suwn10-q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended October 31, 2015

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

For the transition period from __________ to ___________

Commission file number: 000-53595

SUNWIN STEVIA INTERNATIONAL, INC.

(Exact name of registrant as specified in charter)

NEVADA	56-2416925
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

6 SHENGWANG AVE., QUFU, SHANDONG, CHINA	273100
(Address of principal executive offices)	(Zip Code)

(86) 537-4424999

(Registrant's telephone number, including area code)

NOT APPLICABLE

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

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 been submitted electronically and posted on its corporate Web site, if any, every Interactive Date File required to be submitted and posted 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 and post such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ]	Accelerated filer [ ]
Non-accelerated filer [ ]	Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X].

Indicate the number of shares outstanding of each of the issuer's classes of common equity as of the latest practicable date: As of December 24, 2015 there were 175,382,803 shares of the registrant's common stock issued and outstanding.

SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES

FORM 10-Q

QUARTERLY PERIOD ENDED OCTOBER 31, 2015

INDEX

	Page
PART I-FINANCIAL INFORMATION
Item 1. Financial Statements	1

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

Item 3. Quantitative and Qualitative Disclosures About Market Risk	26

Item 4. Controls and Procedures	26

PART II-OTHER INFORMATION
Item 1. Legal Proceedings	27

Item 1A. Risk Factors	27

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	27

Item 3. Defaults Upon Senior Securities	27

Item 4. Mine Safety Disclosures	27

Item 5. Other Information	27

Item 6. Exhibits	27

Cautionary Note Regarding Forward-Looking Information and Factors That May Affect Future Results

This report contains forward-looking statements. The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand a company’s future prospects and make informed investment decisions. This report and other written and oral statements that we make from time to time contain such forward-looking statements that set out anticipated results based on management’s plans and assumptions regarding future events or performance. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance or results of current and anticipated sales efforts, expenses, the outcome of contingencies, such as legal proceedings, and financial results. A list of factors that could cause our actual results of operations and financial condition to differ materially is set forth below, and these factors are discussed in greater detail under Item 1A – "Risk Factors" in our Annual Report on Form 10-K for the year ended April 30, 2015, as amended, as filed with the Securities and Exchange Commission:

	-		Dependence on related party revenues;
	-		Dependence upon continued market acceptance of our stevioside products, maintaining Generally Recognized as Safe status in the United States and obtaining approval in other countries in the world that currently do not permit use of steviosides in food products;
	-		Competition and low barriers to entry to the market in which we sell our products;
	-		Our dependence on the services of our president;
	-		Our inability to control the cost of our raw materials;
	-		The limitation on our ability to receive and use our cash flows effectively as a result of restrictions on currency exchange in the PRC;
	-		Our operations are subject to government regulation. If we fail to comply with the applicable regulations, our ability to operate in future periods could be in jeopardy;
	-		The absence of various corporate governance measures which may reduce stockholders’ protections against interested director transactions, conflicts of interest and other matters;
	-		The effect of changes resulting from the political and economic policies of the Chinese government on our assets and operations located in the PRC;
	-		The impact of economic reform policies in the PRC;
	-		The influence of the Chinese government over the manner in which our Chinese subsidiaries must conduct our business activities;
	-		The impact of any natural disasters and health epidemics in China;
	-		Regulations relating to offshore investment activities by Chinese residents may increase the administrative burden we face and create regulatory uncertainties that may limit or adversely affect our ability to complete a business combination with PRC companies;
	-		The lack of various legal protections in certain agreements to which we are a party and which are material to our operations which are customarily contained in similar contracts prepared in the United States;
	-		Our ability to enforce our rights due to policies regarding the regulation of foreign investments in China;
	-		Difficulties stockholders may face who seek to enforce any judgment obtained in the United States against us, which may limit the remedies otherwise available to our stockholders;
	-		Our ability to comply with the United States Foreign Corrupt Practices Act which could subject us to penalties and other adverse consequences;
	-		Provisions of our articles of incorporation and bylaws may delay or prevent a take-over which may not be in the best interests of our stockholders;
	-		Our dependence on our corporate management services in the preparation of our financial statements and reports we file with the SEC.
	-		Adverse affects on the liquidity of our stock because it currently trades below $5.00 per share, is quoted on the OTC bulletin board, and is considered a “penny stock;” and
	-		The impact on our stock price due to future sales of restricted stock held by existing shareholders.

We caution that the factors described herein and other factors could cause our actual results of operations and financial condition to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

INDEX OF CERTAIN DEFINED TERMS USED IN THIS REPORT

We are on a fiscal year ending April 30, as such the year ended April 30, 2016 is referred to as “fiscal 2016” and the year ending April 30, 2015 is referred to as “fiscal 2015.” Also, the three month period ending October 31, 2015 is our second quarter and is referred to as the “second quarter of fiscal 2016”. Likewise, the three month period ending October 31, 2014 is referred to as the “second quarter of fiscal 2015”.

When used in this report, the terms:

	-	“Sunwin”, “we”, “us” and the “Company” refers to Sunwin Stevia International, Inc., a Nevada corporation formerly known as Sunwin Neutraceuticals International, Inc., and our subsidiaries;

	-	“Sunwin Tech” refers to our wholly owned subsidiary Sunwin Tech Group, Inc., a Florida corporation;

	-	“Qufu Natural Green” refers to our wholly owned subsidiary Qufu Natural Green Engineering Co., Ltd., a Chinese limited liability company;

	-	“Sunwin Stevia International” refers to our wholly owned subsidiary Sunwin Stevia International Corp., a Florida corporation, which was converted to Sunwin USA, LLC a Delaware limited liability company in May 2009;

	-	“Sunwin USA” refers to Sunwin USA, LLC, a Delaware limited liability company, a 100% owned subsidiary;

	-	“Qufu Shengwang” refers to Qufu Shengwang Stevia Biology and Science Co., Ltd., a Chinese limited liability company. Qufu Natural Green owns a 100% interest in Qufu Shengwang; and

	-	“Qufu Shengren” refers to Qufu Shengren Pharmaceutical Co., Ltd., a Chinese limited liability company, and a wholly owned subsidiary of Qufu Natural Green.

We also use the following terms when referring to certain related and other parties:

	-	“Pharmaceutical Corporation” refers to Shandong Shengwang Pharmaceutical Co., Ltd., a Chinese limited liability company which is controlled by Mr. Laiwang Zhang, President, Chairman and a principal shareholder of our company;

	-	"Qufu Shengwang Import and Export" refers to Qufu Shengwang Import and Export Co., Ltd., a Chinese limited liability company, controlled by Mr. Zhang;

	-	“Shandong Group” refers to Shandong Shengwang Group Co., Ltd., a Chinese limited liability company, which is controlled by Mr. Zhang, and

	-	“WILD Flavors” refers to WILD Flavors, Inc., a Delaware corporation.

The information which appears on our website at www.sunwininternational.com is not part of this report.

iii

PART I - FINANCIAL INFORMATION

SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

	October 31,			April 30,
	2015			2015
	(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	165,751		$	241,967
Accounts receivable, net of allowance for doubtful accounts of $1,162,468 and $1,207,075, respectively		998,340			678,456
Accounts receivable - related party		2,536,505			3,761,758
Inventories, net		5,412,080			5,288,409
Prepaid expenses and other current assets		1,270,931			467,054
Total Current Assets		10,383,607			10,437,644

Investment in real estate held for resale		319,063			331,306
Property and equipment, net		10,989,913			12,085,570
Intangible assets, net		596,154			758,740
Land use rights, net		2,110,923			2,222,061
Other long-term asset		162,141			168,060
Total Assets	$	24,561,801		$	26,003,381

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	5,711,200		$	5,527,011
Deferred grant income		71,219			295,809
Due to related parties		550,243			958,475
Total Current Liabilities		6,332,662			6,781,295

Commitments and Contingencies		-			-

STOCKHOLDERS' EQUITY:
Preferred stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding		-			-
Common stock, $0.001 par value, 200,000,000 shares authorized; 175,382,803 and 173,882,803 shares issued and outstanding as of October 31, 2015 and April 30, 2015, respectively		175,383			173,883
Additional paid-in capital		33,830,528			33,479,529
Accumulated deficit		(21,057,017	)		(20,417,666	)
Accumulated other comprehensive income		5,280,245			5,986,340
Total Stockholders' Equity		18,229,139			19,222,086
Total Liabilities and Stockholders' Equity	$	24,561,801		$	26,003,381

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

- 1 -

SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)

	For the Three Months Ended October 31,						For the Six Months Ended October 31,
	2015			2014			2015			2014
Revenues	$	2,300,424		$	2,972,891		$	4,203,101		$	5,923,792
Revenues - related party		782,398			1,054,439			3,858,054			1,940,047
Total revenues		3,082,822			4,027,330			8,061,155			7,863,839

Cost of revenues		2,543,219			3,284,284			6,736,655			6,452,794
Gross profit		539,603			743,046			1,324,500			1,411,045

Operating expenses:
Selling expenses		293,593			333,549			612,307			660,684
General and administrative expenses		601,522			670,564			1,326,641			1,502,426
Research and development expenses		31,349			4,620			42,891			5,345
Total operating expenses, net		926,464			1,008,733			1,981,839			2,168,455

Loss from operations		(386,861	)		(265,687	)		(657,339	)		(757,410	)

Other income (expenses):
Other income (expenses)		(33,589	)		3,655			(29,429	)		(13,000	)
Grant income		106,341			94,879			217,206			189,539
Interest income		267			646			756			1,209
Interest expense - related party		(32,246	)		(44,101	)		(73,712	)		(91,840	)
Interest expense		(54,078	)		(20,911	)		(91,457	)		(36,689	)
Total other income		(13,305	)		34,168			23,364			49,219

Loss before income taxes		(400,166	)		(231,519	)		(633,975	)		(708,191	)
Provision for income taxes		(4,340	)		(43,395	)		(5,376	)		(70,927	)
Net loss	$	(404,506	)	$	(274,914	)	$	(639,351	)	$	(779,118	)

Comprehensive loss:
Net loss	$	(404,506	)	$	(274,914	)	$	(639,351	)	$	(779,118	)
Foreign currency translation adjustment		(350,554	)		117,650			(706,095	)		98,698
Total comprehensive loss	$	(755,060	)	$	(157,264	)	$	(1,345,446	)	$	(680,420	)

Net loss per common share:
Net loss per share - basic and diluted	$	(0.002	)	$	(0.002	)	$	(0.004	)	$	(0.004	)
Weighted average common shares outstanding - basic and diluted		174,823,021			173,882,803			174,929,285			173,882,803

