0001493152-19-017411.txt : 20191114 0001493152-19-017411.hdr.sgml : 20191114 20191114154201 ACCESSION NUMBER: 0001493152-19-017411 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 58 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191114 DATE AS OF CHANGE: 20191114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Fortune Valley Treasures, Inc. CENTRAL INDEX KEY: 0001626745 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-MISCELLANEOUS RETAIL [5900] IRS NUMBER: 320439333 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55555 FILM NUMBER: 191219613 BUSINESS ADDRESS: STREET 1: 711-8 LEE CENTRE DR CITY: SCARBOROUGH STATE: A6 ZIP: M1H 3H8 BUSINESS PHONE: 1-702-290-8649 MAIL ADDRESS: STREET 1: 711-8 LEE CENTRE DR CITY: SCARBOROUGH STATE: A6 ZIP: M1H 3H8 FORMER COMPANY: FORMER CONFORMED NAME: CRYPTO-SERVICES, INC. DATE OF NAME CHANGE: 20141201 10-Q 1 form10-q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to _______

COMMISSION FILE NO. 000-55555

FORTUNE VALLEY TREASURES, INC.

(Exact name of registrant as specified in its charter)

Nevada		32-0439333
(State or other jurisdiction of incorporation)		(IRS Employer Identification No.)

No. 10 of Tuanjie 2nd Road, Beice, Humen Dongguan, Guangdong, China		518000
(Address of principal executive offices)		(Zip Code)

(86) 769-82268999

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act: None.

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 registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] 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 [X] 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	[X]	Smaller reporting company	[X]
		Emerging growth company	[X]

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 [X]

As of November 13, 2019, there were 307,750,100 shares of common stock, par value $0.001 per share, of the registrant issued and outstanding.

TABLE OF CONTENTS

	PAGE

CAUTIONARY NOTES REGARDING FORWARD-LOOKING STATEMENTS	3

PART I - FINANCIAL INFORMATION	F-1

ITEM 1. FINANCIAL STATEMENTS	F-1

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	4

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	7

ITEM 4. CONTROLS AND PROCEDURES	7

PART II - OTHER INFORMATION	8

ITEM 1. LEGAL PROCEEDINGS	8

ITEM 1A. RISK FACTORS	8

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	8

ITEM 3. DEFAULTS UPON SENIOR SECURITIES	8

ITEM 4. MINE SAFETY DISCLOSURES	8

ITEM 5. OTHER INFORMATION	8

ITEM 6. EXHIBITS	8

SIGNATURES	9

CAUTIONARY NOTES REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q contains forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to the factors described in the section captioned “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission (“SEC”).

In some cases, you can identify forward-looking statements by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “would” or the negative of such terms or other similar expressions. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and are subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our estimates and assumptions only as of the date of this report. You should read this report completely and with the understanding that our actual future results may be materially different from what we expect.

Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Fortune Valley Treasures, Inc.

Financial Statements

September 30, 2019

(Unaudited)

Contents		Page

Consolidated Balance Sheets		F-2

Consolidated Statements of Operations and Comprehensive Loss		F-3

Consolidated Statements of Stockholders’ Equity		F-4

Consolidated Statements of Cash Flows		F-5

Notes to Financial Statements		F-6

F-1

Fortune Valley Treasures, Inc.

Consolidated Balance Sheets

At September 30, 2019 and December 31, 2018

	September 30, 2019			December 31, 2018
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	38,206		$	29,999
Accounts and other receivable, net		5,051			7,706
Inventories		100,531			236,175
Prepaid expenses		11,000			8,000
Due from related parties		54,344			54,344
Prepaid taxes and taxes recoverable		-			2,081
Total current assets	$	209,132		$	338,305

Non-current assets
Plant and equipment, net		8,755			9,809
Right of use asset		128,660			-
Total Assets	$	346,547		$	348,114

Liabilities and Stockholders’ Deficit
Current liabilities
Accounts and taxes payable		31,522			48,282
Accrued liabilities and other payables		17,249			291
Customers advances and deposits		15			-
Due to related parties		889,417			686,769
Total current liabilities	$	938,203		$	735,342
Long term liabilities		111,694			-
Total Liabilities	$	1,049,897		$	735,342

Stockholders’ Deficit
Common stock (3,000,000,000 shares authorized, 307,750,100 issued and outstanding at September 30, 2019 and December 31, 2018)		307,750			307,750
Additional paid in capital		-			-
Accumulated deficit		(1,029,935	)		(708,097	)
Accumulated other comprehensive income		18,835			13,119
Total Stockholders’ Deficit		(703,350	)		(387,228	)

Total Liabilities and Stockholders’ Equity		346,547			348,114

See accompanying notes to the financial statements

F-2

Fortune Valley Treasures, Inc.

Consolidated Statements of Operations and Comprehensive Loss

For the Three and Nine Months Ended September 30, 2019 and 2018

	Three Months Ended						Nine Months Ended
	September 30, 2019			September 30, 2018			September 30, 2019			September 30, 2018

Revenue from third parties	$	12,251		$	45,454		$	46,154		$	73,427
Revenue from related parties		83,327			-			133,380
		95,578			45,454			179,534			73,427

Cost of revenues		75,795			19,838			137,470			36,971
Gross profit		19,783			25,616			42,064			36,456

Selling, general and administrative expenses		98,483			64,446			366,050			238,327

Operating loss		(78,700	)		(38,830	)		(323,986	)		(201,871	)

Other income (expenses):		(87	)					2,417			1,475
Interest income		44			-			185			-
Interest expense		(100	)		(91	)		(371	)		(91	)
		(143	)		(91	)		2,231			1,384

Earnings (loss) before tax		(78,843	)		(38,921	)		(321,755	)		(200,487	)

Income tax		-			(2,854	)		84			(2,854	)

Net loss	$	(78,843	)	$	(36,067	)	$	(321,839	)	$	(197,633	)

Other comprehensive income:
Foreign currency translation gain		3,054			5,372			5,718			8,786

Comprehensive loss	$	(75,789	)	$	(30,695	)	$	(316,121	)	$	(188,847	)

Loss per share
Basic and diluted earnings per share	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)
Basic and diluted weighted average shares outstanding		307,750,100			307,750,000			307,750,100			307,750,000

See accompanying notes to the financial statements

F-3

Fortune Valley Treasures, Inc.

Consolidated Statements of Stockholders’ Equity

For the Years Ended December 31, 2018 and 2017 and the Nine Months Ended September 30, 2019

													Accumulated
					Paid								other			Non
	No. of		Common		in		Statutory			Retained			comprehensive			controlling
	Shares		Stock		capital		reserves			earnings			income			interest		Total

Balance as of June 1, 2017		7,750,000		7,750				81,729			(154,116	)							(64,637	)
Recapitalization		300,000,000		300,000				(128,952	)		(194,708	)		6,930					10,701
Capital contribution by owners								47,223											47,223
Net income											(187,496	)							(187,496	)
Foreign currency translation adjustment														(489	)				(489	)
Balance as of January 1, 2018		307,750,000		307,750				-			(445,673	)		6,441			-		(131,482	)
Net income											(161,566	)
Foreign currency translation adjustment
Balance as of July 1, 2018		307,750,000		307,750							(607,294	)		9,552					(289,992	)
Net income											(262,424	)							(262,424	)
Foreign currency translation adjustment														6,677					6,677
Balance as of December 31, 2018		307,750,000		307,750		-		-			(708,097	)		13,119			-		(387,228	)
Net income											(321,839	)					-		(321,839	)
Foreign currency translation adjustment														5,717					5,717
Balance as of September 30, 2019		307,750,000		307,750		-		-			(1,029,935	)		18,836			-		(703,350	)

See accompanying notes to the financial statements

F-4

Fortune Valley Treasures, Inc.

Consolidated Statements of Cash Flows

For the Nine Months Ended September 30, 2019 and 2018

(Unaudited)

	For the Nine Months Ended
	September 30, 2019			September 30, 2018
Cash flows from operating activities
Net loss	$	(321,839	)	$	(197,633	)
Depreciation of fixed assets		791			3,754
Decrease/(increase) in accounts and other receivables		2,450			(7,081	)
Decrease in inventories		130,213			33,617
(Increase)/ decrease in advances and prepayments to suppliers		(960	)		27,312
Increase (decrease) in accounts and other payables		(16,576	)		(11,984	)
Net cash used in operating activities		(205,921	)		(152,015	)

Cash flows from investing activities
Net cash used in investing activities		-			-

Cash flows from financing activities
Borrowing and payments to related parties, net		215,027			109,858
Net cash provided by (used in) financing activities		215,027			109,858

Net increase of cash and cash equivalents		9,106			(42,157	)

Effect of foreign currency translation on cash and cash equivalents		(899	)		2,159

Cash and cash equivalents–beginning of period		29,999			77,782

Cash and cash equivalents–end of period	$	38,206		$	37,784

Supplementary cash flow information:
Interest received	$	185		$	-
Interest paid	$	371		$	(91	)
Income taxes paid	$	84		$	-
Recognition of right of use asset	$	128,660		$	-

See accompanying notes to the financial statements

F-5

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

Fortune Valley Treasures, Inc. (formerly Crypto-Services, Inc., the “Company” or “FVTI”) was incorporated in the State of Nevada on March 21, 2014. The Company is engaged in the business of wholesale distribution and retail sales of imported alcoholic beverages, including wine and distilled liquors, through its subsidiaries in the People’s Republic of China (“PRC” or “China”).

On January 5, 2018, the Company changed its accounting fiscal year end from August 31 to December 31. On January 29, 2018, the Company filed a Certificate of Amendment with the State of Nevada to increase its authorized shares of common stock from 75,000,000 to 3,000,000,000.

On April 6, 2018, the Company entered into a share exchange agreement by and among DaXingHuaShang Investment Group Limited, a Republic of Seychelles limited liability company (“DIGLS”), and each of the shareholders of DIGLS, pursuant to which the Company issued 300,000,000 shares of common stock in exchange for 100% of the issued shares of DIGLS. This transaction was accounted for 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 historical statement of stockholders’ equity has been retroactively restated to the first period presented.

DIGLS was incorporated in the Republic of Seychelles on July 4, 2016, with an authorized capital of $100,000, divided into 250,000,000 ordinary shares, par value $0.0004 per share. DIGLS wholly owns DaXingHuaShang Investment (Hong Kong) Limited (“DILHK”), a company incorporated in Hong Kong on June 22, 2016 as an investment holding company with limited liability. DILHK was previously wholly owned by Mr. Yumin Lin, the Company’s Chairman, Chief Executive Officer, Chief Financial Officer, President, Treasurer and Secretary. On November 11, 2016, Mr. Yumin Lin transferred 100% of his ownership in DILHK to DIGLS for nominal consideration. DILHK wholly owns Qianhai DaXingHuaShang Investment (Shenzhen) Co., Ltd. (“QHDX”), a PRC limited liability company formed on November 3, 2016 as a wholly foreign-owned enterprise. QHDX wholly owns Dongguan City France Vin Tout Ltd. (“FVTL”). FVTL was incorporated on May 31, 2011 in the PRC as a limited liability company. FVTL was previously owned and controlled by Mr. Yumin Lin. On November 20, 2016, Mr. Yumin Lin transferred his ownership in FVTL to QHDX for nominal consideration. The share transfers detailed above by and among Mr. Yumin Lin, DIGLS, DILHK, QHDX, and FVTL have been accounted for as a series of business combination of entities under common control. Accordingly, the values in these financial statements reflect the carrying values of those entities, and no goodwill was recorded as a result of these transactions.

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 contemplated in the SP Agreement was closed on March 1, 2019. Pursuant to the SP Agreement, the Company issued 100 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 interests of Jiujiu (HK) Industry Limited (“JJHK”) and Jiujiu (Shenzhen) Industry Co., Ltd. (“JJSZ”). None of JJGS, JJHK and JJSZ have any operations or active business, nor do they have any assets.

F-6

On July 13, 2019, FVTI and QHDX entered into an equity interest transfer agreement (the “Makaweng Agreement”), which was later amended on September 12, 2019, with Xingwen Wang, a shareholder and legal representative of Yunnan Makaweng Wine & Spirits Co., Ltd. (“Makaweng”), a PRC limited liability company formed in 2015.

Pursuant to the Makaweng Agreement, QHDX agreed to purchase 51% of Makaweng’s equity interests from Mr. Wang in exchange for shares of FVTI’s common stock (“Issuable Shares”). The total number of Issuable Shares will be determined according to the following formula:

Number of Issuance Shares = A x 51% x 20 x B ÷ C

For the purpose of the foregoing formula:

A = Audited net annual profit of Makaweng in fiscal year 2020.

B = The daily average middle exchange rate of U.S. Dollars to Chinese Yuan published by the State Administration of Foreign Exchange of the People’s Republic of China on December 31, 2020.

C = The closing price of FVTI’s common stock on December 31, 2020.

Mr. Wang has agreed not to transfer the Issuable Shares for at least three years after delivery of the Issuable Shares (the “Delivery”). He may only transfer up to 30% of his FVTI common stock during the fourth year after the Delivery and cumulatively no more than 60% of his FVTI common stock during the fifth year after the Delivery.

Pursuant to the Makaweng Agreement, Makaweng agreed to establish a board of directors consisting of seven individuals. QHDX agreed to continue to retain Mr. Wang as the legal representative of Makaweng, and appoint him as the manager and Chairman of Makaweng.

The 51% of equity interest of Makaweng was transferred to QHDX and the registration of such transfer with local government authorities was completed on August 28, 2019.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

These consolidated financial statements, accompanying notes, and related disclosures have been prepared pursuant to the rules and regulations of the SEC. These financial statements have been prepared using the accrual basis of accounting in accordance with the generally accepted accounting principles in the United States (“GAAP”). The Company’s fiscal year end is December 31. The Company’s financial statements are presented in U.S. dollars.

Basis of consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated.

Entity Name	Date of Incorporation	Parent Entity	Nature of Operation	Place of Incorporation
DIGLS	July 4, 2016	FVTI	Investment holding	Republic of Seychelles
DILHK	June 22, 2016	DIGLS	Investment holding	Hong Kong, PRC
QHDX	November 3, 2016	DILHK	Investment holding	PRC
FVTL	May 31, 2011	QHDX	Trading of wine	PRC
JJGS	August 17, 2017	FVTL	Investment holding	Republic of Seychelles
JJHK	August 24, 2017	JJGS	Investment holding	Hong Kong, PRC
JJSZ	November 16, 2018	JJHK	No operations	PRC
Makaweng	August 28, 2019	QHDX	No operations	PRC

F-7

Use of estimates

The preparation of financial statements is in conformity with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results may materially differ from these estimates.

Foreign currency translation and re-measurement

The Company translates its results of operations into 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, JJGS, JJHK and DILHK’s functional currency is the U.S. dollar. QHDX, JJSZ, FVTL and Makaweng 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, and
	●	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, and
	●	Revenue and expense items at the average rate of exchange prevailing during the period.

F-8

Adjustments arising from such translations are included in accumulated other comprehensive income in shareholders’ equity.

September 30,

2019

December 31,

2018

Spot RMB: USD exchange rate

0.14138

0.1454

Average RMB: USD exchange rate

0.14255

0.1514

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.

Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits in banks, and any investments with maturities with less three months from inception to maturity. The Company’s primary bank deposits are located in the Hong Kong and the PRC. Under the Deposit Insurance System in China, a company’s deposits at one bank is insured for a maximum of approximately $70,000 (RMB500,000). However, management has determined that the risk of loss from insolvency by those financial institutions at which it has deposited its funds is insignificant.

Accounts receivable

Accounts receivable are carried at the amounts invoiced to customers less allowance for doubtful accounts. The allowance is an estimate based on a review of individual customer accounts on a regular basis. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received.

The Company reviews the collectability of accounts receivable based on an assessment of historical experience, current economic conditions, and other collection indicators.

During the year ended December 31, 2018 and the nine months ended September 30, 2019, the Company did not experience any delinquent or uncollectible balances; accordingly, the Company did not record any valuation allowance for bad debt during these periods.

F-9

Inventories

Inventories consisting of finished goods are stated at the lower of cost or market value. The Company used the weighted average cost method of accounting for inventory. Inventories on hand are evaluated on an on-going basis to determine if any items are obsolete, spoiled, or in excess of future demand. The Company provides impairment that is charged directly to cost of sales when it has been determined that the product is obsolete, spoiled, and that the Company will not be able to sell it at a normal profit above its carrying cost. The Company’s primary products are imported alcoholic beverages. The selling price of alcoholic beverages tends to increase over time. However, there are circumstances where alcoholic beverages may be subject to spoilage if stored for prolong periods of time. The Company did not experience an impairment on inventory during the nine months ended September 30, 2019.

Advances and prepayments to suppliers

In certain instances, in order to secure the supply of limited and sought-after wines and liquors, the Company will make advance payments to suppliers for the procurement of inventory. Upon physical receipt and inspection of such products from those suppliers, the applicable balances are reclassified from advances and prepayments to suppliers to inventory.

Property, plant and equipment

Equipment is carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. Estimated useful lives of the equipment are as follows:

Office equipment

7-20 years

The cost of maintenance and repairs is charged to expenses as incurred, whereas significant renewals and betterments are capitalized.

Accounting for long-lived assets

The Company annually reviews its long-lived assets for impairment or 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.

F-10

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.

Customer advances and deposits

On certain occasions, the Company may receive prepayments from downstream retailers or retail customers for wines and liquors prior to their taking possession of the Company’s products. The Company records these receipts as customer advances and deposits until it has met all the criteria for recognition of revenue including the passing possession of the products to its customer, at such point Company will reduce the customer deposits balance and credit the Company’s revenues.

Revenue recognition

Revenues are recognized when the Company has negotiated the terms of the transaction, which includes determining and fixing the sales price, transfer of possession of product to customer, the customer does not have the right to return the product, the customer is able to further sell or transfer the product onto others for economic benefit without any other obligation to be fulfilled by the Company, and the Company is reasonably assured that funds have been or will be collected from the customer. The Company’s gross revenue consists of the value of goods invoiced, net of any value-added tax or excise tax.

