0001448788-18-000012.txt : 20180914 0001448788-18-000012.hdr.sgml : 20180914 20180913193946 ACCESSION NUMBER: 0001448788-18-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 92 CONFORMED PERIOD OF REPORT: 20180731 FILED AS OF DATE: 20180914 DATE AS OF CHANGE: 20180913 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUNWIN STEVIA INTERNATIONAL, INC. CENTRAL INDEX KEY: 0000806592 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 562416925 FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-53595 FILM NUMBER: 181069872 BUSINESS ADDRESS: STREET 1: 6 SHENGWANG AVENUE, CITY: QUFU, SHANDONG STATE: F4 ZIP: 273100 BUSINESS PHONE: (86) 537-4424999 MAIL ADDRESS: STREET 1: 6 SHENGWANG AVENUE, CITY: QUFU, SHANDONG STATE: F4 ZIP: 273100 FORMER COMPANY: FORMER CONFORMED NAME: SUNWIN INTERNATIONAL NEUTRACEUTICALS, INC. DATE OF NAME CHANGE: 20041007 FORMER COMPANY: FORMER CONFORMED NAME: NETWORK USA INC DATE OF NAME CHANGE: 20000731 FORMER COMPANY: FORMER CONFORMED NAME: PACIFIC RESOURCES INC DATE OF NAME CHANGE: 19870605 10-Q 1 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 July 31, 2018

or

[  ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from __________ to ___________

Commission file number: 000-53595

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]
Emerging growth company [  ]
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided  pursuant  to Section 7(a)(2)(B) of the Securities Act.   

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

Indicate the number of shares outstanding of each of the issuer's classes of common equity as of the latest practicable date: As of September 13, 2018, there were 199,632,803 shares of the registrant's common stock issued and outstanding.


SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
FORM 10-Q
 QUARTERLY PERIOD ENDED JULY 31, 2018
 
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
17
 
 
Item 3.    Quantitative and Qualitative Disclosures About Market Risk
23
 
 
Item 4.    Controls and Procedures
23
 
 
PART II-OTHER INFORMATION
 
 
Item 1.    Legal Proceedings
24
 
 
Item 1A.  Risk Factors
24
 
 
Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds
24
 
 
Item 3.     Defaults Upon Senior Securities
24
 
 
Item 4.     Mine Safety Disclosures
24
 
 
Item 5.     Other Information
24
 
 
Item 6.     Exhibits
25

i


FORWARD LOOKING STATEMENTS

This report contains forward-looking statements regarding our business, financial condition, results of operations and prospects. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements, but are not deemed to represent an all-inclusive means of identifying forward-looking statements as denoted in this report. Additionally, statements concerning future matters are forward-looking statements

Although forward-looking statements in this report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed under the headings "Risks Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K, in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Form 10-Q and information contained in other reports that we file with the SEC. You are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this report

We file reports with the SEC. The SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including us. You can also read and copy any materials we file with the SEC at the SEC's Public Reference Room at 100 F Street, NE, Washington, DC 20549. You can obtain additional information about the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.  

We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this report, except as required by law. Readers are urged to carefully review and consider the various disclosures made throughout the entirety of this quarterly report, which are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.

ii

INDEX OF CERTAIN DEFINED TERMS USED IN THIS REPORT

We are on a fiscal year ending April 30, as such the year ending April 30, 2019 is referred to as "fiscal 2019" and the year ended April 30, 2018 is referred to as "fiscal 2018".  Also, the three month period ended July 31, 2018 is our first quarter and is referred to as the "first quarter of fiscal 2019". Likewise, the three month period ended July 31, 2017 is referred to as the "first quarter of fiscal 2018".

  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, which was closed on April 30, 2018 and all of assets and liabilities were transferred to the Company;
 
-
 
"Qufu Natural Green" refers to our wholly owned subsidiary Qufu Natural Green Engineering Co., Ltd., a Chinese limited liability company;
 
-
 
"Sunwin USA" refers to Sunwin USA, LLC, a Delaware limited liability company, a 100% owned subsidiary of Sunwin. Sunwin USA was previously Sunwin Stevia International Corp., a  Florida corporation, it was converted to Sunwin USA in May 2009;
 
-
 
"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 parties:
 
 
-
 
"Pharmaceutical Corporation" refers to Shandong Shengwang Pharmaceutical Co., Ltd., a Chinese limited liability company which is controlled by Mr. Laiwang Zhang, 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, controlled by Mr. Zhang; and
 
-
 
Mr. Weidong Chai, a management member of Qufu Shengren Pharmaceutical Co., Ltd.
 
 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
 
 
 
July 31,
2018
   
April 30,
2018
 
 
 
(Unaudited)
       
ASSETS
           
CURRENT ASSETS:
           
Cash and cash equivalents
 
$
257,581
   
$
1,100,748
 
Accounts receivable, net of allowance for doubtful accounts of $178,037 and $191,865, respectively
   
2,803,085
     
3,513,530
 
Accounts receivable - related party
   
2,586,722
     
2,576,944
 
Inventories, net
   
12,345,568
     
12,564,571
 
Prepaid expenses and other current assets
   
3,980,889
     
2,284,379
 
                 
Total Current Assets
   
21,973,845
     
22,040,172
 
 
               
Property and equipment, net
   
8,998,453
     
9,052,886
 
Land use rights, net
   
1,807,984
     
1,964,606
 
Other long-term asset
   
142,640
     
153,720
 
                 
     Total Assets
 
$
32,922,922
   
$
33,211,384
 
 
               
LIABILITIES AND STOCKHOLDERS' EQUITY
               
CURRENT LIABILITIES:
               
Accounts payable and accrued expenses
 
$
9,317,314
   
$
11,660,004
 
Short-term loans
   
7,469,891
     
8,302,489
 
Due to related parties
   
2,579,532
     
2,559,216
 
                 
    Total Current Liabilities
   
19,366,737
     
22,521,709
 
 
               
Long-term loans
   
6,381,920
     
1,687,857
 
 
               
  Total Liabilities 
   
25,748,657
     
24,209,566
 
 
               
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; 199,632,803 and 199,632,803 shares issued and outstanding as of July 31, 2018 and April 30, 2018, respectively
   
199,633
     
199,633
 
Additional paid-in capital
   
37,681,279
     
37,681,279
 
Accumulated deficit
   
(35,017,688
)
   
(33,827,351
)
Accumulated other comprehensive income
   
4,311,041
     
4,948,257
 
    Total Stockholders' Equity
   
7,174,265
     
9,001,818
 
      Total Liabilities and Stockholders' Equity
 
$
32,922,922
   
$
33,211,384
 
 
               
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 July 31,
 
   
2018
   
2017
 
Revenues
 
$
4,430,379
   
$
3,675,766
 
Revenues - related party
   
1,402,947
     
121,556
 
Total revenues
   
5,833,326
     
3,797,322
 
 
               
Cost of revenues
   
3,948,161
     
3,260,242
 
Cost of revenues – related party
   
1,216,544
     
103,362
 
Total cost of revenues
   
5,164,705
     
3,363,604
 
Gross profit
   
668,621
     
433,718
 
 
               
Operating expenses:
               
Selling expenses
   
611,408
     
363,716
 
General and administrative expenses
   
829,384
     
970,905
 
Research and development expenses
   
232,946
     
186,326
 
 
               
Total operating expenses, net
   
1,673,738
     
1,520,947
 
 
               
Loss from operations
   
(1,005,117
)
   
(1,087,229
)
 
               
Other income (expenses):
               
Other (expenses) income
   
(606
)
   
97,100
 
Interest income
   
455
     
168
 
Interest expense - related party
   
(35,718
)
   
(22,070
)
Interest expense
   
(149,351
)
   
(95,397
)
 
               
Total other expenses
   
(185,220
)
   
(20,199
)
 
               
Loss before income taxes
   
(1,190,337
)
   
(1,107,428
)
 
               
Provision for income taxes
   
-
     
-
 
 
               
Net loss
 
$
(1,190,337
)
 
$
(1, 107,428
)
 
               
Comprehensive loss:
               
Net loss
 
$
(1,190,337
)
 
$
(1, 107,428
)
Foreign currency translation adjustment
   
(637,216
)
   
282,972
)
Total comprehensive loss
 
$
(1,827,553
)
 
$
(824,456
)
 
               
Net loss per common share:
               
Net loss per share - basic and diluted
 
$
(0.01
)
 
$
(0.01
)
Weighted average common shares outstanding - basic and diluted
   
199,632,803
     
199,632,803
 
   
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
 
 
 
- 2 -


SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
(UNAUDITED)
 
 
 
For the Three Months Ended July 31,
 
 
 
2018
   
2017
 
CASH FLOWS FROM OPERATING ACTIVITIES:
           
Net loss
 
$
(1,190,337
)
 
$
(1, 107,428
)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
               
  Depreciation expense
   
297,837
     
356,155
 
  Amortization of intangible assets
   
-
     
81,294
 
  Amortization of land use right
   
13,540
     
12,939
 
 Stock issued for employees' compensation
   
306,667
     
306,668
 
 Allowance for doubtful accounts
   
-
     
41,004
 
Changes in operating assets and liabilities:
               
  Accounts receivable and notes receivable
   
506,746
     
(438,545
)
  Accounts receivable - related party
   
(204,851
)
   
(218,655
)
  Inventories
   
(719,386
)
   
(923,256
)
  Prepaid expenses and other current assets
   
(2,245,048
)
   
2,464,101
 
  Accounts payable and accrued expenses
   
(1,814,259
)
   
442,856
 
  Taxes payable
   
(98,214
)
   
(17,132
)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES
   
(5,147,305
)
   
1,000,001
 
 
               
CASH FLOWS FROM INVESTING ACTIVITIES:
               
Purchases of property and equipment
   
(634,759
)
   
(65,586
)
NET CASH USED IN INVESTING ACTIVITIES
   
(634,759
)
   
(65,586
)
 
               
CASH FLOWS FROM FINANCING ACTIVITIES:
               
Proceeds from loans
   
5,045,780
     
-
 
Repayment of short term loans
   
(245,387
)
   
-
 
Advance due from related parties
   
1,320,584
     
2,420,352
 
Repayment of related party advances
   
(1,144,025
)
   
(2,738,473
)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
   
4,976,952
     
(318,121
)
 
               
EFFECT OF EXCHANGE RATE ON CASH
   
(38,055
)
   
9,517
 
NET (DECREASE) INCREASE IN CASH
   
(843,167
)
   
625,811
 
 
               
Cash at the beginning of period
   
1,100,748
     
51,116
 
Cash at the end of period
 
$
257,581
   
$
676,927
 
 
               
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
               
  Cash paid for income taxes
 
$
-
   
$
-
 
  Cash paid for interest
 
$
31,789
   
$
18,694
 
 
               
NON-CASH INVESTING AND FINANCING ACTIVITIES:
               
  Property and equipment acquired on credit as payable
 
$
333,596
   
$
22,429
 
 
               
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
 
- 3 -

SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
 NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JULY 31, 2018

NOTE 1 - ORGANIZATION AND OPERATIONS
 
DESCRIPTION OF BUSINESS

Sunwin Stevia International, Inc. ("Sunwin Stevia International"), a Nevada corporation, and its subsidiaries are referred to in this report as "we", "us", "our", "Sunwin" or the "Company".

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 product segments, our Stevioside and Chinese Medicine product lines, and subsidiaries included in continuing operations consisted of the following:

-    Sunwin Stevia International;
-   Qufu Natural Green Engineering Co., Ltd. ("Qufu Natural Green"), wholly owned by Sunwin Stevia International;
-   Qufu Shengren Pharmaceutical Co., Ltd. ("Qufu Shengren"), wholly owned by Qufu Natural Green;
-   Qufu Shengwang Stevia Biology and Science Co., Ltd. ("Qufu Shengwang"), wholly owned by Qufu Natural Green; and
-   Sunwin USA, LLC ("Sunwin USA"), wholly owned by Sunwin Stevia International.

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.
- 4 -


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. 
 
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 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. Currently, WILD still is one of our customers continuing to purchase enzyme treated products from us.
 
- 5 -

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

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

These unaudited condensed consolidated interim financial statements should be read in conjunction with the financial statements and footnotes for the year ended April 30, 2018 included in our Form 10-K as filed with the SEC. The results of operations and cash flows for the three months ended July 31, 2018 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, 2018 contained herein has been derived from the audited consolidated financial statements as of April 30, 2018, 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; and
-     Sunwin USA
 
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 July 31, 2018, we held $157,696 of our cash and cash equivalents with commercial banking institutions in the PRC, and $99,885 with banks in the United States. As of April 30, 2018, we held $1,100,052 of our cash and cash equivalents with commercial banking institution in PRC, and $696 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 July 31, 2018.
 
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 after exhaustive efforts on collection. As of July 31, 2018 and April 30, 2018, the allowance for doubtful accounts was $178,037 and $191,865, respectively.

- 6 -

INVENTORIES

Inventories, consisting of raw materials, work in process, and finished goods related to our products, are stated at the lower of cost and net realizable value that can be estimated utilizing the weighted average method. A reserve is established when management determines that certain slow-moving inventories may be sold at below book value.  These reserves are recorded based on estimates. 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 or estimated net realizable value. As of July 31, 2018 and April 30, 2018, the Company recorded a reserve for obsolete or slow-moving inventories of $0 and $235,258, respectively.  As of July 31, 2018 and April 30, 2018, the Company wrote down inventories of $0 and $235,258, 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 three 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 loss on disposition of property and equipment of $0 and $303,377 at July 31, 2018 and April 30, 2018, 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.  
 
- 7 -

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 as of July 31, 2018 and April 30, 2018 amounted to $91,519 and $199,644, respectively, consisted primarily of VAT taxes.

REVENUE RECOGNITION
 
Pursuant to the guidance of ASC Topic 606, we record revenue when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.
 
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 designated for.

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 July 31, 2018, 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 loss per common share is computed by dividing loss available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted 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 ours, subject to anti-dilution limitations. The following table presents a reconciliation of basic and diluted net income per common share:
- 8 -

 
 
 
For Three Months Ended July 31,
 
 
 
2018
   
2017
 
Numerator:
           
Net loss attributable to Sunwin Stevia International, Inc.
 
$
(1,190,337
)
 
$
(1, 107,428
)
Numerator for basic EPS, loss applicable to common stock holders
 
$
(1,190,337
)
 
$
(1, 107,428
)
Denominator:
               
Denominator for basic earnings per share - weighted average number of common shares outstanding
   
199,632,803
     
199,632,803
 
 Stock awards, options, and warrants
   
-
     
-
 
Denominator for diluted earnings per share - weighted average outstanding average number of common shares outstanding
   
199,632,803
     
199,632,803
 
Basic and diluted loss per common share:
               
Loss per share - basic and diluted
 
$
(0.01
)
 
$
(0.01
)
 
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 July 31, 2018
RMB 6.83 to $1.00
As of April 30, 2018
RMB 6.33 to $1.00
 
 
Three months ended July 31, 2018
RMB 6.52 to $1.00
Three months ended July 31, 2017
RMB 6.82 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 months ended July 31, 2018 and 2017 included net loss and unrealized gains (losses) from foreign currency translation adjustments. 

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. As of July 31, 2018, we had $157,696 of cash balance held in PRC banks, which is not insured. We have not experienced any losses in such accounts through July 31, 2018.
 
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.
- 9 -


STOCK BASED COMPENSATION

Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC 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.
 
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 $232,946 and $186,326 for the three months ended July 31, 2018 and 2017, respectively.
 
SHIPPING COSTS

Shipping costs are included in selling expenses and totaled $74,734 and $68,559 for the three months ended July 31, 2018 and 2017, respectively.

RECLASSIFICATIONS

Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings and financial position.

SEGMENT REPORTING

The Company uses the "management approach" in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company's reportable segments. The Company's chief operating decision maker has been identified as the chief executive officer of the Company who reviews financial information of separate operating segments based on U.S. GAAP. The chief operating decision maker now reviews results analyzed by customer. This analysis is only presented at the revenue level with no allocation of direct or indirect costs. Consequently, the Company has determined that it has only one operating segment.

RECENT ACCOUNTING PRONOUNCEMENTS

In May 2014, the FASB issued ASU 2014-09, "Revenue from contracts with Customers (Topic 606)". Under ASU 2014-09, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). The Company adopted this standard effective May 1, 2018 by using the full retrospective method to restate prior reporting period presented. The Company has identified its revenue streams and assessed each for the impacts. The Company completed its analysis and concluded that the adoption of Topic 606 did not have a material impact in the timing or amount of revenue recognized, including the presentation of revenues in the Company's consolidated statements of income and comprehensive loss.
 
In February 2018, the FASB issued ASU 2018-02, "Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". These amendments provide financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of ASU 2018-02 is permitted, including adoption in any interim period for the public business entities for reporting periods for which financial statements have not yet been issued. The amendments in this ASU should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company is currently evaluating the impact of the adoption of ASU No. 2018-02 on its consolidated financial statements.
 
In March 2018, the FASB issued ASU 2018-05, "Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118". The amendments in this ASU add SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No. 118, which expresses the view of the staff regarding application of Topic 740, Income Taxes, in the reporting period that includes December 22, 2017 - the date on which the Tax Cuts and Jobs Act was signed into law. The amendments are effective upon addition to the FASB Accounting Standards Codification. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.
- 10 -


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.
 
GOING CONCERN
 
Our unaudited condensed consolidated financial statements have been prepared assuming we will continue as a going concern.  The Company has incurred recurring loss with a net loss of approximately $1,190,000 for the three months ended July 31, 2018 and has a significant accumulated deficit of $35.0 million as of July 31, 2018. The Company's cash balance and revenues generated are not currently sufficient and cannot be projected to cover operating expenses for the next twelve months from the date of this report. These factors raise doubt as to the ability of the Company to continue as a going concern. Management's plans include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis, obtain additional working capital funds through debt and equity financings, and restructure on-going operations to eliminate inefficiencies to raise cash balance in order to meet its anticipated cash requirements for the next twelve months from the date of this report. Management intends to make every effort to improve its current sales force as to further develop and expand the international markets for its new products as well as continuing with the current sources of funds to meet working capital needs on as needed basis.  There can be no assurance that these plans and arrangements will be successful.

The ability of the Company to continue as a going concern is dependent upon its ability to achieve profitable operations and raise additional capital. The accompanying unaudited condensed consolidated financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amount or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.
 
NOTE 3 - INVENTORIES

As of July 31, 2018 and April 30, 2018, inventories consisted of the following:
  
 
 
July 31, 2018
   
April 30, 2018
 
 
 
(unaudited)
       
Raw materials
 
$
8,525,977
   
$
8,803,685
 
Work in process
   
2,127,430
     
1,357,484
 
Finished goods
   
1,692,161
     
2,403,402
 
 
   
12,345,568
     
12,564,571
 
Less: reserve for obsolete inventory
   
-
     
-
 
 
 
$
12,345,568
   
$
12,564,571
 

NOTE 4 - PROPERTY AND EQUIPMENT

As of July 31, 2018 and April 30, 2018, property and equipment consisted of the following:

   
July 31, 2018
   
April 30, 2018
 
 
Estimated Life 
 
(unaudited)
       
Office equipment
3-10 Years
 
$
97,617
   
$
75,821
 
Auto and trucks
2-10 Years
   
617,426
     
660,926
 
Manufacturing equipment
2-20 Years
   
5,281,058
     
5,638,206
 
Buildings
5-20 Years
   
8,532,256
     
9,224,911
 
Construction in process
 
   
1,442,921
     
661,111
 
 
 
   
15,971,278
     
16,260,975
 
Less: accumulated depreciation
 
   
(6,972,825
)
   
(7,208,089
)
 
   
 
$
8,998,453
   
$
9,052,886
 

For the three months ended July 31, 2018 and 2017, depreciation expense totaled $297,837 and $356,155, of which $247,157 and $283,105 were included in cost of revenues, respectively, and of which $50,680 and $73,050 were 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.
 
- 11 -

NOTE 5 - LAND USE RIGHTS

As of July 31, 2018 and April 30, 2018, land use rights consisted of the following:
 
 
July 31, 2018
 
April 30, 2018
 
 
Estimated Life
(unaudited)
 
 
 
Land use right
45 Years
 
$
2,324,881
 
 
$
2,507,726
 
Less: accumulated amortization
 
 
 
(516,897
)
 
 
(543,120
)
 
  
 
$
1,807,984
 
 
$
1,964,606
 

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 July 31, 2018 and 2017, amortization expense related to land use rights amounted to $13,540 and $12,939, respectively.
 
NOTE 6 - RELATED PARTY TRANSACTIONS

Accounts receivable - related party and revenue - related party

As of July 31, 2018 and April 30, 2018, $2,586,722 and $2,576,944 in accounts receivable - related party, respectively, were related to sales of products to Qufu Shengwang Import and Export Co., Ltd. ("Qufu Shengwang Import and Export"), a Chinese entity owned by our Chairman, Mr. Laiwang Zhang and Shangdong Shengwang Pharmaceutical Co., Ltd. ("Pharmaceutical Corporation"), a Chinese entity owned by our Chairman, Mr. Laiwang Zhang. For the three months ended July 31, 2018 and 2017, we recorded revenue - related party and cost of revenue – related party of $1,402,947 and $121,556, $1,216,544 and $103,362, respectively, from Qufu Shengwang Import and Export and Pharmaceutical 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. In the three months ended July 31, 2018 and 2017, we received advances from related parties for working capital totaled $1,320,584 and $2,420,352, respectively, and we repaid to related parties a total of $1,144,025 and $2,738,473, respectively. In the three months ended July 31, 2018 and 2017, interest expense related to due to related parties amounted to $35,718 and $22,070, respectively, which were included in interest expense in the accompanying consolidated statements of operations and comprehensive loss, and in connection with the advances of $743,196 (RMB5,000,000) and $1,189,114 (RMB8,000,000) from Pharmaceutical Corporation. These advances bear interest at the rate of 6.3% per annum. As of July 31, 2018, the balance we owed Pharmaceutical Corporation, Qufu Shengwang Import and Export and Mr. Weidong Chai, a management member of Qufu Shengren Pharmaceutical Co., Ltd., amounted to $2,094,173, $318,498 and $166,861, respectively. As of April 30, 2018, the balance we owed to Pharmaceutical Corporation, Qufu Shengwang Import and Export, and Mr. Weidong Chai, a management member of Qufu Shengren Pharmaceutical Co., Ltd., amounted to $2,280,266, $103,169 and $175,781, respectively.

As of July 31, 2018 and April 30, 2018, due to (from) related party activities consisted of the following: 
 
 
 
Shandong Shengwang Pharmaceutical
Co., Ltd.
   
Qufu
Shengwang
Import and Export Co., Ltd.
   
Mr. Wedong Chai
   
Total
 
Balance due to related parties, April 30, 2018
 
$
2,280,266
   
$
103,169
   
$
175,781
   
$
2,559,216
 
Working capital advances from related parties
   
1,086,604
     
230,051
     
3,929
     
1,320,584
 
Repayments
   
(1,136,356
)
   
(7,668
)
   
-
     
(1,144,025
)
Effect of foreign currency exchange
   
(136,341
)
   
(7,053
)
   
(12,849
)
   
(156,243
)
Balance due to related parties, July 31, 2018
 
$
2,094,173
   
$
318,498
   
$
166,861
   
$
2,579,532
 
  
NOTE 7 - PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets as of July 31, 2018 and April 30, 2018 totaled $3,980,889 and $2,284,379, respectively. As of July 31, 2018, prepaid expenses and other current assets includes $3,376,263 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us, $408,886 prepayment for employees' stock-based compensation and $195,740 for business related employees' advances. As of April 30, 2018, prepaid expenses and other current assets includes $1,366,280 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us, $715,553 prepayment for employees' stock-based compensation and $202,546 for business related employees' advances.
- 12 -


On December 1, 2015, we entered into three year employment agreements with four employees. Pursuant to employment agreements, we issued a total of 23 million shares of the Company's common stock to them, valued at $3,680,000, as employees' stock-based compensations over three-year term of their employment from December 1, 2015 through November 30, 2018. We will amortize these compensations over three years from December 1, 2015 to November 30, 2018 and we recognized $306,667, $1,226,668 and $1,226,669 as stock-based compensation expenses during the first quarter of fiscal year 2019, fiscal year 2018 and fiscal year 2017, respectively. We also have recorded the remaining balance of the stock-based compensation of $408,886 as prepaid compensation as of July 31, 2018.

During the third quarter of fiscal 2013, Qufu Shengwang paid Qufu Public Auction Center (the "Center") $610,751 as deposit for renewing the land use right. The deposit is required for the Center to appraise the land use right, which we do not know when we can receive the remaining refund. We received a total refund of $465,904 as of July 31, 2018 and the remaining balance of $142,640 and $153,720 has been classified to other long-term asset as of July 31, 2018 and April 30, 2018, respectively.
  
NOTE 8 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses included the following as of July 31, 2018 and April 30, 2018:

Account
 
July 31,
2018
   
April 30,
2018
 
 
 
(unaudited)
       
Accounts payable
 
$
6,427,065
   
$
9,169,871
 
Advanced from customers
   
405,598
     
44,488
 
Accrued salary payable
   
302,609
     
169,321
 
Tax payable
   
91,519
     
199,644
 
Deferred revenue
   
37,111
     
39,994
 
Other payable*
   
2,053,412
     
2,036,686
 
Total accounts payable and accrued expenses
 
$
9,317,314
   
$
11,660,004
 
 
* As of on July 31, 2018, other payables consists of general liability, worker's compensation, and medical insurance payable of $518,515, consulting fee payable of $290,239, union and education fees payable of $282,953, interest payables for short-term loans of $502,417, advances from the employees of $198,229 and other miscellaneous payables of $261,059. As of April 30, 2018, other payables consists of general liability, worker's compensation, and medical insurance payable of $558,789, consulting fee payable of $312,782, union and education fees payable of $304,930, interest payables for short-term loans of $384,356, advances from the employees of $210,115 and other miscellaneous payables of $265,714. 

