ | 779,660 | | |
$ | 680,226 | |
|
SCHEDULE OF REVENUE GENERATED FROM RELATED PARTIES |
Revenues
generated from related parties during the three months ended March 31, 2024 and 2023 are as follows:
SCHEDULE OF REVENUE GENERATED FROM RELATED PARTIES
| |
| |
2024 | | |
2023 | |
| |
| |
Three months ended March 31, | |
| |
| |
2024 | | |
2023 | |
Mr. Kaihong Lin | |
Chief Financial Officer and Treasurer | |
$ | - | | |
$ | 146 | |
Ms. Xiulan Zhou | |
Manager of a subsidiary, Mr. Yumin Lin’s wife | |
| - | | |
| 14 | |
Guangdong Yuexin Jiaotong Construction Co., Ltd. | |
Mr. Naiyong Luo, a manager of a subsidiary, is the controlling shareholder of Guangdong Yuexin Jiaotong Construction Co., Ltd. | |
| 903 | | |
| 8,383 | |
Dongguan Humen Shuiyan Drinking Water Store | |
Ms. Shuiyan Li, a shareholder of the Company, is the controlling shareholder of Dongguan Humen Shuiyan Drinking Water Store | |
| 2,460 | | |
| 18,207 | |
Dongguan Zhengui Industry Ltd. | |
Significantly influenced by the Company | |
| 903 | | |
| - | |
Revenues generated from related parties | |
| |
$ | 3,844 | | |
$ | 26,750 | |
|
SCHEDULE OF COST OF REVENUES FROM RELATED PARTIES |
Cost
of revenues from related parties during the three months ended March 31, 2024 and 2023 is as follows:
SCHEDULE OF COST OF REVENUES FROM RELATED PARTIES
| |
| |
2024 | | |
2023 | |
| |
| |
Three months ended March 31, | |
| |
| |
2024 | | |
2023 | |
Dongguan Baxi Food Distribution Co., Ltd. | |
Significantly influenced by the Company | |
$ | 25,781 | | |
$ | 32,883 | |
Dongguan Dalingshan Xinwenhua Drinking Water Store | |
Significantly influenced by the Company | |
| 3,991 | | |
| 13,743 | |
Dongguan Pengqin Drinking Water Co., Ltd. | |
Significantly influenced by the Company | |
| 2,825 | | |
| 17,186 | |
Dongguan Dengqinghu Drinking Water Store | |
Significantly influenced by the Company | |
| - | | |
| 1,388 | |
Dongguan Tailai Trading Co., Ltd. | |
Significantly influenced by the Company | |
| 14,306 | | |
| 31,470 | |
Dongguan Anxiang Technology Co., Ltd. | |
Significantly influenced by the Company | |
| 12,951 | | |
| 35,989 | |
Guangdong Jiaduonuo Shengshi Trading Co., Ltd. | |
Significantly influenced by the Company | |
| 4,798 | | |
| 68,214 | |
Dongguan Dalingshan Runxin Drinking Water Store | |
Significantly influenced by the Company | |
| 770 | | |
| 9,450 | |
Dongguan City Yijia Trading Co., Ltd. | |
Mr. Yongming Li, a shareholder of the Company, is the controlling shareholder of Dongguan City Yijia Trading Co., Ltd. | |
| 22,490 | | |
| 18,659 | |
Cost of revenues from
related parties | |
| |
$ | 87,912 | | |
$ | 228,982 | |
|
SCHEDULE OF PURCHASES FROM RELATED PARTIES |
Purchases
from related parties during the three months ended March 31, 2024 and 2023 are as follows:
SCHEDULE OF PURCHASES FROM RELATED PARTIES
| |
| |
2024 | | |
2023 | |
| |
| |
Three months ended March 31, | |
| |
| |
2024 | | |
2023 | |
Dongguan Baxi Food Distribution Co., Ltd. | |
Significantly influenced by the Company | |
$ | 25,503 | | |
$ | 36,365 | |
Dongguan Dalingshan Xinwenhua Drinking Water Store | |
Significantly influenced by the Company | |
| 3,969 | | |
| 15,198 | |
Dongguan Pengqin Drinking Water Co., Ltd. | |
Significantly influenced by the Company | |
| 2,810 | | |
| 19,005 | |
Dongguan Dengqinghu Drinking Water Store | |
Significantly influenced by the Company | |
| - | | |
| 1,535 | |
Dongguan Tailai Trading Co., Ltd. | |
Significantly influenced by the Company | |
| 14,306 | | |
| 34,802 | |
Dongguan Anxiang Technology Co., Ltd. | |
Significantly influenced by the Company | |
| 12,951 | | |
| 35,989 | |
Guangdong Jiaduonuo Shengshi Trading Co., Ltd. | |
Significantly influenced by the Company | |
| 4,798 | | |
| 68,215 | |
Dongguan Dalingshan Runxin Drinking Water Store | |
Significantly influenced by the Company | |
| 758 | | |
| 10,451 | |
Dongguan City Yijia Trading Co., Ltd. | |
Mr. Yongming Li, a shareholder of the Company, is the controlling shareholder of Dongguan City Yijia Trading Co., Ltd. | |
| 22,491 | | |
| 18,660 | |
Purchase from related party | |
| |
$ | 87,586 | | |
$ | 240,220 | |
|
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v3.24.1.1.u2
INCOME TAXES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
SCHEDULE OF COMPONENTS OF INCOME TAX PROVISION |
The
components of the income tax provision are as follows:
SCHEDULE OF COMPONENTS OF INCOME TAX PROVISION
| |
2024 | | |
2023 | |
| |
Three months ended March 31, | |
| |
2024 | | |
2023 | |
Current: | |
| | |
| |
– United States of America | |
$ | - | | |
$ | 41,444 | |
– Seychelles | |
| - | | |
| - | |
– Hong Kong | |
| - | | |
| - | |
– The PRC | |
| 319 | | |
| 33,530 | |
Current income tax expense | |
| | | |
| | |
Deferred | |
| | | |
| | |
– United States of America | |
| - | | |
| - | |
– Seychelles | |
| - | | |
| - | |
– Hong Kong | |
| - | | |
| - | |
– The PRC | |
| - | | |
| - | |