Advertising

All advertising costs are expensed as incurred. Advertising expense for the nine months ended September 30, 2019 and 2018 were $0 and $0, respectively.

Shipping and handling

Outbound shipping and handling are expensed as incurred.

Retirement benefits

Retirement benefits in the form of mandatory government sponsored defined contribution plans are charged as expenses as incurred or allocated to inventory as a part of overhead.

F-11

Income taxes

The Company accounts for income tax using an asset and liability approach and allows for recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain.

Statutory reserves

Statutory reserves are referring to the amount appropriated from the net income in accordance with laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum that is equal to 50% of the enterprise’s PRC registered capital.

Earnings per share

The Company computes earnings per share (“EPS”) in accordance with ASC Topic 260, “Earnings per share.” Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

Financial instruments

The Company’s accounts for financial instruments in accordance to ASC Topic 820, “Fair Value Measurements and Disclosures,” which requires disclosure of the fair value of financial instruments held by the Company and ASC Topic 825, “Financial Instruments,” which defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:

●	Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets;

●	Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and

●	Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

F-12

Commitments and contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

Comprehensive income

Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. The Company’s current component of other comprehensive income includes the foreign currency translation adjustment and unrealized gain or loss.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable assets acquired in a business combination. In accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 350, “Goodwill and Other Intangible Assets,” goodwill is no longer subject to amortization. Rather, goodwill is subject to at least an annual assessment for impairment, applying a fair-value based test. Fair value is generally determined using a discounted cash flow analysis.

Recent accounting pronouncements

In January 2017, the FASB issued guidance, which amended the existing accounting standards for business combinations. The amendments clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company is required to adopt the guidance in the first quarter of fiscal year 2019. Earlier adoption is permitted. The Company adopted this guidance in the fourth quarter of fiscal year 2018. The implementation of this guidance did not have a material impact on the Company’s consolidated financial statements.

F-13

In February 2018, the FASB issued guidance, which eliminates the stranded tax effects in other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017 (“TCJA”). Because the amendments only relate to the reclassification of the income tax effects of the TCJA, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. The Company is required to adopt the guidance in the first quarter of fiscal year 2020. Earlier adoption is permitted. The Company is currently evaluating the timing and the impact of this guidance on its consolidated financial statements.

In August 2017, the FASB issued guidance, which amends the existing accounting standards for derivatives and hedging. The amendment improves the financial reporting of hedging relationships to better represent the economic results of an entity’s risk management activities in its financial statements and made certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The Company is required to adopt the guidance in the first quarter of fiscal year 2020. Earlier adoption is permitted. The Company is currently evaluating the timing and impact of this guidance on its consolidated financial statements.

In November 2016, the FASB issued guidance, which addresses the presentation of restricted cash in the statement of cash flows. The guidance requires entities to present the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. The Company is required to adopt the guidance retrospectively in the first quarter of fiscal year 2019. Earlier adoption is permitted. The Company adopted this guidance in the first quarter of fiscal year 2019. The Company expects that the implementation of this guidance will not have a material impact on its consolidated financial statements.

On March 17, 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-08 “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” which amends the principal-versus-agent implementation guidance and illustrations in the Board’s new revenue standard (ASU 2014-09). The FASB issued the ASU in response to concerns identified by stakeholders, including those related to (1) determining the appropriate unit of account under the revenue standard’s principal-versus-agent guidance and (2) applying the indicators of whether an entity is a principal or an agent in accordance with the revenue standard’s control principle. Among other things, the ASU clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract with a customer. As defined in the ASU, a specified good or service is “a distinct good or service (or a distinct bundle of goods or services) to be provided to the customer.” Therefore, for contracts involving more than one specified good or service, the entity may be the principal for one or more specified goods or services and the agent for others. The ASU has the same effective date as the new revenue standard (as amended by the one-year deferral and the early adoption provisions in ASU 2015-14). In addition, entities are required to adopt the ASU by using the same transition method they used to adopt the new revenue standard. The Company has determined that it acts as a principal in its primary business operations.

On March 30, 2016, the FASB issued ASU 2016-09 “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The ASU is for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Management has determined that the new standard did not have a material impact on the Company’s consolidated financial statements.

F-14

Unless otherwise stated, the Company is currently assessing the above accounting pronouncements and their potential impact from their adoption on the Company’s financial statements.

NOTE 3 - GOING CONCERN

The accompanying financial statements have been prepared in conformity with GAAP which contemplate continuation of the Company as a going concern. The going concern basis assumes that assets are realized, and liabilities are settled in the ordinary course of business at amounts disclosed in the financial statements. The Company’s ability to continue as a going concern depends upon its ability to market and sell its products to generate positive operating cash flows. As of September 30, 2019 and 2018, the Company reported net losses of $321,839 and $197,633, respectively. As of September 30, 2019, the Company had working capital deficit of approximately $729,071. In addition, the Company had net cash outflows of $207,675 from operating activities during the nine months September 30, 2019. These conditions still raise a substantial doubt as to whether the Company may continue as a going concern.

The Company also relies on related parties to provide financing and management services at cost that may not be the prevailing market rate for such services.

If the Company is not able to generate positive operating cash flows, raise additional capital, and retain the services of certain related parties, it may become insolvent.

NOTE 4 - ACCOUNTS AND OTHER RECEIVABLES

Accounts and other receivables consisted of the following as of September 30, 2019 and December 31, 2018:

	September 30, 2019		December 31, 2018
Gross accounts and other receivables	$	5,051	$	7,706
Less: Allowance for doubtful accounts		-		-
	$	5,051	$	7,706

NOTE 5 – INVENTORIES

Inventories consisted of the following as of September 30, 2019 and December 31, 2018:

	September 30, 2019		December 31, 2018
Finished goods	$	100,531	$	236,173

F-15

NOTE 6 - EQUIPMENT

Property, plant and equipment consisted of the following as of September 30, 2019 and December 31, 2018:

	September 30, 2019		December 31, 2018
At Cost:
Equipment		60,669		62,385
Less: Accumulated depreciation
Equipment		51,914		52,576
	$	8,755	$	9,809

NOTE 7 - INCOME TAXES

The Company’s primary operations are conducted in the PRC in accordance with the relevant tax laws and regulations. The corporate income tax rate for each country is as follows:

●	PRC tax rate is 25%;

●	Hong Kong tax rate is 16.5%; and

●	Seychelles is on permanent tax holiday.

The following table provides the reconciliation of differences between statutory and effective tax expenses for nine months ended September 30, 2019 and 2018:

	September 30, 2019			September 30, 2018
Income attributed to PRC operations	$	(145,784	)	$	(123,314	)
Loss attributed to Seychelles and Hong Kong		(208	)
Loss attributed to U.S.		(175,763	)		(77,173	)
Loss before tax		(321,755	)		(200,487	)

PRC statutory tax at 25% rate		(80,439	)		(50,122	)
Effect of Seychelles, PRC, Hong Kong, deductions and other reconciling items		80,523			47,268
Income tax	$	84		$	(2,854	)

The difference between the U.S. federal statutory income tax rate and the Company’s effective tax rate was as follows for nine months ended September 30, 2019 and 2018:

	September 30, 2019			September 30, 2018
U.S. federal statutory income tax rate		21.0	%		21.0	%
Higher rates in PRC, net		4.0	%		-9.0	%
Net operating losses in PRC and other jurisdictions		-25.3	%		-12.0	%
The Company’s effective tax rate		-0.3	%		0	%

F-16

NOTE 8 - RELATED PARTY TRANSACTIONS

Amounts due to related parties as of September 30, 2019 and December 31, 2018 are as follow:

		September 30, 2019		December 31, 2018

Mr. Yumin Lin (1)	Chief Executive Officer, Chief Financial Officer, President, Treasurer and Secretary	$	876,693	$	554,061
Ms. Qingmei Lin (2)	Mr. Yumin Lin’s wife		12,724		28,350
Mr. Naiyong Luo (3)	Director of DIGLS		0		78,639
Mr. Hongwei Ye	Shareholder		0		25,719
		$	889,417	$	686,769

(1) The outstanding payables due to Mr. Yumin Lin are comprised of working capital advances and borrowings. These amounts are due on demand and non-interest bearing.

(2) The amounts due to Ms. Qingmei Lin are office rental expenses. The Company’s operating facilities are located within a building owned by Ms. Qingmei Lin.

(3) The Company sold its wine and liquor products to Mr. Naiyong Luo in the amount of $133,378 for the nine months ended September 30, 2019. Mr. Luo is a shareholder of Gaosheng Group Co., Ltd., the prior owner of DIGLS.

NOTE 9 – LEASE COMMITMENTS

The Company has a non-cancelable operating lease with Ms. Qingmei Lin, a related party, for the premises in Dongguan City, Guangdong Province, China. The lease covers the period from May 1, 2017 to April 30, 2027. The monthly rent expense is $3,811 (RMB 25,000). Effective as of May 1, 2018, the monthly rent was lowered to $2,323 (RMB15,000) based on agreement between Ms. Qingmei and Company. Effective as of January 1, 2019, the monthly rent was lowered to $1,491 (RMB10,000) until April 30, 2027, based on agreement between Ms. Qingmei Lin and Company. The agreement does not require a rental deposit. The Company discounted its lease commitment using an expected borrowing rate of 4.35% per annum.

Minimum operating lease commitment under the lease agreement is as follows:

2019		4,242
2020		16,966
2021		16,966
2022		16,966
Thereafter:		73,520
Total future payments of right of use asset	$	128,660

F-17

NOTE 10 - RISKS

Credit risk

The Company is subject to risk borne from credit extended to customers.

FVTL, Makaweng and QHDX bank deposits are with banks located in the PRC. JJHK’s bank account is located in Hong Kong. DIGLS does not have any bank accounts. The bank accounts that the Company uses are located outside of the U.S. and do not carry federal deposit insurance.

Economic and political risks

The Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by changes in the political, economic, and legal environments in the PRC. As imported alcoholic beverages are considered a luxury item in the PRC, they may be subject to political risks. From time to time, the PRC government limits the amount of import of foreign alcoholic beverages based on diplomatic relationships with foreign countries. The Company’s results of operations may be materially and adversely affected if it is unable to procure such products because of change of government policies.

Inflation risk

Management monitors changes in prices. Historically inflation has not materially impacted the Company’s financial statements. However, significant increases in the price of wine and liquors that cannot be passed on to the Company’s customers could adversely impact the Company’s results of operations.

Concentrations risk

During the nine months ended September 30, 2019 and the year ended December 31, 2018, the Company had a concentration of risk in its supply of goods, as one vendor supplied all of the Company’s purchases of finished goods.

NOTE 11 - SUBSEQUENT EVENTS

Company evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. There are two types of subsequent events: (1) recognized, or those that provide additional evidence with respect to conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements, and (2) non-recognized, or those that provide evidence with respect to conditions that did not exist at the date of the balance sheet but arose subsequent to that date.

There was no event that management deemed necessary for disclosure as a material subsequent event.

F-18

Item 2. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Company Overview

Fortune Valley Treasures, Inc. (formerly Crypto-Services, Inc., the “Company,” “FVTI,” “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.

On July 22, 2015, the Company filed an amendment to its Articles of Incorporation with the Nevada Secretary of State to change its name from Crypto-Services, Inc. to Fortune Valley Treasures, Inc.

As previously reported in a Current Report on Form 8-K filed with the SEC, on December 14, 2016, we entered into a sale and purchase agreement (the “Original Agreement”) with DaXingHuaShang Investment Group Limited, a company incorporated under the laws of the Republic of Seychelles (“DIGLS”), and its shareholders. Pursuant to the Original Agreement, the Company agreed to issue 300,000,000 shares of its common stock to the stockholders of DIGLS in exchange for 100% of the shares of DIGLS.

On December 14, 2016, in anticipation of the reverse merger between the Company and DIGLS, Shen Xinlong resigned from the positions of President, Secretary and Treasurer but remained on the board of directors of the Company (the “Board”) as a Director. Simultaneously, the Company appointed Mr. Yumin Lin to the Board of the Company and as President, Secretary and Treasurer of the Company.

On April 11, 2018, the Company entered into a termination agreement with DIGLS, terminating the Original Agreement and all transactions contemplated under the Original Agreement.

On April 6, 2018, the Company entered into a share exchange agreement by and among DIGLS, and each of the shareholders of DIGLS, pursuant to which the Company issued 300,000,000 shares of common stock in exchange for 100% of issued shares of DIGLS. The transaction closed on April 19, 2018.

DIGLS is engaged in the business of retail and wholesale of imported wine products in China. We now own all of the issued and outstanding shares of DIGLS, which owns all of the equity capital of DILHK, QHDX and FVTL.

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 contemplated in the SP Agreement was closed on March 1, 2019. Pursuant to the SP Agreement, the Company issued 100 shares of the Company’s 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 interests of JJHK and JJSZ. None of JJGS, JJHK and JJSZ have any operations or active business, nor do they have any assets.

On July 13, 2019, the Company and QHDX entered into an equity interest transfer agreement, which was later amended on September 12, 2019 (“Makaweng Agreement”), with Xingwen Wang, a shareholder and legal representative of Yunnan Makaweng Wine & Spirits Co., Ltd. (“Makaweng”), a PRC limited liability company engaged in the distribution of wine and beer. Pursuant to the Makaweng Agreement, QHDX agreed to purchase 51% of Makaweng’s equity interests from Xingwen Wang in exchange for shares of the Company’s common stock based on a formula.

Number of Issuance Shares = A x 51% x 20 x B ÷ C

For the purpose of the foregoing formula:

A = Audited net annual profit of Makaweng in fiscal year 2020.

B = The daily average middle exchange rate of U.S. Dollars to Chinese Yuan published by the State Administration of Foreign Exchange of the People’s Republic of China on December 31, 2020.

C = The closing price of FVTI’s common stock on December 31, 2020.

The 51% of equity interest of Makaweng was transferred to QHDX and the registration of such transfer with local government authorities was completed on August 28, 2019.

Currently, we are engaged in the business of wholesale distribution and retail sales of imported alcoholic beverages, including wine and distilled liquors in China. Our principal executive offices are located at No. 10 of Tuanjie 2nd Road, Beice, Humen, Dongguan, Guangdong, China 518000. Our telephone number is (86) 76982268999.

Results of Operations

Three Months Ended September 30, 2019 and 2018

	Three Months Ended September 30,
	2019			2018			Change
Revenue	$	95,578		$	45,454		$	50,124
Cost of revenue		75,795			19,838			55,957
Gross profit		19,783			25,616			(5,833	)
Gross profit (%)		21	%		56	%

Operating expense		98,483			64,446			34,037
Other income(expense)		(143	)		(91	)		(52	)
Provision for income taxes		-			(2,854	)		2,851
Foreign currency translation gain		3,054			5,372			(782	)
Comprehensive loss	$	(75,789	)	$	(30,695	)	$	(45,094	)

Revenue

Revenue was $95,578 for three months ended September 30, 2019, reflecting an increase of $50,124 from $45,454 for the three months ended September 30, 2018. The reason for the increase was the adoption of new sales and marketing strategies, including price reduction and online marketing, by the Company which increased our sales volume.

Cost of revenue

Cost of revenue was $75,795 for the three months ended September 30, 2019, reflecting an increase of $55,957 from $19,838 for the three months ended September 30, 2018. The increase in cost of revenue was due to the increase of our revenue.

Gross profit

Gross profit was $19,783 and $25,616 for the three months ended September 30, 2019 and 2018, respectively. The gross profit margin decreased to 21% for the three months ended September 30, 2019 from 56% for the corresponding period in 2018, due to the decrease in the sales price of our products, as part of our strategies to promote more sales.

Operating expense

Operating expense was $98,483 for the three months ended September 30, 2019, reflecting an increase of $34,037 from $64,446 for the three months ended September 30, 2018. The increase was primarily due to an increase in general and administrative expense related to professional service fees.

Comprehensive loss

Net loss was $75,789 for the three months ended September 30, 2019, reflecting an increase of $45,094 compared to that of 2018, primarily as a result of the increase in cost of revenue and operating expenses.

Nine Months Ended September 30, 2019 and 2018

	Nine Months Ended September 30,
	2019			2018			Change
Revenue	$	179,534		$	73,427		$	106,107
Cost of revenue		137,470			36,971			100,499
Gross profit		42,064			36,456			5,608
Gross profit (%)		23	%		49	%

Operating expense		366,050			238,327			127,723
Other income(expense)		2,231			1,384			847
Provision for income taxes		81			(2,854	)		2935
Foreign currency translation gain		5,718			8,786			(3,068	)
Comprehensive loss	$	(316,121	)	$	(188,847	)	$	(127,274	)

Revenue

Net revenue was $179,534 for nine months ended September 30, 2019, reflecting an increase of $106,107 from $73,427 for the nine months ended September 30, 2018. The reason for the increase in revenue was due to the adoption of new sales and marketing strategies, including price reduction and online marketing, by the Company which increased our sales volume.

Cost of revenue

Cost of revenue was $137,470 for the nine months ended September 30, 2019, reflecting an increase of $100,499 from $36,971 for the nine months ended September 30, 2018. The increase in cost of revenue was due to the increase of our revenue.

Gross profit

Gross profit was $42,064 and $36,456 for the nine months ended September 30, 2019 and 2018, respectively. Gross profit margin decreased to 23% for the nine months ended September 30, 2019 from 49% for the corresponding period in 2018 primarily due to the decrease in the sales price of our products, as part of our strategies to promote more sales.

Operating expense

Operating expense was $366,050 for the nine months ended September 30, 2019, reflecting an increase of $127,723 from $238,327 for the nine months ended September 30, 2018. The increase was primarily due to an increase in general and administrative expense related to professional service fees.

Comprehensive loss

Net loss was $316,121 for the nine months ended September 30, 2019, reflecting an increase of $127,274 compared to that of 2018, primarily as a result of the increase in cost of revenue and operating expenses.

Liquidity and Capital Resources

Working Capital Deficit

	September 30, 2019			December 31, 2018			Change

Total current assets	$	209,132		$	338,305		$	(129,173	)
Total current liabilities		938,203			735,342			202,861
Working capital deficit	$	(729,071	)	$	(397,037	)	$	(332,034	)

As of September 30, 2019, we had cash and cash equivalents in an amount of $38,206. We have financed our operations primarily though borrowings from related parties. The increase in working capital deficit was primarily due to continued losses from operations and net cash used in operating activities.