NOTE 9 -LOAN PAYABLE

Short-term loan payable

Short-term loans are obtained from various individual lenders that are due within one year for working capital purpose. These loans are unsecured and can be renewed with 10 days advance notice prior to maturity date. As of July 31, 2018 and April 30, 2018, short-term loans consisted of the following:
- 13 -


 
 
July 31, 2018
   
April 30, 2018
 
 
 
(Unaudited)
       
Loan from Min Wu, an employee of Qufu Shengren, due on October 5, 2018, with an annual interest rate of 10% at October 6, 2017.
 
$
32,202
   
$
34,704
 
Loan from Jianjun Yan, non-related individual, due on October 6, 2018, with an annual interest rate of 10% at October 7, 2017.
   
1,289,382
     
1,389,531
 
Loan from Jianjun Yan, non-related individual, due on March 31, 2019, with annual interest rate of 4%, renewed at April 1, 2018.
   
1,147,575
     
1,236,710
 
Loans from Jianjun Yan, non-related individual, due on demand, with free interest at January 27, 2018.
   
190,287
     
457,457
 
Loan from Junzhen Zhang, non-related individual, due on October 5, 2018, with an annual interest rate of 10% at October 6, 2017.
   
23,420
     
25,239
 
Loan from Jian Chen, non-related individual, due on January 26, 2019 and April 10, 2019, bearing an annual interest rate of 10%, with the principle amount of RMB770,000 ($112,708) and RMB330,000 ($48,304) at January 27, 2018 and April 11, 2018, respectively.
   
161,012
     
173,518
 
Loan from Qing Kong, non-related individual, due on March 6, 2019, with an annual interest rate of 10% at March 7, 2018.
   
70,845
     
76,348
 
Loan from Qing Kong, non-related individual, due on January 8, 2019, with an annual interest rate of 10% at January 9, 2018.
   
29,275
     
31,549
 
Loan from Guihai Chen, non-related individual, due on March 10, 2019, with an annual interest rate of 10% at March 11, 2018.
   
17,565
     
18,929
 
Loan from Guihai Chen, non-related individual, due on September 20, 2018, with an annual interest rate of 10% at September 21, 2017.
   
29,275
     
31,549
 
Loan Weifeng Kong, non-related individual, due on November 28, 2018, with an annual interest rate of 10% at November 29, 2017.
   
29,275
     
31,549
 
Loan Shidong Wang, non-related individual, due on March 7, 2019, with an annual interest rate of 4% at March 8, 2018.
   
1,522,292
     
1,640,534
 
Loan from Xuxu Gu, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017.
   
1,463,743
     
1,577,436
 
Loan from Dadong Mei, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017.
   
1,463,743
     
1,577,436
 
Total
 
$
7,469,891
   
$
8,302,489
 
 
 Long-term loan payable

Long-term loans are payable obtained from various individual lenders that are due more than one year for working capital purpose. These loans are unsecured and can be renewed with one month advance notice prior to maturity date. As of July 31, 2018 and April 30, 2018, long-term loans consisted of the following:

 
 
July 31, 2018
   
April 30, 2018
 
 
 
(Unaudited)
       
Loan Xuxu Gu, non-related individual, due on September 27, 2019, with an annual interest rate of 4% at September 28, 2017.
 
$
1,566,205
   
$
1,687,857
 
Loan Xuxu Gu, non-related individual, due on July 13, 2020, with an annual interest rate of 4% at July 14, 2018.
   
424,485
     
-
 
Loan Mingbang Ma, non-related individual, due on May 22, 2020, with an annual interest rate of 4% at May 23, 2018.
   
292,749
     
-
 
Loan Weiwei Lian, non-related individual, due on May 29, 2020, with an annual interest rate of 4% at May 30, 2018.
   
1,463,743
     
-
 
Loan Guanghua Xia, non-related individual, due on June 8, 2020, with an annual interest rate of 4% at June 9, 2018.
   
1,317,369
     
-
 
Loan Yuehu Zhou, non-related individual, due on June 12, 2020, with an annual interest rate of 4% at June 13, 2018.
   
1,317,369
     
-
 
Total:
 
$
6,381,920
   
$
1,687,857
 
 
For the three months ended July 31, 2018 and 2017, interest expense related to short-term loans and long-term loans amounted to $149,351 and $95,397, respectively, which were included in interest expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.
- 14 -

 
NOTE 10 - SEGMENT INFORMATION

The following information is presented in accordance with ASC Topic 280, "Segment Reporting", for the three months ended July 31, 2018 and 2017; we accounted for 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 months ended July 31, 2018 and 2017 is as follows:
 
 
 
Three Months Ended July 31,
 
 
 
2018
   
2017
 
Revenues:
           
Chinese medicine - third party
 
$
832,799
   
$
681,266
 
Chinese medicine - related party
   
3,367
     
-
 
Total Chinese medicine
 
$
836,166
   
$
681,266
 
 
               
Stevioside - third party
   
3,597,580
     
2,994,500
 
Stevioside - related party
   
1,399,580
     
121,556
 
Total Stevioside
   
4,997,160
     
3,116,056
 
Total segment and consolidated revenues
 
$
5,833,326
   
$
3,797,322
 
 
               
Interest income (expense):
               
Chinese medicine
 
$
380
   
$
163
 
Stevioside
   
(184,994
)
   
(117,462
)
Corporate and other
   
-
     
-
 
Total segment and consolidated interest expense
 
$
(184,614
)
 
$
(117,299
)
 
               
Depreciation and amortization:
               
Chinese medicine
 
$
41,381
   
$
67,782
 
Stevioside
   
269,996
     
382,606
 
Total segment and consolidated depreciation and amortization
 
$
311,377
   
$
450,388
 
 
               
Income (loss) before income taxes:
               
Chinese medicine
 
$
(87,795
)
 
$
(75,716
)
Stevioside
   
(729,332
)
   
(658,875
)
Corporate and other
   
(373,210
)
   
(372,837
)
Total consolidated loss before income taxes
 
$
(1,190,337
)
 
$
(1,107,428
)

 
 
July 31, 2018
   
April 30, 2018
 
Segment property and equipment:
           
  Chinese medicine
 
$
1,022,608
   
$
1,129,884
 
  Stevioside
   
7,975,845
     
7,923,002
 
  Corporate and other
   
-
     
-
 
    Total consolidated assets
 
$
8,998,453
   
$
9,052,886
 
 
NOTE 11 - CONCENTRATIONS AND CREDIT RISK
 
(i)    Customer Concentrations
 
For the three months ended July 31, 2018 and 2017, customers accounting for 10% or more of the Company's revenue were as follows:
 
- 15 -


 
Net Sales
 
 
For the three months ended July 31, 2018
 
For the three months ended July 31, 2017
 
 
Chinese Medicine
 
Stevioside
 
Chinese Medicine
 
Stevioside
 
Qufu Shengwang Import and Export Trade Co., Ltd(1)
   
-
     
24.0
%
   
-
     
*
 
Shandong Yidatong Enterprises Co., Ltd
   
-
     
-
     
-
     
11.3
%
Total
   
-
     
24.0
%
   
-
     
11.3
%
 
(1)  Qufu Shengwang Import and Export Co., Ltd is a related party, an entity owned by Mr. Laiwang Zhang.
 *   This represents less than 10% of the Company's revenue for the three months ended July 31, 2017.

(ii)    Vendor Concentrations

For the three months ended July 31, 2018 and 2017, suppliers accounting for 10% or more of the Company's purchase were as follows:

 
Net Purchases
 
 
For the three months ended July 31, 2018
 
For the three months ended July 31, 2017
 
 
Chinese Medicine
 
Stevioside
 
Chinese Medicine
 
Stevioside
 
Dongtai Jintudi Stevia Co., Ltd
   
-
     
*
     
-
     
15.2
%
Dongtai Yandun Stevia Corp.
   
-
     
16.6
%
   
-
     
32.5
%
Dongtai Zhongxin Stevia Corp.
   
-
     
40.2
%
   
-
     
-
 
Total
   
-
     
56.8
%
   
-
     
47.7
%

*  This represents less than 10% of the Company's purchase for the three months ended July 31, 2018.

(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. As of July 31, 2018, we had $157,696 of cash balance held in PRC banks, 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 July 31, 2018.
 
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.

NOTE 12 - SUBSEQUENT EVENTS
 
Our management has evaluated all activities subsequent to our balance sheet date through the issuance date of this report and concluded that no subsequent events have occurred that would require adjustments or disclosure to the accompanying unaudited condensed consolidated financial statements.

- 16 -



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 2018 Annual Report on Form 10-K for fiscal year ended April 30, 2018.

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.
 
Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has a significant accumulated deficit and incurred recurring losses. The Company's cash balance and revenues generated are not currently sufficient and cannot be projected to cover operating expenses for the next twelve months from the date of this report. These factors raise doubt as to the ability of the Company to continue as a going concern. Management's plans include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis, obtain additional working capital funds through debt and equity financings, and restructure on-going operations to eliminate inefficiencies to raise cash balance in order to meet its anticipated cash requirements for the next twelve months from the date of this report. Management intends to make every effort to improve its current sales forecast to further develop and expand the international markets for its new products as well as continuing with the current sources of funds to meet working capitals needs on as needed basis.  There can be no assurance that these plans and arrangements will be successful.
 
The ability of the Company to continue as a going concern is dependent upon its ability to achieve profitable operations and raise additional capital. The accompanying unaudited condensed consolidated financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amount or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.
 
Recent Developments

Sunwin Stevia has approximately 1,200 metric tons of manufacturing capacity per year to produce high-grade stevia extract. With these manufacturing facilities, Sunwin Stevia is able to deliver stevia products containing Rebaudioside A in a range of 50% to 99% with a format of powder, granular, or tablet. We are planning to start building 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 2018 and the first quarter of fiscal 2019, we have invested approximately $1,019,000 and $635,000, 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 being used for stevia production in the industry, such as the 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.
- 17 -


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 9001:2015 Certification and ISO 22000:2005 Food Safety Certification. We obtained these certifications in October 2015.

Chinese Medicine Segment

In our Chinese medicine segment, we manufacture and sell approximately 190 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.
 
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 the 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 revenues totaled approximately $5,833,000 during the three months ended July 31, 2018, an increase of 53.6%, as compared with the same period in 2017, and our gross margin increased to 11.5% from 11.4%. Our total operating expenses in the three months ended July 31, 2018 increased by approximately $153,000, or 10.0% compared to the same period in 2017 primarily due to an increase of approximately $47,000, or 25.0% in research and development expenses and an increase of approximately $248,000, or 68.1% in selling expense, offset by a decrease of approximately $142,000, or 14.6% in general and administrative expense. Our net loss for the three months ended July 31, 2018 was approximately $1,190,000, compared to $1,107,000 in the same period in 2017.

Our operating performance for the three months ended July 31, 2018 was primarily driven by an increase of 22.7% in sales revenue from our Chinese medicine segment and an increase of 60.4% in sales revenue from our stevia products in our Stevioside segment, including an increase in sales to related parties of 1,054.2% for their international customers and an increase in sales to third parties of 20.5%.

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 we hope that our sales volume in higher grade stevia products will increase in fiscal 2019 as the demands increase. Stevia has became more 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 increase in revenues in our Chinese medicine was primarily due to the increase of both of our unit sales price and sales quantity as the average market prices and market demand increased in this segment and the result of restructuring 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 2019 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 2019 include:
- 18 -


 
-
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; and
 
-
The marketing strategy to differentiate ourselves as a producer of higher quality stevia grades and product formulations through these collaboration efforts may lead to sustainable growth in stevia sales volume in the future.

Meanwhile, we are also facing challenges in competitive pricing and raw materials for fiscal 2019. During fiscal 2018, 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 2019. We anticipate the price of stevia leaves, the raw material used to produce our stevioside series products, to increase in fiscal 2019.

RESULTS OF OPERATIONS

The following table summarizes our results from operations for the three month periods ended July 31, 2018 and 2017. The percentages represent each line item as a percent of revenues: 

For the Three Months ended July 31, 2018
 
 
 
Chinese Medicine
   
Stevioside
   
Corporate and other
   
Consolidated
 
Total revenues
 
$
836,166
     
100.0
%
 
$
4,997,160
     
100.0
%
 
$
-
   
$
5,833,326
     
100.0
%
Cost of revenues
   
731,997
     
87.5
%
   
4,432,708
     
89.6
%
   
-
     
5,164,705
     
88.5
%
Gross profit
   
104,169
     
12.5
%
   
564,452
     
10.4
%
   
-
     
668,621
     
11.5
%
Research and development expenses
   
1,181
     
0.1
%
   
231,765
     
6.0
%
   
-
     
232,946
     
4.0
%
Other operating expenses
   
191,303
     
22.9
%
   
876,279
     
25.0
%
   
373,210
     
1,440,792
     
24.7
%
Other income (expenses)
   
520
     
0.1
%
   
(185,740
)
   
(0.7
)%
   
-
     
(185,220
)
   
(3.2
)%
Loss before income taxes
 
$
(87,795
)
   
(10.5
)%
 
$
(729,332
)
   
(21.1
)%
 
$
(373,210
)
 
$
(1,190,337
)
   
(20.4
)%
 
For the Three Months ended July 31, 2017
 
 
 
Chinese Medicine
   
Stevioside
   
Corporate and other
   
Consolidated
 
Total revenues
 
$
681,266
     
100.0
%
 
$
3,116,056
     
100.0
%
 
$
-
   
$
3,797,322
     
100.0
%
Cost of revenues
   
571,967
     
84.0
%
   
2,791,637
     
89.6
%
   
-
     
3,363,604
     
88.6
%
Gross profit
   
109,299
     
16.0
%
   
324,419
     
10.4
%
   
-
     
433,718
     
11.4
%
Research and development expenses
   
884
     
0.1
%
   
185,442
     
6.0
%
   
-
     
186,326
     
4.9
%
Other operating expenses
   
184,269
     
27.1
%
   
777,515
     
25.0
%
   
372,837
     
1,334,621
     
35.2
%
Other income (expenses)
   
139
     
0.0
%
   
(20,338
)
   
(0.7
)%
   
-
     
(20,199
)
   
(0.5
)%
Loss before income taxes
 
$
(75,715
)
   
(11.1
)%
 
$
(658,876
)
   
(21.1
)%
 
$
(372,837
)
 
$
(1,107,428
)
   
(29.2
)%
 
Revenues

Total revenues in the three months ended July 31, 2018 increased by approximately 53.6%, as compared to the same period in 2017. Stevioside revenues, which accounts for 85.7% and 82.1% of our total revenues in the three months ended July 31, 2018 and 2017, respectively, increased by approximately 60.4%, while Chinese medicine revenues increased by approximately $155,000 or 22.7%.
- 19 -


Within our Stevioside segment, revenues from sales to third parties increased by 20.1% and sales to the related party increased by 1,051.4% in the three months ended July 31, 2018, as compared to the same period in 2017, primarily due to an increasing demand from the domestic market and the results of our effort to develop sales in the domestic market. We have been trying to develop our domestic and international market in the past fiscal year. 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, which has authorizations to export. We started to outsource our exporting business to Yi-Da Tong, which is a third party export agent since March 2016. Revenues from the sales in the international clients increased from 3.9% to 28.0% of our total revenue in the three months ended July 31, 2018, as compared to the same period in 2017. While the adoption rate for stevia in the food and beverage sector has been slower than expected, we sold 304 metric tons and 90 metric tons of stevioside for the three months ended July 31, 2018 and 2017, respectively. We generated approximately $544,000 and $551,000 in revenue from producing over 7.0 metric tons and 7.3 metric tons of A3-99 in the three months ended July 31, 2018 and 2017, respectively. We also generated approximately $526,000 and $125,000 in revenue from producing over 9.2 metric tons and 2.9 metric tons of the customized orders for restructuring by enzyme based on our Stevioside products. A-99 and restructuring by enzyme based on our Stevioside products accounted for approximately 18.4% and 17.8% in the three months ended July 31, 2018 and 2017, respectively, of our total Stevioside segment revenues. Additionally, we also continue to generate revenue from the sale of our new products that were developed in the prior year.

Our unit sale price fluctuated from month to month in the three months ended July 31, 2018, which was mainly affected by the market environment; the average unit sale price increased by approximately 6.5% compared to the same period in 2017. Facing challenges due to competitive pricing and difficulties sourcing raw materials for in the three months ended July 31, 2018, the market prices of stevioside products were impacted by strong price competition among Chinese manufacturers. We also anticipate the price of stevia leaves, the raw material used to produce our stevioside series products, to increase in the near future.

The increase of sales in Chinese Medicine segment is primarily due to the sales quantity of approximately 111.6 metric tons, which increased by 14.1% and sales amount increased by 22.7% in the three months ended July 31, 2018, as compared to the same period in 2017. We have more than 190 products in the Chinese Medicine segment, and their prices fluctuate depending on the market. 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 three months ended July 31, 2018 increased by 17.4%, compared to the same period in 2017. Cost of revenues as a percentage of revenues slightly increased from 88.5% to 88.6% during the three months ended 2018 and 2017. Gross margin in Stevioside segment increased from 10.4% to 11.3% for the three months ended by July 31, 2018, comparing the same period in 2017, which was primarily due to the improvements in efficiency of our production line to offset the higher raw material costs. Gross margin in Chinese Medicine segment was 12.5% in the three months ended July 31, 2018, a decrease as compared to the gross margin of 16.0% in the same period in 2017. The lower gross margin for Chinese Medicines was primarily due to high market competition with lower per unit sales price and higher raw material costs for the low quality of raw materials received, causing an increase in purchase quantity in order to produce the same grade of products. We believe that the slower market for Chinese veterinary medicines seen in prior periods has stabilized and the market has 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 our gross margin in future periods. Our consolidated gross margin for the three months ended by July 31, 2018 was 11.5%, as compared to 11.4% in the same period in 2017.   

Selling Expenses

For the three months ended July 31, 2018, we had an increase of approximately $248,000, or 68.1% in selling expenses, as compared to the same period in 2017. The increase was primarily due to the approximately $135,000 increase in promotion expense, $20,000 increase in advertising expenses, $65,000 increase in office expense, $6,000 increase in shipping and freight, $10,000 increase in commission, $11,000 increase in travel expense and $11,000 increase in local taxes, offset by approximately $9,000 decrease in salary and $1,000 decrease in miscellaneous expense in the three months ended July 31, 2018.

General and Administrative Expenses
 
Our general and administrative expenses for the three months ended July 31, 2018 decreased by approximately $142,000, or 14.6% from the same period in 2017. The decrease was primarily due to a decrease of approximately $88,000 in depreciation and amortization expenses since the disposition of property and equipment at the end of fiscal year 2018, $65,000 decrease in repairs and maintenance fee,  $41,000 decrease in bad debt expense, $57,000 decrease in other tax expense, $4,000 decrease in meals and entertainment expenses and $7,000 decrease in miscellaneous expense, offset by $81,000 increase in marketing expense, $33,000 increase in office expense  and $6,000 increase in salary and wage expenses,.
- 20 -


Research and Development Expense

For the three months ended July 31, 2018, our research and development expenses amounted to approximately $233,000, as compared to $186,000 for the same period in 2017. The increase of $47,000 was primarily due to the increase in spendings for third party technical consulting fees in the three months ended July 31, 2018.

 Other Income (Expenses)

For the three months ended July 31, 2018, other expense, net of other income, amounted to approximately $185,000, an increase of $165,000 as compared to the other expense, net of other income, amounted to approximately $20,000 for the three months ended July 31, 2017. The increase of other expenses was primarily attributable to an increase of interest expense – related party of $13,000, an increase in interest expense in the increased amount of approximately $54,000 and other expenses of $98,000.

Net Loss

Net loss in the three months ended July 31, 2018 was approximately $1,190,000, compared to $1,107,000 in the three months ended July 31, 2017. The increase was primarily due to increase in other expenses and selling expense, hence increase in revenue and gross profit with higher operating expenses mainly from higher research and development expense.
 
LIQUIDITY AND CAPITAL RESOURCES

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

At July 31, 2018, we had working capital of approximately $2,607,000, including cash of approximately $258,000, as compared to working capital deficit of approximately $482,000, including cash of approximately $1,101,000, at April 30, 2018. The approximate $843,000 decrease in our cash at July 31, 2018 from April 30, 2018 is primarily attributable to net cash used in operating activities and net cash used in investing activities for the purchase of property and equipment to improve our productivity offset by net cash provided by financing activities from loans. The Company's cash balance and revenues generated are not currently sufficient and cannot be projected to cover operating expenses for the next twelve months from the date of this report. These factors raise doubt as to the ability of the Company to continue as a going concern. Management's plans include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis, obtain additional working capital funds through debt and equity financings, and restructure on-going operations to eliminate inefficiencies to raise cash balance in order to meet its anticipated cash requirements for the next twelve months from the date of this report. Management intends to make every effort to improve its current sales force as to further develop and expand the international markets for its new products as well as continuing with the current sources of funds to meet working capital needs on as needed basis.  There can be no assurance that these plans and arrangements will be successful.

Accounts receivable, net of allowance for doubtful accounts, including accounts receivable from related parties, decreased by approximately $701,000 during the three months ended July 31, 2018, as a result of the decrease in accounts receivable from the third parties as of July 31, 2018. The days for sales outstanding in accounts receivable increased to 90 days as of July 31, 2018, as compared to 18 days as of April 30, 2018. The days for sales outstanding in accounts receivable for third party sales increased to 65 days as of July 31, 2018, as compared to 14 days as of April 30, 2018.  We will reevaluate and categorize accounts receivable for sales and will target to improve our collection effort in accounts receivable for related party sales and accounts receivable for third party sales in fiscal 2019.

Inventories at July 31, 2018, net of reserve for obsolescence, totaled approximately $12,346,000, as compared to $12,565,000 as of April 30, 2018. The slightly lower procurements of raw materials was still enough to meet our anticipated increase in demands since demands are raising slower than we originally anticipated.

Our accounts payable and accrued expenses were approximately $9,317,000 at July 31, 2018, a decrease of approximately $2,343,000 from April 30, 2018. The decrease is primarily due to purchasing and the timing of payments for balances related to raw material purchases made in the ordinary course of business.

Loans payable at July 31, 2018 and April 30, 2018 totaled approximately $13,852,000 and $9,990,000, respectively. These loans payable consisted of short-term loans of approximately $7,470,000 (RMB51,032,800) and long-term loans of $6,382,000 (RMB43,600,000) from multiple non-related individuals, which bear annual interest rates of 4 - 10%.  The maturity dates of the loans payable at July 31, 2018 range from September 20, 2018 to June 13, 2020.  During the three months ended July 31, 2018, the Company repaid approximately $245,000 of the prior year's loans payable and borrowed new loans amounted to $5,046,000.
- 21 -


Cash Flows Analysis
 
NET CASH FLOW (USED IN) PROVIDED BY OPERATING ACTIVITIES:

Net cash used in operating activities was approximately $5,147,000 during the three months ended July 31, 2018, as compared to net cash provided by operating activities of $1,000,000 in the same period in 2017. The decrease primarily due to a net loss of approximately $1,190,000 adjusted and offset by non-cash items such as depreciation and amortization expenses of approximately $311,000, stock issued for employees' compensation of $307,000, $205,000 increase in accounts receivable-related party, $719,000 decrease in inventories, $2,245,000 increase in prepaid expense and other current assets, $1814,000 decrease in accounts payable and accrued expenses, and $98,000 increase in taxes payable, offset by $507,000 decrease in accounts receivable.

Net cash provided by operating activities was approximately $1,000,000 during the three months ended July 31, 2017, as compared to net cash used in operating activities of $27,000 in the same period in 2016. The increase resulting from cash provided by operating activities was primarily due to depreciation and amortization expenses of approximately $450,000, allowance for doubtful accounts of $41,000, stock issued for employees' compensation of $307,000, $2,464,000 decrease in prepaid expense and other current assets, and $443,000 increase in accounts payable and accrued expenses, offset by net loss of approximately $1,107,000, $923,000 increase in inventories, $439,000 increase in accounts receivable, $218,000 increase in accounts receivable-related party, and $17,000 decrease in taxes payables.
 
NET CASH FLOW USED IN INVESTING ACTIVITIES:

Net cash used in investing activities amounted to approximately $635,000 during the three months ended July 31, 2018 due to capital expenditures for property and equipment.

Net cash used in investing activities amounted to approximately $66,000 during the three months ended July 31, 2017 due to capital expenditures for property and equipment.

NET CASH FLOW PROVIDED BY (USED IN) FINANCING ACTIVITIES:

Net cash provided by financing activities amounted to approximately $4,977,000 in the three months ended July 31, 2018, primarily consisted of proceeds from multiple non-related individual short-term and long-term loans of $5,046,000 and advances received from related parties of approximately $1,321,000, offset by repayment of short-term loans of $245,000 and repayment of related party advances of approximately $1,144,000.