Deferred income tax expense | |
| | | |
| | |
Total | |
$ | 319 | | |
$ | 74,974 | |
|
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v3.24.1.1.u2
OPERATING LEASES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Operating Leases |
|
SCHEDULE OF COMPONENTS OF LEASE EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION |
The
components of lease expense and supplemental cash flow information related to leases for the three months ended March 31, 2024 and 2023
are as follows:
SCHEDULE OF COMPONENTS OF LEASE EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION
| |
2024 | | |
2023 | |
Operating lease cost (included in general and administrative expenses in the Company’s unaudited condensed consolidated statements of operations) | |
Three months ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Related parties | |
$ | 5,047 | | |
$ | 4,806 | |
Non-related parties | |
| 52,469 | | |
| 33,284 | |
Total | |
$ | 57,516 | | |
$ | 38,090 | |
Other information for the three months ended | |
March 31, 2024 | | |
March 31, 2023 | |
Cash paid for amounts included in the measurement of lease obligations | |
$ | 71,727 | | |
$ | 42,179 | |
Weighted average remaining lease term (in years) | |
| 2.35 | | |
| 2.91 | |
Weighted average discount rate | |
| 3.23 | % | |
| 3.23 | % |
|
SCHEDULE OF MATURITIES OF LEASE OBLIGATIONS |
Maturities
of the Company’s lease obligations as of March 31, 2024 are as follows:
SCHEDULE OF MATURITIES OF LEASE OBLIGATIONS
Year ending December 31, | |
| | |
2024 (remaining) | |
$ | 116,363 | |
2025 | |
| 129,074 | |
2026 | |
| 48,566 | |
2027 | |
| 5,540 | |
2028 | |
| - | |
Total lease payment | |
| 299,543 | |
Less: Imputed interest | |
| (40,784 | ) |
Operating lease obligations | |
$ | 258,759 | |
|
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v3.24.1.1.u2
BANK AND OTHER BORROWINGS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF BALANCE OF LOAN BORROWED UNDER CREDIT LINES |
The
balance of the loans borrowed as of March 31, 2024 and December 31, 2023 were as follows:
SCHEDULE OF BALANCE OF LOAN BORROWED UNDER CREDIT LINES
| |
March 31, 2024 | | |
December 31, 2023 | |
Loans from a trust in PRC | |
$ | 60,143 | | |
$ | 20,343 | |
China Construction Bank | |
| 402,617 | | |
| 475,121 | |
Guangdong Nanyue Bank | |
| 13,573 | | |
| 24,164 | |
WeBank | |
| 179,060 | | |
| 129,396 | |
Bank of Ningbo | |
| 16,805 | | |
| 21,041 | |
Aggregate outstanding principal balances | |
| 672,198 | | |
| 670,065 | |
Less: current portion | |
| 424,604 | | |
| 458,023 | |
Non-current portion | |
$ | 247,594 | | |
$ | 212,042 | |
|
SCHEDULE OF FUTURE MINIMUM LOAN PAYMENTS |
Future
minimum loan payments as of March 31, 2024 are as follows:
SCHEDULE OF FUTURE MINIMUM LOAN PAYMENTS
Year ending December 31, | |
| | |
2024 (remaining) | |
$ | 393,386 | |
2025 | |
| 113,770 | |
2026 | |
| 158,152 | |
2027 | |
| 4,980 | |
Thereafter | |
| 1,910 | |
Total | |
$ | 672,198 | |
|
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v3.24.1.1.u2
SCHEDULE OF ENTITIES AND ITS SUBSIDIARIES (Details)
|
3 Months Ended |
Mar. 31, 2024 |
DIGLS [Member] |
|
Entity Name |
DIGLS
|
Entity incorporation date |
Jul. 04, 2016
|
Ownership percentage by parent |
100.00%
|
Nature of operation |
Investment
holding
|
Country of incorporation |
Republic
of Seychelles
|
DILHK [Member] |
|
Entity Name |
DILHK
|
Entity incorporation date |
Jun. 22, 2016
|
Ownership percentage by parent |
100.00%
|
Nature of operation |
Investment
holding
|
Country of incorporation |
Hong
Kong, PRC
|
QHDX [Member] |
|
Entity Name |
QHDX
|
Entity incorporation date |
Nov. 03, 2016
|
Ownership percentage by parent |
100.00%
|
Nature of operation |
Investment
holding
|
Country of incorporation |
PRC
|
FVTL [Member] |
|
Entity Name |
FVTL
|
Entity incorporation date |
May 31, 2011
|
Ownership percentage by parent |
100.00%
|
Nature of operation |
Trading
of food and platform
|
Country of incorporation |
PRC
|
JJGS [Member] |
|
Entity Name |
JJGS
|
Entity incorporation date |
Aug. 17, 2017
|
Ownership percentage by parent |
100.00%
|
Nature of operation |
Investment
holding
|
Country of incorporation |
Republic
of Seychelles
|
JJHK [Member] |
|
Entity Name |
JJHK
|
Entity incorporation date |
Aug. 24, 2017
|
Ownership percentage by parent |
100.00%
|
Nature of operation |
Investment
holding
|
Country of incorporation |
Hong
Kong, PRC
|
JJSZ [Member] |
|
Entity Name |
JJSZ
|
Entity incorporation date |
Nov. 16, 2018
|
Ownership percentage by parent |
100.00%
|
Nature of operation |
Trading
of food
|
Country of incorporation |
PRC
|
Xixingdao [Member] |
|
Entity Name |
Xixingdao
|
Entity incorporation date |
Aug. 28, 2019
|
Ownership percentage by parent |
100.00%
|
Nature of operation |
Drinking
water distribution and delivery
|
Country of incorporation |
PRC
|
FLTT [Member] |
|
Entity Name |
Dongguan
City Fu La Tu Trade Ltd (“FLTT”)
|
Entity incorporation date |