Cash Flows

	Nine Months Ended September 30,
	2019			2018			Change
Cash Flows Used in Operating Activities	$	(205,921	)	$	(152,015	)	$	(53,906	)
Cash Flows Provided by Financing Activities		215,027			109,858			105,169
Net Decrease in Cash During Period	$	9,106		$	(42,157	)	$	51,263

Cash Flow from Operating Activities

For the nine months ended September 30, 2019, net cash used in operating activities consisted of a net loss of $321,839 offset by a liquidation of inventory in the amount of $130,213, which was partially offset by reductions in accounts and other payables of $16,576.

For the nine months ended September 30, 2018, net cash used in operating activities was a result of a net loss of $197,633 reduced by depreciation of $3,754, and a net increase of operating expenses in the amount of $41,864.

Cash Flow from Financing Activities

Net cash provided by financing activities for the nine months ended September 30, 2019 was $215,027, as compared to $109,858 for the nine months ended September 30, 2018. The increase in net cash provided by financing activities was mainly due to increase in the amount of loans from related parties.

Critical Accounting Policy and Estimates

In the ordinary course of business, we make a number of estimates and assumptions relating to the reporting of results of operations and financial condition in the preparation of our financial statements in conformity with U.S. generally accepted accounting principles. We base our estimates on historical experience, when available, and on other various assumptions that are believed to be reasonable under the circumstances. Actual results could differ significantly from those estimates under different assumptions and conditions.

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.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK.

Pursuant to Item 305(e) of Regulation S-K (§ 229.305(e)), the Company is not required to provide the information required by this Item as it is a “smaller reporting company,” as defined by Rule 229.10(f)(1).

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer, Chief Financial Officer, and President (who is also our principal executive officer and principal financial and accounting officer), as appropriate to allow timely decisions regarding required disclosure.

We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer, Chief Financial Officer, and President, of the effectiveness of our disclosure controls and procedures as of September 30, 2019. Based on the evaluation of these disclosure controls and procedures, our management concluded that our disclosure controls and procedures were not effective as of September 30, 2019 due to the following:

●	the Board does not currently have a director who qualifies as an audit committee financial expert as defined in Item 407(d)(5)(ii) of Regulation S-K;
●	the Company does not have sufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both GAAP and SEC guidelines;
●	the Company lacks accounting personnel with technical knowledge in certain debt and equity transactions and qualified personnel with an appropriate level of SEC filing knowledge and experience;
●	the Company has not developed controls related to the segregation of certain duties; and
●	the Company does not have a well-established procedure to identify, approve, and report related party transactions.

Our management intends to hire additional accounting staff with an appropriate understanding of U.S. GAAP and SEC reporting requirements in the upcoming year.

Changes in Internal Controls

During the period covered by this report, there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Part II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We are not presently a party to any legal proceedings that, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

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

EXHIBIT INDEX

The exhibits listed on the Exhibit Index are provided as part of this report.

Exhibit Number		Description

10.1*		Equity Interest Transfer Agreement, dated July 13, 2019, by and among Fortune Valley Treasures, Inc., Qianhai DaXingHuaShang Investment (Shenzhen) Co., Ltd. and Xingwen Wang
10.2*		Amendment to Equity Interest Transfer Agreement, dated September 12, 2019, by and among Fortune Valley Treasures, Inc., Qianhai DaXingHuaShang Investment (Shenzhen) Co., Ltd. and Xingwen Wang
31.1*		Certification of the Chief Executive Officer and Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a)
32.1**		Certification of the Chief Executive Officer and Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350

101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema
101.CAL		XBRL Taxonomy Extension Calculation Linkbase
101.DEF		XBRL Taxonomy Extension Definition Linkbase
101.LAB		XBRL Taxonomy Extension Label Linkbase
101.PRE		XBRL Taxonomy Extension Presentation Linkbase

*	Filed herewith.
**	Furnished herewith.

SIGNATURES

Pursuant to the requirements 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: November 14, 2019	By:	/s/ Yumin Lin
		Yumin Lin
		Chief Executive Officer, Chief Financial Officer, President, Treasurer and Secretary
		(Principal Executive Officer, and Principal Accounting and Financial Officer)

EX-10.1 2 ex10-1.htm

Equity Interest Transfer Agreement

Contract number: 20190904

Party A: Qianhai DaXingHuaShang Investment (Shenzhen) Co., Ltd.

Address: Room 201, Building A, No. 1 Qianwan 1st Road, Qianhai Shenzhen-Hong Kong Cooperation Zone, Shenzhen

Unified Social Credit Code: 91440300MA5DNJAB9E.

Legal Representative: Yumin Lin

Party B: Xingwen Wang

Address: *********************

National ID: *********************

Party C: Fortune Valley Treasures, Inc.

Legal Representative: Yumin Lin

Yunnan Makaweng Wine & Spirits Co., Ltd. (hereinafter referred to as “Target Company”) is a limited liability company registered on September 10, 2015 with a registered capital of RMB 5 million, of which Party B holds 51% of equity interests of the Target Company.

According to the “Company Law of the People’s Republic of China” and the “Contract Law of the People’s Republic of China”, the three parties have reached an agreement, on the basis of friendly negotiations, equality and mutual benefits, Party B transfers 51% of its shares equity held in the Target Company to Party A with the following terms and conditions:

Article 1: Amount of equity transfer, consideration and shares delivery

Party B shall transfer 51% of the equity of the Target Company it holds to Party A. The consideration for the equity transfer is the additional shares to be issued by Party C (Stock Symbol: FVTI). The delivery of Party C’s shares to Party B shall be deemed as completion of delivery obligation of Party A. The actual amount of shares delivered by Party C shall be implemented in accordance with Article 4 of this Agreement.

Article 2: Registration of shareholding changes

Party B shall cooperate with the Target Company to record the relevant matters of Party A in the shareholders’ register of the Target Company within 15 days after the effective date of this Agreement. Party B shall cooperate with the Target Company to register the equity transfer with the registration authority, to change Party A as a new shareholder of the Target Company, sign and provide all necessary documents related to the equity transfer. Unless causing a breach of this Agreement, Party A shall also make necessary modifications on the relevant documents according to the requirements of the registration authority.

Article 3: Restrictions on the transfer of shares held by Party B

The shares held by Party B shall not be disposed or transferred within three years from the date of delivery by Party A. During the fourth year from the date of delivery by Party A, the amount of shares disposed by Party B shall not exceed 30% of the total number of shares it held. During the fifth year from the date of delivery, the amount of shares disposed by Party B shall not exceed 60% of the total number of shares it held.

Party B’s transfer of shares must comply with the provisions of the preceding paragraph and comply with the U.S. laws and requirements of relevant authorities.

Article 4: Management of the Target Company, the delivery of shares and the performance of the Target Company after the equity transfer

After the equity transfer, the Target Company shall set up a board of directors, which consists of five members. The chairman shall be Xingwen Wang; the directors shall be Yongjun Sheng, Donghui Deng, Haibo Hong, Lin Wei, Jianhua Wang and Shengqian Zhang; the supervisor of the Target Company shall be Kaihong Lin. The Target Company’s external guarantee, external financing, major asset disposal, appointment or dismissal of the financial person in charge must be approved by the board of directors.

Within [15] working days after the equity transfer, Party A shall make corresponding amendments to the Articles of Association of the Target Company and make corresponding changes to the registration authority.

Party A agrees that after the equity transfer, the legal representative of the Target Company will not be changed, and Xingwen Wang will still be the director, and Xingwen Wang will also serve as the manager of Target Company. Party A has the right to supervise the operation and management of the Target Company.

Party A and Party B agreed that the net profit of the Target Company in 2020 will be 5 million yuan as the performance target.

The amount of shares delivered by Party A to Party B is determined according to the net profit of the Target Company’s 2020 annual report. The specific calculation criteria are as follows:

Number of Issuance Shares = A x 51% x 20 x B ÷ C

For the purpose of the foregoing formula:

A = Audited net annual profit of the Target Company in fiscal year 2020.

B = The daily average middle exchange rate of U.S. Dollars to Chinese Yuan published by the State Administration of Foreign Exchange of the People’s Republic of China on December 31, 2020.

C = The closing price of FVTI’s common stock on December 31, 2020.

Article 5: Representations and warranties

1. Party B represents and warrants that the transfer of equity interests to Party A under this Agreement has obtained the consent of the other shareholders of the Target Company, and the other shareholders of the Target Company have promised in writing to waive their preemptive rights under the same conditions.

2. Party B represents and warrants that it has transferred full rights of equity interests to Party A, and does not set any pledge or other secured claims and other circumstances that affect the effectiveness of the equity transfer.

3. Party B represents and warrants that the creditor’s rights and legal disputes existing before the signing of this Agreement are not related to Party A.

Articles 6: Confidentiality

1. In this Agreement, all parties (Parties A, B and C) have an obligation of confidentiality to all information obtained from each other, including but not limited to information on the operations, financial matters, trade secrets, technology secrets. No party shall publish or use information unless required by law or judicial authorities.

2. When parties (Parties A, B and C) disclose or publicize matters on this transfer of equity interest, they shall adopt a unified manner through consultation to ensure that the goodwill of the parties is not impaired. Without the consent of other parties, no party may publish any statements or languages regarding this transfer of equity interests.

Article 7: Expenses

The expenses incurred in this equity transfer shall be borne by Party A, and Party B shall be obliged to cooperate with the above work progress.

Article 8: Breach of contract

1. If Party A breaches any of the representations, warranties and other obligations under this Agreement and causes losses to other parties, Party A shall compensate the relevant parties for all the financial losses suffered thereby.

2. If Party B breaches any of the representations, warranties and other obligations under this Agreement, and causes Party A not be able to transfer the equity interests under this Agreement, Party B shall return to Party A all the considerations received and compensate Party A for all the financial losses suffered by Party A.

Article 9: Delivery of relevant documents

In the process of fulfilling this Agreement, notices should be delivered to the following:

Party A’s recipient: Donghui Deng, Telephone No: ***************

Party A’s address: 13th Floor, Building B1, Qiaofang Road, Qiaoxiang Road, Nanshan District, Shenzhen

Party B’s recipient: Xingwen Wang, Telephone No.: ***************

Party’s B address:

Party C’s recipient: Donghui Deng, Telephone No: ***************

Party C’s address: 13th Floor, Building B1, Qiaofang Road, Qiaoxiang Road, Nanshan District, Shenzhen

Party D’s recipient: Donghui Deng, Telephone No: ***************

The address specified in the preceding paragraph may be used as the address for delivery of relevant documents and litigation documents. Should the relevant documents and litigation documents have not been actually received due to the incorrect address, the date of receipt of returned relevant documents and litigation documents shall be deemed to be the date of delivery.

Article 10: Supplementary provisions

By the consensus of the three parties, without any breach of relevant laws and regulations, the supplementary clauses reached by the parties shall be included as part of this Agreement. If the supplementary clauses are inconsistent with this Agreement, the supplementary clause shall prevail.

Article 11: Text form

If any amendments and supplements to this Agreement are made by the three parties, the supplementary agreement shall be signed separately. Any non-printed text or graphics in the body of this Agreement does not have any legal effect, unless agreed by the parties.

Article 12: Agreement Annex

Annexes are matters related to this Agreement but not suitable for inclusion in the body of the Agreement. However, annexes have the same legal effect as this Agreement.

Article 13: Dispute resolution

Any relevant disputes incurred during the implementation of or related to this Agreement shall be resolved through friendly negotiation. In the event that the negotiation fails, any party may bring a lawsuit to the local people’s court with appropriate jurisdiction.

Article 14: Effective date of Agreement

This Agreement shall become effective on the date of signature or stamp seal of the three parties. This Agreement is made in triplicate, and each of the parties holds one copy and all copies have the same legal effect.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

Party A: Qianhai DaXingHuaShang Investment (Shenzhen) Co., Ltd. [Corporate seal affixed herein]

Legal representative: /s/ Yumin Lin

Date: July 13, 2019

Party B: /s/ Xingwen Wang

Date: July 13, 2019

Party C: Fortune Valley Treasures, Inc. [Corporate seal affixed herein]

Legal Representative: /s/ Yumin Lin

Date: July 13, 2019

Annexes:

1. Copies of the business licenses of Party A, Party C and the Target Company, and a copy of the legal representatives’ national ID cards;

2. A copy of Party B’s national ID card.

EX-10.2 3 ex10-2.htm

Amendment to Equity Interest Transfer Agreement

Contract number: 20190902

Party A: Qianhai DaXingHuaShang Investment (Shenzhen) Co., Ltd.

Address: Room 201, Building A, No. 1 Qianwan 1st Road, Qianhai Shenzhen-Hong Kong Cooperation Zone, Shenzhen

Unified Social Credit Code: 91440300MA5DNJAB9E.

Legal Representative: Yumin Lin

Party B: Xingwen Wang

Address: *********************

National ID: *********************

Party C: Fortune Valley Treasures, Inc.

Legal Representative: Yumin Lin

Whereas:

	1.	Yunnan Makaweng Wine & Spirits Co., Ltd. (hereinafter referred to as “Target Company”) is a limited liability company registered and established on September 10, 2015 with a registered capital of RMB 5 million, of which Party B holds the 51 % of equity interests in the Target Company.
	2.	On July 13, 2019, Parties A, B and C entered into an equity interest transfer agreement (Contract Number: 20190713), pursuant to which, Party B agreed to transfer 51% of the equity interests of the Target Company to Party A. Party A agreed to deliver shares of Party C to Party B as the consideration for the equity interest of the Target Company.
	3.	On August 28, 2019, the Target Company completed the registration procedure for the transfer of 51% equity interest of the Target Company to Party A.

According to the Company Law of the People’s Republic of China” and the Contract Law of the People’s Republic of China, on the basis of equality and mutual benefit, all parties have agreed to amend and supplement the agreement entered for the transfer of 51% equity interest in the Target Company:

Target Company performance target

Party A and Party B agreed that the performance target of the Target Company’s net profit in year 2020 will be 5 million Chinese Yuan.

The consideration of equity transfer

(1)

The amount of shares delivered by Party A to Party B shall be determined according to the net profit of the audited 2020 annual report issued of the Target Company by an accounting firm approved by Party A. The calculation criteria are as follows:

Number of issuance shares = A x 51% x 20 x B ÷ C

For the purpose of the foregoing formula:

A = Audited net annual profit of the Target Company in fiscal year 2020.

B = The daily average middle exchange rate of U.S. Dollars to Chinese Yuan published by the State Administration of Foreign Exchange of the People’s Republic of China on December 31, 2020.

C = The closing price of Party C’s common stock on December 31, 2020.

(2)

Within [ ] working days from the date of the audited report issued by the accounting firm approved by Party A for the year of 2020 of the Target Company, Party C shall issue Party B the corresponding number of shares of Company C according to this Agreement.

Target Company management agency

	(1)	The board of directors of the Target Company shall consist of seven members: two are recommended by Party A and five are recommended by Party B. The Target Company does not have a board of supervisors and Kaihong Lin will be appointed as a supervisor. Xingwen Wang will continue to serve as the legal representative of the Target Company. At the same time, he is also the general manager and may be appointed or dismissed by the board of directors.

	(2)	The Target Company’s external guarantee, external financing, disposal of major assets, appointment or dismissal of financial leaders need to be approved by the board of directors.

	(3)	The directors and supervisor of the Target Company have a term of three years and may seek for reelection.

Miscellaneous

Matters not in this Agreement shall be in accordance with the Equity Interest Transfer Agreement signed by Party A, Party B and Party C. If this Agreement is inconsistent with the Equity Interest Transfer Agreement, it shall be implemented in accordance with this Agreement. Matters not mention in this Agreement or the Equity Interest Transfer Agreement shall be determined by the parties to the Agreement.