Net cash used in financing activities amounted to approximately $318,000 in the three months ended July 31, 2017, primarily due to repayments made to related party advances, net of proceeds received from related party advances. During the three months ended July 31, 2017, from time to time, we made repayments of related party advances of approximately $2,738,000 for working capital purposes and we also received advances from related parties totaling approximately $2,420,000.

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 July 31, 2018.

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 follow:
- 22 -


 
July 31, 2018
 
April 30, 2018
 
 
(Unaudited)
     
China
 
$
157,696
   
$
1,100,052
 
United States
   
99,885
     
696
 
Total
 
$
257,581
   
$
1,100,748
 

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 accepted accounting principles generally accepted in the U.S. ("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.
 
Our management, with the participation of our CEO and CFO, performed an evaluation of the effectiveness of our disclosure controls and procedures as of July 31, 2018.  

Based on this evaluation our management concluded that our disclosure controls and procedures were not effective as of July 31, 2018 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.
- 23 -

 
Management's Report on Internal Control over Financial Reporting
 
Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act. Our management is also required to assess and report on the effectiveness of our internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002 ("Section 404"). As reported in our Form 10-K for the year ended April 30, 2018, management assessed the effectiveness of our internal control over financial reporting as of April 30, 2018 and, during our assessment, management identified significant deficiencies related to (i) the U.S. GAAP expertise of our internal accounting staff, (ii) our internal audit functions and (iii) a lack of segregation of duties within accounting functions. Although management believes that these deficiencies do not amount to a material weakness, our internal controls over financial reporting were not effective at April 30, 2018.

Due to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible. As a result, we have not been able to take steps to improve our internal controls over financial reporting during the three months ended July 31, 2018. However, to the extent possible, we will implement procedures to assure that the initiation of transactions, the custody of assets and the recording of transactions will be performed by separate individuals.

A material weakness (within the meaning of PCAOB Auditing Standard No. 5) is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit attention by those responsible for oversight of the company's financial reporting.
 
In light of this significant deficiency, we performed additional analyses and procedures in order to conclude that our consolidated financial statements for the three months ended July 31, 2018 included in this quarterly report on Form 10-Q were fairly stated in accordance with the U.S. GAAP. Accordingly, management believes that despite our significant deficiency, our consolidated financial statements for the three months ended July 31, 2018 are fairly stated, in all material respects, in accordance with the U.S. GAAP.

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 quarter ended July 31, 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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 2018 Annual Report on Form 10-K. There has been no material change in our risk factors from those previously discussed in the fiscal 2018Annual 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.
- 24 -

 
ITEM 6.  EXHIBITS
 
Exhibit No.
 
Description of Exhibit
 
31.1
 
 
31.2
 
 
32.1
 
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 shall be deemed "furnished" and not "filed".


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: September 13, 2018
By: /s/ Dongdong Lin
 
Dongdong Lin,
 
Chief Executive Officer
 
 
 
 
Dated: September 13, 2018
By: /s/ Fanjun Wu 
 
Fanjun Wu, 
 
Chief Financial Officer 

 
- 25 -
EX-31.1 2 exh31-1.htm SECTION 302 CERTIFICATE OF CHIEF EXECUTIVE OFFICER
 
Exhibit 31.1
 
Rule 13a-14(a)/15d-14(a) Certification
 
I, Dongdong Lin, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the period ended July 31, 2018 of Sunwin Stevia International, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15-d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

September 13, 2018
/s/ Dongdong Lin
 
Dongdong Lin,
 
Chief Executive Officer
(Principal Executive Officer)
EX-31.2 3 exh31-2.htm SECTION 302 CERTIFICATE OF CHIEF FINANCIAL OFFICER

 
Exhibit 31.2
 
Rule 13a-14(a)/15d-14(a) Certification

I, Fanjun Wu, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the period ended July 31, 2018 of Sunwin Stevia International, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15-d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
September 13, 2018
/s/ Fanjun Wu
 
Fanjun Wu,
 
Chief Financial Officer
(Principal Financial and Accounting Officer)
EX-32.1 4 exh32-1.htm SECTION 906 CERTIFICATE OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER


Exhibit 32.1

Section 1350 Certification

In connection with the quarterly report of Sunwin Stevia International, Inc. (the "Company") on Form 10-Q for the period ended July 31, 2018 as filed with the Securities and Exchange Commission (the "Report"), I, Dongdong Lin, Chief Executive Officer of the Company, and I, Fanjun Wu, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. SS. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of our knowledge:

