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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 7,410 $ 288,255
Accounts receivable, net (including $33,043 and $61,113 from related parties as of June 30, 2024 and December 31, 2023, respectively) 2,155,612 3,118,892
Inventories 34,546 32,587
Prepayments and other current assets, net (including $806,932 and $941,978 to related parties as of June 30, 2024 and December 31, 2023, respectively) 1,454,869 1,643,455
Total current assets 3,652,437 5,083,189
Non-current assets    
Deposits paid, net (including $523,886 and $536,450 to related parties as of June 30, 2024 and December 31, 2023, respectively) 603,970 618,456
Property and equipment, net 65,544 83,706
Intangible assets, net 46,364 151,639
Total Assets 4,595,437 6,249,169
Current liabilities    
Accounts payable (including $187,954 and $162,310 to related parties as of June 30, 2024 and December 31, 2023, respectively) 518,058 583,887
Accrued liabilities 756,864 627,457
Bank and other borrowings - current 420,636 458,023
Income tax payable 1,453
Customer advances 1,338,274 1,364,260
Total current liabilities 4,153,090 3,851,925
Non-current liabilities    
Bank and other borrowings 218,028 212,042
Total Liabilities 4,479,440 4,258,331
Stockholders’ Equity    
Common stock, 150,000,000 shares authorized, 15,655,038 shares issued and outstanding as of June 30, 2024 and December 31, 2023 15,655 15,655
Additional paid-in capital 11,061,233 11,061,233
Accumulated deficit and statutory reserves (10,280,026) (8,551,019)
Accumulated other comprehensive loss (499,540) (406,190)
Total Fortune Valley Treasures, Inc. stockholders’ equity 297,322 2,119,679
Noncontrolling interests (181,325) (128,841)
Total Stockholders’ Equity 115,997 1,990,838
Total Liabilities and Stockholders’ Equity 4,595,437 6,249,169
Nonrelated Party [Member]    
Non-current assets    
Operating lease right-of-use assets 171,989 248,626
Current liabilities    
Operating lease obligations current 90,801 119,633
Non-current liabilities    
Operating lease obligations non-current 76,899 153,487
Related Party [Member]    
Non-current assets    
Operating lease right-of-use assets 55,133 63,553
Current liabilities    
Operating lease obligations current 12,730 16,986
Due to related parties 1,015,727 680,226
Non-current liabilities    
Operating lease obligations non-current $ 31,423 $ 40,877