[There is no text below]

(This is the signature page of the Amendment to Equity Interest Transfer Agreement)

Party A: Qianhai DaXingHuaShang Investment (Shenzhen) Co., Ltd. [Corporate seal affixed herein]

Legal representative: /s/ Yumin Lin

Date: September 12, 2019

Party B: /s/ Xingwen Wang

Date: September 12, 2019

Party C: Fortune Valley Treasures, Inc. [Corporate seal affixed herein]

Legal Representative: /s/ Yumin Lin

Date: September 12, 2019

EX-31.1 4 ex31-1.htm

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.;

	2.	Based on my knowledge, this 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.	I am 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 my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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 over financial reporting to be designed under my 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 my 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 that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditor and the registrant’s board of directors:

	(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: November 14, 2019

	/s/ Yumin Lin
	Yumin Lin
	Chief Executive Officer, Chief Financial Officer, President, Treasurer and Secretary
	(Principal Executive Officer, and Principal Accounting and Financial Officer)

EX-32.1 5 ex32-1.htm

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

(SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)

In connection with the quarterly report of Fortune Valley Treasures, Inc. (the “Registrant”) on Form 10-Q for the quarter ended September 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Yumin Lin, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

	(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 14, 2019

	By:	/s/ Yumin Lin
		Yumin Lin
		Chief Executive Officer, Chief Financial Officer, President, Treasurer and Secretary
		(Principal Executive Officer, and Principal Accounting and Financial Officer)

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NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS   Fortune Valley Treasures, Inc. (formerly Crypto-Services, Inc., the “Company” or “FVTI”) was incorporated in the State of Nevada on March 21, 2014. The Company is engaged in the business of wholesale distribution and retail sales of imported alcoholic beverages, including wine and distilled liquors, through its subsidiaries in the People’s Republic of China (“PRC” or “China”).   On January 5, 2018, the Company changed its accounting fiscal year end from August 31 to December 31. On January 29, 2018, the Company filed a Certificate of Amendment with the State of Nevada to increase its authorized shares of common stock from 75,000,000 to 3,000,000,000.   On April 6, 2018, the Company entered into a share exchange agreement by and among DaXingHuaShang Investment Group Limited, a Republic of Seychelles limited liability company (“DIGLS”), and each of the shareholders of DIGLS, pursuant to which the Company issued 300,000,000 shares of common stock in exchange for 100% of the issued shares of DIGLS. This transaction was accounted for 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 historical statement of stockholders’ equity has been retroactively restated to the first period presented.   DIGLS was incorporated in the Republic of Seychelles on July 4, 2016, with an authorized capital of $100,000, divided into 250,000,000 ordinary shares, par value $0.0004 per share. DIGLS wholly owns DaXingHuaShang Investment (Hong Kong) Limited (“DILHK”), a company incorporated in Hong Kong on June 22, 2016 as an investment holding company with limited liability. DILHK was previously wholly owned by Mr. Yumin Lin, the Company’s Chairman, Chief Executive Officer, Chief Financial Officer, President, Treasurer and Secretary. On November 11, 2016, Mr. Yumin Lin transferred 100% of his ownership in DILHK to DIGLS for nominal consideration. DILHK wholly owns Qianhai DaXingHuaShang Investment (Shenzhen) Co., Ltd. (“QHDX”), a PRC limited liability company formed on November 3, 2016 as a wholly foreign-owned enterprise. QHDX wholly owns Dongguan City France Vin Tout Ltd. (“FVTL”). FVTL was incorporated on May 31, 2011 in the PRC as a limited liability company. FVTL was previously owned and controlled by Mr. Yumin Lin. On November 20, 2016, Mr. Yumin Lin transferred his ownership in FVTL to QHDX for nominal consideration. The share transfers detailed above by and among Mr. Yumin Lin, DIGLS, DILHK, QHDX, and FVTL have been accounted for as a series of business combination of entities under common control. Accordingly, the values in these financial statements reflect the carrying values of those entities, and no goodwill was recorded as a result of these transactions.   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 contemplated in the SP Agreement was closed on March 1, 2019. Pursuant to the SP Agreement, the Company issued 100 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 interests of Jiujiu (HK) Industry Limited (“JJHK”) and Jiujiu (Shenzhen) Industry Co., Ltd. (“JJSZ”). None of JJGS, JJHK and JJSZ have any operations or active business, nor do they have any assets.   On July 13, 2019, FVTI and QHDX entered into an equity interest transfer agreement (the “Makaweng Agreement”), which was later amended on September 12, 2019, with Xingwen Wang, a shareholder and legal representative of Yunnan Makaweng Wine & Spirits Co., Ltd. (“Makaweng”), a PRC limited liability company formed in 2015.   Pursuant to the Makaweng Agreement, QHDX agreed to purchase 51% of Makaweng’s equity interests from Mr. Wang in exchange for shares of FVTI’s common stock (“Issuable Shares”). The total number of Issuable Shares will be determined according to the following formula:   Number of Issuance Shares = A x 51% x 20 x B ÷ C   For the purpose of the foregoing formula:   A = Audited net annual profit of Makaweng in fiscal year 2020.   B = The daily average middle exchange rate of U.S. Dollars to Chinese Yuan published by the State Administration of Foreign Exchange of the People’s Republic of China on December 31, 2020.   C = The closing price of FVTI’s common stock on December 31, 2020.   Mr. Wang has agreed not to transfer the Issuable Shares for at least three years after delivery of the Issuable Shares (the “Delivery”). He may only transfer up to 30% of his FVTI common stock during the fourth year after the Delivery and cumulatively no more than 60% of his FVTI common stock during the fifth year after the Delivery.   Pursuant to the Makaweng Agreement, Makaweng agreed to establish a board of directors consisting of seven individuals. QHDX agreed to continue to retain Mr. Wang as the legal representative of Makaweng, and appoint him as the manager and Chairman of Makaweng.   The 51% of equity interest of Makaweng was transferred to QHDX and the registration of such transfer with local government authorities was completed on August 28, 2019.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Basis of presentation   These consolidated financial statements, accompanying notes, and related disclosures have been prepared pursuant to the rules and regulations of the SEC. These financial statements have been prepared using the accrual basis of accounting in accordance with the generally accepted accounting principles in the United States (“GAAP”). The Company’s fiscal year end is December 31. The Company’s financial statements are presented in U.S. dollars.   Basis of consolidation   The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 13%; border-bottom: black 1.5pt solid">Entity Name</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 20%; border-bottom: black 1.5pt solid; text-align: center">Date of Incorporation</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: center">Parent Entity</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 21%; border-bottom: black 1.5pt solid; text-align: center">Nature of Operation</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 29%; border-bottom: black 1.5pt solid; text-align: center">Place of Incorporation</td></tr> <tr style="vertical-align: top"> <td>DIGLS</td> <td> </td> <td>July 4, 2016</td> <td> </td> <td style="text-align: center">FVTI</td> <td> </td> <td>Investment holding</td> <td> </td> <td>Republic of Seychelles</td></tr> <tr style="vertical-align: top"> <td>DILHK</td> <td> </td> <td>June 22, 2016</td> <td> </td> <td style="text-align: center">DIGLS</td> <td> </td> <td>Investment holding</td> <td> </td> <td>Hong Kong, PRC</td></tr> <tr style="vertical-align: top"> <td>QHDX</td> <td> </td> <td>November 3, 2016</td> <td> </td> <td style="text-align: center">DILHK</td> <td> </td> <td>Investment holding</td> <td> </td> <td>PRC</td></tr> <tr style="vertical-align: top"> <td>FVTL</td> <td> </td> <td>May 31, 2011</td> <td> </td> <td style="text-align: center">QHDX</td> <td> </td> <td>Trading of wine</td> <td> </td> <td>PRC</td></tr> <tr style="vertical-align: top"> <td>JJGS</td> <td> </td> <td>August 17, 2017</td> <td> </td> <td style="text-align: center">FVTL</td> <td> </td> <td>Investment holding</td> <td> </td> <td>Republic of Seychelles</td></tr> <tr style="vertical-align: top"> <td>JJHK</td> <td> </td> <td>August 24, 2017</td> <td> </td> <td style="text-align: center">JJGS</td> <td> </td> <td>Investment holding</td> <td> </td> <td>Hong Kong, PRC</td></tr> <tr style="vertical-align: top"> <td>JJSZ</td> <td> </td> <td>November 16, 2018</td> <td> </td> <td style="text-align: center">JJHK</td> <td> </td> <td>No operations</td> <td> </td> <td>PRC</td></tr> <tr style="vertical-align: top"> <td>Makaweng</td> <td> </td> <td>August 28, 2019</td> <td> </td> <td style="text-align: center">QHDX</td> <td> </td> <td>No operations</td> <td> </td> <td>PRC</td></tr> </table>   Use of estimates   The preparation of financial statements is in conformity with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results may materially differ from these estimates.   Foreign currency translation and re-measurement   The Company translates its results of operations into 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, JJGS, JJHK and DILHK’s functional currency is the U.S. dollar. QHDX, JJSZ, FVTL and Makaweng 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:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Monetary assets and liabilities at exchange rates in effect at the end of each period,</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Nonmonetary assets and liabilities at historical rates, and</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Revenue and expense items at the average rate of exchange prevailing during the period.</td></tr> </table>   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:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Assets and liabilities at the rate of exchange in effect at the balance sheet date,</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Equities at the historical rate, and</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Revenue and expense items at the average rate of exchange prevailing during the period.</td></tr> </table>    Adjustments arising from such translations are included in accumulated other comprehensive income in shareholders’ equity.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> December 31, 2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%">Spot RMB: USD exchange rate</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">0.14138</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">0.1454</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Average RMB: USD exchange rate</td> <td> </td> <td>$</td> <td style="text-align: right">0.14255</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.1514</td> <td> </td></tr> </table>   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.   Cash and cash equivalents   Cash and cash equivalents include cash on hand, deposits in banks, and any investments with maturities with less three months from inception to maturity. The Company’s primary bank deposits are located in the Hong Kong and the PRC. Under the Deposit Insurance System in China, a company’s deposits at one bank is insured for a maximum of approximately $70,000 (RMB500,000). However, management has determined that the risk of loss from insolvency by those financial institutions at which it has deposited its funds is insignificant.   Accounts receivable   Accounts receivable are carried at the amounts invoiced to customers less allowance for doubtful accounts. The allowance is an estimate based on a review of individual customer accounts on a regular basis. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received.   The Company reviews the collectability of accounts receivable based on an assessment of historical experience, current economic conditions, and other collection indicators.   During the year ended December 31, 2018 and the nine months ended September 30, 2019, the Company did not experience any delinquent or uncollectible balances; accordingly, the Company did not record any valuation allowance for bad debt during these periods.   Inventories   Inventories consisting of finished goods are stated at the lower of cost or market value. The Company used the weighted average cost method of accounting for inventory. Inventories on hand are evaluated on an on-going basis to determine if any items are obsolete, spoiled, or in excess of future demand. The Company provides impairment that is charged directly to cost of sales when it has been determined that the product is obsolete, spoiled, and that the Company will not be able to sell it at a normal profit above its carrying cost. The Company’s primary products are imported alcoholic beverages. The selling price of alcoholic beverages tends to increase over time. However, there are circumstances where alcoholic beverages may be subject to spoilage if stored for prolong periods of time. The Company did not experience an impairment on inventory during the nine months ended September 30, 2019.   Advances and prepayments to suppliers   In certain instances, in order to secure the supply of limited and sought-after wines and liquors, the Company will make advance payments to suppliers for the procurement of inventory. Upon physical receipt and inspection of such products from those suppliers, the applicable balances are reclassified from advances and prepayments to suppliers to inventory.   Property, plant and equipment   Equipment is carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. Estimated useful lives of the equipment are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 50%">Office equipment</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 49%; text-align: center">7-20 years</td></tr> </table>   The cost of maintenance and repairs is charged to expenses as incurred, whereas significant renewals and betterments are capitalized.   Accounting for long-lived assets   The Company annually reviews its long-lived assets for impairment or 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.   Customer advances and deposits   On certain occasions, the Company may receive prepayments from downstream retailers or retail customers for wines and liquors prior to their taking possession of the Company’s products. The Company records these receipts as customer advances and deposits until it has met all the criteria for recognition of revenue including the passing possession of the products to its customer, at such point Company will reduce the customer deposits balance and credit the Company’s revenues.   Revenue recognition   Revenues are recognized when the Company has negotiated the terms of the transaction, which includes determining and fixing the sales price, transfer of possession of product to customer, the customer does not have the right to return the product, the customer is able to further sell or transfer the product onto others for economic benefit without any other obligation to be fulfilled by the Company, and the Company is reasonably assured that funds have been or will be collected from the customer. The Company’s gross revenue consists of the value of goods invoiced, net of any value-added tax or excise tax.   Advertising   All advertising costs are expensed as incurred. Advertising expense for the nine months ended September 30, 2019 and 2018 were $0 and $0, respectively.   Shipping and handling   Outbound shipping and handling are expensed as incurred.   Retirement benefits   Retirement benefits in the form of mandatory government sponsored defined contribution plans are charged as expenses as incurred or allocated to inventory as a part of overhead.   Income taxes   The Company accounts for income tax using an asset and liability approach and allows for recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain.   Statutory reserves   Statutory reserves are referring to the amount appropriated from the net income in accordance with laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum that is equal to 50% of the enterprise’s PRC registered capital.   Earnings per share   The Company computes earnings per share (“EPS”) in accordance with ASC Topic 260, “Earnings per share.” Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.   Financial instruments   The Company’s accounts for financial instruments in accordance to ASC Topic 820, “Fair Value Measurements and Disclosures,” which requires disclosure of the fair value of financial instruments held by the Company and ASC Topic 825, “Financial Instruments,” which defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; text-align: justify">●</td> <td style="text-align: justify">Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">●</td> <td style="text-align: justify">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">●</td> <td style="text-align: justify">Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.</td></tr> </table>   Commitments and contingencies   Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.   Comprehensive income   Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. The Company’s current component of other comprehensive income includes the foreign currency translation adjustment and unrealized gain or loss.   Goodwill   Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable assets acquired in a business combination. In accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 350, “Goodwill and Other Intangible Assets,” goodwill is no longer subject to amortization. Rather, goodwill is subject to at least an annual assessment for impairment, applying a fair-value based test. Fair value is generally determined using a discounted cash flow analysis.   Recent accounting pronouncements   In January 2017, the FASB issued guidance, which amended the existing accounting standards for business combinations. The amendments clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company is required to adopt the guidance in the first quarter of fiscal year 2019. Earlier adoption is permitted. The Company adopted this guidance in the fourth quarter of fiscal year 2018. The implementation of this guidance did not have a material impact on the Company’s consolidated financial statements.   In February 2018, the FASB issued guidance, which eliminates the stranded tax effects in other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017 (“TCJA”). Because the amendments only relate to the reclassification of the income tax effects of the TCJA, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. The Company is required to adopt the guidance in the first quarter of fiscal year 2020. Earlier adoption is permitted. The Company is currently evaluating the timing and the impact of this guidance on its consolidated financial statements.   In August 2017, the FASB issued guidance, which amends the existing accounting standards for derivatives and hedging. The amendment improves the financial reporting of hedging relationships to better represent the economic results of an entity’s risk management activities in its financial statements and made certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The Company is required to adopt the guidance in the first quarter of fiscal year 2020. Earlier adoption is permitted. The Company is currently evaluating the timing and impact of this guidance on its consolidated financial statements.   In November 2016, the FASB issued guidance, which addresses the presentation of restricted cash in the statement of cash flows. The guidance requires entities to present the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. The Company is required to adopt the guidance retrospectively in the first quarter of fiscal year 2019. Earlier adoption is permitted. The Company adopted this guidance in the first quarter of fiscal year 2019. The Company expects that the implementation of this guidance will not have a material impact on its consolidated financial statements.   On March 17, 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-08 “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” which amends the principal-versus-agent implementation guidance and illustrations in the Board’s new revenue standard (ASU 2014-09). The FASB issued the ASU in response to concerns identified by stakeholders, including those related to (1) determining the appropriate unit of account under the revenue standard’s principal-versus-agent guidance and (2) applying the indicators of whether an entity is a principal or an agent in accordance with the revenue standard’s control principle. Among other things, the ASU clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract with a customer. As defined in the ASU, a specified good or service is “a distinct good or service (or a distinct bundle of goods or services) to be provided to the customer.” Therefore, for contracts involving more than one specified good or service, the entity may be the principal for one or more specified goods or services and the agent for others. The ASU has the same effective date as the new revenue standard (as amended by the one-year deferral and the early adoption provisions in ASU 2015-14). In addition, entities are required to adopt the ASU by using the same transition method they used to adopt the new revenue standard. The Company has determined that it acts as a principal in its primary business operations.   On March 30, 2016, the FASB issued ASU 2016-09 “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The ASU is for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Management has determined that the new standard did not have a material impact on the Company’s consolidated financial statements.   Unless otherwise stated, the Company is currently assessing the above accounting pronouncements and their potential impact from their adoption on the Company’s financial statements.

NOTE 3 - GOING CONCERN   The accompanying financial statements have been prepared in conformity with GAAP which contemplate continuation of the Company as a going concern. The going concern basis assumes that assets are realized, and liabilities are settled in the ordinary course of business at amounts disclosed in the financial statements. The Company’s ability to continue as a going concern depends upon its ability to market and sell its products to generate positive operating cash flows. As of September 30, 2019 and 2018, the Company reported net losses of $321,839 and $197,633, respectively. As of September 30, 2019, the Company had working capital deficit of approximately $729,071. In addition, the Company had net cash outflows of $207,675 from operating activities during the nine months September 30, 2019. These conditions still raise a substantial doubt as to whether the Company may continue as a going concern.   The Company also relies on related parties to provide financing and management services at cost that may not be the prevailing market rate for such services.   If the Company is not able to generate positive operating cash flows, raise additional capital, and retain the services of certain related parties, it may become insolvent.

NOTE 7 - INCOME TAXES   The Company’s primary operations are conducted in the PRC in accordance with the relevant tax laws and regulations. The corporate income tax rate for each country is as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify">●</td> <td style="text-align: justify">PRC tax rate is 25%;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">●</td> <td style="text-align: justify">Hong Kong tax rate is 16.5%; and</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">●</td> <td style="text-align: justify">Seychelles is on permanent tax holiday.</td></tr> </table>   The following table provides the reconciliation of differences between statutory and effective tax expenses for nine months ended September 30, 2019 and 2018:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Income attributed to PRC operations</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">(145,784</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">(123,314</td> <td style="width: 1%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Loss attributed to Seychelles and Hong Kong</td> <td> </td> <td> </td> <td style="text-align: right">(208</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Loss attributed to U.S.</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(175,763</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(77,173</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Loss before tax</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(321,755</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(200,487</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>PRC statutory tax at 25% rate</td> <td> </td> <td> </td> <td style="text-align: right">(80,439</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(50,122</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Effect of Seychelles, PRC, Hong Kong, deductions and other reconciling items</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">80,523</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">47,268</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Income tax</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">84</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(2,854</td> <td>)</td></tr> </table>   The difference between the U.S. federal statutory income tax rate and the Company’s effective tax rate was as follows for nine months ended September 30, 2019 and 2018:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">U.S. federal statutory income tax rate</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">21.0</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: right">21.0</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Higher rates in PRC, net</td> <td> </td> <td> </td> <td style="text-align: right">4.0</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">-9.0</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Net operating losses in PRC and other jurisdictions</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-25.3</td> <td>%</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-12.0</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>The Company’s effective tax rate</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">-0.3</td> <td>%</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">0</td> <td>%</td></tr> </table>

NOTE 8 - RELATED PARTY TRANSACTIONS   Amounts due to related parties as of September 30, 2019 and December 31, 2018 are as follow:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 34%">Mr. Yumin Lin (1)</td> <td style="width: 1%"> </td> <td style="width: 21%">Chief Executive Officer, Chief Financial Officer, President, Treasurer and Secretary</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">876,693</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">554,061</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Ms. Qingmei Lin (2)</td> <td> </td> <td>Mr. Yumin Lin’s wife</td> <td> </td> <td> </td> <td style="text-align: right">12,724</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">28,350</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Mr. Naiyong Luo (3)</td> <td> </td> <td>Director of DIGLS</td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">78,639</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Mr. Hongwei Ye</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">Shareholder</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">0</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">25,719</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">889,417</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">686,769</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   (1) The outstanding payables due to Mr. Yumin Lin are comprised of working capital advances and borrowings. These amounts are due on demand and non-interest bearing.   (2) The amounts due to Ms. Qingmei Lin are office rental expenses. The Company’s operating facilities are located within a building owned by Ms. Qingmei Lin.   (3) The Company sold its wine and liquor products to Mr. Naiyong Luo in the amount of $133,378 for the nine months ended September 30, 2019. Mr. Luo is a shareholder of Gaosheng Group Co., Ltd., the prior owner of DIGLS.