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

2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
 
September 13, 2018
/s/ Dongdong Lin
 
Dongdong Lin,
 
Chief Executive Officer
 
 
September 13, 2018
/s/ Fanjun Wu
 
Fanjun Wu,
 
Chief Financial Officer
 
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
EX-101.INS 5 suwn-20180731.xml XBRL INSTANCE DOCUMENT 257581 1100748 2803085 3513530 2586722 2576944 3980889 2284379 21973845 22040172 1807984 1964606 142640 153720 32922922 33211384 7469891 8302489 2579532 2559216 19366737 22521709 6381920 1687857 25748657 24209566 199633 199633 37681279 37681279 -35017688 -33827351 4311041 4948257 7174265 9001818 32922922 33211384 10-Q 2018-07-31 false SUNWIN STEVIA INTERNATIONAL, INC. 0000806592 suwn --04-30 199632803 12187750 Smaller Reporting Company No No No 2019 Q1 4430379 3675766 1402947 121556 5833326 3797322 3948161 3260242 1216544 103362 5164705 3363604 668621 433718 611408 363716 829384 970905 232946 186326 1673738 1520947 -1005117 -1087229 -606 97100 455 168 -35718 -22070 -149351 -95397 -185220 -20199 -1190337 -1107428 -637216 282972 -1827553 -824456 199632803 199632803 -1190337 -1107428 297837 356155 81294 13540 12939 306667 306668 41004 506746 -438545 -204851 -218655 -719386 -923256 -2245048 2464101 -1814259 442856 -98214 -17132 -5147305 1000001 -634759 -65586 -634759 -65586 5045780 -245387 1320584 2420352 -1144025 -2738473 4976952 -318121 -38055 9517 -843167 625811 1100748 51116 257581 676927 31789 18694 333596 22429 <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>NOTE 1 - ORGANIZATION AND OPERATIONS</b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>DESCRIPTION OF BUSINESS</b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>Sunwin Stevia International, Inc. (&quot;Sunwin Stevia International&quot;), a Nevada corporation, and its subsidiaries are referred to in this report as &quot;we&quot;, &quot;us&quot;, &quot;our&quot;, &quot;Sunwin&quot; or the &quot;Company&quot;.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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 &quot;PRC&quot;). We have built an integrated company with the sourcing and production capabilities designed to meet the needs of our customers.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>Our operations are organized into two product segments, our Stevioside and Chinese Medicine product lines, and subsidiaries included in continuing operations consisted of the following:</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>-&nbsp;&nbsp;&nbsp;Sunwin Stevia International;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>-&nbsp;&nbsp;&nbsp;Qufu Natural Green Engineering Co., Ltd. (&quot;Qufu Natural Green&quot;), wholly owned&nbsp;by Sunwin Stevia International;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>-&nbsp;&nbsp;&nbsp;Qufu Shengren Pharmaceutical Co.,&nbsp;Ltd. (&quot;Qufu Shengren&quot;), wholly owned by Qufu Natural Green;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>-&nbsp;&nbsp;&nbsp;Qufu Shengwang Stevia Biology and Science Co., Ltd. (&quot;Qufu Shengwang&quot;), wholly owned by Qufu Natural Green; and</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>-&nbsp;&nbsp;&nbsp;Sunwin USA, LLC (&quot;Sunwin USA&quot;), wholly owned by Sunwin Stevia International.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i><u>Stevioside Segment</u></i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i><u>Chinese Medicine Segment</u></i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i><u>Qufu Shengwang</u></i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>In fiscal 2009, Qufu Natural Green acquired a 60% interest in Qufu Shengwang from its shareholder, Shandong Group,&nbsp;for $4,026,851.&nbsp;The purchase price represented 60% of the value of the net tangible assets of Qufu Shengwang as of April 30, 2008.&nbsp;Shandong Group is owned by Laiwang Zhang, our President and Chairman of the Board of Directors.&nbsp;Qufu Shengwang manufactures and sells stevia - based fertilizers and feed additives.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>On July 1, 2012, Qufu Shengwang entered the Cooperation Agreement with Hegeng (Beijing) Organic Farm Technology Co, Ltd. (&quot;Hegeng&quot;), 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.&nbsp;&nbsp;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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i><u>Qufu Shengren</u></i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>In fiscal 2009, Qufu Natural Green acquired Qufu Shengren for $3,097,242.&nbsp;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.&nbsp;Prior to being acquired by us, Qufu Shengren was engaged in the production and distribution of bulk drugs and pharmaceuticals.&nbsp;&nbsp;Subsequent to the acquisition, Qufu Shengren produces and distributes steviosides with a full range of grades from rebaudioside-A 10 to 99.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i><u>Sunwin USA</u></i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>In fiscal 2009, we entered into a distribution agreement with WILD Flavors&nbsp;to assist our 55% owned&nbsp;subsidiary, Sunwin USA, in the marketing and worldwide distribution of our stevioside-based&nbsp;sweetener products and issued WILD Flavors a 45% interest in Sunwin USA.&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.&nbsp;The transaction closed on August 20, 2012.&nbsp;On August 22, 2012, we issued 7,666,666 shares of our common stock and paid $92,541 cash to WILD Flavors.<b>&nbsp;</b> 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 (&quot;U.S. GAAP&quot;) 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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.&nbsp;The agreement also contained customary joint indemnification and general releases.&nbsp;&nbsp;As a result of this transaction, we began consolidating the operations of Sunwin USA from the date of acquisition (August 20, 2012).</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>In addition to the Exchange Agreement, on August 8, 2012 we entered into the following additional agreements with WILD Flavors or its affiliate:</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>-&nbsp;&nbsp;&nbsp;&nbsp;We entered into a Distributorship Agreement with WILD Procurement Gmbh, a Swiss corporation (&quot;WILD Procurement&quot;) which is an affiliate of WILD Flavors.&nbsp;Under the terms of this agreement, we appointed WILD Procurement as a non-exclusive world-wide distributor for the resale of our stevia products.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;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.&nbsp;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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.&nbsp;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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.&nbsp;There are no assurances any purchase orders will be placed under the terms of the Distribution Agreement.&nbsp;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.&nbsp;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. Currently, WILD still is one of our customers continuing to purchase enzyme treated products from us.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>BASIS OF PRESENTATION</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>The accompanying unaudited condensed consolidated financial statements include the accounts of Sunwin and all our wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (&quot;U.S. GAAP&quot;) and pursuant to the rules and regulations of the Securities and Exchange Commission (the &quot;SEC&quot;) 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. All intercompany accounts and transactions have been eliminated in consolidation.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>These unaudited condensed consolidated interim financial statements should be read in conjunction with the financial statements and footnotes for the year ended April 30, 2018 included in our Form 10-K as filed with the SEC. The results of operations and cash flows for the three months ended July 31, 2018 are not necessarily indicative of the results of operations or cash flows which may be reported for future periods or the full fiscal year.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>The condensed consolidated balance sheet as of April 30, 2018 contained herein has been derived from the audited consolidated financial statements as of April 30, 2018, but do not include all disclosures required by the U.S. GAAP.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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:</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qufu Natural Green;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qufu Shengren;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qufu Shengwang; and</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunwin USA</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b><i>USE OF ESTIMATES</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.&nbsp;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.&nbsp;&nbsp;Actual results could differ from those estimates.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>CASH AND CASH EQUIVALENTS</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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 July 31, 2018, we held $157,696 of our cash and cash equivalents with commercial banking institutions in the PRC, and $99,885 with banks in the United States. As of April 30, 2018, we held $1,100,052 of our cash and cash equivalents with commercial banking institution in PRC, and $696 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 July 31, 2018.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><i>&nbsp;</i></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>ACCOUNTS RECEIVABLE</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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 after exhaustive efforts on collection. As of July 31, 2018 and April 30, 2018, the allowance for doubtful accounts was $178,037 and $191,865, respectively.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>INVENTORIES</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>Inventories, consisting of raw materials, work in process, and finished goods related to our products, are stated at the lower of cost and net realizable value that can be estimated utilizing the weighted average method. A reserve is established when management determines that certain slow-moving inventories may be sold at below book value.&nbsp; These reserves are recorded based on estimates. 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 or estimated net realizable value. As of July 31, 2018 and April 30, 2018, the Company recorded a reserve for obsolete or slow-moving inventories of $0 and $235,258, respectively.&nbsp; As of July 31, 2018 and April 30, 2018, the Company wrote down inventories of $0 and $235,258, respectively.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>PROPERTY AND EQUIPMENT</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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 three 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 (&quot;ASC&quot;), 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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>LONG-LIVED ASSETS</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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 loss on disposition of property and equipment of $0 and $303,377 at July 31, 2018 and April 30, 2018, respectively.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>FAIR VALUE OF FINANCIAL INSTRUMENTS</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>ASC&nbsp;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:</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="6%" valign="top" style='width:6.32%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Level&nbsp;1:</p> </td> <td width="93%" valign="top" style='width:93.68%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Observable inputs such as quoted market prices in active markets for identical assets or liabilities</p> </td> </tr> <tr align="left"> <td width="6%" valign="top" style='width:6.32%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Level&nbsp;2:</p> </td> <td width="93%" valign="top" style='width:93.68%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Observable market-based inputs or unobservable inputs that are corroborated by market data</p> </td> </tr> <tr align="left"> <td width="6%" valign="top" style='width:6.32%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Level&nbsp;3:</p> </td> <td width="93%" valign="top" style='width:93.68%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Unobservable inputs for which there is little or no market data, which require the use of the reporting entity's own assumptions.</p> </td> </tr> </table> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:.5in'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.&nbsp;&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>TAXES PAYABLE</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>We are required to charge for and to collect value added taxes (VAT) on our sales on behalf of the PRC tax authority. We&nbsp;record VAT that we billed our&nbsp;customers&nbsp;as&nbsp;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.&nbsp;Accordingly, these VAT payable and receivable are&nbsp;presented as net amounts&nbsp;for financial statement purposes. Taxes payable as of July 31, 2018 and April 30, 2018 amounted to $91,519 and $199,644, respectively, consisted primarily of VAT taxes.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>REVENUE RECOGNITION</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:35.45pt'>Pursuant to the guidance of ASC Topic 606, we record revenue when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.</p> <p style='margin-right:0in;margin-left:0in;margin-top:0in;margin-right:.2pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin-top:0in;margin-right:.2pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt'><b>GRANT INCOME</b></p> <p style='margin-right:0in;margin-left:0in;margin-top:0in;margin-right:.2pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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 designated for.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>INCOME TAXES</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>The Company has adopted Accounting Standards Codification subtopic 740-10, <i>Income Taxes</i> (&quot;ASC 740-10&quot;) 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.&nbsp;&nbsp;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.&nbsp;&nbsp;Valuation allowances are recorded to reduce the deferred tax assets to an amount that&nbsp;it is&nbsp;more likely than not be realized.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>We apply the provisions of ASC 740-10-50, &quot;Accounting for Uncertainty in Income Taxes&quot;, 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 July 31, 2018, the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>BASIC AND DILUTED EARNINGS PER SHARE</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>Pursuant to ASC Section 260-10-45, basic loss per common share is computed by dividing loss available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted 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&nbsp;of common stock that would then share in the income of ours, subject to anti-dilution limitations. The following table presents a reconciliation of basic and diluted net income per common share:</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="98%" style='width:98.02%'> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>For Three Months Ended July 31,</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>2018</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>2017</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>Numerator:</b></p> </td> <td width="15%" valign="bottom" style='width:15.3%;padding:0'></td> <td valign="bottom" style='padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Net loss attributable to Sunwin Stevia International, Inc.</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; (1,190,337)</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'> $&#160;&#160;&#160;&#160;&#160; (1,107,428)</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Numerator for basic EPS, loss applicable to common stock holders</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; (1,190,337)</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'> $&#160;&#160;&#160;&#160;&#160; (1,107,428)</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>Denominator:</b></p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Denominator for basic earnings per share - weighted average number of common shares outstanding</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 199,632,803&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160; 199,632,803&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;Stock awards, options, and warrants</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Denominator for diluted earnings per share - weighted average outstanding average number of common shares outstanding</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 199,632,803&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160; 199,632,803&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>Basic and diluted loss per common share:</b></p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loss per share - basic and diluted</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (0.01)</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'> $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (0.01)</p> </td> </tr> </table> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b><i>FOREIGN CURRENCY TRANSLATION</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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 (&quot;RMB&quot;).&nbsp;&nbsp;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.&nbsp;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.&nbsp;&nbsp;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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>RMB is not a fully convertible currency.&nbsp;All foreign exchange transactions involving RMB must take place either through the People's Bank of China (the &quot;PBOC&quot;) or other institutions authorized to buy and sell foreign exchange.&nbsp;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.&nbsp;Translation of amounts from RMB into United States dollars (&quot;$&quot;) was made at the following exchange rates for the respective periods:</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="50%" valign="top" style='width:50.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;background:#CCEEFF'>As of July 31, 2018</p> </td> <td width="50%" valign="top" style='width:50.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;background:#CCEEFF'>RMB 6.83 to $1.00</p> </td> </tr> <tr align="left"> <td width="50%" valign="top" style='width:50.0%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>As of April 30, 2018</p> </td> <td width="50%" valign="top" style='width:50.0%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;background:white'>RMB 6.33 to $1.00</p> </td> </tr> <tr align="left"> <td width="50%" valign="top" style='width:50.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;background:#CCEEFF'>&nbsp;</p> </td> <td width="50%" valign="top" style='width:50.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;background:#CCEEFF'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="50%" valign="top" style='width:50.0%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>Three months ended July 31, 2018</p> </td> <td width="50%" valign="top" style='width:50.0%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;background:white'>RMB 6.52 to $1.00</p> </td> </tr> <tr align="left"> <td width="50%" valign="top" style='width:50.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;background:#CCEEFF'>Three months ended July 31, 2017</p> </td> <td width="50%" valign="top" style='width:50.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;background:#CCEEFF'>RMB 6.82 to $1.00</p> </td> </tr> </table> </div> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b><i>COMPREHENSIVE LOSS</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive&nbsp;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&nbsp;loss for the three months ended July 31, 2018 and 2017 included net loss&nbsp;and unrealized gains (losses) from foreign currency translation adjustments.&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>CONCENTRATIONS OF CREDIT RISK</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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. As of July&nbsp;31, 2018, we had $157,696 of cash balance held in PRC banks, which is not insured. We have not experienced any losses in such accounts through July 31, 2018.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>STOCK BASED COMPENSATION</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC 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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>RESEARCH AND DEVELOPMENT</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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 $232,946 and $186,326 for the three months ended July 31, 2018 and 2017, respectively.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>SHIPPING COSTS</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>Shipping costs are included in selling expenses and totaled $74,734 and $68,559 for the three months ended July 31, 2018 and 2017, respectively.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>RECLASSIFICATIONS</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings and financial position.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>SEGMENT REPORTING</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>The Company uses the &quot;management approach&quot; in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company's reportable segments. The Company's chief operating decision maker has been identified as the chief executive officer of the Company who reviews financial information of separate operating segments based on U.S. GAAP. The chief operating decision maker now reviews results analyzed by customer. This analysis is only presented at the revenue level with no allocation of direct or indirect costs. Consequently, the Company has determined that it has only one operating segment.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>RECENT ACCOUNTING PRONOUNCEMENTS</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:35.45pt'>In May 2014, the FASB issued ASU 2014-09, &quot;<i>Revenue from contracts with Customers (Topic 606)</i>&quot;. Under ASU 2014-09, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). The Company adopted this standard effective May 1, 2018 by using the full retrospective method to restate prior reporting period presented. The Company has identified its revenue streams and assessed each for the impacts. The Company completed its analysis and concluded that the adoption of Topic 606 did not have a material impact in the timing or amount of revenue recognized, including the presentation of revenues in the Company's consolidated statements of income and comprehensive loss.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>In February 2018, the FASB issued ASU 2018-02, &quot;Income Statement&#151;Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income&quot;. These amendments provide financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of ASU 2018-02 is permitted, including adoption in any interim period for the public business entities for reporting periods for which financial statements have not yet been issued. The amendments in this ASU should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company is currently evaluating the impact of the adoption of ASU No. 2018-02 on its consolidated financial statements.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>In March 2018, the FASB issued ASU 2018-05, &quot;Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118&quot;. The amendments in this ASU add SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No. 118, which expresses the view of the staff regarding application of Topic 740, Income Taxes, in the reporting period that includes December 22, 2017 - the date on which the Tax Cuts and Jobs Act was signed into law. The amendments are effective upon addition to the FASB Accounting Standards Codification. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies.&nbsp;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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>GOING CONCERN</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'><b>&nbsp;</b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>Our unaudited condensed consolidated financial statements have been prepared assuming we will continue as a going concern.&nbsp; The Company has incurred recurring loss with a net loss of approximately $1,190,000 for the three months ended July 31, 2018 and has a significant accumulated deficit of $35.0 million as of July 31, 2018.&nbsp;The Company's cash balance and revenues generated are not currently sufficient and cannot be projected to cover operating expenses for the next twelve months from the date of this report. These factors raise doubt as to the ability of the Company to continue as a going concern. Management's plans include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis, obtain additional working capital funds through debt and equity financings, and restructure on-going operations to eliminate inefficiencies to raise cash balance in order to meet its anticipated cash requirements for the next twelve months from the date of this report. Management intends to make every effort to improve its current sales force as to further develop and expand the international markets for its new products as well as continuing with the current sources of funds to meet working capital needs on as needed basis.&nbsp;&nbsp;There can be no assurance that these plans and arrangements will be successful.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>The ability of the Company to continue as a going concern is dependent upon its ability to achieve profitable operations and raise additional capital. The accompanying unaudited condensed consolidated financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amount or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b>NOTE 3 - INVENTORIES</b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>As of July 31, 2018 and April 30, 2018, inventories consisted of the following:</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;&nbsp;&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="76%" style='width:76.96%'> <tr align="left"> <td width="66%" valign="bottom" style='width:66.42%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>July 31, 2018</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>(unaudited)</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>April 30, 2018</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.42%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Raw materials</p> </td> <td width="16%" valign="bottom" style='width:16.98%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160; 8,525,977</p> </td> <td width="16%" valign="bottom" style='width:16.6%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160; 8,803,685</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.42%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Work in process</p> </td> <td width="16%" valign="bottom" style='width:16.98%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,127,430</p> </td> <td width="16%" valign="bottom" style='width:16.6%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,357,484</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.42%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Finished goods</p> </td> <td width="16%" valign="bottom" style='width:16.98%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,692,161</p> </td> <td width="16%" valign="bottom" style='width:16.6%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,403,402</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.42%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Inventories, gross</p> </td> <td width="16%" valign="bottom" style='width:16.98%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160; 12,345,568</p> </td> <td width="16%" valign="bottom" style='width:16.6%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160; 12,564,571</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.42%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Less: reserve for obsolete inventory</p> </td> <td width="16%" valign="bottom" style='width:16.98%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> <td width="16%" valign="bottom" style='width:16.6%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.42%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Inventories, net</p> </td> <td width="16%" valign="bottom" style='width:16.98%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160; 12,345,568</p> </td> <td width="16%" valign="bottom" style='width:16.6%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160; 12,564,571</p> </td> </tr> </table> </div> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>NOTE 4 - PROPERTY AND EQUIPMENT</b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>As of July 31, 2018 and April 30, 2018, property and equipment consisted of the following:</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="96%" style='width:96.02%'> <tr align="left"> <td valign="bottom" style='padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>(Estimated Life&nbsp;)</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>July 31, 2018</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>(unaudited)</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>April 30, 2018</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Office equipment (3-10 Years)</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 97,617&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 75,821&nbsp;</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Auto and trucks (2-10 Years)</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 617,426&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 660,926&nbsp;</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Manufacturing equipment (2-20 Years)</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,281,058&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,638,206&nbsp;</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Buildings (5-20 Years)</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 8,532,256&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9,224,911&nbsp;</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Construction in process</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,442,921&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 661,111&nbsp;</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Gross Property and Equipment</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160; 15,971,278&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160; 16,260,975&nbsp;</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Less: accumulated depreciation</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160; (6,972,825)</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160; (7,208,089)</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Property and equipment, net</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160; 8,998,453&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160; 9,052,886&nbsp;</p> </td> </tr> </table> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>For the three months ended July 31, 2018 and 2017, depreciation expense&nbsp;totaled $297,837 and $356,155, of which $247,157 and $283,105 were included in cost of revenues, respectively, and of which $50,680 and $73,050 were 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.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>NOTE 5 - LAND USE RIGHTS</b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>As of July 31, 2018 and April 30, 2018, land use rights consisted of the following:</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="96%" style='width:96.64%'> <tr align="left"> <td width="72%" valign="bottom" style='width:72.38%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>(Estimated Life)</p> </td> <td width="14%" colspan="2" valign="bottom" style='width:14.66%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>July 31, 2018</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>(unaudited)</p> </td> <td width="12%" valign="bottom" style='width:12.94%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>April 30, 2018</p> </td> </tr> <tr align="left"> <td width="72%" colspan="2" valign="bottom" style='width:72.52%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Land use right (45&nbsp;Years)</p> </td> <td width="14%" valign="bottom" style='width:14.54%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 2,324,881&nbsp;</p> </td> <td width="12%" valign="bottom" style='width:12.94%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160; 2,507,726&nbsp;</p> </td> </tr> <tr align="left"> <td width="72%" colspan="2" valign="bottom" style='width:72.52%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Less: accumulated amortization</p> </td> <td width="14%" valign="bottom" style='width:14.54%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (516,897)</p> </td> <td width="12%" valign="bottom" style='width:12.94%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (543,120)</p> </td> </tr> <tr align="left"> <td width="72%" colspan="2" valign="bottom" style='width:72.52%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Land use right, net</p> </td> <td width="14%" valign="bottom" style='width:14.54%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 1,807,984&nbsp;</p> </td> <td width="12%" valign="bottom" style='width:12.94%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160; 1,964,606&nbsp;</p> </td> </tr> <tr align="left"> <td width="523" style='border:none'></td> <td width="1" style='border:none'></td> <td width="105" style='border:none'></td> <td width="94" style='border:none'></td> </tr> </table> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>In conjunction with our acquisition of Qufu Shengwang, we acquired land use rights for properties located in the PRC until March 14,&nbsp;2054.&nbsp;For the three month periods ended July 31, 2018 and 2017, amortization expense related to land use rights amounted to $13,540 and $12,939, respectively.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b>NOTE 6 - RELATED PARTY TRANSACTIONS</b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>Accounts receivable - related party and revenue - related party</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>As of&nbsp;July 31, 2018 and April 30, 2018, $2,586,722 and $2,576,944 in accounts receivable - related party, respectively, were related to sales of products to Qufu Shengwang Import and Export Co., Ltd. (&quot;Qufu Shengwang Import and Export&quot;), a Chinese entity owned by our Chairman, Mr. Laiwang Zhang and Shangdong Shengwang Pharmaceutical Co., Ltd. (&quot;Pharmaceutical Corporation&quot;), a Chinese entity owned by our Chairman, Mr. Laiwang Zhang. For the three months ended July 31, 2018 and 2017, we recorded revenue - related party and cost of revenue &#150; related party of $1,402,947 and $121,556, $1,216,544 and $103,362, respectively, from Qufu Shengwang Import and Export and Pharmaceutical Corporation.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>Due to (from) related parties</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>From time to time, we receive advances from related parties and advance funds to related parties for working capital purposes. In the three months ended July 31, 2018 and 2017, we received advances from related parties for working capital totaled $1,320,584 and $2,420,352, respectively, and we repaid to related parties a total of $1,144,025 and $2,738,473, respectively. In the three months ended July 31, 2018 and 2017, interest expense related to due to related parties amounted to $35,718 and $22,070, respectively, which were included in interest expense in the accompanying consolidated statements of operations and comprehensive loss, and in connection with the advances of $743,196 (RMB5,000,000) and $1,189,114 (RMB8,000,000) from Pharmaceutical Corporation. These advances bear interest at the rate of 6.3% per annum.&nbsp;As of July 31, 2018, the balance we owed Pharmaceutical Corporation, Qufu Shengwang Import and&nbsp;Export and Mr. Weidong Chai, a management member of Qufu Shengren Pharmaceutical Co., Ltd., amounted to $2,094,173, $318,498 and $166,861, respectively. As of April 30, 2018, the balance we owed to Pharmaceutical Corporation, Qufu Shengwang Import and Export, and Mr. Weidong Chai, a management member of Qufu Shengren Pharmaceutical Co., Ltd., amounted to $2,280,266, $103,169 and $175,781, respectively.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>As of July 31, 2018 and April 30, 2018, due to (from) related party activities consisted of the following:&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="92%" style='width:92.08%'> <tr align="left"> <td width="43%" valign="bottom" style='width:43.46%;padding:0'> <p align="right" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Shandong Shengwang Pharmaceutical</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Co., Ltd.</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Qufu</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Shengwang</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Import and Export Co., Ltd.</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Mr. Wedong Chai</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Total</p> </td> </tr> <tr align="left"> <td width="43%" valign="bottom" style='width:43.46%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Balance due to related parties, April 30, 2018</p> </td> <td width="14%" valign="bottom" style='width:14.18%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160; 2,280,266&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; 103,169&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; 175,781&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160; 2,559,216&nbsp;</p> </td> </tr> <tr align="left"> <td width="43%" valign="bottom" style='width:43.46%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Working capital advances from related parties</p> </td> <td width="14%" valign="bottom" style='width:14.18%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,086,604&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 230,051&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3,929&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,320,584&nbsp;</p> </td> </tr> <tr align="left"> <td width="43%" valign="bottom" style='width:43.46%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Repayments</p> </td> <td width="14%" valign="bottom" style='width:14.18%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1,136,356)</p> </td> <td width="14%" valign="bottom" style='width:14.12%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (7,668)</p> </td> <td width="14%" valign="bottom" style='width:14.12%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1,144,025)</p> </td> </tr> <tr align="left"> <td width="43%" valign="bottom" style='width:43.46%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Effect of foreign currency exchange</p> </td> <td width="14%" valign="bottom" style='width:14.18%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (136,341)</p> </td> <td width="14%" valign="bottom" style='width:14.12%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (7,053)</p> </td> <td width="14%" valign="bottom" style='width:14.12%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (12,849)</p> </td> <td width="14%" valign="bottom" style='width:14.12%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (156,243)</p> </td> </tr> <tr align="left"> <td width="43%" valign="bottom" style='width:43.46%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Balance due to related parties, July 31, 2018</p> </td> <td width="14%" valign="bottom" style='width:14.18%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160; 2,094,173&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; 318,498&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; 166,861&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160; 2,579,532&nbsp;</p> </td> </tr> </table> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>NOTE 7 - PREPAID EXPENSES AND OTHER CURRENT ASSETS</b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>Prepaid expenses and other current assets as of July 31, 2018 and April 30, 2018 totaled $3,980,889 and $2,284,379, respectively. As of July 31, 2018, prepaid expenses and other current assets includes $3,376,263 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us, $408,886 prepayment for employees' stock-based compensation and $195,740 for business related employees' advances. As of April 30, 2018, prepaid expenses and other current assets includes $1,366,280 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us, $715,553 prepayment for employees' stock-based compensation and $202,546 for business related employees' advances.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>On December 1, 2015, we entered into three year employment agreements with four employees. Pursuant to employment agreements, we issued a total of 23 million shares of the Company's common stock to them, valued at $3,680,000, as employees' stock-based compensations over three-year term of their employment from December 1, 2015 through November 30, 2018. We will amortize these compensations over three years from December 1, 2015 to November 30, 2018 and we recognized $306,667, $1,226,668 and $1,226,669 as stock-based compensation expenses during the first quarter of fiscal year 2019, fiscal year 2018 and fiscal year 2017, respectively. We also have recorded the remaining balance of the stock-based compensation of $408,886 as prepaid compensation as of July 31, 2018.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>During the third quarter of fiscal 2013, Qufu Shengwang paid Qufu Public Auction Center (the &quot;Center&quot;) $610,751 as deposit for renewing the land use right. The deposit is required for the Center to appraise the land use right, which we do not know when we can receive the remaining refund. We received a total refund of $465,904 as of July 31, 2018&nbsp;and the remaining balance of $142,640 and $153,720 has been classified to other long-term asset as of July 31, 2018 and April 30, 2018, respectively.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b>NOTE 8 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES</b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>Accounts payable and accrued expenses included the following as of July 31, 2018 and April 30, 2018:</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="76%" style='width:76.98%'> <tr align="left"> <td width="66%" valign="bottom" style='width:66.52%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>Account</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>July 31,</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>2018</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>(unaudited)</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>April 30,</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>2018</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.52%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>Accounts payable</p> </td> <td width="16%" valign="bottom" style='width:16.76%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160; 6,427,065</p> </td> <td width="16%" valign="bottom" style='width:16.72%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160; 9,169,871</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.52%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>Advanced from customers</p> </td> <td width="16%" valign="bottom" style='width:16.76%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 405,598</p> </td> <td width="16%" valign="bottom" style='width:16.72%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 44,488</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.52%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>Accrued salary payable</p> </td> <td width="16%" valign="bottom" style='width:16.76%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 302,609</p> </td> <td width="16%" valign="bottom" style='width:16.72%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 169,321</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.52%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>Tax payable</p> </td> <td width="16%" valign="bottom" style='width:16.76%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 91,519</p> </td> <td width="16%" valign="bottom" style='width:16.72%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 199,644</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.52%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>Deferred revenue</p> </td> <td width="16%" valign="bottom" style='width:16.76%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 37,111</p> </td> <td width="16%" valign="bottom" style='width:16.72%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 39,994</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.52%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>Other payable*</p> </td> <td width="16%" valign="bottom" style='width:16.76%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,053,412</p> </td> <td width="16%" valign="bottom" style='width:16.72%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,036,686</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.52%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b>Total accounts payable and accrued expenses</b></p> </td> <td width="16%" valign="bottom" style='width:16.76%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160; 9,317,314</b></p> </td> <td width="16%" valign="bottom" style='width:16.72%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160; 11,660,004</b></p> </td> </tr> </table> </div> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>* As of on July 31, 2018, other payables consists of general liability, worker's compensation, and medical insurance payable of $518,515, consulting fee payable of $290,239, union and education fees payable of $282,953, interest payables for short-term loans of $502,417, advances from the employees of $198,229 and other miscellaneous payables of $261,059. As of April 30, 2018, other payables consists of general liability, worker's compensation, and medical insurance payable of $558,789, consulting fee payable of $312,782, union and education fees payable of $304,930, interest payables for short-term loans of $384,356, advances from the employees of $210,115 and other miscellaneous payables of $265,714.&nbsp;</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>NOTE 9 -LOAN PAYABLE</b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b><i><u>Short-term loan payable</u></i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>Short-term loans are obtained from&nbsp;various individual lenders that are due within one year for working capital purpose. These loans are unsecured and can be renewed with 10 days advance notice prior to maturity date. As of July 31, 2018 and April 30, 2018, short-term loans consisted of the following:</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="96%" style='width:96.0%'> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>July 31, 2018</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>(Unaudited)</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>April 30, 2018</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0'></td> <td valign="bottom" style='padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Min Wu, an employee of Qufu Shengren, due on October 5, 2018, with an annual interest rate of 10% at October 6, 2017.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 32,202</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 34,704</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Jianjun Yan, non-related individual, due on October 6, 2018, with an annual interest rate of 10% at October 7, 2017.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,289,382</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,389,531</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Jianjun Yan, non-related individual, due on March 31, 2019, with annual interest rate of 4%, renewed at April 1, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,147,575</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,236,710</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loans from Jianjun Yan, non-related individual, due on demand, with free interest at January 27, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 190,287</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 457,457</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Junzhen Zhang, non-related individual, due&nbsp;on October 5, 2018, with an annual interest rate of 10% at October 6, 2017.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 23,420</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 25,239</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Jian Chen, non-related individual, due&nbsp;on January 26, 2019 and April 10, 2019, bearing an annual interest rate of 10%, with the principle amount of RMB770,000 ($112,708) and RMB330,000 ($48,304) at January 27, 2018 and April 11, 2018, respectively.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 161,012</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 173,518</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Qing Kong, non-related individual, due&nbsp;on March 6, 2019, with an annual interest rate of 10% at March 7, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 70,845</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 76,348</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Qing Kong, non-related individual, due&nbsp;on January 8, 2019, with an annual interest rate of 10% at January 9, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 29,275</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 31,549</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Guihai Chen, non-related individual, due&nbsp;on March 10, 2019, with an annual interest rate of 10% at March 11, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 17,565</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 18,929</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Guihai Chen, non-related individual, due&nbsp;on September 20, 2018, with an annual interest rate of 10% at September 21, 2017.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 29,275</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 31,549</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan Weifeng Kong, non-related individual, due on November 28, 2018, with an annual interest rate of 10% at November 29, 2017.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 29,275</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 31,549</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan Shidong Wang, non-related individual, due on March 7, 2019, with an annual interest rate of 4% at March 8, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,522,292</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,640,534</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Xuxu Gu, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,463,743</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,577,436</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Dadong Mei, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,463,743</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,577,436</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>Total</b></p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160; 7,469,891</b></p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160; 8,302,489</b></p> </td> </tr> </table> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;<b><i><u>Long-term loan payable</u></i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>Long-term loans are payable obtained from&nbsp;various individual lenders that are due more than one year for working capital purpose. These loans are unsecured and can be renewed with one month advance notice prior to maturity date. As of July 31, 2018 and April 30, 2018, long-term loans consisted of the following:</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="96%" style='width:96.0%'> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>July 31, 2018</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>(Unaudited)</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>April 30, 2018</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan Xuxu Gu, non-related individual, due on September 27, 2019, with an annual interest rate of 4% at September 28, 2017.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160; 1,566,205</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160; 1,687,857</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan Xuxu Gu, non-related individual, due on July 13, 2020, with an annual interest rate of 4% at July 14, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 424,485</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan Mingbang Ma, non-related individual, due on May 22, 2020, with an annual interest rate of 4% at May 23, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 292,749</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan Weiwei Lian, non-related individual, due on May 29, 2020, with an annual interest rate of 4% at May 30, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,463,743</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan Guanghua Xia, non-related individual, due on June 8, 2020, with an annual interest rate of 4% at June 9, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,317,369</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan Yuehu Zhou, non-related individual, due on June 12, 2020, with an annual interest rate of 4% at June 13, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,317,369</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>Total:</b></p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160; 6,381,920</b></p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160; 1,687,857</b></p> </td> </tr> </table> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin-top:0in;margin-right:.2pt;margin-bottom:.1pt;margin-left:.2pt;text-align:justify;text-indent:.5in'>For the three months ended July 31, 2018 and 2017, interest expense related to short-term loans and long-term loans amounted to $149,351&nbsp;and $95,397, respectively, which were included in interest expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>NOTE 10 - SEGMENT INFORMATION</b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>The following information is presented in accordance with ASC Topic 280, &quot;Segment Reporting&quot;, for the three months ended July 31, 2018 and 2017; we accounted for three reportable business segments - (1) natural sweetener (stevioside),&nbsp;(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 months ended July 31, 2018 and 2017 is as follows:</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="98%" style='width:98.02%'> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Three Months Ended July 31,</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.3%;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>2018&nbsp;</p> </td> <td valign="bottom" style='padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>2017</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Revenues:</p> </td> <td width="15%" valign="bottom" style='width:15.3%;padding:0'></td> <td valign="bottom" style='padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Chinese medicine - third party</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 832,799&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 681,266&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Chinese medicine - related party</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3,367&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Total Chinese medicine</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 836,166&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 681,266&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Stevioside - third party</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3,597,580&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,994,500&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Stevioside - related party</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,399,580&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 121,556&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Total Stevioside</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4,997,160&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3,116,056&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Total segment and consolidated revenues</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,833,326&nbsp;</b></p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160; $&#160;&#160;&#160;&#160; 3,797,322&nbsp;</b></p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Interest income (expense):</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Chinese medicine</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 380&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 163&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Stevioside</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (184,994)</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (117,462)</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Corporate and other</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Total segment and consolidated interest expense</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (184,614)</b></p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160; $&#160;&#160;&#160;&#160;&#160;&#160; (117,299)</b></p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Depreciation and amortization:</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Chinese medicine</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 41,381&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 67,782&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Stevioside</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 269,996&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 382,606&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Total segment and consolidated depreciation and amortization</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 311,377&nbsp;</b></p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 450,388&nbsp;</b></p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Income (loss) before income taxes:</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Chinese medicine</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (87,795)</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (75,716)</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Stevioside</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (729,332)</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (658,875)</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Corporate and other</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (373,210)</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (372,837)</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Total consolidated loss before income taxes</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; (1,190,337)</b></p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160; $&#160;&#160; (1,107,428)</b></p> </td> </tr> </table> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="77%" style='width:77.0%'> <tr align="left"> <td width="66%" valign="bottom" style='width:66.48%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>July 31, 2018</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>April 30, 2018</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.48%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Segment property and equipment:</p> </td> <td valign="bottom" style='padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.48%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;&nbsp;Chinese medicine</p> </td> <td width="16%" valign="bottom" style='width:16.78%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160; 1,022,608</p> </td> <td width="16%" valign="bottom" style='width:16.74%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160; 1,129,884</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.48%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;&nbsp;Stevioside</p> </td> <td width="16%" valign="bottom" style='width:16.78%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7,975,845</p> </td> <td width="16%" valign="bottom" style='width:16.74%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7,923,002</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.48%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;&nbsp;Corporate and other</p> </td> <td width="16%" valign="bottom" style='width:16.78%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> <td width="16%" valign="bottom" style='width:16.74%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.48%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;&nbsp;&nbsp;&nbsp;Total consolidated assets</p> </td> <td width="16%" valign="bottom" style='width:16.78%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160; 8,998,453</b></p> </td> <td width="16%" valign="bottom" style='width:16.74%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160; 9,052,886</b></p> </td> </tr> </table> </div> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>NOTE 11&nbsp;- CONCENTRATIONS AND CREDIT RISK</b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>(i)&nbsp;&nbsp;&nbsp; Customer Concentrations</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin-top:0in;margin-right:.1pt;margin-bottom:0in;margin-left:.1pt;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>For the three months ended July 31, 2018 and 2017, customers accounting for 10% or more of the Company's revenue were as follows:</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="40%" valign="bottom" style='width:40.0%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="60%" colspan="4" valign="bottom" style='width:60.0%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Net Sales</p> </td> </tr> <tr align="left"> <td width="40%" valign="bottom" style='width:40.0%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="30%" colspan="2" valign="bottom" style='width:30.06%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>For the three months ended July 31, 2018</p> </td> <td width="29%" colspan="2" valign="bottom" style='width:29.94%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>For the three months ended July 31, 2017</p> </td> </tr> <tr align="left"> <td width="40%" valign="bottom" style='width:40.0%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.96%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Chinese Medicine</p> </td> <td width="15%" valign="bottom" style='width:15.1%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Stevioside</p> </td> <td width="14%" valign="bottom" style='width:14.98%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Chinese Medicine</p> </td> <td width="14%" valign="bottom" style='width:14.96%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Stevioside</p> </td> </tr> <tr align="left"> <td width="40%" valign="bottom" style='width:40.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Qufu Shengwang Import and Export Trade Co., Ltd(1)</p> </td> <td width="14%" valign="bottom" style='width:14.96%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="15%" valign="bottom" style='width:15.1%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 24.0%</p> </td> <td width="14%" valign="bottom" style='width:14.98%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="14%" valign="bottom" style='width:14.96%;background:#CCEEFF;padding:0'> <p align="right" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:right'>*</p> </td> </tr> <tr align="left"> <td width="40%" valign="bottom" style='width:40.0%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Shandong Yidatong Enterprises Co., Ltd</p> </td> <td width="14%" valign="bottom" style='width:14.96%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="15%" valign="bottom" style='width:15.1%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.98%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="14%" valign="bottom" style='width:14.96%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 11.3%</p> </td> </tr> <tr align="left"> <td width="40%" valign="bottom" style='width:40.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Total</p> </td> <td width="14%" valign="bottom" style='width:14.96%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="15%" valign="bottom" style='width:15.1%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 24.0%</p> </td> <td width="14%" valign="bottom" style='width:14.98%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="14%" valign="bottom" style='width:14.96%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 11.3%</p> </td> </tr> </table> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>(1)&nbsp;&nbsp;Qufu Shengwang Import and Export Co., Ltd is a related party, an entity owned by Mr. Laiwang Zhang.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>&nbsp;*&nbsp;&nbsp; This represents less than 10% of the Company's revenue for the three months ended July 31, 2017.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b><i>(ii)&nbsp;&nbsp;&nbsp; Vendor Concentrations</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>For the three months ended July 31, 2018 and 2017, suppliers accounting for 10% or more of the Company's purchase were as follows:</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="99%" style='width:99.14%'> <tr align="left"> <td width="40%" valign="bottom" style='width:40.34%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="59%" colspan="4" valign="bottom" style='width:59.66%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Net Purchases</p> </td> </tr> <tr align="left"> <td width="40%" valign="bottom" style='width:40.34%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="30%" colspan="2" valign="bottom" style='width:30.28%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>For the three months ended July 31, 2018</p> </td> <td width="29%" colspan="2" valign="bottom" style='width:29.38%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>For the three months ended July 31, 2017</p> </td> </tr> <tr align="left"> <td width="40%" valign="bottom" style='width:40.34%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.12%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Chinese Medicine</p> </td> <td width="15%" valign="bottom" style='width:15.16%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Stevioside</p> </td> <td width="15%" valign="bottom" style='width:15.12%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Chinese Medicine</p> </td> <td width="14%" valign="bottom" style='width:14.26%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Stevioside</p> </td> </tr> <tr align="left"> <td width="40%" valign="bottom" style='width:40.34%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Dongtai Jintudi Stevia Co., Ltd</p> </td> <td width="15%" valign="bottom" style='width:15.12%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="15%" valign="bottom" style='width:15.16%;background:#CCEEFF;padding:0'> <p align="right" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:right'>*</p> </td> <td width="15%" valign="bottom" style='width:15.12%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="14%" valign="bottom" style='width:14.26%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 15.2%</p> </td> </tr> <tr align="left"> <td width="40%" valign="bottom" style='width:40.34%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Dongtai Yandun Stevia Corp.</p> </td> <td width="15%" valign="bottom" style='width:15.12%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="15%" valign="bottom" style='width:15.16%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 16.6%</p> </td> <td width="15%" valign="bottom" style='width:15.12%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="14%" valign="bottom" style='width:14.26%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 32.5%</p> </td> </tr> <tr align="left"> <td width="40%" valign="bottom" style='width:40.34%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Dongtai Zhongxin Stevia Corp.</p> </td> <td width="15%" valign="bottom" style='width:15.12%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="15%" valign="bottom" style='width:15.16%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 40.2%</p> </td> <td width="15%" valign="bottom" style='width:15.12%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="14%" valign="bottom" style='width:14.26%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> </tr> <tr align="left"> <td width="40%" valign="bottom" style='width:40.34%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Total</p> </td> <td width="15%" valign="bottom" style='width:15.12%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="15%" valign="bottom" style='width:15.16%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 56.8%</p> </td> <td width="15%" valign="bottom" style='width:15.12%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="14%" valign="bottom" style='width:14.26%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 47.7%</p> </td> </tr> </table> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>*&nbsp; This represents less than 10% of the Company's purchase for the three months ended July 31, 2018.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b><i>(iii)&nbsp;&nbsp;&nbsp; Credit Risk</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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. As of July 31, 2018, we had $157,696 of cash balance held in PRC banks, 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 July 31, 2018.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b>NOTE 12 - SUBSEQUENT EVENTS</b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>Our management has evaluated all activities subsequent to our balance sheet date through the issuance date of this report and concluded that no subsequent events have occurred that would require adjustments or disclosure to the accompanying unaudited condensed consolidated financial statements.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b><i>USE OF ESTIMATES</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.&nbsp;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.&nbsp;&nbsp;Actual results could differ from those estimates.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>CASH AND CASH EQUIVALENTS</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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 July 31, 2018, we held $157,696 of our cash and cash equivalents with commercial banking institutions in the PRC, and $99,885 with banks in the United States. As of April 30, 2018, we held $1,100,052 of our cash and cash equivalents with commercial banking institution in PRC, and $696 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 July 31, 2018.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>ACCOUNTS RECEIVABLE</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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 after exhaustive efforts on collection. As of July 31, 2018 and April 30, 2018, the allowance for doubtful accounts was $178,037 and $191,865, respectively.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>INVENTORIES</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>Inventories, consisting of raw materials, work in process, and finished goods related to our products, are stated at the lower of cost and net realizable value that can be estimated utilizing the weighted average method. A reserve is established when management determines that certain slow-moving inventories may be sold at below book value.&nbsp; These reserves are recorded based on estimates. 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 or estimated net realizable value. As of July 31, 2018 and April 30, 2018, the Company recorded a reserve for obsolete or slow-moving inventories of $0 and $235,258, respectively.&nbsp; As of July 31, 2018 and April 30, 2018, the Company wrote down inventories of $0 and $235,258, respectively.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>PROPERTY AND EQUIPMENT</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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 three 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 (&quot;ASC&quot;), 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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>LONG-LIVED ASSETS</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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 loss on disposition of property and equipment of $0 and $303,377 at July 31, 2018 and April 30, 2018, respectively.