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

	For the Six Months Ended October 31,
	2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(639,351	)	$	(779,118	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation expense		719,614			981,661
Amortization of intangible assets		162,586			162,587
Amortization of land use right		28,408			28,685
Loss on disposition of property and equipment		22,366			26,892
Stock issued for services		201,250			-
Allowance for doubtful accounts		33,266			-
Changes in operating assets and liabilities:
Accounts receivable and notes receivable		(414,986	)		1,031,366
Accounts receivable - related party		1,104,273			(366,012	)
Inventories		(324,402	)		(840,745	)
Prepaid expenses and other current assets		(650,270	)		(1,093,479	)
Accounts payable and accrued expenses		374,979			1,102,407
Deferred grant income		(217,206	)		(10,831	)
Taxes payable		(7,334	)		45,787
NET CASH PROVIDED BY OPERATING ACTIVITIES		393,193			289,200

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(77,268	)		(590,211	)
NET CASH USED IN INVESTING ACTIVITIES		(77,268	)		(590,211	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Advance due from related parties		1,968,195			46,044
Repayment of related party advances		(2,352,510	)		(68,729	)
NET CASH USED IN FINANCING ACTIVITIES		(384,315	)		(22,685	)

EFFECT OF EXCHANGE RATE ON CASH		(7,826	)		4,017
NET INCREASE IN CASH		(76,216	)		(319,679	)
Cash at the beginning of year		241,967			1,195,563
Cash at the end of period	$	165,751		$	875,884

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash paid for income taxes	$	1,036		$	2,699
Cash paid for interest	$	77,237		$	128,529
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Property and equipment acquired on credit as payable	$	26,739		$	-

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

October 31, 2015

NOTE 1 - ORGANIZATION AND OPERATIONS

DESCRIPTION OF BUSINESS

Sunwin Stevia International, Inc., a Nevada corporation, and its subsidiaries are referred to in this report as “we”, “us”, "our”, or “Sunwin”. We changed our name from Sunwin Neutraceuticals International Inc. to Sunwin Stevia International, Inc. on April 23, 2012 to more accurately reflect our business operations.

We sell stevioside, a natural sweetener, as well as herbs used in traditional Chinese medicines and veterinary products. Substantially all of our operations are located in the People’s Republic of China (the “PRC”). We have built an integrated company with the sourcing and production capabilities designed to meet the needs of our customers.

Our operations are organized into two operating segments related to our Stevioside and Chinese Medicine product lines.

Stevioside Segment

In our Stevioside segment, we produce and sell a variety of purified steviol glycosides with rebaudioside A and stevioside as the principal components, an all natural, low calorie sweetener, and OnlySweet, a stevioside based table top sweetener.

Chinese Medicine Segment

In our Chinese Medicine Segment, we manufacture and sell a variety of traditional Chinese medicine formula extracts which are used in products made for use by both humans and animals.

Qufu Shengwang

In fiscal 2009, Qufu Natural Green acquired a 60% interest in Qufu Shengwang from its shareholder, Shandong Group, for $4,026,851. The purchase price represented 60% of the value of the net tangible assets of Qufu Shengwang as of April 30, 2008. Shandong Group is owned by Laiwang Zhang, our President and Chairman of the Board of Directors. Qufu Shengwang manufactures and sells stevia - based fertilizers and feed additives.

On September 30, 2011, Qufu Natural Green purchased the 40% equity interest in Qufu Shengwang owned by our Korean partner, Korea Stevia Company, Limited, for $626,125 in cash, and as a result of this repurchase transaction we now own 100% equity interest in all of the net assets of our subsidiary Qufu Shengwang.

On July 1, 2012, Qufu Shengwang entered the Cooperation Agreement with Hegeng (Beijing) Organic Farm Technology Co, Ltd. (“Hegeng”), a Chinese manufacturer and distributor of bio-fertilizers and pesticides, to jointly develop bio-bacterial fertilizers based on the residues from our stevia extraction. Under the Cooperation Agreement, Hegeng provides strain and formula that we apply to the stevia residues to produce bio-bacterial fertilizers in the current facility of Qufu Shengwang. The bio-bacterial fertilizers will be distributed under Qufu Shengwang’s name. No additional investment in the facility would be required. During the third quarter of fiscal 2013, we decided to suspend the agreement with Hegeng due to a lack of sales since the reaction to the products was lower than anticipated in fertilizer market. Currently we plan to use these assets to manufacture a variety of traditional Chinese medicine formula extracts. We started production in last quarter of fiscal 2014.

Qufu Shengren

In fiscal 2009, Qufu Natural Green acquired Qufu Shengren for $3,097,242. The purchase price was equal to the value of the assets of Qufu Shengren as determined by an independent asset appraisal in accordance with asset appraisal principles in the PRC. Prior to being acquired by us, Qufu Shengren was engaged in the production and distribution of bulk drugs and pharmaceuticals. Subsequent to the acquisition, Qufu Shengren produces and distributes steviosides with a full range of grades from rebaudioside-A 10 to 99.

Sunwin USA

In fiscal 2009, we entered into a distribution agreement with WILD Flavors to assist our 55% owned subsidiary, Sunwin USA, in the marketing and worldwide distribution of our stevioside-based sweetener products and issued WILD Flavors a 45% interest in Sunwin USA.

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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

October 31, 2015

On August 8, 2012, we entered into an Exchange Agreement with WILD Flavors pursuant to which we purchased its 45% membership interest in Sunwin USA for an aggregate consideration of approximately $1,625,874, which includes the issuance of 7,666,666 shares of our common stock valued at approximately $1,533,333 and a cash payment of $92,541. The transaction closed on August 20, 2012. On August 22, 2012, we issued 7,666,666 shares of our common stock and paid $92,541 cash to WILD Flavors. The $92,541 cash payment was paid by China Direct Investment, Inc. (“CDI”), our corporate management service provider, and reimbursed by us to CDI through the issuance of our common shares as part of the terms of the consulting agreement with CDI dated May 1, 2012. The net tangible assets of Sunwin USA were reduced from $1,825,804 to $1,625,874 as a result of the application of generally accepted accounting principles (“U.S. GAAP”) which requires elimination of the difference between the purchase price of the 45% membership interest in Sunwin USA and cost basis of the intangible assets recorded by Sunwin USA. Intangible assets include the product development and supply chain for OnlySweet.

Under the terms of the agreement, WILD Flavors assumed certain pre-closing obligations of Sunwin USA totaling approximately $694,000, including trade accounts receivable, loans, health care and monthly expenses of an employee, potential chargebacks, bank fees and broker commissions incurred prior to the closing date. The agreement also contained customary joint indemnification and general releases. As a result of this transaction, we began consolidating the operations of Sunwin USA from the date of acquisition (August 20, 2012).

In addition to the Exchange Agreement, on August 8, 2012 we entered into the following additional agreements with WILD Flavors or its affiliate:

• We entered into an Amendment to Operating Agreement with WILD Flavors pursuant to which we are now the sole management of Sunwin USA and certain sections of the original agreement dated April 29, 2009 were cancelled as they were no longer relevant following our purchase of the minority interest in Sunwin USA described above;

• We entered into a Termination of Distribution Agreement with WILD Flavors and Sunwin USA pursuant to which the Distribution Agreement dated February 5, 2009 was terminated; and

• We entered into a Distributorship Agreement with WILD Procurement Gmbh, a Swiss corporation (“WILD Procurement”) which is an affiliate of WILD Flavors. Under the terms of this agreement, we appointed WILD Procurement as a non-exclusive world-wide distributor for the resale of our stevia products. There are no minimum purchase quantities under the agreement, and the pricing and terms of each order will be negotiated by the parties at the time each purchase order is placed. The agreement restricts WILD Procurement from purchasing steviosides or other forms of stevia that are included in our products from sources other than our company under certain circumstances. In addition, at such time as we desire to offer new products, we must first offer WILD Procurement the non-exclusive right to distribute those products and the parties will have 60 days to reach mutually agreeable terms. The agreement contains certain representations by us as to the quality of the products we may sell WILD Procurement and the products’ compliance with applicable laws and good manufacturing practices, as well as customary confidentiality and indemnification provisions.

In the event WILD Procurement should fund research on stevia used in food, beverage or dietary supplement applications, and as a result of this research it develops new intellectual property, such intellectual property shall be the sole property of WILD Procurement. In the event we should jointly fund research, any new intellectual property developed from this effort will be jointly owned and each party will have the right to use the developed intellectual property in stevia-based products.

The agreement is for an initial term of 12 months and will automatically renew for successive 12 month terms unless the agreement has been terminated by either party upon 45 days prior written notice. There are no assurances any purchase orders will be placed under the terms of the Distribution Agreement. The agreement may also be terminated by either party upon a material breach by the other party, or upon the filing of a bankruptcy petition, both subject to certain cure periods. In the event the agreement is terminated, WILD Procurement has the right to continue to distribute our products on a non-exclusive basis for 24 months upon terms and conditions to be negotiated by the parties. This agreement is still in effect as of today.

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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

October 31, 2015

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim financial reporting. The accompanying unaudited condensed consolidated financial statements for the interim periods presented are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the periods presented. Certain financial statement amounts relating to prior periods have been reclassified to conform to the current period presentation.

These unaudited condensed consolidated interim financial statements should be read in conjunction with the financial statements and footnotes for the year ended April 30, 2015 included in our Form 10-K as filed with the SEC. The results of operations and cash flows for the three and six months ended October 31, 2015 are not necessarily indicative of the results of operations or cash flows which may be reported for future periods or the full fiscal year.

The condensed consolidated balance sheet as of April 30, 2015 contained herein has been derived from the audited consolidated financial statements as of April 30, 2015, but do not include all disclosures required by the U.S. GAAP.

Our unaudited condensed consolidated financial statements include the accounts of Sunwin and all our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Our subsidiaries include the following:

- Qufu Natural Green;

- Qufu Shengren;

- Qufu Shengwang;

- Sunwin Tech; and

- Sunwin USA

As reflected in the accompanying unaudited condensed consolidated financial statements, during the first six months ended October 31, 2015, the Company had a net loss of $639,351 and net cash provided by operations of $393,193. At October 31, 2015, we had working capital of $4.0 million, including cash of $165,751. We believe the Company has the ability to further implement its business plan, raise additional capital, generate more revenues, and collect receivables from the third party and related parties to increase the working capital. However, actual results could differ from our anticipation.

USE OF ESTIMATES

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the allowance for doubtful accounts, the allowance for obsolete inventory, the useful life of property and equipment and intangible assets, assumptions used in assessing impairment of long-term assets and valuation of deferred tax assets, and the value of stock-based compensation. Actual results could differ from those estimates.

CASH AND CASH EQUIVALENTS

We consider all highly liquid investments with maturities of three months or less at the time of purchase to be cash and equivalents. As of October 31, 2015, we held $165,751 of our cash and cash equivalents with commercial banking institutions in the PRC, and none with banks in the United States. As of April 30, 2015, we held $241,845 of our cash and cash equivalents with commercial banking institution in PRC, and $122 in the United States. In China, there is no equivalent federal deposit insurance as in the United States, so the amounts held in banks in China are not insured. We have not experienced any losses in such bank accounts through October 31, 2015.