NOTE 11 - SUBSEQUENT EVENTS   Company evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. There are two types of subsequent events: (1) recognized, or those that provide additional evidence with respect to conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements, and (2) non-recognized, or those that provide evidence with respect to conditions that did not exist at the date of the balance sheet but arose subsequent to that date.   There was no event that management deemed necessary for disclosure as a material subsequent event.

Basis of presentation   These consolidated financial statements, accompanying notes, and related disclosures have been prepared pursuant to the rules and regulations of the SEC. These financial statements have been prepared using the accrual basis of accounting in accordance with the generally accepted accounting principles in the United States (“GAAP”). The Company’s fiscal year end is December 31. The Company’s financial statements are presented in U.S. dollars.

Use of estimates   The preparation of financial statements is in conformity with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results may materially differ from these estimates.

Income taxes   The Company accounts for income tax using an asset and liability approach and allows for recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain.

Statutory reserves   Statutory reserves are referring to the amount appropriated from the net income in accordance with laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum that is equal to 50% of the enterprise’s PRC registered capital.

Earnings per share   The Company computes earnings per share (“EPS”) in accordance with ASC Topic 260, “Earnings per share.” Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

Financial instruments   The Company’s accounts for financial instruments in accordance to ASC Topic 820, “Fair Value Measurements and Disclosures,” which requires disclosure of the fair value of financial instruments held by the Company and ASC Topic 825, “Financial Instruments,” which defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; text-align: justify">●</td> <td style="text-align: justify">Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">●</td> <td style="text-align: justify">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">●</td> <td style="text-align: justify">Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.</td></tr> </table>

Commitments and contingencies   Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

Comprehensive income   Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. The Company’s current component of other comprehensive income includes the foreign currency translation adjustment and unrealized gain or loss.

Recent accounting pronouncements   In January 2017, the FASB issued guidance, which amended the existing accounting standards for business combinations. The amendments clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company is required to adopt the guidance in the first quarter of fiscal year 2019. Earlier adoption is permitted. The Company adopted this guidance in the fourth quarter of fiscal year 2018. The implementation of this guidance did not have a material impact on the Company’s consolidated financial statements.   In February 2018, the FASB issued guidance, which eliminates the stranded tax effects in other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017 (“TCJA”). Because the amendments only relate to the reclassification of the income tax effects of the TCJA, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. The Company is required to adopt the guidance in the first quarter of fiscal year 2020. Earlier adoption is permitted. The Company is currently evaluating the timing and the impact of this guidance on its consolidated financial statements.   In August 2017, the FASB issued guidance, which amends the existing accounting standards for derivatives and hedging. The amendment improves the financial reporting of hedging relationships to better represent the economic results of an entity’s risk management activities in its financial statements and made certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The Company is required to adopt the guidance in the first quarter of fiscal year 2020. Earlier adoption is permitted. The Company is currently evaluating the timing and impact of this guidance on its consolidated financial statements.   In November 2016, the FASB issued guidance, which addresses the presentation of restricted cash in the statement of cash flows. The guidance requires entities to present the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. The Company is required to adopt the guidance retrospectively in the first quarter of fiscal year 2019. Earlier adoption is permitted. The Company adopted this guidance in the first quarter of fiscal year 2019. The Company expects that the implementation of this guidance will not have a material impact on its consolidated financial statements.   On March 17, 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-08 “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” which amends the principal-versus-agent implementation guidance and illustrations in the Board’s new revenue standard (ASU 2014-09). The FASB issued the ASU in response to concerns identified by stakeholders, including those related to (1) determining the appropriate unit of account under the revenue standard’s principal-versus-agent guidance and (2) applying the indicators of whether an entity is a principal or an agent in accordance with the revenue standard’s control principle. Among other things, the ASU clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract with a customer. As defined in the ASU, a specified good or service is “a distinct good or service (or a distinct bundle of goods or services) to be provided to the customer.” Therefore, for contracts involving more than one specified good or service, the entity may be the principal for one or more specified goods or services and the agent for others. The ASU has the same effective date as the new revenue standard (as amended by the one-year deferral and the early adoption provisions in ASU 2015-14). In addition, entities are required to adopt the ASU by using the same transition method they used to adopt the new revenue standard. The Company has determined that it acts as a principal in its primary business operations.   On March 30, 2016, the FASB issued ASU 2016-09 “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The ASU is for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Management has determined that the new standard did not have a material impact on the Company’s consolidated financial statements.   Unless otherwise stated, the Company is currently assessing the above accounting pronouncements and their potential impact from their adoption on the Company’s financial statements.

Amounts due to related parties as of September 30, 2019 and December 31, 2018 are as follow:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 34%">Mr. Yumin Lin (1)</td> <td style="width: 1%"> </td> <td style="width: 21%">Chief Executive Officer, Chief Financial Officer, President, Treasurer and Secretary</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">876,693</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">554,061</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Ms. Qingmei Lin (2)</td> <td> </td> <td>Mr. Yumin Lin’s wife</td> <td> </td> <td> </td> <td style="text-align: right">12,724</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">28,350</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Mr. Naiyong Luo (3)</td> <td> </td> <td>Director of DIGLS</td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">78,639</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Mr. Hongwei Ye</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">Shareholder</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">0</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">25,719</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">889,417</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">686,769</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   (1) The outstanding payables due to Mr. Yumin Lin are comprised of working capital advances and borrowings. These amounts are due on demand and non-interest bearing.   (2) The amounts due to Ms. Qingmei Lin are office rental expenses. The Company’s operating facilities are located within a building owned by Ms. Qingmei Lin.   (3) The Company sold its wine and liquor products to Mr. Naiyong Luo in the amount of $133,378 for the nine months ended September 30, 2019. Mr. Luo is a shareholder of Gaosheng Group Co., Ltd., the prior owner of DIGLS.

209132

338305

11000

8000

346547

348114

938203

735342

31522

48282

1049897

735342

-1029935

-708097

307750

38206

29999

5051

7706

100531

236175

54344

2081

8755

9809

18835

13119

346547

348114

-205921

-152015

-16576

-11984

215027

109858

215027

109858

185

791

3754

NOTE 4 - ACCOUNTS AND OTHER RECEIVABLES   Accounts and other receivables consisted of the following as of September 30, 2019 and December 31, 2018:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Gross accounts and other receivables</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">5,051</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">7,706</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Less: Allowance for doubtful accounts</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">5,051</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">7,706</td> <td style="padding-bottom: 1.5pt"></td></tr> </table>

NOTE 5 – INVENTORIES   Inventories consisted of the following as of September 30, 2019 and December 31, 2018:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; padding-bottom: 2.5pt">Finished goods</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double">$</td> <td style="width: 16%; border-bottom: black 2.25pt double; text-align: right">100,531</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double">$</td> <td style="width: 16%; border-bottom: black 2.25pt double; text-align: right">236,173</td> <td style="width: 1%; padding-bottom: 2.5pt"></td></tr> </table>

NOTE 6 - EQUIPMENT   Property, plant and equipment consisted of the following as of September 30, 2019 and December 31, 2018:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>At Cost:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%; padding-left: 10pt">Equipment</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">60,669</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">62,385</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Less: Accumulated depreciation</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Equipment</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">51,914</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">52,576</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">8,755</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">9,809</td> <td style="padding-bottom: 2.5pt"></td></tr> </table>

NOTE 10 - RISKS   Credit risk   The Company is subject to risk borne from credit extended to customers.   FVTL, Makaweng and QHDX bank deposits are with banks located in the PRC. JJHK’s bank account is located in Hong Kong. DIGLS does not have any bank accounts. The bank accounts that the Company uses are located outside of the U.S. and do not carry federal deposit insurance.   Economic and political risks   The Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by changes in the political, economic, and legal environments in the PRC. As imported alcoholic beverages are considered a luxury item in the PRC, they may be subject to political risks. From time to time, the PRC government limits the amount of import of foreign alcoholic beverages based on diplomatic relationships with foreign countries. The Company’s results of operations may be materially and adversely affected if it is unable to procure such products because of change of government policies.   Inflation risk   Management monitors changes in prices. Historically inflation has not materially impacted the Company’s financial statements. However, significant increases in the price of wine and liquors that cannot be passed on to the Company’s customers could adversely impact the Company’s results of operations.   Concentrations risk   During the nine months ended September 30, 2019 and the year ended December 31, 2018, the Company had a concentration of risk in its supply of goods, as one vendor supplied all of the Company’s purchases of finished goods.

960

-27312

-2450

7081

-130213

-33617

137470

36971

75795

19838

42064

36456

19783

25616

-323986

-201871

-78700

-38830

371

100

-321755

-200487

-78843

-38921

-84

2854

5718

8786

5717

3054

5372

6677

-489

-316121

-188847

-75789

-30695

-0.00

307750100

307750000

307750100

307750000

1.00

0.51

0.10

0.50

0.14138

0.14255

0.1454

0.1514

P20Y

P7Y

729071

5051

7706

5051

7706

60669

62385

51914

52576

0.25

0.165

-0.003

0.00

80523

47268

-80439

-50122

0.25

0.210

-145784

-208

-175763

-123314

-77173

3811

25000

Basis of consolidation   The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 13%; border-bottom: black 1.5pt solid">Entity Name</td> <td style="width: 2%; text-align: center"> </td> <td style="width: 19%; border-bottom: black 1.5pt solid; text-align: center">Date of Incorporation</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 12%; border-bottom: black 1.5pt solid; text-align: center">Parent Entity</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 20%; border-bottom: black 1.5pt solid; text-align: center">Nature of Operation</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 31%; border-bottom: black 1.5pt solid; text-align: center">Place of Incorporation</td></tr> <tr style="vertical-align: top"> <td>DIGLS</td> <td> </td> <td>July 4, 2016</td> <td> </td> <td style="text-align: center">FVTI</td> <td> </td> <td>Investment holding</td> <td> </td> <td>Republic of Seychelles</td></tr> <tr style="vertical-align: top"> <td>DILHK</td> <td> </td> <td>June 22, 2016</td> <td> </td> <td style="text-align: center">DIGLS</td> <td> </td> <td>Investment holding</td> <td> </td> <td>Hong Kong, PRC</td></tr> <tr style="vertical-align: top"> <td>QHDX</td> <td> </td> <td>November 3, 2016</td> <td> </td> <td style="text-align: center">DILHK</td> <td> </td> <td>Investment holding</td> <td> </td> <td>PRC</td></tr> <tr style="vertical-align: top"> <td>FVTL</td> <td> </td> <td>May 31, 2011</td> <td> </td> <td style="text-align: center">QHDX</td> <td> </td> <td>Trading of wine</td> <td> </td> <td>PRC</td></tr> <tr style="vertical-align: top"> <td>JJGS</td> <td> </td> <td>August 17, 2017</td> <td> </td> <td style="text-align: center">FVTL</td> <td> </td> <td>Investment holding</td> <td> </td> <td>Republic of Seychelles</td></tr> <tr style="vertical-align: top"> <td>JJHK</td> <td> </td> <td>August 24, 2017</td> <td> </td> <td style="text-align: center">JJGS</td> <td> </td> <td>Investment holding</td> <td> </td> <td>Hong Kong, PRC</td></tr> <tr style="vertical-align: top"> <td>JJSZ</td> <td> </td> <td>November 16, 2018</td> <td> </td> <td style="text-align: center">JJHK</td> <td> </td> <td>No operations</td> <td> </td> <td>PRC</td></tr> <tr style="vertical-align: top"> <td>Makaweng</td> <td> </td> <td>August 28, 2019</td> <td> </td> <td style="text-align: center">QHDX</td> <td> </td> <td>No operations</td> <td> </td> <td>PRC</td></tr> </table>

Foreign currency translation and re-measurement   The Company translates its results of operations into 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, JJGS, JJHK and DILHK’s functional currency is the U.S. dollar. QHDX, JJSZ, FVTL and Makaweng 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:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Monetary assets and liabilities at exchange rates in effect at the end of each period,</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Nonmonetary assets and liabilities at historical rates, and</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Revenue and expense items at the average rate of exchange prevailing during the period.</td></tr> </table>   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:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Assets and liabilities at the rate of exchange in effect at the balance sheet date,</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Equities at the historical rate, and</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Revenue and expense items at the average rate of exchange prevailing during the period.</td></tr> </table>   Adjustments arising from such translations are included in accumulated other comprehensive income in shareholders’ equity.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> September 30, 2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> December 31, 2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%">Spot RMB: USD exchange rate</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">0.14138</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">0.1454</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Average RMB: USD exchange rate</td> <td> </td> <td>$</td> <td style="text-align: right">0.14255</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.1514</td> <td> </td></tr> </table>   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.

Cash and cash equivalents   Cash and cash equivalents include cash on hand, deposits in banks, and any investments with maturities with less three months from inception to maturity. The Company’s primary bank deposits are located in the Hong Kong and the PRC. Under the Deposit Insurance System in China, a company’s deposits at one bank is insured for a maximum of approximately $70,000 (RMB500,000). However, management has determined that the risk of loss from insolvency by those financial institutions at which it has deposited its funds is insignificant.

Accounts receivable   Accounts receivable are carried at the amounts invoiced to customers less allowance for doubtful accounts. The allowance is an estimate based on a review of individual customer accounts on a regular basis. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received.   The Company reviews the collectability of accounts receivable based on an assessment of historical experience, current economic conditions, and other collection indicators.   During the year ended December 31, 2018 and the nine months ended September 30, 2019, the Company did not experience any delinquent or uncollectible balances; accordingly, the Company did not record any valuation allowance for bad debt during these periods.

Inventories   Inventories consisting of finished goods are stated at the lower of cost or market value. The Company used the weighted average cost method of accounting for inventory. Inventories on hand are evaluated on an on-going basis to determine if any items are obsolete, spoiled, or in excess of future demand. The Company provides impairment that is charged directly to cost of sales when it has been determined that the product is obsolete, spoiled, and that the Company will not be able to sell it at a normal profit above its carrying cost. The Company’s primary products are imported alcoholic beverages. The selling price of alcoholic beverages tends to increase over time. However, there are circumstances where alcoholic beverages may be subject to spoilage if stored for prolong periods of time. The Company did not experience an impairment on inventory during the nine months ended September 30, 2019.

Advances and prepayments to suppliers   In certain instances, in order to secure the supply of limited and sought-after wines and liquors, the Company will make advance payments to suppliers for the procurement of inventory. Upon physical receipt and inspection of such products from those suppliers, the applicable balances are reclassified from advances and prepayments to suppliers to inventory.

Property, plant and equipment   Equipment is carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. Estimated useful lives of the equipment are as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 51%; font: 11pt Calibri, Helvetica, Sans-Serif">Office equipment</td> <td style="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"> </td> <td style="width: 48%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center">7-20 years</td></tr> </table>   The cost of maintenance and repairs is charged to expenses as incurred, whereas significant renewals and betterments are capitalized.

Accounting for long-lived assets   The Company annually reviews its long-lived assets for impairment or 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. Customer advances and deposits   On certain occasions, the Company may receive prepayments from downstream retailers or retail customers for wines and liquors prior to their taking possession of the Company’s products. The Company records these receipts as customer advances and deposits until it has met all the criteria for recognition of revenue including the passing possession of the products to its customer, at such point Company will reduce the customer deposits balance and credit the Company’s revenues.

Advertising   All advertising costs are expensed as incurred. Advertising expense for the nine months ended September 30, 2019 and 2018 were $0 and $0, respectively.

Retirement benefits   Retirement benefits in the form of mandatory government sponsored defined contribution plans are charged as expenses as incurred or allocated to inventory as a part of overhead.

Goodwill   Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable assets acquired in a business combination. In accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 350, “Goodwill and Other Intangible Assets,” goodwill is no longer subject to amortization. Rather, goodwill is subject to at least an annual assessment for impairment, applying a fair-value based test. Fair value is generally determined using a discounted cash flow analysis.