Sep. 27, 2020
|
Ownership percentage by parent |
100.00%
|
Nature of operation |
Trading
of alcoholic beverages
|
Country of incorporation |
PRC
|
FXGT [Member] |
|
Entity Name |
Dongguan
City Fu Xin Gu Trade Ltd (“FXGT”)
|
Entity incorporation date |
Dec. 02, 2020
|
Ownership percentage by parent |
100.00%
|
Nature of operation |
Trading
of alcoholic beverages
|
Country of incorporation |
PRC
|
FXTL [Member] |
|
Entity Name |
Dongguan
City Fu Xin Technology Ltd (“FXTL”)
|
Entity incorporation date |
Nov. 12, 2020
|
Ownership percentage by parent |
90.00%
|
Nature of operation |
Drinking
water distribution and delivery
|
Country of incorporation |
PRC
|
FGHL [Member] |
|
Entity Name |
Dongguan
City Fu Guan Healthy Industry Technology Ltd (“FGHL”)
|
Entity incorporation date |
Dec. 21, 2020
|
Ownership percentage by parent |
90.00%
|
Nature of operation |
Drinking
water distribution and delivery
|
Country of incorporation |
PRC
|
FJTL [Member] |
|
Entity Name |
Dongguan
City Fu Jing Technology Ltd (“FJTL”)
|
Entity incorporation date |
Nov. 17, 2020
|
Ownership percentage by parent |
90.00%
|
Nature of operation |
Drinking
water distribution and delivery
|
Country of incorporation |
PRC
|
FGTL [Member] |
|
Entity Name |
Dongguan
City Fu Xiang Technology Ltd (“FGTL”)
|
Entity incorporation date |
Nov. 16, 2020
|
Ownership percentage by parent |
90.00%
|
Nature of operation |
Drinking
water distribution and delivery
|
Country of incorporation |
PRC
|
FJFL [Member] |
|
Entity Name |
Dongguan
City Fu Ji Food & Beverage Ltd (“FJFL”)
|
Entity incorporation date |
Nov. 09, 2020
|
Ownership percentage by parent |
90.00%
|
Nature of operation |
Drinking
water distribution and delivery
|
Country of incorporation |
PRC
|
FLFL [Member] |
|
Entity Name |
Dongguan
City Fu Lai Food Ltd (“FLFL”)
|
Entity incorporation date |
Sep. 27, 2020
|
Ownership percentage by parent |
90.00%
|
Nature of operation |
Drinking
water distribution and delivery
|
Country of incorporation |
PRC
|
FYBL [Member] |
|
Entity Name |
Dongguan
City Fu Yi Beverage Ltd (“FYBL”)
|
Entity incorporation date |
Nov. 12, 2020
|
Ownership percentage by parent |
90.00%
|
Nature of operation |
Drinking
water distribution and delivery
|
Country of incorporation |
PRC
|
FXWL [Member] |
|
Entity Name |
Dongguan
City Fu Xi Drinking Water Company Ltd (“FXWL”)
|
Entity incorporation date |
Mar. 17, 2021
|
Ownership percentage by parent |
90.00%
|
Nature of operation |
Drinking
water distribution and delivery, sales of alcoholic beverages and water purifier
|
Country of incorporation |
PRC
|
FJWL [Member] |
|
Entity Name |
Dongguan
City Fu Jia Drinking Water Company Ltd (“FJWL”)
|
Entity incorporation date |
Mar. 29, 2021
|
Ownership percentage by parent |
90.00%
|
Nature of operation |
Drinking
water distribution and delivery, sales of water purifier
|
Country of incorporation |
PRC
|
FSWL [Member] |
|
Entity Name |
Dongguan
City Fu Sheng Drinking Water Company Ltd (“FSWL”)
|
Entity incorporation date |
Mar. 29, 2021
|
Ownership percentage by parent |
90.00%
|
Nature of operation |
Drinking
water distribution and delivery, sales of water purifier
|
Country of incorporation |
PRC
|
FJSTL [Member] |
|
Entity Name |
Shenzhen
Fu Jin Trading Technology Company Ltd (“FJSTL”)
|
Entity incorporation date |
Jun. 07, 2021
|
Ownership percentage by parent |
90.00%
|
Nature of operation |
Drinking
water distribution and delivery, sales of water purifier
|
Country of incorporation |
PRC
|
FLTL [Member] |
|
Entity Name |
Dongguan
City Fu Li Trading Ltd (“FLTL”)
|
Entity incorporation date |
Sep. 10, 2021
|
Ownership percentage by parent |
90.00%
|
Nature of operation |
Drinking
water distribution and delivery, sales of water purifier
|
Country of incorporation |
PRC
|
FGGC [Member] |
|
Entity Name |
Guangdong Fu Gu Supply Chain Group Ltd (“FGGC”)
|
Entity incorporation date |
Sep. 13, 2021
|
Ownership percentage by parent |
100.00%
|
Nature of operation |
Trading
of alcoholic beverages
|
Country of incorporation |
PRC
|
FZGTL [Member] |
|
Entity Name |
Dongguan
City Fu Zhi Gu Trading Ltd (“FZGTL”)
|
Entity incorporation date |
Sep. 09, 2022
|
Ownership percentage by parent |
100.00%
|
Nature of operation |
Trading
of alcoholic beverages
|
Country of incorporation |
PRC
|
CFTL [Member] |
|
Entity Name |
Dongguan
City Chang Fu Trading Ltd (“CFTL”)
|
Entity incorporation date |
Sep. 09, 2022
|
Ownership percentage by parent |
100.00%
|
Nature of operation |
Trading
of alcoholic beverages
|
Country of incorporation |
PRC
|
LTTL [Member] |
|
Entity Name |
Dongguan
City La Tong Trading Ltd (“LTTL”)
|
Entity incorporation date |
Aug. 08, 2022
|
Ownership percentage by parent |
100.00%
|
Nature of operation |
Trading
of alcoholic beverages
|
Country of incorporation |
PRC
|
KFTL [Member] |
|
Entity Name |
Dongguan
City Kai Fu Trading Ltd (“KFTL”)
|
Entity incorporation date |
Sep. 08, 2022
|