ACCOUNTS RECEIVABLE

Accounts receivable and other receivable are reported at net realizable value. We have established an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written off when it is determined that the amounts are uncollectible. At October 31, 2015 and April 30, 2015, the allowance for doubtful accounts was $1,162,468 and $1,207,075, respectively.

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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

October 31, 2015

INVENTORIES

Inventories, consisting of raw materials, work in process, and finished goods related to our products, are stated at the lower of cost or market (estimated net realizable value) utilizing the weighted average method. An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserves for the difference between the cost and the market value. These reserves are recorded based on estimates. At October 31, 2015 and April 30, 2015, the Company recorded a reserve for obsolete or slow-moving inventories of $585,711 and $608,186, respectively.

PROPERTY AND EQUIPMENT

Property and equipment are stated at cost. Depreciation and amortization are provided using the straight line method over the estimated economic lives of the assets, which range from five to twenty years. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. In accordance with paragraph 360-10-35-17 of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”), we examine the possibility of decreases in the value of fixed assets when events or changes in circumstances reflect the fact that their recorded value may not be recoverable.

Included in property and equipment is construction-in-progress which consisted of factory improvements and machinery pending installation and included the costs of construction, machinery and equipment, and or any interest charges arising from borrowings used to finance these assets during the period of construction or installation of the assets if applicable. No provision for depreciation is made on construction-in-progress until such time as the relevant assets are completed and ready for their intended use.

LONG-LIVED ASSETS

In accordance with ASC 360, we review and evaluate our long-lived assets, including property and equipment, intangible assets, and land use rights, for impairment or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets, including goodwill, if any. An impairment loss is measured and recorded based on discounted estimated future cash flows. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. Our estimates of future cash flows are based on numerous assumptions and it is possible that actual future cash flows will be significantly different than the estimates. Based on our evaluation, we have determined certain long-lived assets that are no longer useful for our operations, and we recorded a disposition loss of $22,366 and $26,892 for the six months ended October 31, 2015 and 2014, respectively.

FAIR VALUE OF FINANCIAL INSTRUMENTS

We adopted ASC Section 820-10-35-37 to measure the fair value of our financial instruments. ASC Section 820-10-35-37 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements, establishes a framework for measuring fair value, and expands disclosure about such fair value measurements. The adoption of ASC Section 820-10-35-37 did not have an impact on our financial position or operating results, but did expand certain disclosures.

ASC Section 820-10-35-37 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC Section 820-10-35-37 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

Level 1:	Observable inputs such as quoted market prices in active markets for identical assets or liabilities
Level 2:	Observable market-based inputs or unobservable inputs that are corroborated by market data
Level 3:	Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.

The carrying amounts of our financial assets and liabilities, such as cash, accounts receivable, notes receivable, prepayments and other current assets, accounts payable, taxes payable and accrued expenses, approximate their fair values because of the short maturity of these instruments.

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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

October 31, 2015

TAXES PAYABLE

We are required to charge for and to collect value added taxes (VAT) on our sales on behalf of the PRC tax authority. We record VAT that we billed our customers as VAT payable. In addition, we are required to pay value added taxes on our primary purchases. We record VAT that charged by our vendors as VAT receivable. We are required to file VAT return on a monthly basis with the PRC tax authority, which we are entitled to claim the VAT that we charged by vendors as VAT credit and these credits can be applied to our VAT payable that we billed our customers. Accordingly, these VAT payable and receivable are presented as net amounts for financial statement purposes. Taxes payable on October 31, 2015 and April 30, 2015 amounted to $143,440 and $43,046, respectively, consisted primarily of VAT taxes.

REVENUE RECOGNITION

Pursuant to the guidance of ASC Topic 605, we record revenue when persuasive evidence of an arrangement exists, product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured.

GRANT INCOME

Grants received from PRC government agencies are recognized as deferred grant income and recognized in the consolidated statements of operations and comprehensive loss as and when they are earned for the specific research and development projects for which these grants are received.

INCOME TAXES

The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes ("ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are recorded to reduce the deferred tax assets to an amount that it is more likely than not be realized.

We file federal and state income tax returns in the United States for our corporate operations pursuant to the U.S. Internal Revenue Code of 1986, as amended, and file separate foreign tax returns for our Chinese subsidiaries pursuant to the China’s Unified Corporate Income Tax Law.

We apply the provisions of ASC 740-10-50, “Accounting for Uncertainty in Income Taxes”, which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our consolidated financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of October 31, 2015, the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future.

BASIC AND DILUTED EARNINGS PER SHARE

Pursuant to ASC Section 260-10-45, basic income (loss) per common share is computed by dividing income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the income of us, subject to anti-dilution limitations. The following table presents a reconciliation of basic and diluted net income per common share:

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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

October 31, 2015

	Three Months Ended October 31,						Six Months Ended October 31,
Numerator:
	2015			2014			2015			2014
Net loss	$	(404,506	)	$	(274,914	)	$	(639,351	)	$	(779,118	)
Numerator for basic EPS, loss applicable to common stock holders	$	(404,506	)	$	(274,914	)	$	(639,351	)	$	(779,118	)
Denominator:
Denominator for basic earnings per share - weighted average number of common shares outstanding		174,823,021			173,882,803			174,929,285			173,882,803
Stock awards, options, and warrants		-			-			-			-
Denominator for diluted earnings per share - adjusted weighted average outstanding average number of common shares outstanding		174,823,021			173,882,803			174,929,285			173,882,803
Basic and diluted loss per common share:
Loss per share - basic and diluted	$	(0.002	)	$	(0.002	)	$	(0.004	)	$	(0.004	)

FOREIGN CURRENCY TRANSLATION

Transactions and balances originally denominated in U.S. dollars are presented at their original amounts. Transactions and balances in other currencies are converted into U.S. dollars in accordance with ASC Section 830-20-35 and are included in determining net income or loss.

The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional currency of the Company’s operating subsidiaries is the Chinese Renminbi (“RMB”). In accordance with ASC 830-20-35, the consolidated financial statements were translated into United States dollars using balance sheet date rates of exchange for assets and liabilities, and average rates of exchange for the period for the income statements and cash flows. Equity accounts were stated at their historical rate. Net gains and losses resulting from foreign exchange transactions are included in the consolidated statements of operations. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in other comprehensive income or loss.

RMB is not a fully convertible currency. All foreign exchange transactions involving RMB must take place either through the People’s Bank of China (the “PBOC”) or other institutions authorized to buy and sell foreign exchange. The exchange rate adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC, which are determined largely by supply and demand. Translation of amounts from RMB into United States dollars (“$”) was made at the following exchange rates for the respective periods:

As of October 31, 2015	RMB 6.32 to $1.00
As of April 30, 2015	RMB 6.09 to $1.00

Six months ended October 31, 2015	RMB 6.22 to $1.00
Six months ended October 31, 2014	RMB 6.16 to $1.00

COMPREHENSIVE LOSS

Comprehensive loss is comprised of net loss and all changes to the statements of stockholders’ equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. For the Company, comprehensive loss for the three and six months ended October 31, 2015 and 2014 included net loss and unrealized gains (losses) from foreign currency translation adjustments.

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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

October 31, 2015

CONCENTRATIONS OF CREDIT RISK

Substantially all of our operations are carried out in the PRC. Accordingly, our business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC’s economy. Our operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America. Our results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.

Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and trade accounts receivable. We place our cash with high credit quality financial institutions in the United States and China. At October 31, 2015, we had $165,751 of cash balance held in PRC banks, which is not insured. We have not experienced any losses in such accounts through October 31, 2015.

Almost all of our sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, we believe that the concentration of credit risk with respect to trade accounts receivable is limited due to generally short payment terms. We also perform ongoing credit evaluations of our customers to help further reduce potential credit risk.

STOCK BASED COMPENSATION

Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC Topic 718 which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.

Pursuant to ASC Topic 505-50, for share-based payments to consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company records compensation expense based on the fair value of the award at the reporting date. The awards to consultants and other third-parties are then revalued, or the total compensation is recalculated, based on the then current fair value, at each subsequent reporting date.

RESEARCH AND DEVELOPMENT

Research and development costs are expensed as incurred and are included in general and administrative expenses in the accompanying statements of operations. Research and development costs are incurred on a project specific basis. Research and development cost were $31,349 and $4,620 for the three months ended October 31, 2015 and 2014; and $42,891 and $5,345 for the six months ended October 31, 2015 and 2014, respectively.

SHIPPING COSTS

Shipping costs are included in selling expenses and totaled $54,699 and $56,035 for the three months ended October 31, 2015 and 2014; and $96,389 and $138,812 for the six months ended October 31, 2015 and 2014, respectively.

RECENT ACCOUNTING PRONOUNCEMENTS

In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity". The amendments in the ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The amendments in the ASU 2014-08 were effective in the first quarter of 2015 for public organizations with calendar year ends. Early adoption is permitted. The adoption of ASU 2014-08 did not have a material impact on the Company's consolidated financial statements.

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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

October 31, 2015

In May 2014, the FASB issued ASU 2014-09, "Revenue from contracts with Customers (Topic 606)". This ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets. This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchanged for those goods or services. The standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The adoption of ASU 2014-98 is not expected to have a material impact on the Company's consolidated financial statements.

In July 2015, The FASB has issued Accounting Standards Update (ASU) No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. Topic 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. The amendments do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments in this Update more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The adoption of ASU 2015-11 is not expected to have a material impact on the Company's consolidated financial statements.

In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date". The amendments in ASU 2015-14 defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements.

A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, we have not determined whether implementation of such proposed standards would be material to our consolidated financial statements.

NOTE 3 - INVESTMENT IN REAL ESTATE HELD FOR RESALE

On August 25, 2011, Qufu Natural Green entered into an agreement with Qufu Jinxuan Real Estate Development Co., Ltd., an unaffiliated third party, to purchase thirty apartment units in China for investment. The total area of the apartment complex units is 4,500 square meters (48,438 square feet), for a total purchase price of RMB15,120,000 (approximately $2,484,799) (the "Purchase Price"), at RMB 3,360 (US$546) per square meter. The Company prepaid 80% of the Purchase Price, approximately $1,987,839, upon signing the agreement on August 25, 2011, and we classified investment in real estate held for resale as a long-term asset since we did not plan on selling the apartment units during the one year period. On February 9, 2015, the Company decided to award twenty apartment complex units, totaling 3,000 square meters (32,292 square feet), to certain management personnel and outstanding performers in our technical team for their past contribution made to the Company, which also served as an incentive to stimulate improvement in performance of other employees and attract future talents to serve the Company. These apartment units are valued at the fair market price of RMB3,448 (US$561) per square meter. Ms. Dongdong Lin, our Chief Executive Officer, received an apartment valued at $84,206 which was included in her fiscal 2015 compensation. Total non-cash employees' compensation / bonus recorded for this reward amounted to RMB10,344,000 (US$1,684,122) and as a result, we recognized a gain of RMB 264,000 (US$42,989) from the excess fair value of these twenty apartment units transferred to these employees. The non-cash employees' compensation / bonus has been classified and included in the general and administrative expenses in the consolidated statements of operations and comprehensive loss for the fiscal year ended April 30, 2015. As of October 31, 2015 and April 30, 2015, investment in real estate held for resale amounted to $319,063 and $331,306, respectively.