The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 13%; border-bottom: black 1.5pt solid">Entity Name</td> <td style="width: 2%; text-align: center"> </td> <td style="width: 19%; border-bottom: black 1.5pt solid; text-align: center">Date of Incorporation</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 12%; border-bottom: black 1.5pt solid; text-align: center">Parent Entity</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 20%; border-bottom: black 1.5pt solid; text-align: center">Nature of Operation</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 31%; border-bottom: black 1.5pt solid; text-align: center">Place of Incorporation</td></tr> <tr style="vertical-align: top"> <td>DIGLS</td> <td> </td> <td>July 4, 2016</td> <td> </td> <td style="text-align: center">FVTI</td> <td> </td> <td>Investment holding</td> <td> </td> <td>Republic of Seychelles</td></tr> <tr style="vertical-align: top"> <td>DILHK</td> <td> </td> <td>June 22, 2016</td> <td> </td> <td style="text-align: center">DIGLS</td> <td> </td> <td>Investment holding</td> <td> </td> <td>Hong Kong, PRC</td></tr> <tr style="vertical-align: top"> <td>QHDX</td> <td> </td> <td>November 3, 2016</td> <td> </td> <td style="text-align: center">DILHK</td> <td> </td> <td>Investment holding</td> <td> </td> <td>PRC</td></tr> <tr style="vertical-align: top"> <td>FVTL</td> <td> </td> <td>May 31, 2011</td> <td> </td> <td style="text-align: center">QHDX</td> <td> </td> <td>Trading of wine</td> <td> </td> <td>PRC</td></tr> <tr style="vertical-align: top"> <td>JJGS</td> <td> </td> <td>August 17, 2017</td> <td> </td> <td style="text-align: center">FVTL</td> <td> </td> <td>Investment holding</td> <td> </td> <td>Republic of Seychelles</td></tr> <tr style="vertical-align: top"> <td>JJHK</td> <td> </td> <td>August 24, 2017</td> <td> </td> <td style="text-align: center">JJGS</td> <td> </td> <td>Investment holding</td> <td> </td> <td>Hong Kong, PRC</td></tr> <tr style="vertical-align: top"> <td>JJSZ</td> <td> </td> <td>November 16, 2018</td> <td> </td> <td style="text-align: center">JJHK</td> <td> </td> <td>No operations</td> <td> </td> <td>PRC</td></tr> <tr style="vertical-align: top"> <td>Makaweng</td> <td> </td> <td>August 28, 2019</td> <td> </td> <td style="text-align: center">QHDX</td> <td> </td> <td>No operations</td> <td> </td> <td>PRC</td></tr> </table> Estimated useful lives of the equipment are as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 51%; font: 11pt Calibri, Helvetica, Sans-Serif">Office equipment</td> <td style="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"> </td> <td style="width: 48%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center">7-20 years</td></tr> </table>

Accounts and other receivables consisted of the following as of September 30, 2019 and December 31, 2018:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Gross accounts and other receivables</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">5,051</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">7,706</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Less: Allowance for doubtful accounts</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">5,051</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">7,706</td> <td> </td></tr> </table>

Property, plant and equipment consisted of the following as of September 30, 2019 and December 31, 2018:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>At Cost:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 60%; padding-left: 10pt">Equipment</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">60,669</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">62,385</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Less: Accumulated depreciation</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Equipment</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">51,914</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">52,576</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">8,755</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">9,809</td> <td> </td></tr> </table>

The following table provides the reconciliation of differences between statutory and effective tax expenses for nine months ended September 30, 2019 and 2018:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Income attributed to PRC operations</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">(145,784</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">(123,314</td> <td style="width: 1%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Loss attributed to Seychelles and Hong Kong</td> <td> </td> <td> </td> <td style="text-align: right">(208</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Loss attributed to U.S.</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(175,763</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(77,173</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Loss before tax</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(321,755</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(200,487</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>PRC statutory tax at 25% rate</td> <td> </td> <td> </td> <td style="text-align: right">(80,439</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(50,122</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Effect of Seychelles, PRC, Hong Kong, deductions and other reconciling items</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">80,523</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">47,268</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Income tax</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">84</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(2,854</td> <td>)</td></tr> </table>

The difference between the U.S. federal statutory income tax rate and the Company’s effective tax rate was as follows for nine months ended September 30, 2019 and 2018:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">U.S. federal statutory income tax rate</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">21.0</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">21.0</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Higher rates in PRC, net</td> <td> </td> <td> </td> <td style="text-align: right">4.0</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">-9.0</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Net operating losses in PRC and other jurisdictions</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-25.3</td> <td style="padding-bottom: 1.5pt">%</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-12.0</td> <td style="padding-bottom: 1.5pt">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">The Company’s effective tax rate</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">-0.3</td> <td style="padding-bottom: 2.5pt">%</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">0</td> <td style="padding-bottom: 2.5pt">%</td></tr> </table>

Minimum operating lease commitment under the lease agreement is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%">2019</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right">4,242</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2020</td> <td> </td> <td> </td> <td style="text-align: right">16,966</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2021</td> <td> </td> <td> </td> <td style="text-align: right">16,966</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2022</td> <td> </td> <td> </td> <td style="text-align: right">16,966</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Thereafter:</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">73,520</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total future payments of right of use asset</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">128,660</td> <td style="padding-bottom: 2.5pt"></td></tr> </table>

17249

291

NOTE 9 – LEASE COMMITMENTS   The Company has a non-cancelable operating lease with Ms. Qingmei Lin, a related party, for the premises in Dongguan City, Guangdong Province, China. The lease covers the period from May 1, 2017 to April 30, 2027. The monthly rent expense is $3,811 (RMB 25,000). Effective as of May 1, 2018, the monthly rent was lowered to $2,323 (RMB15,000) based on agreement between Ms. Qingmei and Company. Effective as of January 1, 2019, the monthly rent was lowered to $1,491 (RMB10,000) until April 30, 2027, based on agreement between Ms. Qingmei Lin and Company. The agreement does not require a rental deposit. The Company discounted its lease commitment using an expected borrowing rate of 4.35% per annum.   Minimum operating lease commitment under the lease agreement is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%">2019</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right">4,242</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2020</td> <td> </td> <td> </td> <td style="text-align: right">16,966</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2021</td> <td> </td> <td> </td> <td style="text-align: right">16,966</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2022</td> <td> </td> <td> </td> <td style="text-align: right">16,966</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Thereafter:</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">73,520</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total future payments of right of use asset</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">128,660</td> <td style="padding-bottom: 2.5pt"></td></tr> </table>

Adjustments arising from such translations are included in accumulated other comprehensive income in shareholders’ equity.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> September 30, 2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> December 31, 2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%">Spot RMB: USD exchange rate</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">0.14138</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">0.1454</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Average RMB: USD exchange rate</td> <td> </td> <td>$</td> <td style="text-align: right">0.14255</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.1514</td> <td> </td></tr> </table>

Inventories consisted of the following as of September 30, 2019 and December 31, 2018:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Finished goods</td> <td style="width: 2%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double">$</td> <td style="width: 16%; border-bottom: black 2.25pt double; text-align: right">100,531</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double">$</td> <td style="width: 15%; border-bottom: black 2.25pt double; text-align: right">236,173</td> <td style="width: 1%"> </td></tr> </table>

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DaXingHuaShang Investment (Hong Kong) Ltd ("DILHK") Qianhai DaXingHuaShang Investment (Shenzhen) Co. Ltd. ("QHDX") Dongguan City France Vin Tout Ltd. ("FVTL") DaXingHuaShang Investment Group Limited ("DIGLS") Jiujiu Group Stock Co., Ltd. ("JJGS") Jiujiu (HK) Industry Ltd ("JJHK") Jiujiu (Shenzhen) Industry Ltd ("JJSZ") Yunnan Makaweng Wine & Spirits Co., Ltd. ("Makaweng") 2016-06-22 2016-11-03 2011-05-31 2016-07-04 2017-08-17 2017-08-24 2018-11-16 2019-08-28 Investment holding Investment holding Trading of wine Investment holding Investment holding Investment holding No operations No operations 2323 15000 1491 10000

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Revenue recognition   Revenues are recognized when the Company has negotiated the terms of the transaction, which includes determining and fixing the sales price, transfer of possession of product to customer, the customer does not have the right to return the product, the customer is able to further sell or transfer the product onto others for economic benefit without any other obligation to be fulfilled by the Company, and the Company is reasonably assured that funds have been or will be collected from the customer. The Company’s gross revenue consists of the value of goods invoiced, net of any value-added tax or excise tax.

The lease covers the period from May 1, 2017 to April 30, 2027.

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1.00 47223 47223 300000000 300000 -128952 -194708 6930 10701 Shipping and handling   Outbound shipping and handling are expensed as incurred. 500000 70000

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0.30 0.60 The amounts due to Ms. Qingmei Lin are office rental expenses. The Company's operating facilities are located within a building owned by Ms. Qingmei Lin. The outstanding payables due to Mr. Yumin Lin are comprised of working capital advances and borrowings. These amounts are due on demand and non-interest bearing. The Company sold its wine and liquor products to Mr. Naiyong Luo in the amount of $133,378 for the nine months ended September 30, 2019. Mr. Luo is a shareholder of Gaosheng Group Co., Ltd., the prior owner of DIGLS.

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[Member] Title of Individual [Axis] Chief Executive Officer, Chief Financial Officer, President, Treasurer and Secretary [Member] Range [Axis] Maximum [Member] Consolidated Entities [Axis] DIGLS [Member] DILHK [Member] QHDX [Member] Income Tax Authority [Axis] People's Republic of China [Member] Hong Kong [Member] Seychelles and HongKong [Member] United States [Member] Ms. Qingmei Lin [Member] Mr. Yumin Lin's Wife [Member] Legal Entity [Axis] DaXingHuaShang Investment Group Limited [Member] Mr.Naiyong Luo [Member] Director of DIGLS [Member] FVTI [Member] Derivative Instrument [Axis] Spot RMB [Member] Average RMB [Member] Property, Plant and Equipment, Type [Axis] Office Equipment [Member] Minimum [Member] Award Type [Axis] RMB Currency [Member] Accumulated Other Comprehensive Income [Member] Noncontrolling Interest [Member] Product and Service [Axis] Wine and Liquor Products [Member] Mr. Hongwei Ye [Member] Shareholder [Member] Jiujiu Group Stock Co., Ltd [Member] Type of Arrangement and Non-arrangement Transactions [Axis] Sale and Purchase Agreement [Member] FVTL [Member] JJGS [Member] JJHK [Member] Statutory Reserve [Member] Third Parties [Member] Related Parties [Member] Makaweng Agreement [Member] Fourth Year After Delivery [Member] Credit Facility [Axis] China Deposit Insurance System [Member] Makaweng [Member] Fifth Year After Delivery [Member] Document and Entity Information: Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity's Reporting Status Current Entity Interactive Data Current Entity Filer Category Entity Small Business Flag Entity Emerging Growth Company Entity Ex Transition Period Entity Shell Company Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Current assets Cash and cash equivalents Accounts and other receivable, net Inventories Prepaid expenses Due from related parties Prepaid taxes and taxes recoverable Total current assets Non-current assets Plant and equipment, net Right of use asset Total Assets Liabilities and Stockholders' Deficit Current liabilities Accounts and taxes payable Accrued liabilities and other payables Customers advances and deposits Due to related parties Total current liabilities Long term liabilities Total Liabilities Stockholders' Deficit Common stock (3,000,000,000 shares authorized, 307,750,100 issued and outstanding at September 30, 2019 and December 31, 2018) Additional paid in capital Accumulated deficit Accumulated other comprehensive income Total Stockholders' Deficit Total Liabilities and Stockholders' Equity Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Statement [Table] Statement [Line Items] Revenues Cost of revenues Gross profit Selling, general and administrative expenses Operating loss Other income (expenses): Interest income Interest expense Total Other income (expense) Earnings (loss) before tax Income tax Net loss Other comprehensive income: Foreign currency translation gain Comprehensive loss Loss per share Basic and diluted earnings per share Basic and diluted weighted average shares outstanding Balance Balance, shares Recapitalization Recapitalization, Shares Capital contribution by owners Net income Foreign currency translation adjustment Balance Balance, shares Statement of Cash Flows [Abstract] Cash flows from operating activities Net loss Depreciation of fixed assets Decrease/(increase) in accounts and other receivables Decrease in inventories (Increase)/ decrease in advances and prepayments to suppliers Increase (decrease) in accounts and other payables Net cash used in operating activities Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities Borrowing and payments to related parties, net Net cash provided by (used in) financing activities Net increase of cash and cash equivalents Effect of foreign currency translation on cash and cash equivalents Cash and cash equivalents-beginning of period Cash and cash equivalents-end of period Supplementary cash flow information: Interest received Interest paid Income taxes paid Recognition of right of use asset Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization and Description of Business Accounting Policies [Abstract] Summary of Significant Accounting Policies Going Concern Receivables [Abstract] Accounts and Other Receivables Inventory Disclosure [Abstract] Inventories Property, Plant and Equipment [Abstract] Equipment Income Tax Disclosure [Abstract] Income Taxes Related Party Transactions [Abstract] Related Party Transactions Commitments and Contingencies Disclosure [Abstract] Lease Commitments Risks and Uncertainties [Abstract] Risks Subsequent Events [Abstract] Subsequent Events Basis of Presentation Basis of Consolidation Use of Estimates Foreign Currency Translation and Re-measurement Cash and Cash Equivalents Accounts Receivable Inventories Advances and Prepayments to Suppliers Property, Plant and Equipment Accounting for Long-lived Assets Customer Advances and Deposits Revenue Recognition Advertising Shipping and Handling Retirement Benefits Income Taxes EX-101.PRE 11 fvti-20190930_pre.xml XBRL PRESENTATION FILE XML 12 R29.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies - Schedule of Foreign Currency Exchange Rate Translation (Details)	Sep. 30, 2019	Dec. 31, 2018
Spot RMB [Member]
Foreign Currency Exchange Rate Translation	0.14138	0.1454
Average RMB [Member]
Foreign Currency Exchange Rate Translation	0.14255	0.1514

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Inventories (Tables)

9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following as of September 30, 2019 and December 31, 2018:

		September 30, 2019				December 31, 2018
Finished goods		$	100,531			$	236,173

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Lease Commitments (Tables)

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Schedule of Minimum Operating Lease Commitment

Minimum operating lease commitment under the lease agreement is as follows:

2019		4,242
2020		16,966
2021		16,966
2022		16,966
Thereafter:		73,520
Total future payments of right of use asset	$	128,660

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Going Concern

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Going Concern

NOTE 3 - GOING CONCERN

The Company also relies on related parties to provide financing and management services at cost that may not be the prevailing market rate for such services.

If the Company is not able to generate positive operating cash flows, raise additional capital, and retain the services of certain related parties, it may become insolvent.

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Related Party Transactions - Schedule of Amount Due to Related Parties (Details) (Parenthetical)	9 Months Ended
	Sep. 30, 2019 USD ($)
Wine and Liquor Products [Member] \| Mr.Naiyong Luo [Member]
Proceeds from sale of product	$ 133,378

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Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Statutory Reserve [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Total
Balance at May. 31, 2017	$ 7,750	$ 81,729	$ (154,116)		$ (64,637)
Balance, shares at May. 31, 2017	7,750,000
Recapitalization	$ 300,000	(128,952)	(194,708)	6,930	10,701
Recapitalization, Shares	300,000,000
Capital contribution by owners		47,223			47,223
Net income			(187,496)		(187,496)
Foreign currency translation adjustment				(489)	(489)
Balance at Dec. 31, 2017	$ 307,750		(445,673)	6,441	(131,482)
Balance, shares at Dec. 31, 2017	307,750,000
Net income			(161,566)
Balance at Jun. 30, 2018	$ 307,750		(607,294)	9,552	(289,992)
Balance, shares at Jun. 30, 2018	307,750,000
Net income			(262,424)		(262,424)
Foreign currency translation adjustment				6,677	6,677
Balance at Dec. 31, 2018	$ 307,750		(708,097)	13,119	(387,228)
Balance, shares at Dec. 31, 2018	307,750,000
Net income			(321,839)		(321,839)
Foreign currency translation adjustment				5,717	5,718
Balance at Sep. 30, 2019	$ 307,750		$ (1,029,935)	$ 18,836	$ (703,350)
Balance, shares at Sep. 30, 2019	307,750,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Nov. 13, 2019
Document and Entity Information:
Entity Registrant Name	Fortune Valley Treasures, Inc.
Entity Central Index Key	0001626745
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity's Reporting Status Current	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		307,750,100
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019

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Income Taxes

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 7 - INCOME TAXES

The Company’s primary operations are conducted in the PRC in accordance with the relevant tax laws and regulations. The corporate income tax rate for each country is as follows:

●	PRC tax rate is 25%;

●	Hong Kong tax rate is 16.5%; and

●	Seychelles is on permanent tax holiday.

The following table provides the reconciliation of differences between statutory and effective tax expenses for nine months ended September 30, 2019 and 2018:

	September 30, 2019			September 30, 2018
Income attributed to PRC operations	$	(145,784	)	$	(123,314	)
Loss attributed to Seychelles and Hong Kong		(208	)
Loss attributed to U.S.		(175,763	)		(77,173	)
Loss before tax		(321,755	)		(200,487	)

PRC statutory tax at 25% rate		(80,439	)		(50,122	)
Effect of Seychelles, PRC, Hong Kong, deductions and other reconciling items		80,523			47,268
Income tax	$	84		$	(2,854	)

The difference between the U.S. federal statutory income tax rate and the Company’s effective tax rate was as follows for nine months ended September 30, 2019 and 2018:

	September 30, 2019			September 30, 2018
U.S. federal statutory income tax rate		21.0	%		21.0	%
Higher rates in PRC, net		4.0	%		-9.0	%
Net operating losses in PRC and other jurisdictions		-25.3	%		-12.0	%
The Company’s effective tax rate		-0.3	%		0	%

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Subsequent Events

9 Months Ended

Sep. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

NOTE 11 - SUBSEQUENT EVENTS

There was no event that management deemed necessary for disclosure as a material subsequent event.

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Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Equipment at cost	$ 60,669	$ 62,385
Less: Accumulated depreciation	51,914	52,576
Equipment	$ 8,755	$ 9,809

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Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Equipment (Details) - Office Equipment [Member]	9 Months Ended
	Sep. 30, 2019
Minimum [Member]
Estimated useful lives of equipment	7 years
Maximum [Member]
Estimated useful lives of equipment	20 years

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Income Taxes - Schedule of Effective Income Tax Rate (Details)	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%
Higher rates in PRC, net	4.00%	(9.00%)
Net operating losses in PRC and other jurisdictions	(25.30%)	(12.00%)
The Company's effective tax rate	(0.30%)	0.00%

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Equipment

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Equipment

NOTE 6 - EQUIPMENT

Property, plant and equipment consisted of the following as of September 30, 2019 and December 31, 2018:

	September 30, 2019		December 31, 2018
At Cost:
Equipment		60,669		62,385
Less: Accumulated depreciation
Equipment		51,914		52,576
	$	8,755	$	9,809

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Risks

9 Months Ended

Sep. 30, 2019

Risks and Uncertainties [Abstract]

Risks

NOTE 10 - RISKS

Credit risk

The Company is subject to risk borne from credit extended to customers.