Ownership percentage by parent |
100.00%
|
Nature of operation |
Trading
of alcoholic beverages
|
Country of incorporation |
PRC
|
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v3.24.1.1.u2
SCHEDULE OF DISAGGREGATION REVENUE (Details) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Product Information [Line Items] |
|
|
Total |
$ 267,822
|
$ 1,635,289
|
Sales Of Liquor [Member] |
|
|
Product Information [Line Items] |
|
|
Total |
70,244
|
903,720
|
Sales Of Water [Member] |
|
|
Product Information [Line Items] |
|
|
Total |
92,379
|
419,620
|
Sales Of Water Purifier [Member] |
|
|
Product Information [Line Items] |
|
|
Total |
58,888
|
253,123
|
Others [Member] |
|
|
Product Information [Line Items] |
|
|
Total |
$ 46,311
|
$ 58,826
|
X |
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v3.24.1.1.u2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
|
Jun. 22, 2020 |
Mar. 01, 2019 |
Apr. 11, 2018 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Working capital |
|
|
|
$ 277,204
|
|
|
Cash and cash equivalents at carrying value |
|
|
|
16,785
|
|
$ 288,255
|
Retained earnings accumulated deficit |
|
|
|
9,550,550
|
|
8,551,019
|
Net loss |
|
|
|
1,001,080
|
$ 89,176
|
|
Net cash provided by used in operating activities |
|
|
|
290,166
|
$ 174,905
|
|
Contract with customer advance |
|
|
|
1,350,606
|
|
$ 1,364,260
|
Amount of customer advances in opening balance |
|
|
|
$ 39,076
|
|
|
Share Exchange Agreement [Member] | DaXingHuaShang Investment Group Limited [Member] |
|
|
|
|
|
|
Number of shares exchanged |
|
|
15,000,000
|
|
|
|
Sale and Purchase Agreement [Member] | Jiujiu Group Stock Co., Ltd [Member] |
|
|
|
|
|
|
Number of shares exchanged |
|
5
|
|
|
|
|
Ownership percentage |
|
100.00%
|
|
|
|
|
Value shares issued in exchange |
|
$ 150
|
|
|
|
|
Xixingdao Agreement [Member] | QHDX [Member] |
|
|
|
|
|
|
Number of shares exchanged |
243,134
|
|
|
|
|
|
Ownership percentage |
90.00%
|
|
|
|
|
|
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SCHEDULE OF ACCOUNTS RECEIVABLE (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Credit Loss [Abstract] |
|
|
Accounts receivable (including $72,923 and $70,710 from related parties as of March 31, 2024 and December 31, 2023, respectively) |
$ 4,859,495
|
$ 4,837,852
|
Less: Doubtful allowance (including $29,967 and $2,602 from related parties as of March 31, 2024 and December 31, 2023, respectively) |
(2,330,512)
|
(1,718,960)
|
Accounts receivable, net |
$ 2,528,983
|
$ 3,118,892
|
X |
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|
Mar. 31, 2024 |
Dec. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Accounts receivable |
$ 4,859,495
|
$ 4,837,852
|
Doubtful allowance |
2,330,512
|
1,718,960
|
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|
|
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|
|
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72,923
|
70,710
|
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$ 29,967
|
$ 2,602
|
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|
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Credit Loss [Abstract] |
|
|
Beginning balance |
$ 1,718,960
|
|
Additions to allowance |
645,054
|
1,726,142
|
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(33,502)
|
(7,182)
|
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$ 2,330,512
|
$ 1,718,960
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v3.24.1.1.u2
SCHEDULE OF PREPAYMENT AND OTHER CURRENT ASSETS (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Prepayments And Other Current Assets Net |
|
|
|
Prepayments (including $2,669,677 and $2,769,741 to related parties as of March 31, 2024 and December 31, 2023, respectively) |
$ 3,838,888
|
$ 3,995,750
|
|
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2,708
|
2,330
|
|
Total prepayments and other current assets |
3,841,596
|
3,998,080
|
|
Less: Allowance for doubtful accounts (including $1,796,952 and $1,827,763 to related parties as of March 31, 2024 and December 31, 2023, respectively) |
(2,314,470)
|
(2,354,625)
|
$ (1,247,580)
|
Prepayments and other current assets, net |
$ 1,527,126
|
$ 1,643,455
|
|
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|
Mar. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Prepayments to related parties |
$ 3,838,888
|
$ 3,995,750
|
|
Allowance for doubtful accounts |
2,314,470
|
2,354,625
|
$ 1,247,580
|
Related Party [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Prepayments to related parties |
2,669,677
|
2,769,741
|
|
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|
$ 1,827,763
|
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|
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Prepayments And Other Current Assets Net |
|
|
Beginning balance |
$ 2,354,625
|
$ 1,247,580
|
Additions to allowance |
|
1,169,058
|
Foreign currency translation adjustment |
(40,155)
|
(62,013)
|
Ending balance |