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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

October 31, 2015

NOTE 4 - INVENTORIES

At October 31, 2015 and April 30, 2015, inventories consisted of the following:

	October 31, 2015			April 30, 2015
	(unaudited)
Raw materials	$	2,191,056			2,582,593
Work in process		1,064,503			344,742
Finished goods		2,742,232			2,969,260
		5,997,791			5,896,595
Less: reserve for obsolete inventory		(585,711	)		(608,186	)
	$	5,412,080			5,288,409

NOTE 5 - PROPERTY AND EQUIPMENT

At October 31, 2015 and April 30, 2015, property and equipment consisted of the following:

	Estimated Life	October 31, 2015			April 30, 2015
		(unaudited)
Office equipment	1-10 Years	$	70,494		$	66,194
Auto and trucks	3-10 Years		913,540			949,097
Manufacturing equipment	2-20 Years		7,153,952			7,415,898
Buildings	5-30 Years		9,781,910			10,172,060
Construction in process			571,240			536,365
			18,491,136			19,139,614
Less: accumulated depreciation			(7,501,223	)		(7,054,044	)
		$	10,989,913		$	12,085,570

For the three months ended October 31, 2015 and 2014, depreciation expense totaled $341,015 and $370,869, of which $218,142 and $164,493 was included in cost of revenues, respectively, and of which $122,873 and $206,376 was included in general and administrative expenses, respectively. For the six months ended October 31, 2015 and 2014, depreciation expense totaled $719,614 and $981,661, of which $494,263 and $281,678 was included in cost of revenues, respectively, and of which $225,351 and $699,983 was included in general and administrative expenses, respectively. Depreciation is not taken during the period of construction or equipment installation. Upon completion of the installation of manufacturing equipment or any construction in progress, construction in progress balances will be classified to their respective property and equipment category.

NOTE 6 - INTANGIBLE ASSETS

On August 8, 2012 the Company entered into an Exchange Agreement with WILD Flavors pursuant to which it purchased its 45% membership interest in Sunwin USA for an aggregate consideration of approximately $1,625,874, which includes the issuance of 7,666,666 shares of our common stock valued at approximately $1,533,333 and a cash payment of $92,541. In connection with the Exchange Agreement, WILD Flavor granted, transferred and assigned to Sunwin USA all of its rights, title and interest, and the trade name Only Sweet, including any trademarks, trademark registrations and applications, service marks, service mark registrations and applications, copyrights, copyright registrations and applications, trade address, trade names (whether or not registered or by whatever name or designation), owned, applied for, or registered in the name of, the WILD Flavor (the "Only Sweet Name Rights"). Additionally, we entered into a new Distributorship Agreement with WILD Procurement which is an affiliate of WILD Flavors, as discussed in Note 1. The transaction closed on August 20, 2012. The tangible assets of Sunwin USA were reduced from $1,825,804 to $1,625,874 as a result of the application of U.S. GAAP which requires elimination of the difference between the purchase price of the 45% membership interest in Sunwin USA and cost basis of the intangible assets recorded by Sunwin USA. Intangible assets have a useful life of five years and consist of the cost of Only Sweet Name Rights and related technologies as well as the fair value of the Wild Flavors distribution Agreement. For each quarter, amortization expense was approximately $81,294. For the six months ended October 31, 2015 and 2014, amortization expense amounted to $162,586 and $162,587, respectively.

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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

October 31, 2015

Intangible assets consisted of the following:

	Estimated Life	October 31, 2015			April 30, 2015
		(unaudited)
Only Sweet name rights and related technologies	5 Years	$	587,183		$	587,183
Distribution agreement and related distribution channels	5 Years		1,038,691			1,038,691
			1,625,874			1,625,874
Less: accumulated amortization			(1,029,720	)		(867,134	)
Intangible assets, net		$	596,154		$	758,740

NOTE 7 - LAND USE RIGHTS

Land use right consisted of the following:

	Estimated Life	October 31, 2015			April 30, 2015
		(unaudited)
Land use right	45 Years	$	2,516,117		$	2,613,787
Less: accumulated amortization			(405,194	)		(391,726	)
		$	2,110,923		$	2,222,061

In conjunction with our acquisition of Qufu Shengwang, we acquired land use rights for properties located in the PRC until March 14, 2054. For the three month periods ended October 31, 2015 and 2014, amortization expense amounted to $13,916 and $14,359, respectively. For the six month periods ended October 31, 2015 and 2014, amortization expense amounted to $28,408 and $28,685, respectively.

NOTE 8 - RELATED PARTY TRANSACTIONS

Accounts receivable – related party and revenue – related party

On October 31, 2015 and April 30, 2015, we reported $2,536,505 and $3,761,758 in accounts receivable – related party, respectively, related to sales of products to Qufu Shengwang Import and Export Corporation, a Chinese entity owned by our Chairman, Mr. Laiwang Zhang. For the three months ended October 31, 2015 and 2014, we had revenue – related party of $782,398 and $1,054,439, respectively. For the six months ended October 31, 2015 and 2014, we had revenue – related party of $3,858,054 and $1,940,047, respectively, from Qufu Shengwang Import and Export Corporation,

Due to (from) related parties

From time to time, we receive advances from related parties and advance funds to related parties for working capital purposes. During the three and six months ended October 31, 2015 and 2014, we paid interest of $32,246 and $44,101, and $73,712 and $91,840, respectively, which in connection with the advances of $806,491 (RMB5,000,000) and $1,290,385 (RMB 8,000,000) from Shangdong Shengwang Pharmaceutical, Co., Ltd. ("Pharmaceutical Corporation"), a Chinese entity owned by our Chairman, Mr. Laiwang Zhang. We have repaid these two advances with all accrued interests on May 8, 2015 and June 11, 2015, respectively. On May 22, 2015 and June 17, 2015, we received additional advances of $789,461 (RMB 4,800,000) and $1,311,949 (RMB 8,000,000) from the Pharmaceutical Corporation, at a lowered interest rate of 6.375% per annum. The other advances bear no interest and are payable on demand, including the working capital we borrowed from Mr. Laiwang Zhang in fiscal year 2015, which we repaid to him in the first quarter of fiscal 2016. On October 31, 2015 and April 30, 2015, due to (from) related party activities consisted of the following:

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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

October 31, 2015

	Shandong Shengwang Pharmaceutical Co., Ltd.			Qufu Shengwang Import and Export Co., Ltd.			Mr. Laiwang Zhang			Total
Balance due to related parties, April 30, 2015	$	496,816		$	346,622		$	115,037		$	958,475
Working capital advances from related parties		4,395,275			1,968,195			-			6,363,470
Repayments		(4,485,792	)		(2,163,802	)		(114,827	)		(6,764,421	)
Effect of foreign currency exchange		(6,546	)		(525	)		(210	)		(7,281	)
Balance due to related parties, October 31, 2015	$	399,753		$	150,490		$	-		$	550,243

NOTE 9 - PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets on October 31, 2015 and April 30, 2015 totaled $1,270,931 and $467,054, respectively. As of October 31, 2015, prepaid expenses and other current assets includes $1,116,870 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us and $154,061 for business related employees' advances. As of April 30, 2015, prepaid expenses and other current assets includes $155,796 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us and $311,258 for business related employees' advances.

During the third quarter of fiscal 2013, Qufu Shengwang paid Qufu Public Auction Center $599,268 as deposit for renewing the land use right. The deposit is required for the Center to appraise the land use right, which we originally expected to receive the refund during fiscal year 2014. We received a total refund of $437,127 as of October 31, 2015 and the remaining balance of $162,141 and $168,060 has been classified to other long-term asset at October 31, 2015 and April 30, 2015, respectively.

NOTE 10 – GRANT INCOME

During the third quarter of fiscal 2014 and second quarter of fiscal 2015, we received grant funding of $1,146,921 (RMB7,000,000) and $179,092 (RMB1,100,000), respectively, in exchange for commitments made by us to the local government of Qufu city to provide research and development for the planting of stevia plants, for the development of biological methods to improve lower-grade stevia product to higher grade stevia, and applying biological method to change the taste of stevia to meet market demand. The grant approved by local government totaled RMB10,000,000 of which we received RMB 8,100,000 and the grant term is for three years, from January 1, 2013 through December 31, 2015. The Company will pay 10% of this total grant to Shandong Chinese Medicine University for the collaboration with Professor Jingzhen Tian on the related research and development project and a research report is to be submitted to the local government by the end of December 2015 in order to pass inspection and examination for the completion of this commitment. Deferred grant income is being amortized as an increase to other income over a 3-year period using the straight line method over the grant term. At October 31, 2015 and April 30, 2015, the balance of deferred grant income is $71,219 and $295,809, respectively. For the three months ended October 31, 2015 and 2014, grant income amounted to $106,341 and $94,879, respectively. For the six months ended October 31, 2015 and 2014, grant income amounted to $217,206 and $189,539, respectively.

NOTE 11 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses included the following as of October 31, 2015 and April 30, 2015:

Account	October 31, 2015		April 30, 2015
	(unaudited)
Accounts payable	$	2,769,325	$	2,000,329
Advanced from customers		64,045		58,434
Accrued salary payable		116,413		192,444
Tax payable		143,344		156,336
Other payable*		2,618,073		3,119,468
Total accounts payable and accrued expenses	$	5,711,200	$	5,527,011

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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

October 31, 2015

*On October 31, 2015, other payables consists of advances from multiple individuals of $1,353,428, commission payable of $63,305, general liability, worker's compensation, and medical insurance payable of $388,749; union and education fees payable of $299,400, consulting fee of $103,822 and other miscellaneous payables of $409,369. On April 30, 2015, other payables consists of advances from multiple individuals of $1,828,091, commission payable of $75,260, general liability, worker's compensation, and medical insurance payable of $204,488; union and education fees payable of $305,081, consulting fee of $82,169, accrued R&D payable of $83,813 and other miscellaneous payables of $540,566.

NOTE 12 - STOCKHOLDERS' EQUITY

Common stock

At October 31, 2015 and April 30, 2015, we are authorized to issue 200,000,000 shares of common stock. We had 175,382,803 and 173,882,803 shares issued and outstanding at October 31, 2015 and April 30, 2015, respectively.