Economic and political risks

Inflation risk

Concentrations risk

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Related Party Transactions - Schedule of Amount Due to Related Parties (Details) - USD ($)

Sep. 30, 2019

Dec. 31, 2018

Amounts due to related parties

$ 889,417

$ 686,769

Mr. Yumin Lin [Member] | Chief Executive Officer, Chief Financial Officer, President, Treasurer and Secretary [Member]

Amounts due to related parties

^[1]

876,693

554,061

Ms. Qingmei Lin [Member] | Mr. Yumin Lin's Wife [Member]

Amounts due to related parties

^[2]

12,724

28,350

Mr.Naiyong Luo [Member] | Director of DIGLS [Member]

Amounts due to related parties

^[3]

78,639

Mr. Hongwei Ye [Member] | Shareholder [Member]

Amounts due to related parties

$ 0

$ 25,719

[1]	The outstanding payables due to Mr. Yumin Lin are comprised of working capital advances and borrowings. These amounts are due on demand and non-interest bearing.
[2]	The amounts due to Ms. Qingmei Lin are office rental expenses. The Company's operating facilities are located within a building owned by Ms. Qingmei Lin.
[3]	The Company sold its wine and liquor products to Mr. Naiyong Luo in the amount of $133,378 for the nine months ended September 30, 2019. Mr. Luo is a shareholder of Gaosheng Group Co., Ltd., the prior owner of DIGLS.

XML 28 R35.htm IDEA: XBRL DOCUMENT

Income Taxes (Details Narrative)	3 Months Ended		9 Months Ended
Income Taxes (Details Narrative)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019
Corporate income tax rate	(0.30%)	0.00%
People's Republic of China [Member]
Corporate income tax rate			25.00%
Hong Kong [Member]
Corporate income tax rate			16.50%

XML 29 R31.htm IDEA: XBRL DOCUMENT

Going Concern (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		7 Months Ended	9 Months Ended
Going Concern (Details Narrative) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2019	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ (78,843)	$ (36,067)	$ (262,424)		$ (187,496)	$ (321,839)	$ (197,633)
Working capital deficit	$ 729,071					729,071
Net cash used in operating activities						$ (205,921)	$ (152,015)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 30 R20.htm IDEA: XBRL DOCUMENT

Accounts and Other Receivables (Tables)

9 Months Ended

Sep. 30, 2019

Receivables [Abstract]

Schedule of Accounts and Other Receivables

Accounts and other receivables consisted of the following as of September 30, 2019 and December 31, 2018:

	September 30, 2019		December 31, 2018
Gross accounts and other receivables	$	5,051	$	7,706
Less: Allowance for doubtful accounts		-		-
	$	5,051	$	7,706

XML 31 R24.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Amount Due to Related Parties

Amounts due to related parties as of September 30, 2019 and December 31, 2018 are as follow:

		September 30, 2019		December 31, 2018

Mr. Yumin Lin (1)	Chief Executive Officer, Chief Financial Officer, President, Treasurer and Secretary	$	876,693	$	554,061
Ms. Qingmei Lin (2)	Mr. Yumin Lin’s wife		12,724		28,350
Mr. Naiyong Luo (3)	Director of DIGLS		0		78,639
Mr. Hongwei Ye	Shareholder		0		25,719
		$	889,417	$	686,769

(1) The outstanding payables due to Mr. Yumin Lin are comprised of working capital advances and borrowings. These amounts are due on demand and non-interest bearing.

(2) The amounts due to Ms. Qingmei Lin are office rental expenses. The Company’s operating facilities are located within a building owned by Ms. Qingmei Lin.

XML 32 R28.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies - Schedule of Entities and its Subsidiaries (Details)	9 Months Ended
	Sep. 30, 2019
FVTI [Member]
Entity Name	DaXingHuaShang Investment Group Limited ("DIGLS")
Entity Incorporation date	Jul. 04, 2016
Nature of Operation	Investment holding
Country of Incorporation	Republic of Seychelles
DIGLS [Member]
Entity Name	DaXingHuaShang Investment (Hong Kong) Ltd ("DILHK")
Entity Incorporation date	Jun. 22, 2016
Nature of Operation	Investment holding
Country of Incorporation	Hong Kong, PRC
DILHK [Member]
Entity Name	Qianhai DaXingHuaShang Investment (Shenzhen) Co. Ltd. ("QHDX")
Entity Incorporation date	Nov. 03, 2016
Nature of Operation	Investment holding
Country of Incorporation	PRC
QHDX [Member]
Entity Name	Dongguan City France Vin Tout Ltd. ("FVTL")
Entity Incorporation date	May 31, 2011
Nature of Operation	Trading of wine
Country of Incorporation	PRC
FVTL [Member]
Entity Name	Jiujiu Group Stock Co., Ltd. ("JJGS")
Entity Incorporation date	Aug. 17, 2017
Nature of Operation	Investment holding
Country of Incorporation	Republic of Seychelles
JJGS [Member]
Entity Name	Jiujiu (HK) Industry Ltd ("JJHK")
Entity Incorporation date	Aug. 24, 2017
Nature of Operation	Investment holding
Country of Incorporation	Hong Kong, PRC
JJHK [Member]
Entity Name	Jiujiu (Shenzhen) Industry Ltd ("JJSZ")
Entity Incorporation date	Nov. 16, 2018
Nature of Operation	No operations
Country of Incorporation	PRC
Makaweng [Member]
Entity Name	Yunnan Makaweng Wine & Spirits Co., Ltd. ("Makaweng")
Entity Incorporation date	Aug. 28, 2019
Nature of Operation	No operations
Country of Incorporation	PRC

XML 33 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues	$ 95,578	$ 45,454	$ 179,534	$ 73,427
Cost of revenues	75,795	19,838	137,470	36,971
Gross profit	19,783	25,616	42,064	36,456
Selling, general and administrative expenses	98,483	64,446	366,050	238,327
Operating loss	(78,700)	(38,830)	(323,986)	(201,871)
Other income (expenses):	(87)		2,417	1,475
Interest income	44		185
Interest expense	(100)	(91)	(371)	(91)
Total Other income (expense)	(143)	(91)	2,231	1,384
Earnings (loss) before tax	(78,843)	(38,921)	(321,755)	(200,487)
Income tax		(2,854)	84	(2,854)
Net loss	(78,843)	(36,067)	(321,839)	(197,633)
Other comprehensive income:
Foreign currency translation gain	3,054	5,372	5,718	8,786
Comprehensive loss	$ (75,789)	$ (30,695)	$ (316,121)	$ (188,847)
Loss per share
Basic and diluted earnings per share	$ (0.00)	$ (0.00)	$ (0.00)	$ (0.00)
Basic and diluted weighted average shares outstanding	307,750,100	307,750,000	307,750,100	307,750,000
Third Parties [Member]
Revenues	$ 12,251	$ 45,454	$ 46,154	$ 73,427
Related Parties [Member]
Revenues	$ 83,327		$ 133,380

XML 34 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

Basis of consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated.

Entity Name	Date of Incorporation	Parent Entity	Nature of Operation	Place of Incorporation
DIGLS	July 4, 2016	FVTI	Investment holding	Republic of Seychelles
DILHK	June 22, 2016	DIGLS	Investment holding	Hong Kong, PRC
QHDX	November 3, 2016	DILHK	Investment holding	PRC
FVTL	May 31, 2011	QHDX	Trading of wine	PRC
JJGS	August 17, 2017	FVTL	Investment holding	Republic of Seychelles
JJHK	August 24, 2017	JJGS	Investment holding	Hong Kong, PRC
JJSZ	November 16, 2018	JJHK	No operations	PRC
Makaweng	August 28, 2019	QHDX	No operations	PRC

Use of estimates

Foreign currency translation and re-measurement

The Company translates its results of operations into the U.S. dollar in accordance with ASC 830, “Foreign Currency Matters.”

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, and
	●	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, and
	●	Revenue and expense items at the average rate of exchange prevailing during the period.

Adjustments arising from such translations are included in accumulated other comprehensive income in shareholders’ equity.

September 30,

2019

December 31,

2018

Spot RMB: USD exchange rate

0.14138

0.1454

Average RMB: USD exchange rate

0.14255

0.1514

Cash and cash equivalents

Accounts receivable

The Company reviews the collectability of accounts receivable based on an assessment of historical experience, current economic conditions, and other collection indicators.

Inventories

Advances and prepayments to suppliers

Property, plant and equipment

Office equipment

7-20 years

The cost of maintenance and repairs is charged to expenses as incurred, whereas significant renewals and betterments are capitalized.

Accounting for long-lived assets

Customer advances and deposits

Revenue recognition

Advertising

All advertising costs are expensed as incurred. Advertising expense for the nine months ended September 30, 2019 and 2018 were $0 and $0, respectively.

Shipping and handling

Outbound shipping and handling are expensed as incurred.

Retirement benefits

Retirement benefits in the form of mandatory government sponsored defined contribution plans are charged as expenses as incurred or allocated to inventory as a part of overhead.

Income taxes

Statutory reserves

Earnings per share

Financial instruments

●	Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets;

●	Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and

●	Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Commitments and contingencies

Comprehensive income

Goodwill

Recent accounting pronouncements

Unless otherwise stated, the Company is currently assessing the above accounting pronouncements and their potential impact from their adoption on the Company’s financial statements.

XML 35 R41.htm IDEA: XBRL DOCUMENT

Lease Commitments (Details Narrative)					9 Months Ended
Lease Commitments (Details Narrative)	Jan. 02, 2019 USD ($)	Jan. 02, 2019 CNY (¥)	May 01, 2018 USD ($)	May 01, 2018 CNY (¥)	Sep. 30, 2019 USD ($)	Sep. 30, 2019 CNY (¥)
Agreement term					The lease covers the period from May 1, 2017 to April 30, 2027.	The lease covers the period from May 1, 2017 to April 30, 2027.
Monthly rent expense \| $					$ 3,811
Lowered monthly rent expenses \| $	$ 1,491		$ 2,323
Borrowing rate					4.35%	4.35%
RMB Currency [Member]
Monthly rent expense \| ¥						¥ 25,000
Lowered monthly rent expenses \| ¥		¥ 10,000		¥ 15,000