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>FAIR VALUE OF FINANCIAL INSTRUMENTS</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>ASC&nbsp;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:</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="6%" valign="top" style='width:6.32%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Level&nbsp;1:</p> </td> <td width="93%" valign="top" style='width:93.68%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Observable inputs such as quoted market prices in active markets for identical assets or liabilities</p> </td> </tr> <tr align="left"> <td width="6%" valign="top" style='width:6.32%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Level&nbsp;2:</p> </td> <td width="93%" valign="top" style='width:93.68%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Observable market-based inputs or unobservable inputs that are corroborated by market data</p> </td> </tr> <tr align="left"> <td width="6%" valign="top" style='width:6.32%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Level&nbsp;3:</p> </td> <td width="93%" valign="top" style='width:93.68%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Unobservable inputs for which there is little or no market data, which require the use of the reporting entity's own assumptions.</p> </td> </tr> </table> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:.5in'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.&nbsp;&nbsp;</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>TAXES PAYABLE</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>We are required to charge for and to collect value added taxes (VAT) on our sales on behalf of the PRC tax authority. We&nbsp;record VAT that we billed our&nbsp;customers&nbsp;as&nbsp;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.&nbsp;Accordingly, these VAT payable and receivable are&nbsp;presented as net amounts&nbsp;for financial statement purposes. Taxes payable as of July 31, 2018 and April 30, 2018 amounted to $91,519 and $199,644, respectively, consisted primarily of VAT taxes.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>REVENUE RECOGNITION</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:35.45pt'>Pursuant to the guidance of ASC Topic 606, we record revenue when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin-top:0in;margin-right:.2pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt'><b>GRANT INCOME</b></p> <p style='margin-right:0in;margin-left:0in;margin-top:0in;margin-right:.2pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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 designated for.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>INCOME TAXES</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>The Company has adopted Accounting Standards Codification subtopic 740-10, <i>Income Taxes</i> (&quot;ASC 740-10&quot;) 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.&nbsp;&nbsp;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.&nbsp;&nbsp;Valuation allowances are recorded to reduce the deferred tax assets to an amount that&nbsp;it is&nbsp;more likely than not be realized.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>We apply the provisions of ASC 740-10-50, &quot;Accounting for Uncertainty in Income Taxes&quot;, 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 July 31, 2018, the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>BASIC AND DILUTED EARNINGS PER SHARE</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>Pursuant to ASC Section 260-10-45, basic loss per common share is computed by dividing loss available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted 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&nbsp;of common stock that would then share in the income of ours, subject to anti-dilution limitations. The following table presents a reconciliation of basic and diluted net income per common share:</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="98%" style='width:98.02%'> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>For Three Months Ended July 31,</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>2018</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>2017</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>Numerator:</b></p> </td> <td width="15%" valign="bottom" style='width:15.3%;padding:0'></td> <td valign="bottom" style='padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Net loss attributable to Sunwin Stevia International, Inc.</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; (1,190,337)</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'> $&#160;&#160;&#160;&#160;&#160; (1,107,428)</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Numerator for basic EPS, loss applicable to common stock holders</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; (1,190,337)</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'> $&#160;&#160;&#160;&#160;&#160; (1,107,428)</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>Denominator:</b></p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Denominator for basic earnings per share - weighted average number of common shares outstanding</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 199,632,803&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160; 199,632,803&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;Stock awards, options, and warrants</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Denominator for diluted earnings per share - weighted average outstanding average number of common shares outstanding</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 199,632,803&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160; 199,632,803&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>Basic and diluted loss per common share:</b></p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loss per share - basic and diluted</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (0.01)</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'> $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (0.01)</p> </td> </tr> </table> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b><i>FOREIGN CURRENCY TRANSLATION</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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 (&quot;RMB&quot;).&nbsp;&nbsp;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.&nbsp;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.&nbsp;&nbsp;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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>RMB is not a fully convertible currency.&nbsp;All foreign exchange transactions involving RMB must take place either through the People's Bank of China (the &quot;PBOC&quot;) or other institutions authorized to buy and sell foreign exchange.&nbsp;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.&nbsp;Translation of amounts from RMB into United States dollars (&quot;$&quot;) was made at the following exchange rates for the respective periods:</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="50%" valign="top" style='width:50.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;background:#CCEEFF'>As of July 31, 2018</p> </td> <td width="50%" valign="top" style='width:50.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;background:#CCEEFF'>RMB 6.83 to $1.00</p> </td> </tr> <tr align="left"> <td width="50%" valign="top" style='width:50.0%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>As of April 30, 2018</p> </td> <td width="50%" valign="top" style='width:50.0%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;background:white'>RMB 6.33 to $1.00</p> </td> </tr> <tr align="left"> <td width="50%" valign="top" style='width:50.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;background:#CCEEFF'>&nbsp;</p> </td> <td width="50%" valign="top" style='width:50.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;background:#CCEEFF'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="50%" valign="top" style='width:50.0%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>Three months ended July 31, 2018</p> </td> <td width="50%" valign="top" style='width:50.0%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;background:white'>RMB 6.52 to $1.00</p> </td> </tr> <tr align="left"> <td width="50%" valign="top" style='width:50.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;background:#CCEEFF'>Three months ended July 31, 2017</p> </td> <td width="50%" valign="top" style='width:50.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;background:#CCEEFF'>RMB 6.82 to $1.00</p> </td> </tr> </table> </div> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b><i>COMPREHENSIVE LOSS</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive&nbsp;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&nbsp;loss for the three months ended July 31, 2018 and 2017 included net loss&nbsp;and unrealized gains (losses) from foreign currency translation adjustments.&nbsp;</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>CONCENTRATIONS OF CREDIT RISK</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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. As of July&nbsp;31, 2018, we had $157,696 of cash balance held in PRC banks, which is not insured. We have not experienced any losses in such accounts through July 31, 2018.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>STOCK BASED COMPENSATION</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC 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.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>RESEARCH AND DEVELOPMENT</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>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 $232,946 and $186,326 for the three months ended July 31, 2018 and 2017, respectively.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>SHIPPING COSTS</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>Shipping costs are included in selling expenses and totaled $74,734 and $68,559 for the three months ended July 31, 2018 and 2017, respectively.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>RECLASSIFICATIONS</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings and financial position.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>SEGMENT REPORTING</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>The Company uses the &quot;management approach&quot; in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company's reportable segments. The Company's chief operating decision maker has been identified as the chief executive officer of the Company who reviews financial information of separate operating segments based on U.S. GAAP. The chief operating decision maker now reviews results analyzed by customer. This analysis is only presented at the revenue level with no allocation of direct or indirect costs. Consequently, the Company has determined that it has only one operating segment.</p> <!--egx--><p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b><i>RECENT ACCOUNTING PRONOUNCEMENTS</i></b></p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:35.45pt'>In May 2014, the FASB issued ASU 2014-09, &quot;<i>Revenue from contracts with Customers (Topic 606)</i>&quot;. Under ASU 2014-09, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). The Company adopted this standard effective May 1, 2018 by using the full retrospective method to restate prior reporting period presented. The Company has identified its revenue streams and assessed each for the impacts. The Company completed its analysis and concluded that the adoption of Topic 606 did not have a material impact in the timing or amount of revenue recognized, including the presentation of revenues in the Company's consolidated statements of income and comprehensive loss.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>In February 2018, the FASB issued ASU 2018-02, &quot;Income Statement&#151;Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income&quot;. These amendments provide financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of ASU 2018-02 is permitted, including adoption in any interim period for the public business entities for reporting periods for which financial statements have not yet been issued. The amendments in this ASU should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company is currently evaluating the impact of the adoption of ASU No. 2018-02 on its consolidated financial statements.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>In March 2018, the FASB issued ASU 2018-05, &quot;Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118&quot;. The amendments in this ASU add SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No. 118, which expresses the view of the staff regarding application of Topic 740, Income Taxes, in the reporting period that includes December 22, 2017 - the date on which the Tax Cuts and Jobs Act was signed into law. The amendments are effective upon addition to the FASB Accounting Standards Codification. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies.&nbsp;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.</p> <!--egx-->&nbsp; <table border="0" cellspacing="0" cellpadding="0" width="98%" style='width:98.02%'> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>For Three Months Ended July 31,</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>2018</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>2017</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>Numerator:</b></p> </td> <td width="15%" valign="bottom" style='width:15.3%;padding:0'></td> <td valign="bottom" style='padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Net loss attributable to Sunwin Stevia International, Inc.</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; (1,190,337)</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'> $&#160;&#160;&#160;&#160;&#160; (1,107,428)</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Numerator for basic EPS, loss applicable to common stock holders</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; (1,190,337)</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'> $&#160;&#160;&#160;&#160;&#160; (1,107,428)</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>Denominator:</b></p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Denominator for basic earnings per share - weighted average number of common shares outstanding</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 199,632,803&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160; 199,632,803&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;Stock awards, options, and warrants</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Denominator for diluted earnings per share - weighted average outstanding average number of common shares outstanding</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 199,632,803&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160; 199,632,803&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>Basic and diluted loss per common share:</b></p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loss per share - basic and diluted</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (0.01)</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'> $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (0.01)</p> </td> </tr> </table> <!--egx-->&nbsp; <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="50%" valign="top" style='width:50.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;background:#CCEEFF'>As of July 31, 2018</p> </td> <td width="50%" valign="top" style='width:50.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;background:#CCEEFF'>RMB 6.83 to $1.00</p> </td> </tr> <tr align="left"> <td width="50%" valign="top" style='width:50.0%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>As of April 30, 2018</p> </td> <td width="50%" valign="top" style='width:50.0%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;background:white'>RMB 6.33 to $1.00</p> </td> </tr> <tr align="left"> <td width="50%" valign="top" style='width:50.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;background:#CCEEFF'>&nbsp;</p> </td> <td width="50%" valign="top" style='width:50.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;background:#CCEEFF'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="50%" valign="top" style='width:50.0%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>Three months ended July 31, 2018</p> </td> <td width="50%" valign="top" style='width:50.0%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;background:white'>RMB 6.52 to $1.00</p> </td> </tr> <tr align="left"> <td width="50%" valign="top" style='width:50.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify;background:#CCEEFF'>Three months ended July 31, 2017</p> </td> <td width="50%" valign="top" style='width:50.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;background:#CCEEFF'>RMB 6.82 to $1.00</p> </td> </tr> </table> </div> <!--egx-->&nbsp;&nbsp;&nbsp; <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="76%" style='width:76.96%'> <tr align="left"> <td width="66%" valign="bottom" style='width:66.42%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>July 31, 2018</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>(unaudited)</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>April 30, 2018</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.42%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Raw materials</p> </td> <td width="16%" valign="bottom" style='width:16.98%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160; 8,525,977</p> </td> <td width="16%" valign="bottom" style='width:16.6%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160; 8,803,685</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.42%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Work in process</p> </td> <td width="16%" valign="bottom" style='width:16.98%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,127,430</p> </td> <td width="16%" valign="bottom" style='width:16.6%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,357,484</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.42%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Finished goods</p> </td> <td width="16%" valign="bottom" style='width:16.98%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,692,161</p> </td> <td width="16%" valign="bottom" style='width:16.6%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,403,402</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.42%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Inventories, gross</p> </td> <td width="16%" valign="bottom" style='width:16.98%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160; 12,345,568</p> </td> <td width="16%" valign="bottom" style='width:16.6%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160; 12,564,571</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.42%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Less: reserve for obsolete inventory</p> </td> <td width="16%" valign="bottom" style='width:16.98%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> <td width="16%" valign="bottom" style='width:16.6%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.42%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Inventories, net</p> </td> <td width="16%" valign="bottom" style='width:16.98%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160; 12,345,568</p> </td> <td width="16%" valign="bottom" style='width:16.6%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160; 12,564,571</p> </td> </tr> </table> </div> <!--egx--><table border="0" cellspacing="0" cellpadding="0" width="96%" style='width:96.02%'> <tr align="left"> <td valign="bottom" style='padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>(Estimated Life&nbsp;)</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>July 31, 2018</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>(unaudited)</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>April 30, 2018</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Office equipment (3-10 Years)</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 97,617&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 75,821&nbsp;</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Auto and trucks (2-10 Years)</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 617,426&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 660,926&nbsp;</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Manufacturing equipment (2-20 Years)</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,281,058&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,638,206&nbsp;</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Buildings (5-20 Years)</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 8,532,256&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9,224,911&nbsp;</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Construction in process</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,442,921&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 661,111&nbsp;</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Gross Property and Equipment</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160; 15,971,278&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160; 16,260,975&nbsp;</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Less: accumulated depreciation</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160; (6,972,825)</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160; (7,208,089)</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Property and equipment, net</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160; 8,998,453&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160; 9,052,886&nbsp;</p> </td> </tr> </table> <!--egx-->&nbsp; <table border="0" cellspacing="0" cellpadding="0" width="96%" style='width:96.64%'> <tr align="left"> <td width="72%" valign="bottom" style='width:72.38%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>(Estimated Life)</p> </td> <td width="14%" colspan="2" valign="bottom" style='width:14.66%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>July 31, 2018</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>(unaudited)</p> </td> <td width="12%" valign="bottom" style='width:12.94%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>April 30, 2018</p> </td> </tr> <tr align="left"> <td width="72%" colspan="2" valign="bottom" style='width:72.52%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Land use right (45&nbsp;Years)</p> </td> <td width="14%" valign="bottom" style='width:14.54%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 2,324,881&nbsp;</p> </td> <td width="12%" valign="bottom" style='width:12.94%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160; 2,507,726&nbsp;</p> </td> </tr> <tr align="left"> <td width="72%" colspan="2" valign="bottom" style='width:72.52%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Less: accumulated amortization</p> </td> <td width="14%" valign="bottom" style='width:14.54%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (516,897)</p> </td> <td width="12%" valign="bottom" style='width:12.94%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (543,120)</p> </td> </tr> <tr align="left"> <td width="72%" colspan="2" valign="bottom" style='width:72.52%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Land use right, net</p> </td> <td width="14%" valign="bottom" style='width:14.54%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 1,807,984&nbsp;</p> </td> <td width="12%" valign="bottom" style='width:12.94%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160; 1,964,606&nbsp;</p> </td> </tr> <tr align="left"> <td width="523" style='border:none'></td> <td width="1" style='border:none'></td> <td width="105" style='border:none'></td> <td width="94" style='border:none'></td> </tr> </table> <!--egx-->&nbsp; <table border="0" cellspacing="0" cellpadding="0" width="92%" style='width:92.08%'> <tr align="left"> <td width="43%" valign="bottom" style='width:43.46%;padding:0'> <p align="right" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Shandong Shengwang Pharmaceutical</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Co., Ltd.</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Qufu</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Shengwang</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Import and Export Co., Ltd.</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Mr. Wedong Chai</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Total</p> </td> </tr> <tr align="left"> <td width="43%" valign="bottom" style='width:43.46%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Balance due to related parties, April 30, 2018</p> </td> <td width="14%" valign="bottom" style='width:14.18%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160; 2,280,266&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; 103,169&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; 175,781&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160; 2,559,216&nbsp;</p> </td> </tr> <tr align="left"> <td width="43%" valign="bottom" style='width:43.46%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Working capital advances from related parties</p> </td> <td width="14%" valign="bottom" style='width:14.18%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,086,604&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 230,051&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3,929&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,320,584&nbsp;</p> </td> </tr> <tr align="left"> <td width="43%" valign="bottom" style='width:43.46%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Repayments</p> </td> <td width="14%" valign="bottom" style='width:14.18%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1,136,356)</p> </td> <td width="14%" valign="bottom" style='width:14.12%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (7,668)</p> </td> <td width="14%" valign="bottom" style='width:14.12%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1,144,025)</p> </td> </tr> <tr align="left"> <td width="43%" valign="bottom" style='width:43.46%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Effect of foreign currency exchange</p> </td> <td width="14%" valign="bottom" style='width:14.18%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (136,341)</p> </td> <td width="14%" valign="bottom" style='width:14.12%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (7,053)</p> </td> <td width="14%" valign="bottom" style='width:14.12%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (12,849)</p> </td> <td width="14%" valign="bottom" style='width:14.12%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (156,243)</p> </td> </tr> <tr align="left"> <td width="43%" valign="bottom" style='width:43.46%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Balance due to related parties, July 31, 2018</p> </td> <td width="14%" valign="bottom" style='width:14.18%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160; 2,094,173&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; 318,498&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; 166,861&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.12%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160; 2,579,532&nbsp;</p> </td> </tr> </table> <!--egx--><div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="76%" style='width:76.98%'> <tr align="left"> <td width="66%" valign="bottom" style='width:66.52%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>Account</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>July 31,</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>2018</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>(unaudited)</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>April 30,</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>2018</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.52%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>Accounts payable</p> </td> <td width="16%" valign="bottom" style='width:16.76%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160; 6,427,065</p> </td> <td width="16%" valign="bottom" style='width:16.72%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160; 9,169,871</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.52%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>Advanced from customers</p> </td> <td width="16%" valign="bottom" style='width:16.76%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 405,598</p> </td> <td width="16%" valign="bottom" style='width:16.72%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 44,488</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.52%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>Accrued salary payable</p> </td> <td width="16%" valign="bottom" style='width:16.76%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 302,609</p> </td> <td width="16%" valign="bottom" style='width:16.72%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 169,321</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.52%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>Tax payable</p> </td> <td width="16%" valign="bottom" style='width:16.76%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 91,519</p> </td> <td width="16%" valign="bottom" style='width:16.72%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 199,644</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.52%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>Deferred revenue</p> </td> <td width="16%" valign="bottom" style='width:16.76%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 37,111</p> </td> <td width="16%" valign="bottom" style='width:16.72%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 39,994</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.52%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'>Other payable*</p> </td> <td width="16%" valign="bottom" style='width:16.76%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,053,412</p> </td> <td width="16%" valign="bottom" style='width:16.72%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,036,686</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.52%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:justify'><b>Total accounts payable and accrued expenses</b></p> </td> <td width="16%" valign="bottom" style='width:16.76%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160; 9,317,314</b></p> </td> <td width="16%" valign="bottom" style='width:16.72%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160; 11,660,004</b></p> </td> </tr> </table> </div> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><table border="0" cellspacing="0" cellpadding="0" width="96%" style='width:96.0%'> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>July 31, 2018</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>(Unaudited)</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>April 30, 2018</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0'></td> <td valign="bottom" style='padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Min Wu, an employee of Qufu Shengren, due on October 5, 2018, with an annual interest rate of 10% at October 6, 2017.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 32,202</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 34,704</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Jianjun Yan, non-related individual, due on October 6, 2018, with an annual interest rate of 10% at October 7, 2017.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,289,382</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,389,531</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Jianjun Yan, non-related individual, due on March 31, 2019, with annual interest rate of 4%, renewed at April 1, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,147,575</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,236,710</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loans from Jianjun Yan, non-related individual, due on demand, with free interest at January 27, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 190,287</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 457,457</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Junzhen Zhang, non-related individual, due&nbsp;on October 5, 2018, with an annual interest rate of 10% at October 6, 2017.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 23,420</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 25,239</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Jian Chen, non-related individual, due&nbsp;on January 26, 2019 and April 10, 2019, bearing an annual interest rate of 10%, with the principle amount of RMB770,000 ($112,708) and RMB330,000 ($48,304) at January 27, 2018 and April 11, 2018, respectively.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 161,012</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 173,518</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Qing Kong, non-related individual, due&nbsp;on March 6, 2019, with an annual interest rate of 10% at March 7, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 70,845</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 76,348</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Qing Kong, non-related individual, due&nbsp;on January 8, 2019, with an annual interest rate of 10% at January 9, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 29,275</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 31,549</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Guihai Chen, non-related individual, due&nbsp;on March 10, 2019, with an annual interest rate of 10% at March 11, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 17,565</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 18,929</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Guihai Chen, non-related individual, due&nbsp;on September 20, 2018, with an annual interest rate of 10% at September 21, 2017.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 29,275</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 31,549</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan Weifeng Kong, non-related individual, due on November 28, 2018, with an annual interest rate of 10% at November 29, 2017.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 29,275</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 31,549</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan Shidong Wang, non-related individual, due on March 7, 2019, with an annual interest rate of 4% at March 8, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,522,292</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,640,534</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Xuxu Gu, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,463,743</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,577,436</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan from Dadong Mei, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,463,743</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,577,436</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>Total</b></p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160; 7,469,891</b></p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160; 8,302,489</b></p> </td> </tr> </table> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><table border="0" cellspacing="0" cellpadding="0" width="96%" style='width:96.0%'> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>July 31, 2018</p> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>(Unaudited)</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>April 30, 2018</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan Xuxu Gu, non-related individual, due on September 27, 2019, with an annual interest rate of 4% at September 28, 2017.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160; 1,566,205</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160; 1,687,857</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan Xuxu Gu, non-related individual, due on July 13, 2020, with an annual interest rate of 4% at July 14, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 424,485</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan Mingbang Ma, non-related individual, due on May 22, 2020, with an annual interest rate of 4% at May 23, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 292,749</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan Weiwei Lian, non-related individual, due on May 29, 2020, with an annual interest rate of 4% at May 30, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,463,743</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan Guanghua Xia, non-related individual, due on June 8, 2020, with an annual interest rate of 4% at June 9, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,317,369</p> </td> <td width="13%" valign="bottom" style='width:13.56%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Loan Yuehu Zhou, non-related individual, due on June 12, 2020, with an annual interest rate of 4% at June 13, 2018.</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,317,369</p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="72%" valign="bottom" style='width:72.88%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>Total:</b></p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160; 6,381,920</b></p> </td> <td width="13%" valign="bottom" style='width:13.56%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160; 1,687,857</b></p> </td> </tr> </table> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><table border="0" cellspacing="0" cellpadding="0" width="98%" style='width:98.02%'> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Three Months Ended July 31,</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.3%;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>2018&nbsp;</p> </td> <td valign="bottom" style='padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>2017</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Revenues:</p> </td> <td width="15%" valign="bottom" style='width:15.3%;padding:0'></td> <td valign="bottom" style='padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Chinese medicine - third party</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 832,799&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 681,266&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Chinese medicine - related party</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3,367&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Total Chinese medicine</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 836,166&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 681,266&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Stevioside - third party</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3,597,580&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,994,500&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Stevioside - related party</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,399,580&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 121,556&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Total Stevioside</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4,997,160&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3,116,056&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Total segment and consolidated revenues</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,833,326&nbsp;</b></p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160; $&#160;&#160;&#160;&#160; 3,797,322&nbsp;</b></p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Interest income (expense):</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Chinese medicine</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 380&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 163&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Stevioside</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (184,994)</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (117,462)</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Corporate and other</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Total segment and consolidated interest expense</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (184,614)</b></p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160; $&#160;&#160;&#160;&#160;&#160;&#160; (117,299)</b></p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Depreciation and amortization:</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Chinese medicine</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 41,381&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 67,782&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Stevioside</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 269,996&nbsp;</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 382,606&nbsp;</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Total segment and consolidated depreciation and amortization</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 311,377&nbsp;</b></p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 450,388&nbsp;</b></p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Income (loss) before income taxes:</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'></td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'></td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Chinese medicine</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (87,795)</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (75,716)</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Stevioside</p> </td> <td width="15%" valign="bottom" style='width:15.3%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (729,332)</p> </td> <td width="13%" valign="bottom" style='width:13.26%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (658,875)</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Corporate and other</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (373,210)</p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (372,837)</p> </td> </tr> <tr align="left"> <td width="71%" valign="bottom" style='width:71.44%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>Total consolidated loss before income taxes</p> </td> <td width="15%" valign="bottom" style='width:15.3%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; (1,190,337)</b></p> </td> <td width="13%" valign="bottom" style='width:13.26%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160; $&#160;&#160; (1,107,428)</b></p> </td> </tr> </table> <!--egx--><div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="77%" style='width:77.0%'> <tr align="left"> <td width="66%" valign="bottom" style='width:66.48%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>July 31, 2018</p> </td> <td valign="bottom" style='border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>April 30, 2018</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.48%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Segment property and equipment:</p> </td> <td valign="bottom" style='padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.48%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;&nbsp;Chinese medicine</p> </td> <td width="16%" valign="bottom" style='width:16.78%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160; 1,022,608</p> </td> <td width="16%" valign="bottom" style='width:16.74%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160; $&#160;&#160;&#160; 1,129,884</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.48%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;&nbsp;Stevioside</p> </td> <td width="16%" valign="bottom" style='width:16.78%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7,975,845</p> </td> <td width="16%" valign="bottom" style='width:16.74%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7,923,002</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.48%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;&nbsp;Corporate and other</p> </td> <td width="16%" valign="bottom" style='width:16.78%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> <td width="16%" valign="bottom" style='width:16.74%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="66%" valign="bottom" style='width:66.48%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;&nbsp;&nbsp;&nbsp;Total consolidated assets</p> </td> <td width="16%" valign="bottom" style='width:16.78%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160; 8,998,453</b></p> </td> <td width="16%" valign="bottom" style='width:16.74%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'><b>&#160;&#160; $&#160;&#160;&#160; 9,052,886</b></p> </td> </tr> </table> </div> <!--egx--><table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="40%" valign="bottom" style='width:40.0%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="60%" colspan="4" valign="bottom" style='width:60.0%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Net Sales</p> </td> </tr> <tr align="left"> <td width="40%" valign="bottom" style='width:40.0%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="30%" colspan="2" valign="bottom" style='width:30.06%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>For the three months ended July 31, 2018</p> </td> <td width="29%" colspan="2" valign="bottom" style='width:29.94%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>For the three months ended July 31, 2017</p> </td> </tr> <tr align="left"> <td width="40%" valign="bottom" style='width:40.0%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.96%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Chinese Medicine</p> </td> <td width="15%" valign="bottom" style='width:15.1%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Stevioside</p> </td> <td width="14%" valign="bottom" style='width:14.98%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Chinese Medicine</p> </td> <td width="14%" valign="bottom" style='width:14.96%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Stevioside</p> </td> </tr> <tr align="left"> <td width="40%" valign="bottom" style='width:40.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Qufu Shengwang Import and Export Trade Co., Ltd(1)</p> </td> <td width="14%" valign="bottom" style='width:14.96%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="15%" valign="bottom" style='width:15.1%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 24.0%</p> </td> <td width="14%" valign="bottom" style='width:14.98%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="14%" valign="bottom" style='width:14.96%;background:#CCEEFF;padding:0'> <p align="right" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:right'>*</p> </td> </tr> <tr align="left"> <td width="40%" valign="bottom" style='width:40.0%;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Shandong Yidatong Enterprises Co., Ltd</p> </td> <td width="14%" valign="bottom" style='width:14.96%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="15%" valign="bottom" style='width:15.1%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="14%" valign="bottom" style='width:14.98%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="14%" valign="bottom" style='width:14.96%;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 11.3%</p> </td> </tr> <tr align="left"> <td width="40%" valign="bottom" style='width:40.0%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Total</p> </td> <td width="14%" valign="bottom" style='width:14.96%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="15%" valign="bottom" style='width:15.1%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 24.0%</p> </td> <td width="14%" valign="bottom" style='width:14.98%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="14%" valign="bottom" style='width:14.96%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 11.3%</p> </td> </tr> </table> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><table border="0" cellspacing="0" cellpadding="0" width="99%" style='width:99.14%'> <tr align="left"> <td width="40%" valign="bottom" style='width:40.34%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="59%" colspan="4" valign="bottom" style='width:59.66%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Net Purchases</p> </td> </tr> <tr align="left"> <td width="40%" valign="bottom" style='width:40.34%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="30%" colspan="2" valign="bottom" style='width:30.28%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>For the three months ended July 31, 2018</p> </td> <td width="29%" colspan="2" valign="bottom" style='width:29.38%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>For the three months ended July 31, 2017</p> </td> </tr> <tr align="left"> <td width="40%" valign="bottom" style='width:40.34%;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.12%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Chinese Medicine</p> </td> <td width="15%" valign="bottom" style='width:15.16%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Stevioside</p> </td> <td width="15%" valign="bottom" style='width:15.12%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Chinese Medicine</p> </td> <td width="14%" valign="bottom" style='width:14.26%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt;text-align:center'>Stevioside</p> </td> </tr> <tr align="left"> <td width="40%" valign="bottom" style='width:40.34%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>Dongtai Jintudi Stevia Co., Ltd</p> </td> <td width="15%" valign="bottom" style='width:15.12%;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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-</p> </td> <td width="15%" valign="bottom" style='width:15.16%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 40.2%</p> </td> <td width="15%" valign="bottom" style='width:15.12%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="14%" valign="bottom" style='width:14.26%;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-right:0in;margin-left:0in;margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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NON-CASH INVESTING AND FINANCING ACTIVITIES Accounts receivable - related party {1} Accounts receivable - related party Total Liabilities Total Liabilities Depreciation and amortization - Chinese Medicines Represents the monetary amount of Depreciation and amortization - Chinese Medicines, during the indicated time period. Interest expense related to loans Represents the monetary amount of Interest expense related to loans, during the indicated time period. Loan from Qing Kong B Represents the monetary amount of Loan from Qing Kong B, as of the indicated date. General and administrative expenses {1} General and administrative expenses Represents the monetary amount of General and administrative expenses, during the indicated time period. Tables/Schedules Reclassifications Income Taxes Note 12 - Subsequent Events Note 6 - Related Party Transactions LIABILITIES AND STOCKHOLDERS' EQUITY Trading Symbol Segment assets- Chinese Medicines Represents the monetary amount of Segment assets- Chinese Medicines, as of the indicated date. Interest income - Stevioside Represents the monetary amount of Interest income - Stevioside, during the indicated time period. Loan from Xuxu Gu 0919 Represents the monetary amount of Loan from Xuxu Gu 0919, as of the indicated date. Other miscellaneous payables Represents the monetary amount of Other miscellaneous payables, as of the indicated date. Taxes Payable, Current Effect of foreign currency exchange - Weidong Chai Represents the monetary amount of Effect of foreign currency exchange - Weidong Chai, as of the indicated date. Due to Weidong Chai Represents the monetary amount of Due to Weidong Chai, as of the indicated date. Revenue - related party Qufu Shengwang Represents the monetary amount of Revenue - related party Qufu Shengwang, during the indicated time period. Reserve for obsolete inventory Represents the monetary amount of Reserve for obsolete inventory, as of the indicated date. Shipping, Handling and Transportation Costs Comprehensive Loss Policies SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: Proceeds from loans CASH FLOWS FROM FINANCING ACTIVITIES: Stock issued for employees' compensation Statement of Cash Flow Comprehensive loss Interest expense Research and development expenses CURRENT ASSETS: Entity Public Float Loss before taxes and noncontrolling interest - Chinese Medicines Represents the monetary amount of Loss before taxes and noncontrolling interest - Chinese Medicines, during the indicated time period. Net revenues - Chinese medicine - related party Represents the monetary amount of Net revenues - Chinese medicine - related party, during the indicated time period. Loan from Guihai Chen0318 Represents the monetary amount of Loan from Guihai Chen0318, as of the indicated date. Due to Pharmaceutical Corporation Represents the monetary amount of Due to Pharmaceutical Corporation, as of the indicated date. Accumulated amortization of Land Use Rights Represents the monetary amount of Accumulated amortization of Land Use Rights, as of the indicated date. Inventory, Raw Materials, Gross Net loss attributable to Sunwin Stevia International, Inc. Represents the monetary amount of Net loss attributable to Sunwin Stevia International, Inc., during the indicated time period. Reserve for obsolete or slow-moving inventories Represents the monetary amount of Reserve for obsolete or slow-moving inventories, as of the indicated date. Schedule of Earnings Per Share, Basic and Diluted Note 11 - Concentrations and Credit Risk Note 10 - Segment Information Cash paid for income taxes NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Amortization of intangible assets Selling expenses Document Fiscal Period Focus Segment assets-Total consolidated assets Represents the monetary amount of Segment assets-Total consolidated assets, as of the indicated date. Loan from Weiwei Lian Represents the monetary amount of Loan from Weiwei Lian, as of the indicated date. Loan from Jianjun Yan at 4% B Represents the monetary amount of Loan from Jianjun Yan at 4% B, as of the indicated date. Working capital advances from related parties - Qufu Represents the monetary amount of Working capital advances from related parties - Qufu, as of the indicated date. Buildings and Improvements, Gross Auto and Trucks Represents the monetary amount of Auto and Trucks, as of the indicated date. NET CHANGE IN CASH NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES Accounts payable and accrued expenses {1} Accounts payable and accrued expenses Inventories Net loss Interest expense - related party Total Current Liabilities Total Current Liabilities Total Assets Total Assets Accounts receivable - related party Entity Voluntary Filers Loss before taxes and noncontrolling interest - Stevioside Represents the monetary amount of Loss before taxes and noncontrolling interest - Stevioside, during the indicated time period. Net revenues - Chinese medicine - Total Represents the monetary amount of Net revenues - Chinese medicine - Total, during the indicated time period. Loan from Dadong Mei Represents the monetary amount of Loan from Dadong Mei, as of the indicated date. Accrued salary payable Represents the monetary amount of Accrued salary payable, as of the indicated date. Office Equipment Represents the monetary amount of Office Equipment, as of the indicated date. Weighted Average Number of Shares Issued, Basic Qufu Natural Green purchased the 40% equity interest in Qufu Shengwang Represents the monetary amount of Qufu Natural Green purchased the 40% equity interest in Qufu Shengwang, as of the indicated date. Research and Development Cost of revenues Property and equipment, net Accounts receivable, net of allowance for doubtful accounts of $178,037 and $191,865, respectively Statement of Financial Position Depreciation and amortization - Total segment and consolidated depreciation and amortization Represents the monetary amount of Depreciation and amortization - Total segment and consolidated depreciation and amortization, during the indicated time period. Total Long Term Loan Payable Represents the monetary amount of Total Long Term Loan Payable, as of the indicated date. Loan from Jian Chen Represents the monetary amount of Loan from Jian Chen, as of the indicated date. Union and education fees payable Represents the monetary amount of Union and education fees payable, as of the indicated date. Accounts Payable, Other, Current Customer Advances, Current Working capital advances from related parties Represents the monetary amount of Working capital advances from related parties, as of the indicated date. Repaid to related parties for working capital Represents the monetary amount of Repaid to related parties for working capital, during the indicated time period. Amortization expense - Land use rights Represents the monetary amount of Amortization expense - Land use rights, during the indicated time period. Land use right, gross Represents the monetary amount of Land use right, gross, as of the indicated date. Total Depreciation Expense Represents the monetary amount of Total Depreciation Expense, during the indicated time period. Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Cash and cash equivalents held in PRC Represents the monetary amount of Cash and cash equivalents held in PRC, as of the indicated date. Accounts Receivable Cash Cash Cash NET CASH USED IN FINANCING ACTIVITIES Repayment of short term loans Allowance for doubtful accounts Weighted average common shares outstanding - basic and diluted Interest income - Chinese Medicines Represents the monetary amount of Interest income - Chinese Medicines, during the indicated time period. Total Short Term Loan Payable Represents the monetary amount of Total Short Term Loan Payable, as of the indicated date. Repayments from related parties - Qufu Represents the monetary amount of Repayments from related parties - Qufu, as of the indicated date. Short-term loan payable Table Represents the textual narrative disclosure of Short-term loan payable Table, during the indicated time period. FOREIGN EXCHANGE RATE Table Represents the textual narrative disclosure of FOREIGN EXCHANGE RATE Table, during the indicated time period. Fair Value of Financial Instruments Note 8 - Accounts Payable and Accrued Expenses Notes Short-term Loan CURRENT LIABILITIES: Total Current Assets Total Current Assets Entity Registrant Name Document and Entity Information: Depreciation and amortization - Stevioside Represents the monetary amount of Depreciation and amortization - Stevioside, during the indicated time period. Loan from Guihai Chen0918 Represents the monetary amount of Loan from Guihai Chen0918, as of the indicated date. Accounts Payable Working capital advances from related parties - Weidong Chai Represents the monetary amount of Working capital advances from related parties - Weidong Chai, as of the indicated date. Due to Qufu Shengwang Represents the monetary amount of Due to Qufu Shengwang, as of the indicated date. Cost of revenues {1} Cost of revenues Represents the monetary amount of Cost of revenues, during the indicated time period. Inventory, Gross Allowance for Doubtful Accounts Receivable {1} Allowance for Doubtful Accounts Receivable Represents the monetary amount of Allowance for Doubtful Accounts Receivable, as of the indicated date. Details Schedule of Segment Reporting Information, by Segment Schedule of Accounts Payable and Accrued Liabilities Schedule of Related Party Transactions Stock Based Compensation Foreign Currency Translation Taxes Payable {1} Taxes Payable Note 4 - Property and Equipment Cash paid for interest Purchases of property and equipment Net loss per common share: Loss before income taxes Revenues {1} Revenues Accumulated other comprehensive income Preferred stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding ASSETS Current Fiscal Year End Date Segment assets-Corporate and other Represents the monetary amount of Segment assets-Corporate and other, as of the indicated date. Net revenues - Total segment and consolidated revenues Represents the monetary amount of Net revenues - Total segment and consolidated revenues, during the indicated time period. Loan from Mingbang Ma Represents the monetary amount of Loan from Mingbang Ma, as of the indicated date. Loan from Jianjun Yan at 10% A Represents the monetary amount of Loan from Jianjun Yan at 10% A, as of the indicated date. Effect of foreign currency exchange Represents the monetary amount of Effect of foreign currency exchange, as of the indicated date. Weighted Average Number of Shares Outstanding, Diluted Concentrations of Credit Risk Note 3 - Inventories Depreciation expense Net Loss per share-basic and diluted Operating expenses: Total revenues Due to related party Accounts payable and accrued expenses Entity Current Reporting Status Income (loss) before income taxes - Total segment and consolidated depreciation and amortization Represents the monetary amount of Income (loss) before income taxes - Total segment and consolidated depreciation and amortization, during the indicated time period. Net revenues - Stevioside - third party Represents the monetary amount of Net revenues - Stevioside - third party, during the indicated time period. Loan from Shidong Wang Represents the monetary amount of Loan from Shidong Wang, as of the indicated date. Interest payables for short-term loans Represents the monetary amount of Interest payables for short-term loans, as of the indicated date. Repayments from related parties Represents the monetary amount of Repayments from related parties, as of the indicated date. VAT payable Represents the monetary amount of VAT payable, as of the indicated date. Qufu Natural Green acquired a 60% interest in Qufu Shengwang Represents the monetary amount of Qufu Natural Green acquired a 60% interest in Qufu Shengwang, as of the indicated date. Basic and Diluted Earnings Per Share Long-lived Assets Property and Equipment Inventories {1} Inventories Note 7 - Prepaid Expenses and Other Current Assets Property and equipments acquired on credit as payable Represents the monetary amount of Property and equipments acquired on credit as payable, during the indicated time period. Taxes payable Foreign currency translation adjustment Provision for income taxes Interest income Cost of revenues - related party Represents the monetary amount of Cost of revenues - related party, during the indicated time period. Accumulated deficit Additional paid-in capital Interest income - Total segment and consolidated interest expense Represents the monetary amount of Interest income - Total segment and consolidated interest expense, during the indicated time period. Loan from Yuehu Zhou Represents the monetary amount of Loan from Yuehu Zhou, as of the indicated date. Loan from Junzhen Zhang Represents the monetary amount of Loan from Junzhen Zhang, as of the indicated date. Business related employees' advances Represents the monetary amount of Business related employees' advances, as of the indicated date. Advances from related parties for working capital Represents the monetary amount of Advances from related parties for working capital, during the indicated time period. Three month Vendor Concentrations Table Represents the textual narrative disclosure of Three month Vendor Concentrations Table, during the indicated time period. Schedule of Inventory, Current Cash and Cash Equivalents Note 9 -loan Payable Note 5 - Land Use Rights Repayment of related party advances Prepaid expenses and other current assets {1} Prepaid expenses and other current assets Total Comprehensive loss Total operating expenses, net General and administrative expenses Net revenues - Stevioside - Total Represents the monetary amount of Net revenues - Stevioside - Total, during the indicated time period. General liability, worker's compensation, and medical insurance payable Represents the monetary amount of General liability, worker's compensation, and medical insurance payable, as of the indicated date. Effect of foreign currency exchange - Shangdong Represents the monetary amount of Effect of foreign currency exchange - Shangdong, as of the indicated date. Working capital advances from related parties - Shangdong Represents the monetary amount of Working capital advances from related parties - Shangdong, as of the indicated date. Average exchange rates Represents the Average exchange rates, during the indicated time period. Long-term loan payable Table Represents the textual narrative disclosure of Long-term loan payable Table, during the indicated time period. Recent Accounting Pronouncements Grant Income Represents the textual narrative disclosure of Grant Income, during the indicated time period. Note 1 - Organization and Operations CASH FLOWS FROM OPERATING ACTIVITIES: Loss from operations STOCKHOLDERS' EQUITY: Entity Central Index Key Document Period End Date Document Type Loan from Qing Kong A Represents the monetary amount of Loan from Qing Kong A, as of the indicated date. Deferred Revenue Prepayment for employees' stock-based compensation Represents the monetary amount of Prepayment for employees' stock-based compensation, as of the indicated date. Prepaid expenses and other current assets {2} Prepaid expenses and other current assets Represents the monetary amount of Prepaid expenses and other current assets, as of the indicated date. Interest expense related to due to related parties Represents the monetary amount of Interest expense related to due to related parties, during the indicated time period. Cash and cash equivalents held in USA Represents the monetary amount of Cash and cash equivalents held in USA, as of the indicated date. Segment assets Table Represents the textual narrative disclosure of Segment assets Table, during the indicated time period. Land use right Table Represents the textual narrative disclosure of Land use right Table, during the indicated time period. Segment Reporting Revenue Recognition Use of Estimates Gross profit Total cost of revenues Common stock, $0.001 par value, 200,000,000 shares authorized; 199,632,803 and 199,632,803 shares issued and outstanding as of July 31, 2018 and April 30, 2018, respectively Inventories, net Amendment Flag Segment assets-Stevioside Represents the monetary amount of Segment assets-Stevioside, as of the indicated date. Loan from Xuxu Gu 0720 Represents the monetary amount of Loan from Xuxu Gu 0720, as of the indicated date. Loan from Min Wu at 10% Represents the monetary amount of Loan from Min Wu at 10%, as of the indicated date. Consulting fee payable Represents the monetary amount of Consulting fee payable, as of the indicated date. Cost of revenue - related party Qufu Shengwang Represents the monetary amount of Cost of revenue - related party Qufu Shengwang, during the indicated time period. Machinery and Equipment, Gross Inventory, Work in Process, Gross Foreign Currency Exchange Rate, Translation Shipping Costs CASH FLOWS FROM INVESTING ACTIVITIES: Accounts receivable and notes receivable Amortization of land use right Revenues: Income Statement Total Liabilities and Stockholders' Equity Total Liabilities and Stockholders' Equity Long-term loans Cash and cash equivalents Entity Filer Category Loss before taxes and noncontrolling interest - Corporate and other Represents the monetary amount of Loss before taxes and noncontrolling interest - Corporate and other, during the indicated time period. Net revenues - Chinese Medicines Represents the monetary amount of Net revenues - Chinese Medicines, during the indicated time period. Loan from Weifeng Kong Represents the monetary amount of Loan from Weifeng Kong, as of the indicated date. Repayments from related parties - Weidong Chai Represents the monetary amount of Repayments from related parties - Weidong Chai, as of the indicated date. Accounts receivable - related party Qufu Shengwang Represents the monetary amount of Accounts receivable - related party Qufu Shengwang, as of the indicated date. LandUseRight Represents the monetary amount of LandUseRight, as of the indicated date. Property, Plant and Equipment, Gross Construction in Progress, Gross Research and Development Expense {1} Research and Development Expense Loss on disposition of property and equipment Represents the monetary amount of Loss on disposition of property and equipment, as of the indicated date. Property and equipment Table Represents the textual narrative disclosure of Property and equipment Table, during the indicated time period. EFFECT OF EXCHANGE RATE ON CASH Adjustments to reconcile net loss to net cash provided by (used in) operating activities Total other income (expense) Land use rights, net Prepaid expenses and other current assets Document Fiscal Year Focus Entity Common Stock, Shares Outstanding Loan from Guanghua Xia Represents the monetary amount of Loan from Guanghua Xia, as of the indicated date. Loan from Jianjun Yan at 0% Represents the monetary amount of Loan from Jianjun Yan at 0%, as of the indicated date. Prepayments to suppliers Represents the monetary amount of Prepayments to suppliers, as of the indicated date. Repayments from related parties - Shandong Represents the monetary amount of Repayments from related parties - Shandong, as of the indicated date. Three month Customer Concentrations Table Represents the textual narrative disclosure of Three month Customer Concentrations Table, during the indicated time period. Note 2 - Summary of Significant Accounting Policies Advance from related party Represents the monetary amount of Advance from related party, during the indicated time period. Changes in operating assets and liabilities: Other income (expenses) Other income (expenses): Revenues - related party Total Stockholders' Equity Total Stockholders' Equity Other long-term asset Entity Well-known Seasoned Issuer EX-101.PRE 10 suwn-20180731_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - USD ($)
3 Months Ended
Jul. 31, 2018
Sep. 13, 2018
Oct. 31, 2017
Document and Entity Information:      
Entity Registrant Name SUNWIN STEVIA INTERNATIONAL, INC.    
Document Type 10-Q    
Document Period End Date Jul. 31, 2018    
Trading Symbol suwn    
Amendment Flag false    
Entity Central Index Key 0000806592    
Current Fiscal Year End Date --04-30    
Entity Common Stock, Shares Outstanding   199,632,803  
Entity Public Float     $ 12,187,750
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 2019    
Document Fiscal Period Focus Q1    
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jul. 31, 2018
Apr. 30, 2018
CURRENT ASSETS:    
Cash and cash equivalents $ 257,581 $ 1,100,748
Accounts receivable, net of allowance for doubtful accounts of $178,037 and $191,865, respectively 2,803,085 3,513,530
Accounts receivable - related party 2,586,722 2,576,944
Inventories, net 12,345,568 12,564,571
Prepaid expenses and other current assets 3,980,889 2,284,379
Total Current Assets 21,973,845 22,040,172
Property and equipment, net 8,998,453 9,052,886
Land use rights, net 1,807,984 1,964,606
Other long-term asset 142,640 153,720
Total Assets 32,922,922 33,211,384
CURRENT LIABILITIES:    
Accounts payable and accrued expenses 9,317,314 11,660,004
Short-term Loan 7,469,891 8,302,489
Due to related party 2,579,532 2,559,216
Total Current Liabilities 19,366,737 22,521,709
Long-term loans 6,381,920 1,687,857
Total Liabilities 25,748,657 24,209,566
STOCKHOLDERS' EQUITY:    
Common stock, $0.001 par value, 200,000,000 shares authorized; 199,632,803 and 199,632,803 shares issued and outstanding as of July 31, 2018 and April 30, 2018, respectively 199,633 199,633
Additional paid-in capital 37,681,279 37,681,279
Accumulated deficit (35,017,688) (33,827,351)
Accumulated other comprehensive income 4,311,041 4,948,257
Total Stockholders' Equity 7,174,265 9,001,818
Total Liabilities and Stockholders' Equity $ 32,922,922 $ 33,211,384
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"SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Revenues:    
Revenues $ 4,430,379 $ 3,675,766
Revenues - related party 1,402,947 121,556
Total revenues 5,833,326 3,797,322
Cost of revenues 3,948,161 3,260,242
Cost of revenues - related party 1,216,544 103,362
Total cost of revenues 5,164,705 3,363,604
Gross profit 668,621 433,718
Operating expenses:    
Selling expenses 611,408 363,716
General and administrative expenses 829,384 970,905
Research and development expenses 232,946 186,326
Total operating expenses, net 1,673,738 1,520,947
Loss from operations (1,005,117) (1,087,229)
Other income (expenses):    
Other income (expenses) (606) 97,100
Interest income 455 168
Interest expense - related party (35,718) (22,070)
Interest expense (149,351) (95,397)
Total other income (expense) (185,220) (20,199)
Loss before income taxes (1,190,337) (1,107,428)
Net loss (1,190,337) (1,107,428)
Comprehensive loss    
Net loss (1,190,337) (1,107,428)
Foreign currency translation adjustment (637,216) 282,972
Total Comprehensive loss $ (1,827,553) $ (824,456)
Net loss per common share:    
Net Loss per share-basic and diluted $ (0.01) $ (0.01)
Weighted average common shares outstanding - basic and diluted 199,632,803 199,632,803
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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Jul. 31, 2018
Jul. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,190,337) $ (1,107,428)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities    
Depreciation expense 297,837 356,155
Amortization of intangible assets   81,294
Amortization of land use right 13,540 12,939
Stock issued for employees' compensation 306,667 306,668
Allowance for doubtful accounts   41,004
Changes in operating assets and liabilities:    
Accounts receivable and notes receivable 506,746 (438,545)
Accounts receivable - related party (204,851) (218,655)
Inventories (719,386) (923,256)
Prepaid expenses and other current assets (2,245,048) 2,464,101
Accounts payable and accrued expenses (1,814,259) 442,856
Taxes payable (98,214) (17,132)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (5,147,305) 1,000,001
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (634,759) (65,586)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (634,759) (65,586)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from loans 5,045,780  
Repayment of short term loans (245,387)  
Advance from related party 1,320,584 2,420,352
Repayment of related party advances (1,144,025) (2,738,473)
NET CASH USED IN FINANCING ACTIVITIES 4,976,952 (318,121)
EFFECT OF EXCHANGE RATE ON CASH (38,055) 9,517
NET CHANGE IN CASH (843,167) 625,811
Cash 1,100,748 51,116
Cash 257,581 676,927
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:    
Cash paid for interest 31,789 18,694
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Property and equipments acquired on credit as payable $ 333,596 $ 22,429
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Note 1 - Organization and Operations
3 Months Ended
Jul. 31, 2018
Notes  
Note 1 - Organization and Operations