On May 6, 2015, we issued a total of 1,000,000 shares of our common stock to Dr. Yuejian (James) Wang for consulting services, valued at $252,500, for one year term of service agreement during fiscal 2016. We will amortize this consulting service fee through fiscal 2016 over twelve months and recorded $63,125 and $126,250 as stock-based compensation expense for the three and six months ended October 31, 2015, respectively.

On August 11, 2015, we entered into an one year consulting service agreement with Dr. Yuejian (James) Wang, pursuant to the terms of the consulting service agreement; we will issue a total of 750,000 shares of the Company's common stock to Dr. Yuejian (James) Wang as compensation for the services provided or to be provided from May 1, 2015 through April 30, 2016. On August 11, 2015, we issued 500,000 shares of the Company's common stock, part of the 750,000 shares of Company's common stock, to Dr. Yuejian (James)Wang as payment of the consulting service fee, valued at $100,000. The Company will issue the remaining 250,000 shares of common stock to Dr. Yuejian (James) Wang by December 31, 2015, depending on the completion of consulting services provided by Dr. Yuejian (James) Wang. We will amortize this consulting service fee through fiscal 2016 over twelve months and recorded $37,500 and $75,000 as stock-based compensation expense for the three and six months ended October 31, 2015, respectively.

NOTE 13 - SEGMENT INFORMATION

The following information is presented in accordance with ASC Topic 280, “Segment Reporting”, for the three months ended October 31, 2015 and 2014; we operated in three reportable business segments - (1) natural sweetener (stevioside), (2) traditional Chinese medicines and (3) corporate and other. Our reportable segments are strategic business units that offer different products and are managed separately based on the fundamental differences in their operations. Condensed financial information with respect to these reportable business segments for the three and six months ended October 31, 2015 and 2014 is as follows:

	Three Months Ended October 31,				Six Months Ended October 31,
	2015		2014		2015		2014
Revenues:
Chinese medicine – third party	$	622,793	$	576,868	$	1,166,966	$	1,099,061
Chinese medicine – related party		-		-		-		-
Total Chinese medicine		622,793		576,868		1,166,966		1,099,061

Stevioside – third party		1,677,631		2,396,023		3,036,135		4,824,731
Stevioside – related party		782,398		1,054,439		3,858,054		1,940,047
Total Stevioside		2,460,029		3,450,462		6,894,189		6,764,778
Total segment and consolidated revenues	$	3,082,822	$	4,027,330	$	8,061,155	$	7,863,839

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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

October 31, 2015

	Three Months Ended October 31,						Six Months Ended October 31,
	2015			2014			2015				2014
Interest (expense) income:
Chinese medicine	$	67		$	(14	)		$	136			$	126
Stevioside		(86,124	)		(64,352	)			(164,549	)			(127,446	)
Total segment and consolidated interest expense	$	(86,057	)	$	(64,366	)		$	(164,413	)		$	(127,320	)

Depreciation and amortization:
Chinese medicine	$	60,548	$	20,383	$	152,587	$	39,372
Stevioside		367,791		446,138		758,021		1,133,561
Total segment and consolidated depreciation and amortization	$	428,339	$	466,521	$	910,608	$	1,172,933

Income (loss) before income taxes:
Chinese medicine	$	15,587		$	33,361		$	(8,606	)	$	57,477
Stevioside		(306,835	)		(247,850	)		(332,882	)		(679,457	)
Corporate and other		(108,918	)		(17,030	)		(292,487	)		(86,211	)
Total consolidated (loss) income before income taxes	$	(400,166	)	$	(231,519	)	$	(633,975	)	$	(708,191	)

	October 31, 2015		April 30, 2015
Segment tangible assets:
Chinese medicine	$	2,069,949	$	2,285,114
Stevioside		8,919,964		9,800,456
Corporate and other		-		-
Total consolidated assets	$	10,989,913	$	12,085,570

NOTE 14 - COMMITMENTS AND CONTINGENCIES

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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

October 31, 2015

NOTE 15 - CONCENTRATIONS AND CREDIT RISK

(i) Customer Concentrations

For the six months ended October 31, 2015 and 2014, customers accounting for 10% or more of the Company's revenue were as follows:

	Net Sales
	For the six months ended October 31, 2015						For the six months ended October 31, 2014
	Chinese Medicine			Stevioside			Chinese Medicine		Stevioside
Qufu Shengwang Import and Export Trade Co., Ltd*		-			56.0	%		-		31.6	%
Qingdao Runde Biological Technology Co., Ltd		-						-		13.0	%
Zhonghua (Qingdao) Industrial Co., Ltd.		-			-			-		20.7	%
Beijin Haomiao Huifeng Technology Co., Ltd		15.1	%		-			-		-
Guangdong Tengjun Veterinary Medicine Co., Ltd		13.2			-			-		-
Total		28.3	%		56.0	%		-		65.3	%

* Qufu Shengwang Import and Export Trade Co., Ltd is a related party, an entity owned by Mr. Laiwang Zhang.

(ii) Vendor Concentrations

For the six months ended October 31, 2015 and 2014, suppliers accounting for 10% or more of the Company's purchase were as follows:

	Net Purchases
	For the six months ended October 31, 2015						For the six months ended October 31, 2014
	Chinese Medicine			Stevioside			Chinese Medicine			Stevioside
Shandong Sishui Ruijin Pharmaceutical Co., Ltd		22.1	%		-			-		-
Dongtai Yandun Stevia Corp.		-			22.8	%		-		-
Zhucheng Haotian Pharmaceutical Co., Ltd		-			11.5	%		-		-
Gansu Fanzhi Biology Techonology Co., Ltd		12.0	%		-			9.4	%	-
Juiqian Shengwang Corp.		-			16.7	%		-		-
Gansu Puhua Stevia Develop Co., Ltd		-			-			-		25.4	%
Mingguang Xingshi Stevia Corp.		-			-			-		15.8	%
Ganzhou Julong High Tech Co., Ltd		-			-			-		15.9	%
Total		34.1	%		51.0	%		9.4	%	57.1	%

(iii) Credit Risk

Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and trade accounts receivable. We place our cash with high credit quality financial institutions in the United States and the PRC. At October 31, 2015, we had $165,751 on deposit in the PRC, where there is no equivalent of federal deposit insurance as in the United States. As a result, cash held in PRC financial institutions is not insured. We have not experienced any losses in such accounts through October 31, 2015.

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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

October 31, 2015

NOTE 16 - SUBSEQUENT EVENTS

The Company has evaluated subsequent events from October 31, 2015 through the filing date of this report and has determined that there are no items to disclose.

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

The following discussion should be read in conjunction with the information contained in the preceding unaudited condensed consolidated financial statements and footnotes and our 2015 Annual Report on Form 10-K for fiscal year ended April 30, 2015, as amended.

OVERVIEW

We sell stevioside, a natural sweetener, as well as herbs used in traditional Chinese medicines. Substantially all of our operations are located in the PRC. We have built an integrated company with the production and distribution capabilities designed to meet the needs of our customers.

Our operations were organized in two operating segments related to our product lines:

	-		Stevioside, and
	-		Chinese Medicine.

Recent Developments

We are planning to start buildings a new facility with annual capacity of 500 metric tons in order to meet substantially increased demand for our high-grade stevia products. In fiscal 2015 and in the first six months ended October 31, 2015, we have invested $670,000 and $104,007, respectively, in this new facility. The new manufacturing facility is fully equipped with stainless steel equipment without any plastic while it has a fully automated system in order to prevent any potential contamination from operators and plastic. In addition, the new manufacturing facility uses the most advanced production equipment that is the first time to be used for stevia production in the industry, such as scraper with centrifuge and fluidized drying system.

Stevioside Segment

Stevioside and rebaudioside are all natural low calorie sweeteners extracted from the leaves of the stevia rebaudiana plant. Stevioside is a safe and natural alternative to sugar for people needing low sugar or low calorie diets. Stevioside can be used to replace sugar in beverages and foods, including those that require baking or cooking where synthetic chemical based sweetener replacements are not suitable.

Steviosin is a natural low calorie stevioside extract for medicinal use, containing rebaudioside A at 90% with the total steviol glycosides meeting or exceeding 95% on a dry weight basis. Steviosin is used as an alternative sweetener in the pharmaceutical production in China.

OnlySweet™ is an all natural, zero calorie, dietary supplement comprised of three natural ingredients, including stevioside. Based on our strategy to develop new products that contain our stevia products, we are evaluating our strategy for the sale and distribution of OnlySweet™.

In an effort to meet the international food safety standards mandated by larger consumer product companies that we expect to target as customers in the future, we have made capital investments to enhance our manufacturing facilities, equipment and documentation systems, changed certain manufacturing processes and carried out additional personnel training in order to meet these standards. These investments allowed us to meet the HACCP System Certification, ISO 9001:2008 Certification and ISO 22000:2005 Food Safety Certification. We obtained these certifications in November, 2010.

Chinese Medicine Segment

In our Chinese medicine segment, we manufacture and sell approximately 354 different extracts, which can be divided into the following three general categories:

	-		single traditional Chinese medicine extracts;
	-		compound traditional Chinese medicine extracts; and
	-		purified extracts, including active parts and monomer compounds such as soy isoflavone.

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We have evaluated alternatives as to the potential disposition of the Chinese medicine segment to further streamline our product offering and focus our business on producing and selling high-quality stevia products. The exit strategy contemplated for the Chinese medicine segment has also been influenced by our concerns regarding the profitability of this segment in the near future. The competition in Chinese medicine market has strengthened over the past few months. In addition, the Chinese government continues to issue more regulations covering the supply of Chinese herbal raw materials and has increased the regulatory manufacturing standards on this segment. These measures are expected to further increase our raw materials and production costs in the coming quarters and beyond. However, this segment is currently operating at full capacity and we do not expect significant growth potential from this segment in the near future.

OUR PERFORMANCE

Our total revenues totaled $3.10 million in the three months ended October 31, 2015, an decreased of 23.5% from the same period in 2014, and our gross margin decreased to 17.5% from 18.5% compared to the same period in 2014. Our sales revenues, excluding revenues from related party, decreased by 22.6% in the three months ended October 31, 2015 as compared to the same period in 2014. Revenues from related parties decreased by 25.8% in the three months ended October 31, 2015 compared to the same period in 2014. Our operating expenses in the three months ended October 31, 2015 decreased by 8.2% compared to the same period in 2014. Our net loss for the three months ended October 31, 2015 was approximately $405,000 as compared to $275,000 for the same period in 2014.

Our revenues totaled $8.1 million during the six months ended October 31, 2015, an increase of 2.5% as compared with the same period in 2014, while our gross margin decreased to 16.4% from 17.9%. Our total operating expenses in the six months ended October 31, 2015 decreased by approximately $187,000 or 8.6% compared to the same period in 2014, primarily due to a decrease of approximately $48,000 and $176,000, or 7.3% and 11.7% in selling expense and general and administrative expense, respectively, and offset by an increase of approximately $38,000 or 702.5% in research and development. Our net loss for the six months ended October 31, 2015 was approximately $639,000, a slight decrease compared to $779,000 in the same period in 2014.