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These financial statements have been prepared using the accrual basis of accounting in accordance with the generally accepted accounting principles in the United States (“GAAP”). The Company’s fiscal year end is December 31. The Company’s financial statements are presented in U.S. dollars. Basis of Consolidation Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Entity Name Date of Incorporation Parent Entity Nature of Operation Place of Incorporation DIGLS July 4, 2016 FVTI Investment holding Republic of Seychelles DILHK June 22, 2016 DIGLS Investment holding Hong Kong, PRC QHDX November 3, 2016 DILHK Investment holding PRC FVTL May 31, 2011 QHDX Trading of wine PRC JJGS August 17, 2017 FVTL Investment holding Republic of Seychelles JJHK August 24, 2017 JJGS Investment holding Hong Kong, PRC JJSZ November 16, 2018 JJHK No operations PRC Makaweng August 28, 2019 QHDX No operations PRC Use of Estimates Use of estimates The preparation of financial statements is in conformity with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results may materially differ from these estimates. Foreign Currency Translation and Re-measurement Foreign currency translation and re-measurement The Company translates its results of operations into 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, JJGS, JJHK and DILHK’s functional currency is the U.S. dollar. QHDX, JJSZ, FVTL and Makaweng 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, and ● 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, and ● Revenue and expense items at the average rate of exchange prevailing during the period. Adjustments arising from such translations are included in accumulated other comprehensive income in shareholders’ equity. September 30, 2019 December 31, 2018 Spot RMB: USD exchange rate $ 0.14138 $ 0.1454 Average RMB: USD exchange rate $ 0.14255 $ 0.1514 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. Cash and Cash Equivalents Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits in banks, and any investments with maturities with less three months from inception to maturity. The Company’s primary bank deposits are located in the Hong Kong and the PRC. Under the Deposit Insurance System in China, a company’s deposits at one bank is insured for a maximum of approximately $70,000 (RMB500,000). However, management has determined that the risk of loss from insolvency by those financial institutions at which it has deposited its funds is insignificant. Accounts Receivable Accounts receivable Accounts receivable are carried at the amounts invoiced to customers less allowance for doubtful accounts. The allowance is an estimate based on a review of individual customer accounts on a regular basis. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received. The Company reviews the collectability of accounts receivable based on an assessment of historical experience, current economic conditions, and other collection indicators. During the year ended December 31, 2018 and the nine months ended September 30, 2019, the Company did not experience any delinquent or uncollectible balances; accordingly, the Company did not record any valuation allowance for bad debt during these periods. Inventories Inventories Inventories consisting of finished goods are stated at the lower of cost or market value. The Company used the weighted average cost method of accounting for inventory. Inventories on hand are evaluated on an on-going basis to determine if any items are obsolete, spoiled, or in excess of future demand. The Company provides impairment that is charged directly to cost of sales when it has been determined that the product is obsolete, spoiled, and that the Company will not be able to sell it at a normal profit above its carrying cost. The Company’s primary products are imported alcoholic beverages. The selling price of alcoholic beverages tends to increase over time. However, there are circumstances where alcoholic beverages may be subject to spoilage if stored for prolong periods of time. The Company did not experience an impairment on inventory during the nine months ended September 30, 2019. Advances and Prepayments to Suppliers Advances and prepayments to suppliers In certain instances, in order to secure the supply of limited and sought-after wines and liquors, the Company will make advance payments to suppliers for the procurement of inventory. Upon physical receipt and inspection of such products from those suppliers, the applicable balances are reclassified from advances and prepayments to suppliers to inventory. Property, Plant and Equipment Property, plant and equipment Equipment is carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. Estimated useful lives of the equipment are as follows: Office equipment 7-20 years The cost of maintenance and repairs is charged to expenses as incurred, whereas significant renewals and betterments are capitalized. Accounting for Long-lived Assets Accounting for long-lived assets The Company annually reviews its long-lived assets for impairment or 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. Customer Advances and Deposits Customer advances and deposits On certain occasions, the Company may receive prepayments from downstream retailers or retail customers for wines and liquors prior to their taking possession of the Company’s products. The Company records these receipts as customer advances and deposits until it has met all the criteria for recognition of revenue including the passing possession of the products to its customer, at such point Company will reduce the customer deposits balance and credit the Company’s revenues. Revenue Recognition Revenue recognition Revenues are recognized when the Company has negotiated the terms of the transaction, which includes determining and fixing the sales price, transfer of possession of product to customer, the customer does not have the right to return the product, the customer is able to further sell or transfer the product onto others for economic benefit without any other obligation to be fulfilled by the Company, and the Company is reasonably assured that funds have been or will be collected from the customer. The Company’s gross revenue consists of the value of goods invoiced, net of any value-added tax or excise tax. Advertising Advertising All advertising costs are expensed as incurred. Advertising expense for the nine months ended September 30, 2019 and 2018 were $0 and $0, respectively. Shipping and Handling Shipping and handling Outbound shipping and handling are expensed as incurred. Retirement Benefits Retirement benefits Retirement benefits in the form of mandatory government sponsored defined contribution plans are charged as expenses as incurred or allocated to inventory as a part of overhead. Income Taxes Income taxes The Company accounts for income tax using an asset and liability approach and allows for recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain. Statutory Reserves Statutory reserves Statutory reserves are referring to the amount appropriated from the net income in accordance with laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum that is equal to 50% of the enterprise’s PRC registered capital. Earnings Per Share Earnings per share The Company computes earnings per share (“EPS”) in accordance with ASC Topic 260, “Earnings per share.” Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. Financial Instruments Financial instruments The Company’s accounts for financial instruments in accordance to ASC Topic 820, “Fair Value Measurements and Disclosures,” which requires disclosure of the fair value of financial instruments held by the Company and ASC Topic 825, “Financial Instruments,” which defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets; ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. Commitments and Contingencies Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Comprehensive Income Comprehensive income Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. The Company’s current component of other comprehensive income includes the foreign currency translation adjustment and unrealized gain or loss. Goodwill Goodwill Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable assets acquired in a business combination. In accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 350, “Goodwill and Other Intangible Assets,” goodwill is no longer subject to amortization. Rather, goodwill is subject to at least an annual assessment for impairment, applying a fair-value based test. Fair value is generally determined using a discounted cash flow analysis. Recent Accounting Pronouncements Recent accounting pronouncements In January 2017, the FASB issued guidance, which amended the existing accounting standards for business combinations. The amendments clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company is required to adopt the guidance in the first quarter of fiscal year 2019. Earlier adoption is permitted. The Company adopted this guidance in the fourth quarter of fiscal year 2018. The implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. In February 2018, the FASB issued guidance, which eliminates the stranded tax effects in other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017 (“TCJA”). Because the amendments only relate to the reclassification of the income tax effects of the TCJA, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. The Company is required to adopt the guidance in the first quarter of fiscal year 2020. Earlier adoption is permitted. The Company is currently evaluating the timing and the impact of this guidance on its consolidated financial statements. In August 2017, the FASB issued guidance, which amends the existing accounting standards for derivatives and hedging. The amendment improves the financial reporting of hedging relationships to better represent the economic results of an entity’s risk management activities in its financial statements and made certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The Company is required to adopt the guidance in the first quarter of fiscal year 2020. Earlier adoption is permitted. The Company is currently evaluating the timing and impact of this guidance on its consolidated financial statements. In November 2016, the FASB issued guidance, which addresses the presentation of restricted cash in the statement of cash flows. The guidance requires entities to present the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. The Company is required to adopt the guidance retrospectively in the first quarter of fiscal year 2019. Earlier adoption is permitted. The Company adopted this guidance in the first quarter of fiscal year 2019. The Company expects that the implementation of this guidance will not have a material impact on its consolidated financial statements. On March 17, 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-08 “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” which amends the principal-versus-agent implementation guidance and illustrations in the Board’s new revenue standard (ASU 2014-09). The FASB issued the ASU in response to concerns identified by stakeholders, including those related to (1) determining the appropriate unit of account under the revenue standard’s principal-versus-agent guidance and (2) applying the indicators of whether an entity is a principal or an agent in accordance with the revenue standard’s control principle. Among other things, the ASU clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract with a customer. As defined in the ASU, a specified good or service is “a distinct good or service (or a distinct bundle of goods or services) to be provided to the customer.” Therefore, for contracts involving more than one specified good or service, the entity may be the principal for one or more specified goods or services and the agent for others. The ASU has the same effective date as the new revenue standard (as amended by the one-year deferral and the early adoption provisions in ASU 2015-14). In addition, entities are required to adopt the ASU by using the same transition method they used to adopt the new revenue standard. The Company has determined that it acts as a principal in its primary business operations. On March 30, 2016, the FASB issued ASU 2016-09 “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The ASU is for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Management has determined that the new standard did not have a material impact on the Company’s consolidated financial statements. Unless otherwise stated, the Company is currently assessing the above accounting pronouncements and their potential impact from their adoption on the Company’s financial statements. 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ACCOUNTS AND OTHER RECEIVABLES Accounts and other receivables consisted of the following as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Gross accounts and other receivables $ 5,051 $ 7,706 Less: Allowance for doubtful accounts - - $ 5,051 $ 7,706 X - DefinitionThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details Name: us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock Namespace Prefix: us-gaap_ Data Type: nonnum:textBlockItemType Balance Type: na Period Type: duration X - ReferencesNo definition available. + Details Name: us-gaap_ReceivablesAbstract Namespace Prefix: us-gaap_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration XML 41 R14.htm IDEA: XBRL DOCUMENT v3.19.3 Related Party Transactions 9 Months Ended Sep. 30, 2019 Related Party Transactions [Abstract] Related Party Transactions NOTE 8 - RELATED PARTY TRANSACTIONS Amounts due to related parties as of September 30, 2019 and December 31, 2018 are as follow: September 30, 2019 December 31, 2018 Mr. Yumin Lin (1) Chief Executive Officer, Chief Financial Officer, President, Treasurer and Secretary $ 876,693 $ 554,061 Ms. Qingmei Lin (2) Mr. Yumin Lin’s wife 12,724 28,350 Mr. Naiyong Luo (3) Director of DIGLS 0 78,639 Mr. Hongwei Ye Shareholder 0 25,719 $ 889,417 $ 686,769 (1) The outstanding payables due to Mr. Yumin Lin are comprised of working capital advances and borrowings. These amounts are due on demand and non-interest bearing. (2) The amounts due to Ms. Qingmei Lin are office rental expenses. The Company’s operating facilities are located within a building owned by Ms. Qingmei Lin. (3) The Company sold its wine and liquor products to Mr. Naiyong Luo in the amount of $133,378 for the nine months ended September 30, 2019. Mr. Luo is a shareholder of Gaosheng Group Co., Ltd., the prior owner of DIGLS. X - ReferencesNo definition available. + Details Name: us-gaap_RelatedPartyTransactionsAbstract Namespace Prefix: us-gaap_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration X - DefinitionThe entire disclosure for related party transactions. 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The Company is engaged in the business of wholesale distribution and retail sales of imported alcoholic beverages, including wine and distilled liquors, through its subsidiaries in the People’s Republic of China (“PRC” or “China”). On January 5, 2018, the Company changed its accounting fiscal year end from August 31 to December 31. On January 29, 2018, the Company filed a Certificate of Amendment with the State of Nevada to increase its authorized shares of common stock from 75,000,000 to 3,000,000,000. On April 6, 2018, the Company entered into a share exchange agreement by and among DaXingHuaShang Investment Group Limited, a Republic of Seychelles limited liability company (“DIGLS”), and each of the shareholders of DIGLS, pursuant to which the Company issued 300,000,000 shares of common stock in exchange for 100% of the issued shares of DIGLS. This transaction was accounted for 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 historical statement of stockholders’ equity has been retroactively restated to the first period presented. DIGLS was incorporated in the Republic of Seychelles on July 4, 2016, with an authorized capital of $100,000, divided into 250,000,000 ordinary shares, par value $0.0004 per share. DIGLS wholly owns DaXingHuaShang Investment (Hong Kong) Limited (“DILHK”), a company incorporated in Hong Kong on June 22, 2016 as an investment holding company with limited liability. DILHK was previously wholly owned by Mr. Yumin Lin, the Company’s Chairman, Chief Executive Officer, Chief Financial Officer, President, Treasurer and Secretary. On November 11, 2016, Mr. Yumin Lin transferred 100% of his ownership in DILHK to DIGLS for nominal consideration. DILHK wholly owns Qianhai DaXingHuaShang Investment (Shenzhen) Co., Ltd. (“QHDX”), a PRC limited liability company formed on November 3, 2016 as a wholly foreign-owned enterprise. QHDX wholly owns Dongguan City France Vin Tout Ltd. (“FVTL”). FVTL was incorporated on May 31, 2011 in the PRC as a limited liability company. FVTL was previously owned and controlled by Mr. Yumin Lin. On November 20, 2016, Mr. Yumin Lin transferred his ownership in FVTL to QHDX for nominal consideration. The share transfers detailed above by and among Mr. Yumin Lin, DIGLS, DILHK, QHDX, and FVTL have been accounted for as a series of business combination of entities under common control. Accordingly, the values in these financial statements reflect the carrying values of those entities, and no goodwill was recorded as a result of these transactions. 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 contemplated in the SP Agreement was closed on March 1, 2019. Pursuant to the SP Agreement, the Company issued 100 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 interests of Jiujiu (HK) Industry Limited (“JJHK”) and Jiujiu (Shenzhen) Industry Co., Ltd. (“JJSZ”). None of JJGS, JJHK and JJSZ have any operations or active business, nor do they have any assets. On July 13, 2019, FVTI and QHDX entered into an equity interest transfer agreement (the “Makaweng Agreement”), which was later amended on September 12, 2019, with Xingwen Wang, a shareholder and legal representative of Yunnan Makaweng Wine & Spirits Co., Ltd. (“Makaweng”), a PRC limited liability company formed in 2015. Pursuant to the Makaweng Agreement, QHDX agreed to purchase 51% of Makaweng’s equity interests from Mr. Wang in exchange for shares of FVTI’s common stock (“Issuable Shares”). The total number of Issuable Shares will be determined according to the following formula: Number of Issuance Shares = A x 51% x 20 x B ÷ C For the purpose of the foregoing formula: A = Audited net annual profit of Makaweng in fiscal year 2020. B = The daily average middle exchange rate of U.S. Dollars to Chinese Yuan published by the State Administration of Foreign Exchange of the People’s Republic of China on December 31, 2020. C = The closing price of FVTI’s common stock on December 31, 2020. Mr. Wang has agreed not to transfer the Issuable Shares for at least three years after delivery of the Issuable Shares (the “Delivery”). He may only transfer up to 30% of his FVTI common stock during the fourth year after the Delivery and cumulatively no more than 60% of his FVTI common stock during the fifth year after the Delivery. Pursuant to the Makaweng Agreement, Makaweng agreed to establish a board of directors consisting of seven individuals. QHDX agreed to continue to retain Mr. Wang as the legal representative of Makaweng, and appoint him as the manager and Chairman of Makaweng. The 51% of equity interest of Makaweng was transferred to QHDX and the registration of such transfer with local government authorities was completed on August 28, 2019. X - DefinitionThe entire disclosure for the business description and basis of presentation 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. 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DefinitionAmount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to noncontrolling interest income (loss) exempt from income taxes. + ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32698-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details Name: us-gaap_IncomeTaxReconciliationMinorityInterestIncomeExpense Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: duration X - DefinitionAmount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to tax exempt income, equity in earnings (loss) of an unconsolidated subsidiary, minority noncontrolling interest income (loss), tax holiday, disposition of a business, disposition of an asset, repatriation of foreign earnings, repatriation of foreign earnings jobs creation act of 2004, increase (decrease) in enacted tax rate, prior year income taxes, increase (decrease) in deferred tax asset valuation allowance, and other adjustments. + ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32698-109319 + Details Name: us-gaap_IncomeTaxReconciliationOtherReconcilingItems Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: debit Period Type: duration X - Details Name: us-gaap_IncomeTaxAuthorityAxis=FVTI_PeoplesRepublicofChinaMember Namespace Prefix: Data Type: na Balance Type: Period Type: X - Details Name: us-gaap_IncomeTaxAuthorityAxis=FVTI_SeychellesAndHongKongMember Namespace Prefix: Data Type: na Balance Type: Period Type: X - Details Name: us-gaap_IncomeTaxAuthorityAxis=country_US Namespace Prefix: Data Type: na Balance Type: Period Type: XML 55 R32.htm IDEA: XBRL DOCUMENT v3.19.3 Accounts and Other Receivables - Schedule of Accounts and Other Receivables (Details) - USD ($) Sep. 30, 2019 Dec. 31, 2018 Receivables [Abstract] Gross accounts and other receivables $ 5,051 $ 7,706 Less: Allowance for doubtful accounts Accounts and other receivables net $ 5,051 $ 7,706 X - DefinitionAmount of valuation allowance for receivables classified as other, due within one year or the normal operating cycle, if longer. + ReferencesNo definition available. + Details Name: us-gaap_AllowanceForDoubtfulOtherReceivablesCurrent Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: instant X - DefinitionAmount, before allowance, of receivables classified as other, due within one year or the operating cycle, if longer. + ReferencesNo definition available. + Details Name: us-gaap_OtherReceivablesGrossCurrent Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: debit Period Type: instant X - DefinitionAmount, after allowance, of receivables classified as other, due within one year or the operating cycle, if longer. + ReferencesNo definition available. + Details Name: us-gaap_OtherReceivablesNetCurrent Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: debit Period Type: instant X - ReferencesNo definition available. + Details Name: us-gaap_ReceivablesAbstract Namespace Prefix: us-gaap_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration XML 56 R11.htm IDEA: XBRL DOCUMENT v3.19.3 Inventories 9 Months Ended Sep. 30, 2019 Inventory Disclosure [Abstract] Inventories NOTE 5 – INVENTORIES Inventories consisted of the following as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Finished goods $ 100,531 $ 236,173 X - ReferencesNo definition available. + Details Name: us-gaap_InventoryDisclosureAbstract Namespace Prefix: us-gaap_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration X - DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details Name: us-gaap_InventoryDisclosureTextBlock Namespace Prefix: us-gaap_ Data Type: nonnum:textBlockItemType Balance Type: na Period Type: duration XML 57 R15.htm IDEA: XBRL DOCUMENT v3.19.3 Lease Commitments 9 Months Ended Sep. 30, 2019 Commitments and Contingencies Disclosure [Abstract] Lease Commitments NOTE 9 – LEASE COMMITMENTS The Company has a non-cancelable operating lease with Ms. Qingmei Lin, a related party, for the premises in Dongguan City, Guangdong Province, China. The lease covers the period from May 1, 2017 to April 30, 2027. The monthly rent expense is $3,811 (RMB 25,000). Effective as of May 1, 2018, the monthly rent was lowered to $2,323 (RMB15,000) based on agreement between Ms. Qingmei and Company. Effective as of January 1, 2019, the monthly rent was lowered to $1,491 (RMB10,000) until April 30, 2027, based on agreement between Ms. Qingmei Lin and Company. The agreement does not require a rental deposit. The Company discounted its lease commitment using an expected borrowing rate of 4.35% per annum. Minimum operating lease commitment under the lease agreement is as follows: 2019 4,242 2020 16,966 2021 16,966 2022 16,966 Thereafter: 73,520 Total future payments of right of use asset $ 128,660 X - ReferencesNo definition available. + Details Name: us-gaap_CommitmentsAndContingenciesDisclosureAbstract Namespace Prefix: us-gaap_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration X - DefinitionThe entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details Name: us-gaap_CommitmentsDisclosureTextBlock Namespace Prefix: us-gaap_ Data Type: nonnum:textBlockItemType Balance Type: na Period Type: duration XML 58 R19.htm IDEA: XBRL DOCUMENT v3.19.3 Summary of Significant Accounting Policies (Tables) 9 Months Ended Sep. 30, 2019 Accounting Policies [Abstract] Schedule of Entities and its Subsidiaries The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Entity Name Date of Incorporation Parent Entity Nature of Operation Place of Incorporation DIGLS July 4, 2016 FVTI Investment holding Republic of Seychelles DILHK June 22, 2016 DIGLS Investment holding Hong Kong, PRC QHDX November 3, 2016 DILHK Investment holding PRC FVTL May 31, 2011 QHDX Trading of wine PRC JJGS August 17, 2017 FVTL Investment holding Republic of Seychelles JJHK August 24, 2017 JJGS Investment holding Hong Kong, PRC JJSZ November 16, 2018 JJHK No operations PRC Makaweng August 28, 2019 QHDX No operations PRC Schedule of Foreign Currency Exchange Rate Translation Adjustments arising from such translations are included in accumulated other comprehensive income in shareholders’ equity. September 30, 2019 December 31, 2018 Spot RMB: USD exchange rate $ 0.14138 $ 0.1454 Average RMB: USD exchange rate $ 0.14255 $ 0.1514 Schedule of Estimated Useful Lives of Equipment Estimated useful lives of the equipment are as follows: Office equipment 7-20 years X - DefinitionSchedule of Entities and its Subsidiaries [Table Text Block] + ReferencesNo definition available. + Details Name: FVTI_ScheduleOfEntitiesAndSubsidiariesTableTextBlock Namespace Prefix: FVTI_ Data Type: nonnum:textBlockItemType Balance Type: na Period Type: duration X - DefinitionSchedule of Estimated Useful Lives of Equipment [Table Text Block] + ReferencesNo definition available. + Details Name: FVTI_ScheduleOfEstimatedUsefulLivesOfEquipmentTableTextBlock Namespace Prefix: FVTI_ Data Type: nonnum:textBlockItemType Balance Type: na Period Type: duration X - ReferencesNo definition available. + Details Name: us-gaap_AccountingPoliciesAbstract Namespace Prefix: us-gaap_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration X - DefinitionTabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts. + ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details Name: us-gaap_ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock Namespace Prefix: us-gaap_ Data Type: nonnum:textBlockItemType Balance Type: na Period Type: duration

Inventories - Schedule of Inventories (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Finished goods	$ 100,531	$ 236,173

Organization and Description of Business (Details Narrative) - USD ($)	Mar. 01, 2019	Apr. 06, 2018	Sep. 30, 2019	Aug. 28, 2019	Jul. 13, 2019	Dec. 31, 2018	Jan. 29, 2018	Jan. 28, 2018	Nov. 11, 2016	Jul. 04, 2016
Common stock shares authorized			3,000,000,000			3,000,000,000	3,000,000,000	75,000,000
Ownership percentage									100.00%
Makaweng Agreement [Member]
Ownership percentage				51.00%	51.00%
Fourth Year After Delivery [Member]
Percentage of shares issuable			30.00%
Fifth Year After Delivery [Member] \| Maximum [Member]
Percentage of shares issuable			60.00%
DaXingHuaShang Investment Group Limited [Member]
Common stock shares authorized										250,000,000
Number of common stock shares issued		300,000,000
Percentage of common stock exchanged for issued shares		100.00%
Share capital										$ 100,000
Common stock par value										$ 0.0004
Jiujiu Group Stock Co., Ltd [Member] \| Sale and Purchase Agreement [Member]
Acquisition percentage	100.00%
Number of shares issued for acquisition	100
Number of shares issued for acquisition, value	$ 150

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities
Net loss	$ (321,839)	$ (197,633)
Depreciation of fixed assets	791	3,754
Decrease/(increase) in accounts and other receivables	2,450	(7,081)
Decrease in inventories	130,213	33,617
(Increase)/ decrease in advances and prepayments to suppliers	(960)	27,312
Increase (decrease) in accounts and other payables	(16,576)	(11,984)
Net cash used in operating activities	(205,921)	(152,015)
Cash flows from investing activities
Net cash used in investing activities
Cash flows from financing activities
Borrowing and payments to related parties, net	215,027	109,858
Net cash provided by (used in) financing activities	215,027	109,858
Net increase of cash and cash equivalents	9,106	(42,157)
Effect of foreign currency translation on cash and cash equivalents	(899)	2,159
Cash and cash equivalents-beginning of period	29,999	77,782
Cash and cash equivalents-end of period	38,206	37,784
Supplementary cash flow information:
Interest received	185
Interest paid	371	(91)
Income taxes paid	84
Recognition of right of use asset	$ 128,660

Consolidated Balance Sheets - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 38,206	$ 29,999
Accounts and other receivable, net	5,051	7,706
Inventories	100,531	236,175
Prepaid expenses	11,000	8,000
Due from related parties	54,344	54,344
Prepaid taxes and taxes recoverable		2,081
Total current assets	209,132	338,305
Non-current assets
Plant and equipment, net	8,755	9,809
Right of use asset	128,660
Total Assets	346,547	348,114
Current liabilities
Accounts and taxes payable	31,522	48,282
Accrued liabilities and other payables	17,249	291
Customers advances and deposits	15
Due to related parties	889,417	686,769
Total current liabilities	938,203	735,342
Long term liabilities	111,694
Total Liabilities	1,049,897	735,342
Stockholders' Deficit
Common stock (3,000,000,000 shares authorized, 307,750,100 issued and outstanding at September 30, 2019 and December 31, 2018)	307,750	307,750
Additional paid in capital
Accumulated deficit	(1,029,935)	(708,097)
Accumulated other comprehensive income	18,835	13,119
Total Stockholders' Deficit	(703,350)	(387,228)
Total Liabilities and Stockholders' Equity	$ 346,547	$ 348,114

Summary of Significant Accounting Policies (Details Narrative)	9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 CNY (¥)
Advertising expense	$ 0	$ 0
Percentage of statutory reserves	10.00%
Maximum [Member]
Percentage of statutory reserves	50.00%
China Deposit Insurance System [Member] \| Maximum [Member]
Cash insured amount	$ 70,000
China Deposit Insurance System [Member] \| Maximum [Member] \| RMB Currency [Member]
Cash insured amount \| ¥			¥ 500,000

Lease Commitments - Schedule of Minimum Operating Lease Commitment (Details)	Sep. 30, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019	$ 4,242
2020	16,966
2021	16,966
2022	16,966
Thereafter:	73,520
Total future payments of right of use asset	$ 128,660

Consolidated Balance Sheets (Parenthetical) - shares	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, shares authorized	3,000,000,000	3,000,000,000
Common stock, shares issued	307,750,100	307,750,100
Common stock, shares outstanding	307,750,100	307,750,100

Accounts and Other Receivables - Schedule of Accounts and Other Receivables (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Receivables [Abstract]
Gross accounts and other receivables	$ 5,051	$ 7,706
Less: Allowance for doubtful accounts
Accounts and other receivables net	$ 5,051	$ 7,706