$ 2,314,470
|
$ 2,354,625
|
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|
Mar. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Deposits Paid Net |
|
|
|
Deposits paid (including $1,569,824 and $1,597,060 to related parties as of March 31, 2024 and December 31, 2023, respectively) |
$ 2,268,987
|
$ 2,312,622
|
|
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(1,665,271)
|
(1,694,166)
|
$ (1,244,350)
|
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$ 603,716
|
$ 618,456
|
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|
Mar. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Deposits paid |
$ 2,268,987
|
$ 2,312,622
|
|
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1,665,271
|
1,694,166
|
$ 1,244,350
|
Related Party [Member] |
|
|
|
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|
|
|
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1,569,824
|
1,597,060
|
|
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$ 1,042,522
|
$ 1,060,610
|
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|
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12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
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|
|
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$ 1,694,166
|
$ 1,244,350
|
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|
484,800
|
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|
(34,984)
|
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|
$ 1,694,166
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SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment |
$ 239,786
|
$ 253,113
|
Disposal of office equipment |
9,009
|
|
Less: Accumulated depreciation (including $9,009 and $nil to the written back disposal of office equipment as of March 31, 2024 and December 31, 2023, respectively) |
(165,662)
|
(169,407)
|
Property and equipment, net |
74,124
|
83,706
|
Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment |
95,402
|
106,225
|
Disposal of office equipment |
9,009
|
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment |
112,543
|
114,495
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment |
$ 31,841
|
$ 32,393
|
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SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Total intangible assets |
$ 3,008,266
|
$ 3,060,630
|
Less: Accumulated amortization |
(1,999,859)
|
(1,982,560)
|
Less: Accumulated impairment |
(910,631)
|
(926,431)
|
Intangible assets, net |
97,776
|
151,639
|
Distribution Channel [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Total intangible assets |
2,983,268
|
3,035,029
|
Other Intangible Assets [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Total intangible assets |
$ 24,998
|
$ 25,601
|
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SCHEDULE OF AMOUNT DUE FROM AND DUE TO RELATED PARTIES (Details) - Related Party [Member] - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Related Party Transaction [Line Items] |
|
|
Due to related parties |
$ 779,660
|
$ 680,226
|
President, Chief Executive Officer, Secretary, Director and Majority shareholder [Member] | Mr Yumin Lin [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
376,542
|
341,831
|
Manager of a Subsidiary, Mr. Yumin Lins Wife [Member] | Ms. Xiulan Zhou [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
2,481
|
2,118
|
Manager of a Subsidiary [Member] | Mr. Huagen Li [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
2,216
|
2,254
|
Manager of a Subsidiary [Member] | Mr. Guodong Jia [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
9,787
|
7,479
|
Manager of a Subsidiary [Member] | Mr. Anping Chen [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
18,426
|
12,798
|
Manager of a Subsidiary [Member] | Mr. Jiangwei Jia [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
17,495
|
10,449
|
Manager of a Subsidiary [Member] | Ms. Lihua Li [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
17,590
|
14,907
|
Manager of a Subsidiary [Member] | Ms. Chunxiang Zhang [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
17,108
|
6,810
|
Manager of a Subsidiary [Member] | Mr. Meng Xue [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
8,064
|
8,204
|
Manager of a Subsidiary [Member] | Ms. Shuqin Chen [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
19,488
|
18,171
|
Manager of a Subsidiary [Member] | Mr. Zhipeng Zuo [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
27,253
|
10,103
|
Manager of a Subsidiary [Member] | Mr. Aisheng Zhang [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
34,652
|
28,751
|
Manager of a Subsidiary [Member] | Mr. Zhihua Liao [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
11,405
|
9,468
|
Manager of a Subsidiary [Member] | Xiuyun Wang [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
83
|
|
Manager of a Subsidiary, Shareholder [Member] | Mr. Hongwei Ye [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