Our operating performance for the three and six months ended October 31, 2014 was primarily driven by an decrease of 30.0% and 37.1%, respectively, in sales revenue excluding revenues from related party in our Stevioside segment, offset by a slightly higher revenue in our Chinese medicine segment, as compared to the same periods in 2014.

During the first three months ended October 31, 2015, the sales revenue of our stevia products in our Stevioside segment started to decrease for the first time from its consistent increase in the past several years, primarily due to a decreasing demand from the domestic market and the shift in our effort to focus more on developing sales in the international market. While we have broadened our stevia product offerings to include a number of higher quality stevia grades needed in new product formulations we are developing to introduce to the U.S. and European food and beverage industry, the demand for higher grade stevia products has yet to materialize to the degree we had anticipated, and thus our sales volume in higher grade stevia products was lower than expected for fiscal 2016. Stevia has been widely accepted by the food industry and many new stevia manufacturers have entered this industry in the past few years, and recently we introduced a new product line. We are now focusing on new types of stevia products, including tablets, liquid, High A products, and others. We expect to consistently increase our sales of our new products; however we cannot quantify this increase and its effects on future periods.

The slightly increase in revenues in our Chinese medicine was primarily due to the increase of our unit sales price as market prices increase and the result of the restructure of our Chinese medicine segment.

Our Outlook

We believe that there are significant opportunities for worldwide growth in our Stevioside segment, primarily in the U.S. and EU. For fiscal 2016 and beyond, we will continue to focus on our core business of producing and selling stevioside series products.

Some of the recent favorable observations related to the stevia markets in fiscal 2016 include:

	•	Chinese domestic food and beverages, particularly herbal tea manufacturers and the pharmaceutical industry, have increased the use of steviosides;
	•	Southeast and South Asia have renewed and increased their interest in stevia, particularly high grade stevia;
	•	The marketing strategy to differentiate ourselves as a producer of higher quality stevia grades and product formulations through these collaboration efforts will lead to sustainable growth in stevia sales volume in the future; and
	•	A new stevia extraction line was finished in December 2015. This new line will add additional 500 metric tons to our current annual production capacity;

- 20 -

Meanwhile, we are also facing challenges in competitive pricing and raw materials for fiscal 2016. During fiscal 2015, the market prices of stevioside products were impacted by strong price competition among Chinese manufacturers. We expect the pressure from pricing competition to continue in fiscal 2016. We anticipate the price of stevia leaves, the raw material used to produce our stevioside series products, to increase in fiscal 2016.

RESULTS OF OPERATIONS

The following table summarizes our results from operations for the three month periods ended October 31, 2015 and 2014:

For the Three Months ended October 31, 2015
		Chinese Medicine				Stevioside					Corporate and other			Consolidated
Total revenues	$	622,793	100.0	%	$	2,460,029		100.0	%	$	-		$	3,082,822		100.0	%
Cost of revenues		427,375	68.6	%		2,115,844		86.0	%		-			2,543,219		82.5	%
Gross profit		195,418	31.4	%		344,185		14.0	%		-			539,603		17.5	%
Research and development expenses		-	-			31,349		1.3	%		-			31,349		1.0	%
Other operating expenses		180,046	28.9	%		606,151		24.6	%		108,918			895,115		29.0	%
Other income (expense)		215	0.0	%		(13,520)		(0.6	)%		-			(13,305	)	(0.4	)%
Income (loss) before income taxes	$	15,587	1.8	%	$	(306,835	)	(12.5	)%	$	(108,918	)	$	(400,166	)	(13.1	)%

For the Three Months ended October 31, 2014
		Chinese Medicine				Stevioside					Corporate and other			Consolidated
Total revenues	$	576,868	100.0	%	$	3,450,462		100.0	%	$	-		$	4,027,330		100.0	%
Cost of revenues		397,837	69.0	%		2,886,447		83.6	%		-			3,284,284		81.5	%
Gross profit		179,031	31.0	%		564,015		16.4	%		-			743,046		18.5	%
Research and development expenses		3,289	0.6	%		1,331		0.0	%		-			4,620		0.1	%
Other operating expenses		142,642	24.7	%		844,441		24.5	%		17,030			1,004,112		24.9	%
Other income		262	0.1	%		33,906		1.0	%		-			34,168		0.8	%
Income (loss) before income taxes	$	33,362	5.8	%	$	(247,851	)	(7.2	)%	$	(17,030	)	$	(231,519	)	(5.7	)%

The following table summarizes our results from operations for the six month periods ended October 31, 2015 and 2014.

For the Six Months ended October 31, 2015
		Chinese Medicine					Stevioside					Corporate and other			Consolidated
Total revenues	$	1,166,966		100.0	%	$	6,894,189		100.0	%	$	-		$	8,061,155		100.0	%
Cost of revenues		796,536		68.3	%		5,940,119		86.2	%		-			6,736,655		83.6	%
Gross profit		370,430		31.7	%		954,070		13.8	%		-			1,324,500		16.4	%
Research and development expenses		-		-			42,891		0.6	%		-			42,891		0.5	%
Other operating expenses		379,527		32,5	%		1,266,934		18.4	%		292,487			1,938,948		24.1	%
Other income		491		0.0	%		22,873		0.3	%		-			23,364		0.3	%
Loss before income taxes	$	(8,606	)	(1.1	)%	$	(332,882	)	(4.8	)%	$	(292,487	)	$	(633,975	)	(7.9	)%

- 21 -

For the Six Months ended October 31, 2014
		Chinese Medicine					Stevioside					Corporate and other			Consolidated
Total revenues	$	1,099,061		100.0	%	$	6,764,778		100.0	%	$	-		$	7,863,839		100.0	%
Cost of revenues		770,659		70.1	%		5,682,135		84.0	%		-			6,452,794		82.1	%
Gross profit		328,402		29.9	%		1,082,643		16.0	%		-			1,411,045		17.9	%
Research and development expenses		4,014		0.4	%		1,331		0.0	%		-			5,345		0.1	%
Total operating expenses		263,266		24.0	%		1,813,632		26.8	%		86,211			2,163,109		27.5	%
Other (expenses) income		(3,646	)	(0.3	)%		52,865		0.8	%		-			49,219		0.7	%
Income (loss) before income taxes	$	57,476		5.2	%	$	(679,456	)	(10.0	)%	$	(86,211	)	$	(708,191	)	(9.0	)%

Revenues

Total consolidated revenues in the first three months ended October 31, 2015 decreased by approximately 23.5% as compared to the same period in 2014. Stevioside revenues, which accounts for 79.8% and 85.7% of our total revenues in the first three months ended October 31, 2015 and 2014, respectively, decreased by approximately 28.7%, while Chinese medicine revenues increased by approximately $46,000 or 8.0%.

Within our Stevioside segment, revenues from sales to third parties decreased by 30.0% and sales to the related party decreased by 25.8% in the first three months ended October 31, 2015, as compared to the same period in 2014. We have been trying to develop our domestic market and decrease the dependence of our sales to related parties. Since we do not have the authorization to export products from China, we outsourced all of our exporting business to a related party, Qufu Shengwang Import and Export Corporation, which has authorizations to export. During the first three months ended October 31, 2015, within our Stevioside segment, we produced 62 metric tons, an decrease of 32.3% as compared to 92 metric tons during the same period in 2014; however the average unit price of our stevia products has increased by 10.4%. We generated revenue from the new launched products including A3-99 and the customized orders for restructuring by enzyme based on our Stevioside products which accounted for approximately 32.7% and 16.5% of total Stevioside segment revenues in the three months ended October 31, 2015 and 2014, respectively.

Total revenues in the first six months ended October 31, 2015 increased by approximately 2.5% as compared to the same period in 2014. Stevioside revenues, which accounts for 85.5% and 86.0% of our total revenues in the first six months ended October 31, 2015 and 2014, respectively, increased by approximately 1.9%, and Chinese medicine revenues increased by approximately $68,000 or 6.2%. During the first six months ended October 31, 2015, within our Stevioside segment, we also decreased our sales volume by approximately 39,000 tons, a 21.3% decrease; however the average unit price of our stevia products was increased by 25.9%, as compared to the same period in 2014 Stevioside revenues from sales to third parties decreased by 37.1% while sales to the related party increased by 98.9% in the first six months ended October 31, 2015, as compared to the same period in 2014, primarily due a decreasing demand from the domestic market and the shift in our effort to focus more on developing sales in the international market.

We believe that the slightly decrease of sales in Chinese Medicine segment is primarily due to an oversupply of product in the market. The unit price remains stable in the first three and six months ended October 31, 2015 as compared to the same period in 2014. We expect demand to increase in the future as we expand our client base, however, we are not able to quantify this future increase.

Cost of Revenues and Gross Margin

Cost of revenues in the first three months ended October 31, 2015 decreased by 22.6% as compared to the same period in 2014. Cost of revenues as a percentage of revenues decreased from 82.5% to 81.5%, comparing the same period in 2015 and 2014. Gross margin on Stevioside segment for the first three months ended October 31, 2015 was 14.0%, as compared to 16.3% for the same period of fiscal 2014. The lower gross margin for Stevioside was primarily due to the higher cost of raw materials during the period, as compared with the same period in 2014. Gross margin on Chinese Medicine was 31.4% in the first three months ended October 31, 2015, compared to the 31.0% in the same period in 2014. The slightly higher gross margin for Chinese Medicines was primarily due to the restructure of our product line to lower the cost of adopting of our high-efficiency product line. We believe that the slower market for animal Chinese medicines seen in prior periods has stabilized and improved. Since we purchase our raw materials on the spot market, we are unable to predict with any degree of certainty our raw material costs and their impact on gross margin in future periods. Our consolidated gross margin for the first three months ended October 31, 2015 was 17.5%, as compared to 18.5% in the same period in 2014.

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The consolidated gross margin for the first six months ended October 31, 2015 decreased to 16.4%, compared to 17.9% for the same period in 2014. Gross margin on Stevioside segment decreased during the first six months ended October 31, 2015 to 13.8%, compared to 16.0% for the same period in 2014. The decrease was primarily due to the higher raw material costs during the period compared with the same period in 2014. The Chinese medicine gross margin increased to 31.7% in the first six months ended October 31, 2015, compared to 29.9% for the same period in 2014, due to similar reasons discussed above.

Total Selling Expenses

In the first three months ended October 31, 2015, we had a decrease of approximately $40,000, or 12.0% in selling expenses, as compared to the same period in 2014. The decrease was primarily due to the approximately $25,000 decrease in salary and wages, $12,000 decrease in China local sales taxes, $10,000 decrease in office expenses, $7,000 decrease in travel expense, $7,000 decrease in meal and entertainment expenses, and offset by approximately $15,000 increase in commission expense and $13,000 increase in sales meeting expense.

