Fortune Valley Treasures Files Q1 2024 10-Q

TL;DR

Fortune Valley Treasures (formerly CRYPTO-SERVICES) filed its Q1 2024 10-Q. Based in China, retail sector.

AI Summary

Fortune Valley Treasures, Inc. filed its 10-Q for the period ending March 31, 2024. The company, formerly known as CRYPTO-SERVICES, INC., is incorporated in Nevada and operates in the miscellaneous retail sector. Its principal business address is in Dongguan City, Guangdong Province, China.

Why It Matters

This filing provides a quarterly update on Fortune Valley Treasures, Inc.'s financial performance and operational status, crucial for investors and stakeholders to assess the company's trajectory.

Risk Assessment

Risk Level: medium — The company has a history of name changes and operates internationally, which can introduce complexities and risks.

Key Numbers

• Q1 2024 — Reporting Period (The filing covers the first quarter of 2024.)
• 20141201 — Name Change Date (Indicates a significant corporate restructuring or rebranding event.)

Key Players & Entities

• Fortune Valley Treasures, Inc. (company) — Filer and current company name
• CRYPTO-SERVICES, INC. (company) — Former company name
• 20240331 (date) — Reporting period end date
• 20240520 (date) — Filing date
• 518000 (dollar_amount) — ZIP code for business and mail address

FAQ

Key Financial Figures

• $0.001 — (g) of the Act: Common stock, par value $0.001 per share Indicate by check mark whet
• $0 — there were 15,655,038 shares, par value $0.001, of the registrant's common stock o
• $1 — rch 31, 2024 2023 Period-end RMB:US$1 exchange rate 0.13850 0.14558 Perio

Filing Documents

• form10-q.htm (10-Q) — 898KB
• ex31-1.htm (EX-31.1) — 16KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• 0001493152-24-020675.txt ( ) — 5741KB
• fvti-20240331.xsd (EX-101.SCH) — 55KB
• fvti-20240331_cal.xml (EX-101.CAL) — 70KB
• fvti-20240331_def.xml (EX-101.DEF) — 181KB
• fvti-20240331_lab.xml (EX-101.LAB) — 352KB
• fvti-20240331_pre.xml (EX-101.PRE) — 276KB
• form10-q_htm.xml (XML) — 1041KB

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 21 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 24 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 24 PART II OTHER INFORMATION 26 ITEM 1

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 26 ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 26 ITEM 3 DEFAULTS UPON SENIOR SECURITIES 26 ITEM 4 MINE SAFETY DISCLOSURES 26 ITEM 5 OTHER INFORMATION 26 ITEM 6 EXHIBITS 26

SIGNATURES

SIGNATURES 27 2 PART I - FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements . FORTUNE VALLEY TREASURES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2024 AND DECEMBER 31, 2023 March 31, 2024 December 31, 2023 (Unaudited) Assets Current assets Cash and cash equivalents $ 16,785 $ 288,255 Accounts receivable, net (including $ 42,956 and $ 61,113 from related parties as of March 31, 2024 and December 31, 2023, respectively) 2,528,983 3,118,892 Inventories 25,146 32,587 Prepayments and other current assets, net (including $ 873,085 and $ 941,978 to related parties as of March 31, 2024 and December 31, 2023, respectively) 1,527,126 1,643,455 Total current assets 4,098,040 5,083,189 Non-current assets Deposits paid, net (including $ 527,304 and $ 536,450 to related parties as of March 31, 2024 and December 31, 2023, respectively) 603,716 618,456 Property and equipment, net 74,124 83,706 Operating lease right-of-use assets 215,959 248,626 Operating lease right-of-use assets, related parties 58,984 63,553 Operating lease right-of-use assets 58,984 63,553 Intangible assets, net 97,776 151,639 Total Assets $ 5,148,599 $ 6,249,169 Liabilities and Stockholders' Equity Current liabilities Operating lease obligations – current $ 82,185 $ 119,633 Operating lease obligations, related parties - current 16,832 16,986 Operating lease obligations 16,832 16,986 Accounts payable (including $ 194,550 and $ 162,310 to related parties as of March 31, 2024 and December 31, 2023, respectively) 495,227 583,887 Accrued liabilities 671,722 627,457 Bank and other borrowings - current 424,604 458,023 Income tax payable - 1,453 Customer advances 1,350,606 1,364,260 Due to related parties 779,660 680,226 Total current liabilities 3,820,836 3,851,925 Non-current liabilities Operating lease obligations – non-current 123,821 153,487 Operating

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View this 10-Q filing on SEC EDGAR