15
|
15
|
Vice President [Member] | Mr. Yuwen Li [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
133,956
|
122,327
|
Mr. Yumin Lin is the Supervisor of Shenzhen DaXingHuaShang Industry Development Ltd [Member] | Shenzhen Da Xing Hua Shang Industry Development Ltd [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
$ 83,099
|
$ 84,541
|
X |
- DefinitionAmount of liabilities classified as other, due within one year or the normal operating cycle, if longer.
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v3.24.1.1.u2
SCHEDULE OF COST OF REVENUES FROM RELATED PARTIES (Details) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Related Party Transaction [Line Items] |
|
|
Cost of revenues from related parties |
$ 212,889
|
$ 677,367
|
Related Party [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Cost of revenues from related parties |
87,912
|
228,982
|
Dongguan Baxi Food Distribution Co Ltd [Member] | Related Party [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Cost of revenues from related parties |
25,781
|
32,883
|
Dongguan Dalingshan Xinwenhua Drinking Water Store [Member] | Related Party [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Cost of revenues from related parties |
3,991
|
13,743
|
Dongguan Pengqin Drinking Water Co Ltd [Member] | Related Party [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Cost of revenues from related parties |
2,825
|
17,186
|
Dongguan Dengqinghu Drinking Water Store [Member] | Related Party [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Cost of revenues from related parties |
|
1,388
|
Dongguan Tailai Trading Co Ltd [Member] | Related Party [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Cost of revenues from related parties |
14,306
|
31,470
|
Dongguan Anxiang Technology Co Ltd [Member] | Related Party [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Cost of revenues from related parties |
12,951
|
35,989
|
Guangdong Jiaduonuo Shengshi Trading Co Ltd [Member] | Related Party [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Cost of revenues from related parties |
4,798
|
68,214
|
Dongguan Dalingshan Runxin Drinking Water Store [Member] | Related Party [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Cost of revenues from related parties |
770
|
9,450
|
Dongguan City Yijia Trading Co Ltd [Member] | Related Party [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Cost of revenues from related parties |
$ 22,490
|
$ 18,659
|
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SCHEDULE OF PURCHASES FROM RELATED PARTIES (Details) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Purchase from related party |
$ 87,586
|
$ 240,220
|
Dongguan Baxi Food Distribution Co Ltd [Member] |
|
|
Purchase from related party |
25,503
|
36,365
|
Dongguan Dalingshan Xinwenhua Drinking Water Store [Member] |
|
|
Purchase from related party |
3,969
|
15,198
|
Dongguan Pengqin Drinking Water Co Ltd [Member] |
|
|
Purchase from related party |
2,810
|
19,005
|
Dongguan Dengqinghu Drinking Water Store [Member] |
|
|
Purchase from related party |
|
1,535
|
Dongguan Tailai Trading Co Ltd [Member] |
|
|
Purchase from related party |
14,306
|
34,802
|
Dongguan Anxiang Technology Co Ltd [Member] |
|
|
Purchase from related party |
12,951
|
35,989
|
Guangdong Jiaduonuo Shengshi Trading Co Ltd [Member] |
|
|
Purchase from related party |
4,798
|
68,215
|
Dongguan Dalingshan Runxin Drinking Water Store [Member] |
|
|
Purchase from related party |
758
|
10,451
|
Dongguan City Yijia Trading Co Ltd [Member] |
|
|
Purchase from related party |
$ 22,491
|
$ 18,660
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v3.24.1.1.u2
v3.24.1.1.u2
INCOME TAXES (Details Narrative)
|
3 Months Ended |
Mar. 31, 2024
USD ($)
|
Mar. 31, 2024
HKD ($)
|
Mar. 31, 2023 |
Effective Income Tax Rate Reconciliation [Line Items] |
|
|
|
U.S federal income tax rate |
21.00%
|
21.00%
|
|
Effective income tax rate reconciliation, foreign income tax rate differential, percent |
18.00%
|
18.00%
|
(527.90%)
|
Effective income tax percentage |
25.00%
|
25.00%
|
|
CHINA |
|
|
|
Effective Income Tax Rate Reconciliation [Line Items] |
|
|
|
Income tax examination, description |
On
April 2, 2021, the State Taxation Administration issued the notice of the Ministry of Finance and the State Administration of Taxation
(“MOF and SAT”) [2021] No.12 to provide an enterprise income tax rate of 2.5% on small-scale and low-profit enterprises whose
annual taxable income is less than RMB1,000,000, approximately $142,209, from January 1, 2021 to December 31, 2022. MOF and SAT [2022]
No.13 also provides an enterprise income tax rate of 5% on small-scale and low-profit enterprises whose annual taxable income is more
than RMB1,000,000, approximately $139,404, but less than RMB3,000,000, approximately $418,212, from January 1, 2022 to December 31, 2024.
