Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Feb. 28, 2017 | Apr. 19, 2017 | |
Document and Entity Information: | ||
Entity Registrant Name | Fortune Valley Treasures, Inc. | |
Entity Central Index Key | 1,626,745 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 7,750,000 | |
Trading Symbol | FVTI | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 |
Balance Sheets
Balance Sheets - USD ($) | Feb. 28, 2017 | Aug. 31, 2016 |
Current Assets | ||
Prepaid expenses | $ 12,678 | $ 8,833 |
Total Current Assets | 12,678 | 8,833 |
Total Assets | 12,678 | 8,833 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 13,897 | 20,150 |
Due to related party | 45,830 | 3,000 |
Total Current Liabilities | 59,727 | 23,150 |
Total Liabilities | 59,727 | 23,150 |
Stockholders' Deficit | ||
Common stock authorized: 75,000,000 shares, par value $0.001, 7,750,000 common shares issued and outstanding as of February 28, 2017 and August 31, 2016, respectively | 7,750 | 7,750 |
Additional paid-in capital | 81,729 | 71,229 |
Accumulated deficit | (136,528) | (93,296) |
Total Stockholders' Deficit | (47,049) | (14,317) |
Total Liabilities and Stockholders' Deficit | $ 12,678 | $ 8,833 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Feb. 28, 2017 | Aug. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 7,750,000 | 7,750,000 |
Common stock, shares outstanding | 7,750,000 | 7,750,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Expenses | ||||
General and administrative expenses | 24,678 | 4,041 | 43,232 | 29,166 |
Total operating expenses | 24,678 | 4,041 | 43,232 | 29,166 |
Loss from operations | (24,678) | (4,041) | (43,232) | (29,166) |
Other income (expense) | ||||
Net loss | $ (24,678) | $ (4,041) | $ (43,232) | $ (29,166) |
Net Loss Per Common Share – Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Common Shares Outstanding | 7,750,000 | 7,750,000 | 7,750,000 | 7,750,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Feb. 28, 2017 | Feb. 29, 2016 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (43,232) | $ (29,166) |
Changes in operating assets and liabilities: | ||
Loan forgiven by former shareholder | (10,500) | 1,500 |
Expenses paid by related party on behalf of the Company | 42,830 | |
Prepaid expense | (3,845) | |
Accounts payable | 4,247 | |
Cash Used in Operating Activities | (27,666) | |
Net Decrease in Cash and Cash Equivalents | (27,666) | |
Cash and Cash Equivalents at Beginning of period | 42,492 | |
Cash and Cash Equivalents at End of Period | 14,826 | |
Supplemental Disclosures of Cash Flow Information: | ||
Interest paid | ||
Income taxes paid | ||
Non-Cash Investing and Financing Activity: | ||
Loan forgiven by former shareholder | $ 10,500 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Feb. 28, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | 1. Nature of Operations Fortune Valley Treasures, Inc., formerly Crypto-Services, Inc., was incorporated in the State of Nevada as a for-profit company on March 21, 2014 and established a fiscal year end of August 31. The Company is an early stage company which intended to offer an information based website at www.digitalcoindaily.com that would provide users with up to date information on the world of digital currencies. Gordon Hum, the Company’s director, President, Treasurer, Secretary, Chief Executive Officer, Chief Financial Officer and holder of 3,500,000 shares of the Company’s common stock representing approximately 45.16% of the Company’s issued and outstanding securities, entered into a Stock Purchase Agreement, pursuant to which he agreed to sell to twelve unrelated third parties all of his securities of the Company, for aggregate cash consideration of $35,000. On the same day, Edwin Jong, the Company’s director, Vice President and holder of 1,500,000 shares of the Company’s common stock representing approximately 19.35% of the Company’s issued and outstanding securities, entered into a Stock Purchase Agreement, pursuant to which he agreed to sell to five unrelated third parties all of his securities of the Company, for aggregate cash consideration of $15,000. In connection with the sales of the Company’s securities, Gordon Hum and Edwin Jong resigned from all of their positions with the Company effective August 3, 2016. Concurrently, Xinlong Shen was appointed to serve as the sole director, President, Treasurer, Secretary, Chief Executive Officer and Chief Financial Officer of the Company. Effective December 14, 2016, the Company accepted the resignation of Xinlong Shen from the position of President, Secretary and Treasurer. He will remain on the Board as a director. Also effective December 14, 2016, the Company appointed Yumin Lin as the new President, Secretary and Treasurer. He will also serve as a director. Effective August 28, 2016, shareholders of Crypto-Services, Inc. representing 54.19% of the Company’s issued stock approved changing the Company’s name from Crypto-Services, Inc., to Fortune Valley Treasures, Inc. The Company filed a Certificate of Amendment with the State of Nevada on September 21, 2016. Effective March 29, 2017, we received formal notification from FINRA that our request to change the Company name from Crypto-Services, Inc. to