NOTE 1 - ORGANIZATION AND OPERATIONS

 

DESCRIPTION OF BUSINESS

 

Sunwin Stevia International, Inc. ("Sunwin Stevia International"), a Nevada corporation, and its subsidiaries are referred to in this report as "we", "us", "our", "Sunwin" or the "Company".

 

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 product segments, our Stevioside and Chinese Medicine product lines, and subsidiaries included in continuing operations consisted of the following:

 

-   Sunwin Stevia International;

-   Qufu Natural Green Engineering Co., Ltd. ("Qufu Natural Green"), wholly owned by Sunwin Stevia International;

-   Qufu Shengren Pharmaceutical Co., Ltd. ("Qufu Shengren"), wholly owned by Qufu Natural Green;

-   Qufu Shengwang Stevia Biology and Science Co., Ltd. ("Qufu Shengwang"), wholly owned by Qufu Natural Green; and

-   Sunwin USA, LLC ("Sunwin USA"), wholly owned by Sunwin Stevia International.

 

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. 

 

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 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. Currently, WILD still is one of our customers continuing to purchase enzyme treated products from us.

XML 16 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies
3 Months Ended
Jul. 31, 2018
Notes  
Note 2 - Summary of Significant Accounting Policies

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

BASIS OF PRESENTATION

 

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

 

These unaudited condensed consolidated interim financial statements should be read in conjunction with the financial statements and footnotes for the year ended April 30, 2018 included in our Form 10-K as filed with the SEC. The results of operations and cash flows for the three months ended July 31, 2018 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, 2018 contained herein has been derived from the audited consolidated financial statements as of April 30, 2018, 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; and

-     Sunwin USA

 

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 July 31, 2018, we held $157,696 of our cash and cash equivalents with commercial banking institutions in the PRC, and $99,885 with banks in the United States. As of April 30, 2018, we held $1,100,052 of our cash and cash equivalents with commercial banking institution in PRC, and $696 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 July 31, 2018.