The qualifications of small-scale and low-profit enterprises were examined annually by the Tax Bureau. All of the Company’s PRC
subsidiaries met the criteria of small-scale and low-profit enterprises, except for Xixingdao, FVT Supply Chain and FLTT
|
On
April 2, 2021, the State Taxation Administration issued the notice of the Ministry of Finance and the State Administration of Taxation
(“MOF and SAT”) [2021] No.12 to provide an enterprise income tax rate of 2.5% on small-scale and low-profit enterprises whose
annual taxable income is less than RMB1,000,000, approximately $142,209, from January 1, 2021 to December 31, 2022. MOF and SAT [2022]
No.13 also provides an enterprise income tax rate of 5% on small-scale and low-profit enterprises whose annual taxable income is more
than RMB1,000,000, approximately $139,404, but less than RMB3,000,000, approximately $418,212, from January 1, 2022 to December 31, 2024.
The qualifications of small-scale and low-profit enterprises were examined annually by the Tax Bureau. All of the Company’s PRC
subsidiaries met the criteria of small-scale and low-profit enterprises, except for Xixingdao, FVT Supply Chain and FLTT
|
|
Up To HK$2,000,000 [Member] | Inland Revenue, Hong Kong [Member] |
|
|
|
Effective Income Tax Rate Reconciliation [Line Items] |
|
|
|
Effective income tax rate reconciliation, foreign income tax rate differential, percent |
8.25%
|
8.25%
|
|
Income tax assessable profit |
$ 255,112
|
$ 2,000,000
|
|
Over HK$2,000,000 [Member] | Inland Revenue, Hong Kong [Member] |
|
|
|
Effective Income Tax Rate Reconciliation [Line Items] |
|
|
|
Effective income tax rate reconciliation, foreign income tax rate differential, percent |
16.50%
|
16.50%
|
|
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|
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|
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v3.24.1.1.u2
SCHEDULE OF COMPONENTS OF LEASE EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total |
$ 57,516
|
$ 38,090
|
Cash paid for amounts included in the measurement of lease obligations |
$ 71,727
|
$ 42,179
|
Weighted average remaining lease term (in years) |
2 years 4 months 6 days
|
2 years 10 months 28 days
|
Operating lease, weighted average discount rate, percent |
3.23%
|
3.23%
|
Related Party [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total |
$ 5,047
|
$ 4,806
|
Nonrelated Party [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total |
$ 52,469
|
$ 33,284
|
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OPERATING LEASES (Details Narrative)
|
3 Months Ended |
Mar. 31, 2024
USD ($)
|
Mar. 31, 2024
CNY (¥)
|
Operating lease description |
the Company has twenty-one separate operating lease agreements for three office spaces, one warehouse and seventeen
stores in PRC with remaining lease terms of from 3 month to 39 months
|
the Company has twenty-one separate operating lease agreements for three office spaces, one warehouse and seventeen
stores in PRC with remaining lease terms of from 3 month to 39 months
|
Qingmei Lin [Member] | Operating Lease Agreement [Member] |
|
|
Operating lease description |
The agreement covers the period from January 1, 2019 to April 30, 2027
|
The agreement covers the period from January 1, 2019 to April 30, 2027
|
Payments for rent |
$ 1,394
|
¥ 10,000
|
Mr. Hongwei Ye [Member] | Operating Lease Agreement [Member] |
|
|
Payments for rent |
$ 134
|
¥ 960
|
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v3.24.1.1.u2
SCHEDULE OF BALANCE OF LOAN BORROWED UNDER CREDIT LINES (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Line of Credit Facility [Line Items] |
|
|
Aggregate outstanding principal balances |
$ 672,198
|
$ 670,065
|
Less: current portion |
424,604
|
458,023
|
Non-current portion |
247,594
|
212,042
|
Bank Loan From The Trust In P R C [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Aggregate outstanding principal balances |
60,143
|
20,343
|
China Construction Bank [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Aggregate outstanding principal balances |
402,617
|
475,121
|
Guangdong Nanyue Bank [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Aggregate outstanding principal balances |
13,573
|
24,164
|
WeBank [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Aggregate outstanding principal balances |
179,060
|
129,396
|
