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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 16,785 $ 288,255
Accounts receivable, net (including $42,956 and $61,113 from related parties as of March 31, 2024 and December 31, 2023, respectively) 2,528,983 3,118,892
Inventories 25,146 32,587
Prepayments and other current assets, net (including $873,085 and $941,978 to related parties as of March 31, 2024 and December 31, 2023, respectively) 1,527,126 1,643,455
Total current assets 4,098,040 5,083,189
Non-current assets    
Deposits paid, net (including $527,304 and $536,450 to related parties as of March 31, 2024 and December 31, 2023, respectively) 603,716 618,456
Property and equipment, net 74,124 83,706
Intangible assets, net 97,776 151,639
Total Assets 5,148,599 6,249,169
Current liabilities    
Accounts payable (including $194,550 and $162,310 to related parties as of March 31, 2024 and December 31, 2023, respectively) 495,227 583,887
Accrued liabilities 671,722 627,457
Bank and other borrowings - current 424,604 458,023
Income tax payable 1,453
Customer advances 1,350,606 1,364,260
Total current liabilities 3,820,836 3,851,925
Non-current liabilities    
Bank and other borrowings 247,594 212,042
Total Liabilities 4,228,172 4,258,331
Stockholders’ Equity    
Common stock, 150,000,000 shares authorized, 15,655,038 shares issued and outstanding as of March 31, 2024 and December 31, 2023 15,655 15,655
Additional paid-in capital 11,061,233 11,061,233
Accumulated deficit and statutory reserves (9,550,550) (8,551,019)
Accumulated other comprehensive loss (475,414) (406,190)
Total Fortune Valley Treasures, Inc. stockholders’ equity 1,050,924 2,119,679
Noncontrolling interests (130,497) (128,841)
Total Stockholders’ Equity 920,427 1,990,838
Total Liabilities and Stockholders’ Equity 5,148,599 6,249,169
Nonrelated Party [Member]    
Non-current assets    
Operating lease right-of-use assets 215,959 248,626
Current liabilities    
Operating lease obligations 82,185 119,633
Non-current liabilities    
Operating lease obligations 123,821 153,487
Related Party [Member]    
Non-current assets    
Operating lease right-of-use assets 58,984 63,553
Current liabilities    
Operating lease obligations 16,832 16,986
Due to related parties 779,660 680,226
Non-current liabilities    
Operating lease obligations $ 35,921 $ 40,877