 

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 after exhaustive efforts on collection. As of July 31, 2018 and April 30, 2018, the allowance for doubtful accounts was $178,037 and $191,865, respectively.

 

INVENTORIES

 

Inventories, consisting of raw materials, work in process, and finished goods related to our products, are stated at the lower of cost and net realizable value that can be estimated utilizing the weighted average method. A reserve is established when management determines that certain slow-moving inventories may be sold at below book value.  These reserves are recorded based on estimates. 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 or estimated net realizable value. As of July 31, 2018 and April 30, 2018, the Company recorded a reserve for obsolete or slow-moving inventories of $0 and $235,258, respectively.  As of July 31, 2018 and April 30, 2018, the Company wrote down inventories of $0 and $235,258, 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 three 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 loss on disposition of property and equipment of $0 and $303,377 at July 31, 2018 and April 30, 2018, 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.  

 

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 as of July 31, 2018 and April 30, 2018 amounted to $91,519 and $199,644, respectively, consisted primarily of VAT taxes.

 

REVENUE RECOGNITION

 

Pursuant to the guidance of ASC Topic 606, we record revenue when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.

 

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 designated for.

 

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 July 31, 2018, 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 loss per common share is computed by dividing loss available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted 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 ours, subject to anti-dilution limitations. The following table presents a reconciliation of basic and diluted net income per common share:

 

 

 

For Three Months Ended July 31,

 

2018

2017

Numerator:

 

Net loss attributable to Sunwin Stevia International, Inc.

   $       (1,190,337)

$      (1,107,428)

Numerator for basic EPS, loss applicable to common stock holders

   $       (1,190,337)

$      (1,107,428)

Denominator:

Denominator for basic earnings per share - weighted average number of common shares outstanding

         199,632,803 

      199,632,803 

 Stock awards, options, and warrants

                              0 

                           0 

Denominator for diluted earnings per share - weighted average outstanding average number of common shares outstanding

         199,632,803 

      199,632,803 

Basic and diluted loss per common share:

Loss per share - basic and diluted

   $                 (0.01)

$                (0.01)

 

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 July 31, 2018

RMB 6.83 to $1.00

As of April 30, 2018

RMB 6.33 to $1.00

 

 

Three months ended July 31, 2018

RMB 6.52 to $1.00

Three months ended July 31, 2017

RMB 6.82 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 months ended July 31, 2018 and 2017 included net loss and unrealized gains (losses) from foreign currency translation adjustments. 

 

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. As of July 31, 2018, we had $157,696 of cash balance held in PRC banks, which is not insured. We have not experienced any losses in such accounts through July 31, 2018.

 

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 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.

 

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 $232,946 and $186,326 for the three months ended July 31, 2018 and 2017, respectively.

 

SHIPPING COSTS

 

Shipping costs are included in selling expenses and totaled $74,734 and $68,559 for the three months ended July 31, 2018 and 2017, respectively.

 

RECLASSIFICATIONS

 

Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings and financial position.

 

SEGMENT REPORTING

 

The Company uses the "management approach" in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company's reportable segments. The Company's chief operating decision maker has been identified as the chief executive officer of the Company who reviews financial information of separate operating segments based on U.S. GAAP. The chief operating decision maker now reviews results analyzed by customer. This analysis is only presented at the revenue level with no allocation of direct or indirect costs. Consequently, the Company has determined that it has only one operating segment.

 

RECENT ACCOUNTING PRONOUNCEMENTS

 

In May 2014, the FASB issued ASU 2014-09, "Revenue from contracts with Customers (Topic 606)". Under ASU 2014-09, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). The Company adopted this standard effective May 1, 2018 by using the full retrospective method to restate prior reporting period presented. The Company has identified its revenue streams and assessed each for the impacts. The Company completed its analysis and concluded that the adoption of Topic 606 did not have a material impact in the timing or amount of revenue recognized, including the presentation of revenues in the Company's consolidated statements of income and comprehensive loss.

 

In February 2018, the FASB issued ASU 2018-02, "Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". These amendments provide financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of ASU 2018-02 is permitted, including adoption in any interim period for the public business entities for reporting periods for which financial statements have not yet been issued. The amendments in this ASU should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company is currently evaluating the impact of the adoption of ASU No. 2018-02 on its consolidated financial statements.

 

In March 2018, the FASB issued ASU 2018-05, "Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118". The amendments in this ASU add SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No. 118, which expresses the view of the staff regarding application of Topic 740, Income Taxes, in the reporting period that includes December 22, 2017 - the date on which the Tax Cuts and Jobs Act was signed into law. The amendments are effective upon addition to the FASB Accounting Standards Codification. The adoption of this guidance is not expected to have a material impact on our 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.

 

GOING CONCERN

 

Our unaudited condensed consolidated financial statements have been prepared assuming we will continue as a going concern.  The Company has incurred recurring loss with a net loss of approximately $1,190,000 for the three months ended July 31, 2018 and has a significant accumulated deficit of $35.0 million as of July 31, 2018. The Company's cash balance and revenues generated are not currently sufficient and cannot be projected to cover operating expenses for the next twelve months from the date of this report. These factors raise doubt as to the ability of the Company to continue as a going concern. Management's plans include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis, obtain additional working capital funds through debt and equity financings, and restructure on-going operations to eliminate inefficiencies to raise cash balance in order to meet its anticipated cash requirements for the next twelve months from the date of this report. Management intends to make every effort to improve its current sales force as to further develop and expand the international markets for its new products as well as continuing with the current sources of funds to meet working capital needs on as needed basis.  There can be no assurance that these plans and arrangements will be successful.

 

The ability of the Company to continue as a going concern is dependent upon its ability to achieve profitable operations and raise additional capital. The accompanying unaudited condensed consolidated financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amount or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.

XML 17 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Inventories
3 Months Ended
Jul. 31, 2018
Notes  
Note 3 - Inventories

NOTE 3 - INVENTORIES

 

As of July 31, 2018 and April 30, 2018, inventories consisted of the following:

 

   

 

July 31, 2018

(unaudited)

April 30, 2018

Raw materials

   $     8,525,977

   $    8,803,685

Work in process

          2,127,430

         1,357,484

Finished goods

          1,692,161

         2,403,402

Inventories, gross

        12,345,568

       12,564,571

Less: reserve for obsolete inventory

                          0

                         0

Inventories, net

   $  12,345,568

   $  12,564,571

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Property and Equipment
3 Months Ended
Jul. 31, 2018
Notes  
Note 4 - Property and Equipment

NOTE 4 - PROPERTY AND EQUIPMENT

 

As of July 31, 2018 and April 30, 2018, property and equipment consisted of the following:

 

(Estimated Life )

July 31, 2018

(unaudited)

April 30, 2018

Office equipment (3-10 Years)

  $           97,617 

  $           75,821 

Auto and trucks (2-10 Years)

             617,426 

             660,926 

Manufacturing equipment (2-20 Years)

          5,281,058 

          5,638,206 

Buildings (5-20 Years)

          8,532,256 

          9,224,911 

Construction in process

          1,442,921 

             661,111 

Gross Property and Equipment

       15,971,278 

       16,260,975 

Less: accumulated depreciation

        (6,972,825)

        (7,208,089)

Property and equipment, net

  $     8,998,453 

  $     9,052,886 

 

For the three months ended July 31, 2018 and 2017, depreciation expense totaled $297,837 and $356,155, of which $247,157 and $283,105 were included in cost of revenues, respectively, and of which $50,680 and $73,050 were 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.

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 5 - Land Use Rights
3 Months Ended
Jul. 31, 2018
Notes  
Note 5 - Land Use Rights

NOTE 5 - LAND USE RIGHTS

 

As of July 31, 2018 and April 30, 2018, land use rights consisted of the following:

 

 

(Estimated Life)

July 31, 2018

(unaudited)

April 30, 2018

Land use right (45 Years)

   $      2,324,881 

   $   2,507,726 

Less: accumulated amortization

             (516,897)

          (543,120)

Land use right, net

   $      1,807,984 

   $   1,964,606 

 

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 July 31, 2018 and 2017, amortization expense related to land use rights amounted to $13,540 and $12,939, respectively.

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 6 - Related Party Transactions
3 Months Ended
Jul. 31, 2018
Notes  
Note 6 - Related Party Transactions

NOTE 6 - RELATED PARTY TRANSACTIONS

 

Accounts receivable - related party and revenue - related party

 

As of July 31, 2018 and April 30, 2018, $2,586,722 and $2,576,944 in accounts receivable - related party, respectively, were related to sales of products to Qufu Shengwang Import and Export Co., Ltd. ("Qufu Shengwang Import and Export"), a Chinese entity owned by our Chairman, Mr. Laiwang Zhang and Shangdong Shengwang Pharmaceutical Co., Ltd. ("Pharmaceutical Corporation"), a Chinese entity owned by our Chairman, Mr. Laiwang Zhang. For the three months ended July 31, 2018 and 2017, we recorded revenue - related party and cost of revenue – related party of $1,402,947 and $121,556, $1,216,544 and $103,362, respectively, from Qufu Shengwang Import and Export and Pharmaceutical 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. In the three months ended July 31, 2018 and 2017, we received advances from related parties for working capital totaled $1,320,584 and $2,420,352, respectively, and we repaid to related parties a total of $1,144,025 and $2,738,473, respectively. In the three months ended July 31, 2018 and 2017, interest expense related to due to related parties amounted to $35,718 and $22,070, respectively, which were included in interest expense in the accompanying consolidated statements of operations and comprehensive loss, and in connection with the advances of $743,196 (RMB5,000,000) and $1,189,114 (RMB8,000,000) from Pharmaceutical Corporation. These advances bear interest at the rate of 6.3% per annum. As of July 31, 2018, the balance we owed Pharmaceutical Corporation, Qufu Shengwang Import and Export and Mr. Weidong Chai, a management member of Qufu Shengren Pharmaceutical Co., Ltd., amounted to $2,094,173, $318,498 and $166,861, respectively. As of April 30, 2018, the balance we owed to Pharmaceutical Corporation, Qufu Shengwang Import and Export, and Mr. Weidong Chai, a management member of Qufu Shengren Pharmaceutical Co., Ltd., amounted to $2,280,266, $103,169 and $175,781, respectively.

 

As of July 31, 2018 and April 30, 2018, due to (from) related party activities consisted of the following: 

 

 

 

Shandong Shengwang Pharmaceutical

Co., Ltd.

Qufu

Shengwang

Import and Export Co., Ltd.

Mr. Wedong Chai

Total

Balance due to related parties, April 30, 2018

  $     2,280,266 

   $       103,169 

   $       175,781 

  $     2,559,216 

Working capital advances from related parties

          1,086,604 

            230,051 

                 3,929 

          1,320,584 

Repayments

        (1,136,356)

               (7,668)

                         0 

        (1,144,025)

Effect of foreign currency exchange

           (136,341)

               (7,053)

             (12,849)

           (156,243)

Balance due to related parties, July 31, 2018

  $     2,094,173 

   $       318,498 

   $       166,861 

  $     2,579,532 

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 7 - Prepaid Expenses and Other Current Assets
3 Months Ended
Jul. 31, 2018
Notes  
Note 7 - Prepaid Expenses and Other Current Assets

NOTE 7 - PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

Prepaid expenses and other current assets as of July 31, 2018 and April 30, 2018 totaled $3,980,889 and $2,284,379, respectively. As of July 31, 2018, prepaid expenses and other current assets includes $3,376,263 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us, $408,886 prepayment for employees' stock-based compensation and $195,740 for business related employees' advances. As of April 30, 2018, prepaid expenses and other current assets includes $1,366,280 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us, $715,553 prepayment for employees' stock-based compensation and $202,546 for business related employees' advances.

 

On December 1, 2015, we entered into three year employment agreements with four employees. Pursuant to employment agreements, we issued a total of 23 million shares of the Company's common stock to them, valued at $3,680,000, as employees' stock-based compensations over three-year term of their employment from December 1, 2015 through November 30, 2018. We will amortize these compensations over three years from December 1, 2015 to November 30, 2018 and we recognized $306,667, $1,226,668 and $1,226,669 as stock-based compensation expenses during the first quarter of fiscal year 2019, fiscal year 2018 and fiscal year 2017, respectively. We also have recorded the remaining balance of the stock-based compensation of $408,886 as prepaid compensation as of July 31, 2018.

 

During the third quarter of fiscal 2013, Qufu Shengwang paid Qufu Public Auction Center (the "Center") $610,751 as deposit for renewing the land use right. The deposit is required for the Center to appraise the land use right, which we do not know when we can receive the remaining refund. We received a total refund of $465,904 as of July 31, 2018 and the remaining balance of $142,640 and $153,720 has been classified to other long-term asset as of July 31, 2018 and April 30, 2018, respectively.

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 8 - Accounts Payable and Accrued Expenses
3 Months Ended
Jul. 31, 2018
Notes  
Note 8 - Accounts Payable and Accrued Expenses

NOTE 8 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses included the following as of July 31, 2018 and April 30, 2018:

 

Account

July 31,

2018

(unaudited)

April 30,

2018

Accounts payable

   $    6,427,065

   $    9,169,871

Advanced from customers

             405,598

               44,488

Accrued salary payable

             302,609

             169,321

Tax payable

               91,519

             199,644

Deferred revenue

               37,111

               39,994

Other payable*

          2,053,412

          2,036,686

Total accounts payable and accrued expenses

   $    9,317,314

   $  11,660,004

 

 

* As of on July 31, 2018, other payables consists of general liability, worker's compensation, and medical insurance payable of $518,515, consulting fee payable of $290,239, union and education fees payable of $282,953, interest payables for short-term loans of $502,417, advances from the employees of $198,229 and other miscellaneous payables of $261,059. As of April 30, 2018, other payables consists of general liability, worker's compensation, and medical insurance payable of $558,789, consulting fee payable of $312,782, union and education fees payable of $304,930, interest payables for short-term loans of $384,356, advances from the employees of $210,115 and other miscellaneous payables of $265,714. 

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 9 -loan Payable
3 Months Ended
Jul. 31, 2018
Notes  
Note 9 -loan Payable

NOTE 9 -LOAN PAYABLE

 

Short-term loan payable

 

Short-term loans are obtained from various individual lenders that are due within one year for working capital purpose. These loans are unsecured and can be renewed with 10 days advance notice prior to maturity date. As of July 31, 2018 and April 30, 2018, short-term loans consisted of the following:

 

 

July 31, 2018

(Unaudited)

April 30, 2018

 

 

Loan from Min Wu, an employee of Qufu Shengren, due on October 5, 2018, with an annual interest rate of 10% at October 6, 2017.

   $          32,202

   $          34,704

Loan from Jianjun Yan, non-related individual, due on October 6, 2018, with an annual interest rate of 10% at October 7, 2017.

          1,289,382

          1,389,531

Loan from Jianjun Yan, non-related individual, due on March 31, 2019, with annual interest rate of 4%, renewed at April 1, 2018.

          1,147,575

          1,236,710

Loans from Jianjun Yan, non-related individual, due on demand, with free interest at January 27, 2018.

             190,287

             457,457

Loan from Junzhen Zhang, non-related individual, due on October 5, 2018, with an annual interest rate of 10% at October 6, 2017.

               23,420

               25,239

Loan from Jian Chen, non-related individual, due on January 26, 2019 and April 10, 2019, bearing an annual interest rate of 10%, with the principle amount of RMB770,000 ($112,708) and RMB330,000 ($48,304) at January 27, 2018 and April 11, 2018, respectively.

             161,012

             173,518

Loan from Qing Kong, non-related individual, due on March 6, 2019, with an annual interest rate of 10% at March 7, 2018.

               70,845

               76,348

Loan from Qing Kong, non-related individual, due on January 8, 2019, with an annual interest rate of 10% at January 9, 2018.

               29,275

               31,549

Loan from Guihai Chen, non-related individual, due on March 10, 2019, with an annual interest rate of 10% at March 11, 2018.

               17,565

               18,929

Loan from Guihai Chen, non-related individual, due on September 20, 2018, with an annual interest rate of 10% at September 21, 2017.

               29,275

               31,549

Loan Weifeng Kong, non-related individual, due on November 28, 2018, with an annual interest rate of 10% at November 29, 2017.

               29,275

               31,549

Loan Shidong Wang, non-related individual, due on March 7, 2019, with an annual interest rate of 4% at March 8, 2018.

          1,522,292

          1,640,534

Loan from Xuxu Gu, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017.

          1,463,743

          1,577,436

Loan from Dadong Mei, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017.

          1,463,743

          1,577,436

Total

   $    7,469,891

   $    8,302,489

 

 

 Long-term loan payable

 

Long-term loans are payable obtained from various individual lenders that are due more than one year for working capital purpose. These loans are unsecured and can be renewed with one month advance notice prior to maturity date. As of July 31, 2018 and April 30, 2018, long-term loans consisted of the following:

 

 

July 31, 2018

(Unaudited)

April 30, 2018

Loan Xuxu Gu, non-related individual, due on September 27, 2019, with an annual interest rate of 4% at September 28, 2017.

   $    1,566,205

   $    1,687,857

Loan Xuxu Gu, non-related individual, due on July 13, 2020, with an annual interest rate of 4% at July 14, 2018.

             424,485

                          0

Loan Mingbang Ma, non-related individual, due on May 22, 2020, with an annual interest rate of 4% at May 23, 2018.

             292,749

                          0

Loan Weiwei Lian, non-related individual, due on May 29, 2020, with an annual interest rate of 4% at May 30, 2018.

          1,463,743

                          0

Loan Guanghua Xia, non-related individual, due on June 8, 2020, with an annual interest rate of 4% at June 9, 2018.

          1,317,369

                          0

Loan Yuehu Zhou, non-related individual, due on June 12, 2020, with an annual interest rate of 4% at June 13, 2018.

          1,317,369

                          0

Total:

   $    6,381,920

   $    1,687,857

 

 

For the three months ended July 31, 2018 and 2017, interest expense related to short-term loans and long-term loans amounted to $149,351 and $95,397, respectively, which were included in interest expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 10 - Segment Information
3 Months Ended
Jul. 31, 2018
Notes  
Note 10 - Segment Information

NOTE 10 - SEGMENT INFORMATION

 

The following information is presented in accordance with ASC Topic 280, "Segment Reporting", for the three months ended July 31, 2018 and 2017; we accounted for 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 months ended July 31, 2018 and 2017 is as follows:

 

 

Three Months Ended July 31,

 

2018 

2017

Revenues:

 

Chinese medicine - third party

   $            832,799 

  $        681,266 

Chinese medicine - related party

                      3,367 

                          0 

Total Chinese medicine

   $            836,166 

  $        681,266 

 

Stevioside - third party

              3,597,580 

          2,994,500 

Stevioside - related party

              1,399,580 

             121,556 

Total Stevioside

              4,997,160 

          3,116,056 

Total segment and consolidated revenues

   $        5,833,326 

  $     3,797,322 

 

Interest income (expense):

Chinese medicine

   $                    380 

  $                163 

Stevioside

               (184,994)

           (117,462)

Corporate and other

                              0 

                          0 

Total segment and consolidated interest expense

   $          (184,614)

  $       (117,299)

 

Depreciation and amortization:

Chinese medicine

   $              41,381 

  $           67,782 

Stevioside

                 269,996 

             382,606 

Total segment and consolidated depreciation and amortization

   $            311,377 

  $        450,388 

 

Income (loss) before income taxes:

Chinese medicine

   $            (87,795)

  $         (75,716)

Stevioside

               (729,332)

           (658,875)

Corporate and other

               (373,210)

           (372,837)

Total consolidated loss before income taxes

   $       (1,190,337)

  $   (1,107,428)

 

 

July 31, 2018

April 30, 2018

Segment property and equipment:

 

 

  Chinese medicine

   $    1,022,608

   $    1,129,884

  Stevioside

          7,975,845

          7,923,002

  Corporate and other

                          0

                          0

    Total consolidated assets

   $    8,998,453

   $    9,052,886

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 11 - Concentrations and Credit Risk
3 Months Ended
Jul. 31, 2018
Notes  
Note 11 - Concentrations and Credit Risk

NOTE 11 - CONCENTRATIONS AND CREDIT RISK

 

(i)    Customer Concentrations

 

For the three months ended July 31, 2018 and 2017, customers accounting for 10% or more of the Company's revenue were as follows:

 

 

Net Sales

 

For the three months ended July 31, 2018

For the three months ended July 31, 2017

 

Chinese Medicine

Stevioside

Chinese Medicine

Stevioside

Qufu Shengwang Import and Export Trade Co., Ltd(1)

                                -

                      24.0%

                                -

*

Shandong Yidatong Enterprises Co., Ltd

                                -

                              -  

                                -

                     11.3%

Total

                                -

                      24.0%

                                -

                     11.3%

 

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

 *   This represents less than 10% of the Company's revenue for the three months ended July 31, 2017.

 

(ii)    Vendor Concentrations

 

For the three months ended July 31, 2018 and 2017, suppliers accounting for 10% or more of the Company's purchase were as follows:

 

 

Net Purchases

 

For the three months ended July 31, 2018

For the three months ended July 31, 2017

 

Chinese Medicine

Stevioside

Chinese Medicine

Stevioside

Dongtai Jintudi Stevia Co., Ltd

                                -

*

                                -

                   15.2%

Dongtai Yandun Stevia Corp.

                                -

                     16.6%

                                -

                   32.5%

Dongtai Zhongxin Stevia Corp.

                                -

                     40.2%

                                -

                           -  

Total

                                -

                     56.8%

                                -

                   47.7%

 

*  This represents less than 10% of the Company's purchase for the three months ended July 31, 2018.

 

(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. As of July 31, 2018, we had $157,696 of cash balance held in PRC banks, 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 July 31, 2018.

 

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.

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 12 - Subsequent Events
3 Months Ended
Jul. 31, 2018
Notes  
Note 12 - Subsequent Events

NOTE 12 - SUBSEQUENT EVENTS

 

Our management has evaluated all activities subsequent to our balance sheet date through the issuance date of this report and concluded that no subsequent events have occurred that would require adjustments or disclosure to the accompanying unaudited condensed consolidated financial statements.

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Use of Estimates (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Use of Estimates

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.

XML 28 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Cash and Cash Equivalents

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 July 31, 2018, we held $157,696 of our cash and cash equivalents with commercial banking institutions in the PRC, and $99,885 with banks in the United States. As of April 30, 2018, we held $1,100,052 of our cash and cash equivalents with commercial banking institution in PRC, and $696 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 July 31, 2018.

XML 29 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Accounts Receivable (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Accounts Receivable

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 after exhaustive efforts on collection. As of July 31, 2018 and April 30, 2018, the allowance for doubtful accounts was $178,037 and $191,865, respectively.

XML 30 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Inventories (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Inventories

INVENTORIES

 

Inventories, consisting of raw materials, work in process, and finished goods related to our products, are stated at the lower of cost and net realizable value that can be estimated utilizing the weighted average method. A reserve is established when management determines that certain slow-moving inventories may be sold at below book value.  These reserves are recorded based on estimates. 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 or estimated net realizable value. As of July 31, 2018 and April 30, 2018, the Company recorded a reserve for obsolete or slow-moving inventories of $0 and $235,258, respectively.  As of July 31, 2018 and April 30, 2018, the Company wrote down inventories of $0 and $235,258, respectively.

XML 31 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Property and Equipment (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Property and Equipment

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 three 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.

XML 32 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Long-lived Assets (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Long-lived Assets

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 loss on disposition of property and equipment of $0 and $303,377 at July 31, 2018 and April 30, 2018, respectively.

XML 33 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Fair Value of Financial Instruments

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.  

XML 34 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Taxes Payable (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Taxes Payable

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 as of July 31, 2018 and April 30, 2018 amounted to $91,519 and $199,644, respectively, consisted primarily of VAT taxes.

XML 35 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Revenue Recognition (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Revenue Recognition

REVENUE RECOGNITION

 

Pursuant to the guidance of ASC Topic 606, we record revenue when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.

XML 36 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Grant Income (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Grant Income

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 designated for.

XML 37 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Income Taxes (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Income Taxes

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 July 31, 2018, the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future.

XML 38 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Basic and Diluted Earnings Per Share (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Basic and Diluted Earnings Per Share

BASIC AND DILUTED EARNINGS PER SHARE

 

Pursuant to ASC Section 260-10-45, basic loss per common share is computed by dividing loss available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted 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 ours, subject to anti-dilution limitations. The following table presents a reconciliation of basic and diluted net income per common share:

 

 

 

For Three Months Ended July 31,

 

2018

2017

Numerator:

 

Net loss attributable to Sunwin Stevia International, Inc.

   $       (1,190,337)

$      (1,107,428)

Numerator for basic EPS, loss applicable to common stock holders

   $       (1,190,337)

$      (1,107,428)

Denominator:

Denominator for basic earnings per share - weighted average number of common shares outstanding

         199,632,803 

      199,632,803 

 Stock awards, options, and warrants

                              0 

                           0 

Denominator for diluted earnings per share - weighted average outstanding average number of common shares outstanding

         199,632,803 

      199,632,803 

Basic and diluted loss per common share:

Loss per share - basic and diluted

   $                 (0.01)

$                (0.01)

XML 39 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Foreign Currency Translation

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 July 31, 2018

RMB 6.83 to $1.00

As of April 30, 2018

RMB 6.33 to $1.00

 

 

Three months ended July 31, 2018

RMB 6.52 to $1.00

Three months ended July 31, 2017

RMB 6.82 to $1.00

XML 40 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Comprehensive Loss (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Comprehensive Loss

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 months ended July 31, 2018 and 2017 included net loss and unrealized gains (losses) from foreign currency translation adjustments. 