In the first six months ended October 31, 2015, we had an decrease of approximately $48,000, or 7.3% in selling expenses, as compared to the same period in 2014. The decrease was primarily due to the approximately $35,000 decrease in office expense, $42,000 decrease in shipping and freight, decrease of $11,000 in salary and wages and decrease of $26,000 in miscellaneous expense, offset by $54,000 increased in advertising and marketing expenses, and $13,000 increase in sales meeting.

Total General and Administrative Expenses

Our general and administrative expenses for the first three months ended October 31, 2015 decreased by approximately $69,000, or 10.3% from the same period in 2014. The decrease was primarily due to decrease of approximately $36,000 in salaries and wages, a $49,000 decrease in office expense, $24,000 decrease in auto expense, $121,000 decrease in depreciation and amortization expenses, and $27,000 decrease in travel expense, offset by an increase of approximately $101,000 in headquarter expense for professional consulting fees, $30,000 increase in property tax and other tax expenses and $60,000 increase in miscellaneous expense.

Total general and administrative expenses for the first six months ended October 31, 2015 decreased by approximately $176,000, or 11.7% from the comparable period in 2014. The decrease was primarily due to decrease of approximately $479,000 in depreciation and amortization expenses and $50,000 decrease in office expenses, offset by $115,000 increase in headquarter expenses for professional consulting fees, $33,000 in bad debt expenses, $42,000 increase in accounting and auditing fees, $82,000 increase in property tax and other tax expenses, $20,000 decrease in travel expense and $59,000 decrease in miscellaneous expenses. The general and administrative expense as a percentage of revenue was 16.5% in the first six months ended October 31, 2015 as compared to 19.1% in the same period in 2014.

Research and Development Expense

For the three and six months ended October 31, 2015, our research and development expenses amounted to approximately $31,000 and $43,000, as compared to $5,000 and $5,000 for the same period in 2014, respectively. The increase of $27,000 and $38,000 was primarily due to the fact that in the three and six months ended October 31, 2015, respectively, we recorded the transfer of inventory to Shandong Chinese Medicine University for the collaboration with Professor Jingzhen Tian on the project named "development and research on new kinds of stevia for pharmaceutical use", this project is related to the grant we received during the third quarter of fiscal 2014 of approximately $1,146,921 (RMB7,000,000) and $179,092 (RMB1,100,000) during the second quarter of fiscal 2015.

Other Income (Expenses)

For the three months ended October 31, 2015, other income, net of expenses, amounted to approximately $(13,000), a decrease of $47,000 as compared to the other income of $34,000 for the three months ended October 31, 2014. The decrease was primarily attributable to a decrease in other income of approximately $37,000 and an increase in interest expense in the amount of approximately $33,000, offset by an increase in grant income of $11,000 and a decrease interest expense – related party in the amount of approximately $12,000.

For the six months ended October 31, 2015, other income, net of expenses, amounted to approximately $23,000, a decrease of $26,000 as compared to the other income of $49,000 for the six months ended October 31, 2014. The decrease was primarily attributable to a decrease in other income of approximately $16,000 and an increase in interest expense in the amount of approximately $55,000, offset by an increase in grant income of $28,000 and a decrease interest expense – related party in the amount of approximately $18,000.

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Income tax expense

Income tax expense was approximately $4,000 and $5,000 for the first three and six months ended October 31, 2015, respectively, as compared to $43,000 and $71,000 in the same periods in 2014. The decrease in income tax expense was attributable to the decrease in taxable income in PRC generated by our Stevioside operating entities.

Net Loss

Net loss in the three months ended October 31, 2015 was approximately $405,000, compared to $275,000 in the three months ended October 31, 2014. The increase was primarily due to decrease in revenues, hence decrease in gross profit while higher other expenses mainly from higher interest expenses.

Net loss in the six months ended October 31, 2015 was approximately $639,000, compared to $779,000 for the same period in 2014. The decrease in net loss was primarily due to increase in revenue with related party, as well as the lower operating expenses as discussed above.

Foreign currency translation adjustment

The functional currency of our subsidiaries and variable interest entities operating in the PRC is the Chinese Yuan or Renminbi (“RMB”). The financial statements of our subsidiaries are translated to U.S. dollars using period end rates of exchange for assets and liabilities, and average rates of exchange (for the period) for revenues, costs, and expenses. Net gains and losses resulting from foreign exchange transactions are included in the consolidated statements of operations. As a result of foreign currency translations, which are a non-cash adjustment, we reported a foreign currency translation gain of $351,000 for the three months ended October 31, 2015, as compared to a foreign currency translation gain of $118,000 for the same period in 2014. We reported a foreign currency translation gain of $706,000 for the six months ended October 31, 2015, as compared to a foreign currency translation gain of $99,000 for the same in 2014. This non-cash gain had the effect of decreasing our reported comprehensive loss.

Comprehensive loss

As a result of our foreign currency translation loss, we had higher comprehensive loss for the first three months ended October 31, 2015 of $755,000, compared to $157,000 for the same in 2014. We had comprehensive loss for the six months ended October 31, 2015 of $1,345,000, compared to $680,000 for the six months ended October 31, 2014.

LIQUIDITY AND CAPITAL RESOURCES

Liquidity is the ability of a company to generate sufficient cash to meet its operational cash requirements.

At October 31, 2015, we had working capital of $4.1 million, including cash of $165,751, as compared to working capital of $3.6 million and cash of $241,967 at April 30, 2015. The approximate $76,000 decrease in our cash at October 31, 2015 from April 30, 2015 is primarily attributable to net cash used in purchase of property and equipment to improve our productivity, which we generated revenue from increasing sales during the six months ended October 31, 2015. We believe that our existing cash and cash equivalents and internally generated funds will be sufficient to cover working capital requirements and capital expenditures for the next twelve months.

Accounts receivable, net of allowance for doubtful accounts, including accounts receivable from related parties, decreased by approximately $905,000 during the first six months ended October 31, 2015. This decrease is primarily attributable to a decrease in accounts receivable - related party of $1.2 million during the first six months ended October 31, 2015, offset by an increase in accounts receivable of $320,000 during the six months ended October 31, 2015. The days for sales outstanding in accounts receivable for third party sales decreased to 18 days as of October 31, 2015, as compared to 43 days as of April 30, 2015. The days for sales outstanding in accounts receivable - related party decreased to 74 days as of October 31, 2015, as compared to 77 days as of April 30, 2015 while the revenue from the related party increased by 27%.

At October 31, 2015 inventories, net of reserve for obsolescence, totaled $5.4 million, as compared to $5.3 million as of April 30, 2015. The increase is primarily due to our increase in procurements of raw materials as a result of the raising sales of such materials during the six months ended October 31, 2015.

Our accounts payable and accrued expenses were $5.7 million at October 31, 2015, an increase of approximately $184,000 from April 30, 2015. The increase is primarily due to in purchasing and the timing of payments for balances related to raw material purchases made in the ordinary course of business.

- 24 -

Cash Flows Analysis

NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES:

Net cash provided by operating activities was approximately $393,000 during the six months ended October 31, 2015, as compared to net cash provided by operating activities of $289,000 in the same period in 2014. The increase resulting from cash provided by operating activities was primarily due to $201,000 in the stock based compensation for consulting service, depreciation and amortization expenses of approximately $911,000, $1,104,000 decrease in accounts receivable-related party and $375,000 increase in accounts payable and accrued expenses, offset by net loss of approximately $639,000, $415,000 increase in accounts receivable and notes receivable, $650,000 increase in prepaid expense and other current assets, $324,000 increase in inventories and $217,000 decrease in deferred grant income.

Net cash provided by operating activities was approximately $289,000 during the first six months ended October 31, 2014. The increase resulting from cash provided by operating activities was due primarily to a decrease of $1.0 million in accounts receivable and a $1.1 million increase in account payable and accrued expense, offset by an increase of $366,000 in accounts receivable from the sales to related party, an increase of $841,000 in inventories and an increase of $1.1 million in prepaid expenses and other current assets.

NET CASH FLOW USED IN INVESTING ACTIVITIES:

Net cash used in investing activities amounted to $77,000 during the six months ended October 31, 2015 due to a $77,000 capital expenditures for property and equipment.

Net cash used in investing activities amounted to $590,000 during the six months ended October 31, 2014, primarily due to the purchase of property and equipment in fiscal 2015.

NET CASH FLOW USED IN FINANCING ACTIVITIES:

Net cash used in financing activities amounted to approximately $384,000 in the six months ended October 31, 2015, primarily due to repayments made to related party advances, net of proceed received from related party advances. During the six months ended October 31, 2015, from time to time, we received advances from related parties totaling approximately $1,968,000 for working capital purposes and we also made repayments to related parties of approximately $2,353,000.

Net cash used in financing activities amounted to approximately $23,000 in the six months ended October 31, 2014, primarily due to repayment of related party advances. During the first six months of fiscal 2015, from time to time, we received advances from related parties approximately $46,000 and we also made repayments to related parties approximately $69,000 for working capital purposes.

CASH ALLOCATION BY COUNTRIES

The functional currency of our Chinese subsidiaries is the Chinese RMB. Substantially all of our cash is held in the form of RMB at financial institutions located in the PRC, where there is no equivalent of federal deposit insurance as in the United States. As a result, cash accounts at financial institutions in the PRC are not insured. We have not experienced any losses in such accounts as of October 31, 2015.

In 1996, the Chinese government introduced regulations which relaxed restrictions on the conversion of the RMB; however restrictions still remain, including but not limited to restrictions on foreign invested entities. Foreign invested entities may only buy, sell or remit foreign currencies after providing valid commercial documents at only those banks authorized to conduct foreign exchanges. Furthermore, the conversion of RMB for capital account items, including direct investments and loans, is subject to PRC government approval. Chinese entities are required to establish and maintain separate foreign exchange accounts for capital account items. We cannot be certain Chinese regulatory authorities will not impose more stringent restrictions on the convertibility of the RMB, especially with respect to foreign exchange transactions. Accordingly, cash on deposit in banks in the PRC is not readily deployable by us for purposes outside of the PRC. Our cash position by geographic area is as follows:

	October 31, 2015		April 30, 2015
		(Unaudited)
China	$	165,751	$	241,845
United States		-		122
Total	$	165,751	$	241,967

- 25 -

Off Balance Sheet Arrangements

Under SEC regulations, we are required to disclose our off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, such as changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. An off-balance sheet arrangement means a transaction, agreement or contractual arrangement to which any entity that is not consolidated with us as a party, under which we have:

	•		Any obligation under certain guarantee contracts,
	•		Any retained or contingent interest in assets transferred to an unconsolidated entity or similar arrangement that serves as credit, liquidity or market risk support to that entity for such assets,
	•		Any obligation under a contract that would be accounted for as a derivative instrument, except that it is both indexed to our stock and classified in stockholder’s equity in our statement of financial position, and
	•		Any obligation arising out of a material variable interest held by us in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to us, or engages in leasing, hedging or research and development services with us.