Bank of Ningbo [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Aggregate outstanding principal balances |
$ 16,805
|
$ 21,041
|
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v3.24.1.1.u2
BANK AND OTHER BORROWINGS (Details Narrative)
|
1 Months Ended |
2 Months Ended |
3 Months Ended |
|
|
|
|
|
|
|
|
|
Feb. 29, 2024
USD ($)
|
Jan. 31, 2024
USD ($)
|
Nov. 30, 2023
USD ($)
|
Jul. 31, 2023
USD ($)
|
May 31, 2023
USD ($)
|
Apr. 30, 2023
USD ($)
|
Feb. 28, 2023
USD ($)
|
Jul. 31, 2022
USD ($)
|
May 31, 2022
USD ($)
|
Feb. 29, 2024
USD ($)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
Feb. 29, 2024
CNY (¥)
|
Jan. 31, 2024
CNY (¥)
|
Nov. 30, 2023
CNY (¥)
|
Jul. 31, 2023
CNY (¥)
|
May 31, 2023
CNY (¥)
|
Apr. 30, 2023
CNY (¥)
|
Feb. 28, 2023
CNY (¥)
|
Jul. 31, 2022
CNY (¥)
|
May 31, 2022
CNY (¥)
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
$ 10,844
|
$ 9,292
|
|
|
|
|
|
|
|
|
|
China Construction Bank [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
$ 146,000
|
|
$ 68,000
|
|
$ 24,000
|
|
|
|
|
|
|
|
¥ 1,050,000
|
|
¥ 465,000
|
|
¥ 161,000
|
Interest rate |
|
|
|
|
4.20%
|
|
4.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
|
May 26, 2024
|
|
Feb. 11, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Huaneng Guicheng Trust Co Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
$ 544,000
|
|
|
|
|
|
|
|
|
|
|
|
¥ 390,000
|
|
|
|
|
|
|
|
Interest rate |
|
17.64%
|
7.92%
|
|
|
|
|
|
11.34%
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
Jan. 21, 2016
|
|
|
|
|
|
|
May 21, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
WeBank [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
$ 38,000
|
|
$ 62,000
|
$ 8,000
|
|
$ 13,000
|
|
|
$ 10,000
|
$ 38,000
|
|
|
¥ 270,000
|
|
¥ 440,000
|
¥ 57,000
|
|
¥ 96,000
|
|
|
¥ 69,000
|
Interest rate |
|
|
|
|
|
|
|
|
|
7.92%
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
Feb. 22, 2026
|
|
Nov. 16, 2025
|
|
|
|
|
|
May 21, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
WeBank One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
$ 15,000
|
|
|
|
|
|
|
|
|
|
|
|
¥ 99,000
|
|
Guangdong Nanyue Bank [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
$ 34,000
|
|
|
|
|
|
|
|
|
|
|
|
231,000
|
|
WeBank and Guangdong Nanyue Bank Co Ltd. [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
|
|
14.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
|
|
|
|
Jul. 08, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WeBank Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
$ 23,000
|
|
|
|
|
|
|
|
|
|
|
|
153,000
|
|
Nanyue Bank [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
$ 18,000
|
|
|
|
$ 53,000
|
|
|
|
|
|
|
|
133,000
|
|
|
|
357,000
|
|
WeBank and Nanyue Bank [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
10.44%
|
|
|
|
14.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
Jul. 13, 2025
|
|
|
|
Jul. 13, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Huaneng Guicheng [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
$ 57,000
|
|
|
|
|
|
|
|
|
|
|
|
¥ 380,000
|
|
Interest rate |
|
|
|
|
|
|
|
12.60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
|
|
|
|
Jul. 21, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of Ningbo [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
$ 31,000
|
|
|
|
|
|
|
|
|
|
|
|
224,000
|
|
|
|
Bank of Ningbo and WeBank [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
12.24%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
|
|
Apr. 07, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Car Loan WeBank [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
$ 27,000
|
|
|
|
|
|
|
|
|
|
|
|
¥ 195,415
|
|
|
|
Interest rate |
|
|
|
|
|
6.54%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
|
|
Apr. 10, 2028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China Construction Bank Loan One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
$ 143,000
|
|
|
|
|
|
|
|
|
|
|
|
1,040,000
|
|
|
|
|
|
Interest rate |
|
|
|
3.70%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
Jul. 17, 2026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China Construction Bank Loan Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
$ 114,000
|
|
|
|
|
|
|
|
|
|
|
|
¥ 817,000
|
|
|
|
|
|
Interest rate |
|
|
|
3.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
Jul. 22, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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