XML 41 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Concentrations of Credit Risk (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Concentrations of Credit Risk

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. As of July 31, 2018, we had $157,696 of cash balance held in PRC banks, which is not insured. We have not experienced any losses in such accounts through July 31, 2018.

 

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.

XML 42 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Stock Based Compensation (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Stock Based Compensation

STOCK BASED COMPENSATION

 

Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC 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.

XML 43 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Research and Development (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Research and Development

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 $232,946 and $186,326 for the three months ended July 31, 2018 and 2017, respectively.

XML 44 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Shipping Costs (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Shipping Costs

SHIPPING COSTS

 

Shipping costs are included in selling expenses and totaled $74,734 and $68,559 for the three months ended July 31, 2018 and 2017, respectively.

XML 45 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Reclassifications (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Reclassifications

RECLASSIFICATIONS

 

Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings and financial position.

XML 46 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Segment Reporting (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Segment Reporting

SEGMENT REPORTING

 

The Company uses the "management approach" in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company's reportable segments. The Company's chief operating decision maker has been identified as the chief executive officer of the Company who reviews financial information of separate operating segments based on U.S. GAAP. The chief operating decision maker now reviews results analyzed by customer. This analysis is only presented at the revenue level with no allocation of direct or indirect costs. Consequently, the Company has determined that it has only one operating segment.

XML 47 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies)
3 Months Ended
Jul. 31, 2018
Policies  
Recent Accounting Pronouncements

RECENT ACCOUNTING PRONOUNCEMENTS

 

In May 2014, the FASB issued ASU 2014-09, "Revenue from contracts with Customers (Topic 606)". Under ASU 2014-09, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). The Company adopted this standard effective May 1, 2018 by using the full retrospective method to restate prior reporting period presented. The Company has identified its revenue streams and assessed each for the impacts. The Company completed its analysis and concluded that the adoption of Topic 606 did not have a material impact in the timing or amount of revenue recognized, including the presentation of revenues in the Company's consolidated statements of income and comprehensive loss.

 

In February 2018, the FASB issued ASU 2018-02, "Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". These amendments provide financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of ASU 2018-02 is permitted, including adoption in any interim period for the public business entities for reporting periods for which financial statements have not yet been issued. The amendments in this ASU should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company is currently evaluating the impact of the adoption of ASU No. 2018-02 on its consolidated financial statements.

 

In March 2018, the FASB issued ASU 2018-05, "Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118". The amendments in this ASU add SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No. 118, which expresses the view of the staff regarding application of Topic 740, Income Taxes, in the reporting period that includes December 22, 2017 - the date on which the Tax Cuts and Jobs Act was signed into law. The amendments are effective upon addition to the FASB Accounting Standards Codification. The adoption of this guidance is not expected to have a material impact on our 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.

XML 48 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Basic and Diluted Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables)
3 Months Ended
Jul. 31, 2018
Tables/Schedules  
Schedule of Earnings Per Share, Basic and Diluted  

 

For Three Months Ended July 31,

 

2018

2017

Numerator:

 

Net loss attributable to Sunwin Stevia International, Inc.

   $       (1,190,337)

$      (1,107,428)

Numerator for basic EPS, loss applicable to common stock holders

   $       (1,190,337)

$      (1,107,428)

Denominator:

Denominator for basic earnings per share - weighted average number of common shares outstanding

         199,632,803 

      199,632,803 

 Stock awards, options, and warrants

                              0 

                           0 

Denominator for diluted earnings per share - weighted average outstanding average number of common shares outstanding

         199,632,803 

      199,632,803 

Basic and diluted loss per common share:

Loss per share - basic and diluted

   $                 (0.01)

$                (0.01)

XML 49 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation: FOREIGN EXCHANGE RATE Table (Tables)
3 Months Ended
Jul. 31, 2018
Tables/Schedules  
FOREIGN EXCHANGE RATE Table  

As of July 31, 2018

RMB 6.83 to $1.00

As of April 30, 2018

RMB 6.33 to $1.00

 

 

Three months ended July 31, 2018

RMB 6.52 to $1.00

Three months ended July 31, 2017

RMB 6.82 to $1.00

XML 50 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Inventories: Schedule of Inventory, Current (Tables)
3 Months Ended
Jul. 31, 2018
Tables/Schedules  
Schedule of Inventory, Current    

 

July 31, 2018

(unaudited)

April 30, 2018

Raw materials

   $     8,525,977

   $    8,803,685

Work in process

          2,127,430

         1,357,484

Finished goods

          1,692,161

         2,403,402

Inventories, gross

        12,345,568

       12,564,571

Less: reserve for obsolete inventory

                          0

                         0

Inventories, net

   $  12,345,568

   $  12,564,571

XML 51 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Property and Equipment: Property and equipment Table (Tables)
3 Months Ended
Jul. 31, 2018
Tables/Schedules  
Property and equipment Table

(Estimated Life )

July 31, 2018

(unaudited)

April 30, 2018

Office equipment (3-10 Years)

  $           97,617 

  $           75,821 

Auto and trucks (2-10 Years)

             617,426 

             660,926 

Manufacturing equipment (2-20 Years)

          5,281,058 

          5,638,206 

Buildings (5-20 Years)

          8,532,256 

          9,224,911 

Construction in process

          1,442,921 

             661,111 

Gross Property and Equipment

       15,971,278 

       16,260,975 

Less: accumulated depreciation

        (6,972,825)

        (7,208,089)

Property and equipment, net

  $     8,998,453 

  $     9,052,886 

XML 52 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 5 - Land Use Rights: Land use right Table (Tables)
3 Months Ended
Jul. 31, 2018
Tables/Schedules  
Land use right Table  

(Estimated Life)

July 31, 2018

(unaudited)

April 30, 2018

Land use right (45 Years)

   $      2,324,881 

   $   2,507,726 

Less: accumulated amortization

             (516,897)

          (543,120)

Land use right, net

   $      1,807,984 

   $   1,964,606 

XML 53 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 6 - Related Party Transactions: Schedule of Related Party Transactions (Tables)
3 Months Ended
Jul. 31, 2018
Tables/Schedules  
Schedule of Related Party Transactions  

 

Shandong Shengwang Pharmaceutical

Co., Ltd.

Qufu

Shengwang

Import and Export Co., Ltd.

Mr. Wedong Chai

Total

Balance due to related parties, April 30, 2018

  $     2,280,266 

   $       103,169 

   $       175,781 

  $     2,559,216 

Working capital advances from related parties

          1,086,604 

            230,051 

                 3,929 

          1,320,584 

Repayments

        (1,136,356)

               (7,668)

                         0 

        (1,144,025)

Effect of foreign currency exchange

           (136,341)

               (7,053)

             (12,849)

           (156,243)

Balance due to related parties, July 31, 2018

  $     2,094,173 

   $       318,498 

   $       166,861 

  $     2,579,532 

XML 54 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 8 - Accounts Payable and Accrued Expenses: Schedule of Accounts Payable and Accrued Liabilities (Tables)
3 Months Ended
Jul. 31, 2018
Tables/Schedules  
Schedule of Accounts Payable and Accrued Liabilities

Account

July 31,

2018

(unaudited)

April 30,

2018

Accounts payable

   $    6,427,065

   $    9,169,871

Advanced from customers

             405,598

               44,488

Accrued salary payable

             302,609

             169,321

Tax payable

               91,519

             199,644

Deferred revenue

               37,111

               39,994

Other payable*

          2,053,412

          2,036,686

Total accounts payable and accrued expenses

   $    9,317,314

   $  11,660,004

 

XML 55 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 9 -loan Payable: Short-term loan payable Table (Tables)
3 Months Ended
Jul. 31, 2018
Tables/Schedules  
Short-term loan payable Table

 

July 31, 2018

(Unaudited)

April 30, 2018

 

 

Loan from Min Wu, an employee of Qufu Shengren, due on October 5, 2018, with an annual interest rate of 10% at October 6, 2017.

   $          32,202

   $          34,704

Loan from Jianjun Yan, non-related individual, due on October 6, 2018, with an annual interest rate of 10% at October 7, 2017.

          1,289,382

          1,389,531

Loan from Jianjun Yan, non-related individual, due on March 31, 2019, with annual interest rate of 4%, renewed at April 1, 2018.

          1,147,575

          1,236,710

Loans from Jianjun Yan, non-related individual, due on demand, with free interest at January 27, 2018.

             190,287

             457,457

Loan from Junzhen Zhang, non-related individual, due on October 5, 2018, with an annual interest rate of 10% at October 6, 2017.

               23,420

               25,239

Loan from Jian Chen, non-related individual, due on January 26, 2019 and April 10, 2019, bearing an annual interest rate of 10%, with the principle amount of RMB770,000 ($112,708) and RMB330,000 ($48,304) at January 27, 2018 and April 11, 2018, respectively.

             161,012

             173,518

Loan from Qing Kong, non-related individual, due on March 6, 2019, with an annual interest rate of 10% at March 7, 2018.

               70,845

               76,348

Loan from Qing Kong, non-related individual, due on January 8, 2019, with an annual interest rate of 10% at January 9, 2018.

               29,275

               31,549

Loan from Guihai Chen, non-related individual, due on March 10, 2019, with an annual interest rate of 10% at March 11, 2018.

               17,565

               18,929

Loan from Guihai Chen, non-related individual, due on September 20, 2018, with an annual interest rate of 10% at September 21, 2017.

               29,275

               31,549

Loan Weifeng Kong, non-related individual, due on November 28, 2018, with an annual interest rate of 10% at November 29, 2017.

               29,275

               31,549

Loan Shidong Wang, non-related individual, due on March 7, 2019, with an annual interest rate of 4% at March 8, 2018.

          1,522,292

          1,640,534

Loan from Xuxu Gu, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017.

          1,463,743

          1,577,436

Loan from Dadong Mei, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017.

          1,463,743

          1,577,436

Total

   $    7,469,891

   $    8,302,489

 

XML 56 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 9 -loan Payable: Long-term loan payable Table (Tables)
3 Months Ended
Jul. 31, 2018
Tables/Schedules  
Long-term loan payable Table

 

July 31, 2018

(Unaudited)

April 30, 2018

Loan Xuxu Gu, non-related individual, due on September 27, 2019, with an annual interest rate of 4% at September 28, 2017.

   $    1,566,205

   $    1,687,857

Loan Xuxu Gu, non-related individual, due on July 13, 2020, with an annual interest rate of 4% at July 14, 2018.

             424,485

                          0

Loan Mingbang Ma, non-related individual, due on May 22, 2020, with an annual interest rate of 4% at May 23, 2018.

             292,749

                          0

Loan Weiwei Lian, non-related individual, due on May 29, 2020, with an annual interest rate of 4% at May 30, 2018.

          1,463,743

                          0

Loan Guanghua Xia, non-related individual, due on June 8, 2020, with an annual interest rate of 4% at June 9, 2018.

          1,317,369

                          0

Loan Yuehu Zhou, non-related individual, due on June 12, 2020, with an annual interest rate of 4% at June 13, 2018.

          1,317,369

                          0

Total:

   $    6,381,920

   $    1,687,857

 

XML 57 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 10 - Segment Information: Schedule of Segment Reporting Information, by Segment (Tables)
3 Months Ended
Jul. 31, 2018
Tables/Schedules  
Schedule of Segment Reporting Information, by Segment

 

Three Months Ended July 31,

 

2018 

2017

Revenues:

 

Chinese medicine - third party

   $            832,799 

  $        681,266 

Chinese medicine - related party

                      3,367 

                          0 

Total Chinese medicine

   $            836,166 

  $        681,266 

 

Stevioside - third party

              3,597,580 

          2,994,500 

Stevioside - related party

              1,399,580 

             121,556 

Total Stevioside

              4,997,160 

          3,116,056 

Total segment and consolidated revenues

   $        5,833,326 

  $     3,797,322 

 

Interest income (expense):

Chinese medicine

   $                    380 

  $                163 

Stevioside

               (184,994)

           (117,462)

Corporate and other

                              0 

                          0 

Total segment and consolidated interest expense

   $          (184,614)

  $       (117,299)

 

Depreciation and amortization:

Chinese medicine

   $              41,381 

  $           67,782 

Stevioside

                 269,996 

             382,606 

Total segment and consolidated depreciation and amortization

   $            311,377 

  $        450,388 

 

Income (loss) before income taxes:

Chinese medicine

   $            (87,795)

  $         (75,716)

Stevioside

               (729,332)

           (658,875)

Corporate and other

               (373,210)

           (372,837)

Total consolidated loss before income taxes

   $       (1,190,337)

  $   (1,107,428)

XML 58 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 10 - Segment Information: Segment assets Table (Tables)
3 Months Ended
Jul. 31, 2018
Tables/Schedules  
Segment assets Table

 

July 31, 2018

April 30, 2018

Segment property and equipment:

 

 

  Chinese medicine

   $    1,022,608

   $    1,129,884

  Stevioside

          7,975,845

          7,923,002

  Corporate and other

                          0

                          0

    Total consolidated assets

   $    8,998,453

   $    9,052,886

XML 59 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 11 - Concentrations and Credit Risk: Three month Customer Concentrations Table (Tables)
3 Months Ended
Jul. 31, 2018
Tables/Schedules  
Three month Customer Concentrations Table

 

Net Sales

 

For the three months ended July 31, 2018

For the three months ended July 31, 2017

 

Chinese Medicine

Stevioside

Chinese Medicine

Stevioside

Qufu Shengwang Import and Export Trade Co., Ltd(1)

                                -

                      24.0%

                                -

*

Shandong Yidatong Enterprises Co., Ltd

                                -

                              -  

                                -

                     11.3%

Total

                                -

                      24.0%

                                -

                     11.3%

 

XML 60 R50.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 11 - Concentrations and Credit Risk: Three month Vendor Concentrations Table (Tables)
3 Months Ended
Jul. 31, 2018
Tables/Schedules  
Three month Vendor Concentrations Table

 

Net Purchases

 

For the three months ended July 31, 2018

For the three months ended July 31, 2017

 

Chinese Medicine

Stevioside

Chinese Medicine

Stevioside

Dongtai Jintudi Stevia Co., Ltd

                                -

*

                                -

                   15.2%

Dongtai Yandun Stevia Corp.

                                -

                     16.6%

                                -

                   32.5%

Dongtai Zhongxin Stevia Corp.

                                -

                     40.2%

                                -

                           -  

Total

                                -

                     56.8%

                                -

                   47.7%

XML 61 R51.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 1 - Organization and Operations (Details) - USD ($)
Sep. 30, 2011
Apr. 30, 2008
Details    
Qufu Natural Green acquired a 60% interest in Qufu Shengwang   $ 4,026,851
Qufu Natural Green purchased the 40% equity interest in Qufu Shengwang $ 626,125  
XML 62 R52.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Details) - USD ($)
Jul. 31, 2018
Apr. 30, 2018
Details    
Cash and cash equivalents held in PRC $ 157,696 $ 1,100,052
Cash and cash equivalents held in USA $ 99,885 $ 696
XML 63 R53.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Accounts Receivable (Details) - USD ($)
Jul. 31, 2018
Apr. 30, 2018
Details    
Allowance for Doubtful Accounts Receivable $ 178,037 $ 191,865
XML 64 R54.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Inventories (Details) - USD ($)
Jul. 31, 2018
Apr. 30, 2018
Details    
Reserve for obsolete or slow-moving inventories $ 0 $ 235,258
XML 65 R55.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Long-lived Assets (Details) - USD ($)
Jul. 31, 2018
Apr. 30, 2018
Details    
Loss on disposition of property and equipment $ 0 $ 303,377
XML 66 R56.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Taxes Payable (Details) - USD ($)
Jul. 31, 2018
Apr. 30, 2018
Details    
VAT payable $ 91,519 $ 199,644
XML 67 R57.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Basic and Diluted Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
3 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Details    
Net loss attributable to Sunwin Stevia International, Inc. $ (1,190,337) $ (1,107,428)
Numerator for basic EPS, loss applicable to common stock holders $ (1,190,337) $ (1,107,428)
Weighted Average Number of Shares Issued, Basic 199,632,803 199,632,803
Weighted Average Number of Shares Outstanding, Diluted 199,632,803 199,632,803
Net Loss per share-basic and diluted $ (0.01) $ (0.01)
XML 68 R58.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation: FOREIGN EXCHANGE RATE Table (Details)
3 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Apr. 30, 2018
Details      
Foreign Currency Exchange Rate, Translation 6.83   6.33
Average exchange rates 6.52 6.82  
XML 69 R59.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Concentrations of Credit Risk (Details) - USD ($)
Jul. 31, 2018
Apr. 30, 2018
Details    
Cash and cash equivalents held in PRC $ 157,696 $ 1,100,052
XML 70 R60.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Research and Development (Details) - USD ($)
3 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Details    
Research and Development Expense $ 232,946 $ 186,326
XML 71 R61.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Shipping Costs (Details) - USD ($)
3 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Details    
Shipping, Handling and Transportation Costs $ 74,734 $ 68,559
XML 72 R62.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Inventories: Schedule of Inventory, Current (Details) - USD ($)
Jul. 31, 2018
Apr. 30, 2018
Details    
Inventory, Raw Materials, Gross $ 8,525,977 $ 8,803,685
Inventory, Work in Process, Gross 2,127,430 1,357,484
Inventory, Finished Goods, Gross 1,692,161 2,403,402
Inventory, Gross 12,345,568 12,564,571
Reserve for obsolete inventory 0 0
Inventories, net $ 12,345,568 $ 12,564,571
XML 73 R63.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Property and Equipment: Property and equipment Table (Details) - USD ($)
Jul. 31, 2018
Apr. 30, 2018
Details    
Office Equipment $ 97,617 $ 75,821
Auto and Trucks 617,426 660,926
Machinery and Equipment, Gross 5,281,058 5,638,206
Buildings and Improvements, Gross 8,532,256 9,224,911
Construction in Progress, Gross 1,442,921 661,111
Property, Plant and Equipment, Gross 15,971,278 16,260,975
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment (6,972,825) (7,208,089)
Property and equipment, net $ 8,998,453 $ 9,052,886
XML 74 R64.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Property and Equipment (Details) - USD ($)
3 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Details    
Total Depreciation Expense $ 297,837 $ 356,155
Cost of revenues 247,157 283,105
General and administrative expenses $ 50,680 $ 73,050
XML 75 R65.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 5 - Land Use Rights: Land use right Table (Details) - USD ($)
Jul. 31, 2018
Apr. 30, 2018
Details    
Land use right, gross $ 2,324,881 $ 2,507,726
Accumulated amortization of Land Use Rights (516,897) (543,120)
LandUseRight $ 1,807,984 $ 1,964,606
XML 76 R66.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 5 - Land Use Rights (Details) - USD ($)
3 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Details    
Amortization expense - Land use rights $ 13,540 $ 12,939
XML 77 R67.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 6 - Related Party Transactions (Details) - USD ($)
3 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Apr. 30, 2018
Details      
Accounts receivable - related party Qufu Shengwang $ 2,586,722   $ 2,576,944
Revenue - related party Qufu Shengwang 1,402,947 $ 1,216,544  
Cost of revenue - related party Qufu Shengwang 121,556 103,362  
Advances from related parties for working capital 1,320,584 2,420,352  
Repaid to related parties for working capital 1,144,025 2,738,473  
Interest expense related to due to related parties $ 35,718 $ 22,070  
XML 78 R68.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 6 - Related Party Transactions: Schedule of Related Party Transactions (Details) - USD ($)
Jul. 31, 2018
Apr. 30, 2018
Details    
Due to Pharmaceutical Corporation $ 2,094,173 $ 2,280,266
Due to Qufu Shengwang 318,498 103,169
Due to Weidong Chai 166,861 175,781
Total Due to Related Party 2,579,532 $ 2,559,216
Working capital advances from related parties - Shangdong 1,086,604  
Working capital advances from related parties - Qufu 230,051  
Working capital advances from related parties - Weidong Chai 3,929  
Working capital advances from related parties 1,320,584  
Repayments from related parties - Shandong (1,136,356)  
Repayments from related parties - Qufu (7,668)  
Repayments from related parties - Weidong Chai 0  
Repayments from related parties (1,144,025)  
Effect of foreign currency exchange - Shangdong (136,341)  
Effect of foreign currency exchange - Qufu (7,053)  
Effect of foreign currency exchange - Weidong Chai (12,849)  
Effect of foreign currency exchange $ (156,243)  
XML 79 R69.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 7 - Prepaid Expenses and Other Current Assets (Details) - USD ($)
Jul. 31, 2018
Apr. 30, 2018
Details    
Prepaid expenses and other current assets $ 3,980,889 $ 2,284,379
Prepayments to suppliers 3,376,263 1,366,280
Prepayment for employees' stock-based compensation 408,886 715,553
Business related employees' advances $ 195,740 $ 202,546
XML 80 R70.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 8 - Accounts Payable and Accrued Expenses: Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)
Jul. 31, 2018
Apr. 30, 2018
Details    
Accounts Payable $ 6,427,065 $ 9,169,871
Customer Advances, Current 405,598 44,488
Accrued salary payable 302,609 169,321
Taxes Payable, Current 91,519 199,644
Deferred Revenue 37,111 39,994
Accounts Payable, Other, Current 2,053,412 2,036,686
Accounts payable and accrued expenses $ 9,317,314 $ 11,660,004
XML 81 R71.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 8 - Accounts Payable and Accrued Expenses (Details) - USD ($)
Jul. 31, 2018
Apr. 30, 2018
Details    
General liability, worker's compensation, and medical insurance payable $ 518,515 $ 558,789
Consulting fee payable 290,239 312,782
Union and education fees payable 282,953 304,930
Interest payables for short-term loans 502,417 384,356
Advanced from the employees 198,229 210,115
Other miscellaneous payables $ 261,059 $ 265,714
XML 82 R72.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 9 -loan Payable: Short-term loan payable Table (Details) - USD ($)
Jul. 31, 2018
Apr. 30, 2018
Details    
Loan from Min Wu at 10% $ 32,202 $ 34,704
Loan from Jianjun Yan at 10% A 1,289,382 1,389,531
Loan from Jianjun Yan at 4% B 1,147,575 1,236,710
Loan from Jianjun Yan at 0% 190,287 457,457
Loan from Junzhen Zhang 23,420 25,239
Loan from Jian Chen 161,012 173,518
Loan from Qing Kong A 70,845 76,348
Loan from Qing Kong B 29,275 31,549
Loan from Guihai Chen0318 17,565 18,929
Loan from Guihai Chen0918 29,275 31,549
Loan from Weifeng Kong 29,275 31,549
Loan from Shidong Wang 1,522,292 1,640,534
Loan from Xuxu Gu 1,463,743 1,577,436
Loan from Dadong Mei 1,463,743 1,577,436
Total Short Term Loan Payable $ 7,469,891 $ 8,302,489
XML 83 R73.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 9 -loan Payable: Long-term loan payable Table (Details) - USD ($)
Jul. 31, 2018
Apr. 30, 2018
Details    
Loan from Xuxu Gu 0919 $ 1,566,205 $ 1,687,857
Loan from Xuxu Gu 0720 424,485 0
Loan from Mingbang Ma 292,749 0
Loan from Weiwei Lian 1,463,743 0
Loan from Guanghua Xia 1,317,369 0
Loan from Yuehu Zhou 1,317,369 0
Total Long Term Loan Payable $ 6,381,920 $ 1,687,857
XML 84 R74.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 9 -loan Payable (Details) - USD ($)
3 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Details    
Interest expense related to loans $ 149,351 $ 95,397
XML 85 R75.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 10 - Segment Information: Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
3 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Details    
Net revenues - Chinese Medicines $ 832,799 $ 681,266
Net revenues - Chinese medicine - related party 3,367 0
Net revenues - Chinese medicine - Total 836,166 681,266
Net revenues - Stevioside - third party 3,597,580 2,994,500
Net revenues - Stevioside - related party 1,399,580 121,556
Net revenues - Stevioside - Total 4,997,160 3,116,056
Net revenues - Total segment and consolidated revenues 5,833,326 3,797,322
Interest income - Chinese Medicines 380 163
Interest income - Stevioside (184,994) (117,462)
Interest income - Total segment and consolidated interest expense (184,614) (117,299)
Depreciation and amortization - Chinese Medicines 41,381 67,782
Depreciation and amortization - Stevioside 269,996 382,606
Depreciation and amortization - Total segment and consolidated depreciation and amortization 311,377 450,388
Loss before taxes and noncontrolling interest - Chinese Medicines (87,795) (75,716)
Loss before taxes and noncontrolling interest - Stevioside (729,332) (658,875)
Loss before taxes and noncontrolling interest - Corporate and other (373,210) (372,837)
Income (loss) before income taxes - Total segment and consolidated depreciation and amortization $ (1,190,337) $ (1,107,428)
XML 86 R76.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 10 - Segment Information: Segment assets Table (Details) - USD ($)
Jul. 31, 2018
Apr. 30, 2018
Details    
Segment assets- Chinese Medicines $ 1,022,608 $ 1,129,884
Segment assets-Stevioside 7,975,845 7,923,002
Segment assets-Corporate and other 0 0
Segment assets-Total consolidated assets $ 8,998,453 $ 9,052,886
XML 87 R77.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 11 - Concentrations and Credit Risk (Details) - USD ($)
Jul. 31, 2018
Apr. 30, 2018
Details    
Cash and cash equivalents held in PRC $ 157,696 $ 1,100,052
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