We do not have any off-balance sheet arrangements that we are required to disclose pursuant to these regulations. In the ordinary course of business, we enter into operating lease commitments, purchase commitments and other contractual obligations. These transactions are recognized in our financial statements in accordance with U.S. GAAP.

CRITICAL ACCOUNTING POLICIES

The preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities in the consolidated financial statements and accompanying notes. The SEC has defined a company's critical accounting policies as the ones that are most important to the portrayal of the company's financial condition and results of operations, and which require the company to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Based on this definition, we have identified the critical accounting policies and judgments addressed below. We also have other key accounting policies, which involve the use of estimates, judgments and assumptions that are significant to understanding our results, which are described in Note 2 to our unaudited condensed consolidated financial statements. Although we believe that our estimates, assumptions and judgments are reasonable, they are based upon information presently available. Actual results may differ significantly from these estimates under different assumptions, judgments or conditions.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable to smaller reporting company.

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”) that are designed to ensure that information required to be disclosed by us in reports that we file under the Exchange Act is recorded, processed, summarized and reported as specified in the SEC’s rules and forms and that such information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer ("CEO"), and our Chief Financial Officer ("CFO"), to allow timely decisions regarding required disclosure.

Management, with the participation of our CEO and CFO, performed an evaluation of the effectiveness of our disclosure controls and procedures as of October 31, 2015.

Based on this evaluation our management concluded that our disclosure controls and procedures were not effective as of October 31, 2015 such that the information relating to our company, required to be disclosed in our Securities and Exchange Commission reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and (ii) is accumulated and communicated to our management, including our CEO, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting identified in connection with the evaluation of our controls performed during the most recent quarter ended October 31, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

- 26 -

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

None.

ITEM 1A. RISK FACTORS.

Risk factors describing the major risks to our business can be found under Item 1A, "Risk Factors", in our fiscal 2015 Annual Report on Form 10-K. There has been no material change in our risk factors from those previously discussed in the fiscal 2015 Annual Report on Form 10-K.

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

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURE.

None.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS

Exhibit No.		Description of Exhibit
	10.30	Consulting agreement dated August 11, 2015 by and between Yuejian Wang and Sunwin Stevia International, Inc.
	31.1	Section 302 Certificate of the Chief Executive Officer.*
	31.2	Section 302 Certificate of Chief Financial Officer.*
	32.1	Section 906 Certificate of Chief Executive Officer and Chief Financial Officer.*
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.

** - In accordance with Regulation S-T, the XBRL-formatted interactive data files that comprise Exhibit 101 to this Quarterly Report on Form 10-Q/A shall be deemed “furnished” and not “filed”.

- 27 -

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.

	SUNWIN STEVIA INTERNATIONAL, INC.


Dated: December 24, 2015	By: /s/ Dongdong Lin
	Dongdong Lin,
	Chief Executive Officer


Dated: December 24, 2015	By: /s/ Fanjun Wu
	Fanjun Wu,
	Chief Financial Officer

- 28 -


Dated: December 29, 2015	By:	/s/Dongdong Lin
		Dongdong Lin Chief Executive Officer, principal executive officer

Document and Entity Information - USD ($)	6 Months Ended
Document and Entity Information - USD ($)	Oct. 31, 2015	Dec. 24, 2015	Oct. 31, 2014
Document and Entity Information:
Entity Registrant Name	SUNWIN STEVIA INTERNATIONAL, INC.
Document Type	10-Q
Document Period End Date	Oct. 31, 2015
Trading Symbol	suwn
Amendment Flag	false
Entity Central Index Key	0000806592
Current Fiscal Year End Date	--04-30
Entity Common Stock, Shares Outstanding		175,382,803
Entity Public Float			$ 20,406,423
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2

Note 2 - Summary of Significant Accounting Policies: Basic and Diluted Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - $ / shares	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Details
Weighted Average Number of Shares Issued, Basic	174,823,021	173,882,803	174,929,285	173,882,803
Weighted Average Number of Shares Outstanding, Diluted	174,823,021	173,882,803	174,929,285	173,882,803
Net Loss per share-basic and diluted	$ (0.002)	$ (0.002)	$ (0.004)	$ (0.004)

Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation (Details)	Oct. 31, 2015	Apr. 30, 2015
Details
Foreign Currency Exchange Rate, Translation	6.32	6.09

Note 2 - Summary of Significant Accounting Policies: Research and Development (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Details
Research and Development Expense	$ 31,349	$ 4,620	$ 42,891	$ 5,345


Dated: December 29, 2015	By:	/s/ Fanjun Wu
		Fanjun Wu Chief Financial Officer principal financial and accounting officer

December 29, 2015	By:	/s/ Dongdong Lin
		Dongdong Lin Chief Executive Officer

December 29, 2015	By:	/s/ Fanjun Wu
		Fanjun Wu Chief Financial Officer

SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Oct. 31, 2015	Apr. 30, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 165,751	$ 241,967
Accounts receivable, net of allowance for doubtful accounts of $1,162,468 and $1,207,075, respectively	998,340	678,456
Accounts receivable - related party	2,536,505	3,761,758
Inventories, net	5,412,080	5,288,409
Prepaid expenses and other current assets	1,270,931	467,054
Total Current Assets	10,383,607	10,437,644
Investment in real estate held for resale	319,063	331,306
Property and equipment, net	10,989,913	12,085,570
Intangible assets, net	596,154	758,740
Land use rights, net	2,110,923	2,222,061
Other long-term asset	162,141	168,060
Total Assets	24,561,801	26,003,381
CURRENT LIABILITIES:
Accounts payable and accrued expenses	5,711,200	5,527,011
Deferred grant income	71,219	295,809
Due to related party	550,243	958,475
Total Current Liabilities	6,332,662	6,781,295
STOCKHOLDERS' EQUITY:
Common stock, $0.001 par value, 200,000,000 shares authorized; 175,382,803 and 173,882,803 shares issued and outstanding as of October 31, 2015 and April 30, 2015, respectively	175,383	173,883
Additional paid-in capital	33,830,528	33,479,529
Accumulated deficit	(21,057,017)	(20,417,666)
Accumulated other comprehensive income	5,280,245	5,986,340
Total Stockholders' Equity	18,229,139	19,222,086
Total Liabilities and Stockholders' Equity	$ 24,561,801	$ 26,003,381

SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)	6 Months Ended
	Oct. 31, 2015 USD ($)	Oct. 31, 2014 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (639,351)	$ (779,118)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation expense	719,614	981,661
Amortization of intangible assets	162,586	162,587
Loss on disposition of property and equipment	22,366	26,892
Stock issued for services	201,250
Allowance for doubtful accounts	33,266
Changes in operating assets and liabilities:
Accounts receivable and notes receivable	(414,986)	1,031,366
Accounts receivable - related party	1,104,273	(366,012)
Inventories	(324,402)	(840,745)
Prepaid expenses and other current assets	(650,270)	(1,093,479)
Accounts payable and accrued expenses	374,979	1,102,407
Deferred grant income	(217,206)	(10,831)
Taxes payable	(7,334)	45,787
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	393,193	289,200
CASH FLOWS FROM INVESTING ACTIVITIES:
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(77,268)	(590,211)
CASH FLOWS FROM FINANCING ACTIVITIES:
Advance due to related party	1,968,195	46,044
Repayment of related party advances	(2,352,510)	(68,729)
NET CASH USED IN FINANCING ACTIVITIES	(384,315)	(22,685)
EFFECT OF EXCHANGE RATE ON CASH	(7,826)	4,017
NET CHANGE IN CASH	(76,216)	(319,679)
Cash	241,967	1,195,563
Cash	165,751	875,884
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash paid for income taxes	1,036	2,699
Cash paid for interest	77,237	$ 128,529
NON-CASH INVESTING AND FINANCING ACTIVITIES
Property and equipments acquired on credit as payable	$ 26,739

Note 3 - Investment in Real Estate Held For Resale (Details) - USD ($)	Oct. 31, 2015	Apr. 30, 2015
Details
Investment in real estate held for resale	$ 319,063	$ 331,306

Note 4 - Inventories: Schedule of Inventory, Current (Details) - USD ($)	Oct. 31, 2015	Apr. 30, 2015
Details
Inventory, Raw Materials, Gross	$ 2,191,056	$ 2,582,593
Inventory, Work in Process, Gross	1,064,503	344,742
Inventory, Finished Goods, Gross	2,742,232	2,969,260
Inventory, Gross	5,997,791	5,896,595
Inventories, net	$ 5,412,080	$ 5,288,409

Note 5 - Property and Equipment: SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Oct. 31, 2015	Apr. 30, 2015
Details
Machinery and Equipment, Gross	$ 7,153,952	$ 7,415,898
Buildings and Improvements, Gross	9,781,910	10,172,060
Construction in Progress, Gross	571,240	536,365
Property, Plant and Equipment, Gross	18,491,136	19,139,614
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(7,501,223)	(7,054,044)
Property and equipment, net	$ 10,989,913	$ 12,085,570

Note 6 - Intangible Assets (Details) - USD ($)	6 Months Ended
Note 6 - Intangible Assets (Details) - USD ($)	Oct. 31, 2015	Oct. 31, 2014
Details
Amortization of intangible assets	$ 162,586	$ 162,587

Note 6 - Intangible Assets: Schedule of Intangible Assets and Goodwill (Details) - USD ($)	Oct. 31, 2015	Apr. 30, 2015
Details
Finite-Lived Intangible Assets, Gross	$ 1,625,874	$ 1,625,874
Finite-Lived Intangible Assets, Net	$ 596,154	$ 758,740

Note 8 - Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
Note 8 - Related Party Transactions (Details) - USD ($)	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014	Apr. 30, 2015
Details
Accounts receivable - related party	$ 2,536,505		$ 2,536,505		$ 3,761,758
Revenue from Related Parties	782,398	$ 1,054,439	3,858,054	$ 1,940,047
Interest Paid, Net	$ 32,246	$ 44,101	$ 73,712	$ 91,840

Note 11 - Accounts Payable and Accrued Expenses: Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)	Oct. 31, 2015	Apr. 30, 2015
Details
Accounts Payable	$ 2,769,325	$ 2,000,329
Customer Advances, Current	64,045	58,434
Taxes Payable, Current	143,344	156,336
Accounts Payable, Other, Current	2,618,073	3,119,468
Accounts Payable and Accrued Liabilities, Current	$ 5,711,200	$ 5,527,011

Note 12 - Stockholders' Equity (Details) - shares	Oct. 31, 2015	Aug. 11, 2015	May. 06, 2015	Apr. 30, 2015
Details
Shares, Outstanding	175,382,803			173,882,803
Shares, Issued		500,000	1,000,000