Fortune Valley Treasures, Inc. and to change our trading symbol from CRYT to FVTI have been approved. On March 30, 2017 our name and symbol change took effect with FINRA and on the OTCMarkets OTCQB platform. Effective December 14, 2016, the Company executed a Sale and Purchase Agreement (the Agreement”) to acquire 100% of the shares and assets of DaXingHuaShang Investment Group Limited (“DIGL”), a company incorporated under the laws of Republic of Seychelles. Pursuant to the Agreement, the Company has agreed to issue 300 million shares of the Company to DIGL to acquire 100% of the shares and assets for a cost of $12 million reflecting the value of the rights, titles and interests in the business assets and all attendant or related assets of DIGL. Both partied agreed that this share issuance by the Company represents payment in full of the $12 million. As of the February 28, 2017, the agreement has not been closed and the Company has not yet increased the authorized shares and issue the 300 million shares. |
Going Concern
Going Concern | 6 Months Ended |
Feb. 28, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | 2. Going Concern These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. During the period ended February 28, 2017, the Company had recurring losses and net cash used in operations, and had accumulated deficit of $136,528 as of February 28, 2017. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Feb. 28, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 3. Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto for the year ended August 31, 2016 contained in the Company’s Form 10-K/A filed with the Securities and Exchange Commission on February 17, 2017. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the interim financial statements which would substantially duplicate the disclosure contained in the audited financial statements as reported in the Company’s Form 10-K/A have been omitted. These financial statements and notes are presented in accordance with accounting principles generally accepted in the United States. The Company’s fiscal year end is August 31. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Feb. 28, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 4. Related Party Transactions a) Our former CEO Gordon Hum assumed $10,500 accrued liabilities occurred before his resignation on August 3, 2016 and paid off on November 30, 2016. Gordon Hum forgave the repayment of $10,500 from the Company, which was recorded as gain on liabilities paid by former shareholder. b) As of February 28, 2017, the Company was indebted to the then-CEO Xinlong Shen in the amount of $45,830, which is non-interest bearing, unsecured, and due on demand. This is an advance from Xinlong Shen to finance the operation of the Company. c) A friend of Xinlong Shen provided non-compensated financial reporting services from August 2016 to February, 2017. d) Our principal executive office of the Company is provided by a friend of Xinlong Shen at no charge. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Feb. 28, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | 5. Subsequent Event Effective December 14, 2016, the Company executed a Sale and Purchase Agreement (the Agreement”) to acquire 100% of the shares and assets of DaXingHuaShang Investment Group Limited (“DIGL”), a company incorporated under the laws of Republic of Seychelles. Pursuant to the Agreement, the Company has agreed to issue 300 million shares of the Company to DIGL to acquire 100% of the shares and assets for a cost of $12 million reflecting the value of the rights, titles and interests in the business assets and all attendant or related assets of DIGL. Both parties agreed that this share issuance by the Company represents payment in full of the $12 million. As of February 28, 2017, the agreement has not been closed and the Company has not yet increased the authorized shares and issue the 300 million shares. |
Nature of Operations (Details N
Nature of Operations (Details Narrative) - USD ($) | Dec. 14, 2016 | Feb. 28, 2017 | Aug. 28, 2016 |
Shareholders [Member] | Crypto-Services, Inc [Member] | |||
Percentage of stock issued during the period | 54.19% | ||
Stock Purchase Agreement [Member] | Gordon Hum [Member] | |||
Sale of stock, number of shares issued in transaction | 3,500,000 | ||
Percentage of stock issued during the period | 45.16% | ||
Stock Purchase Agreement [Member] | Gordon Hum [Member] | Twelve Unrelated Third Parties [Member] | |||
Sale of stock, consideration received on transaction | $ 35,000 | ||
Stock Purchase Agreement [Member] | Edwin Jong [Member] | |||
Sale of stock, number of shares issued in transaction | 1,500,000 | ||
Percentage of stock issued during the period | 19.35% | ||
Stock Purchase Agreement [Member] | Edwin Jong [Member] | Five Unrelated Third Parties [Member] | |||
Sale of stock, consideration received on transaction | $ 15,000 | ||
Sale and Purchase Agreement [Member] | DaXingHuaShang [Member] | |||
Percentage of shares and assets acquired | 100.00% | ||
Number of shares agreed to acquire shares and business assets | 300,000,000 | 300,000,000 | |
Business assets value of rights acquired | $ 12,000,000 | ||
Business acquisition, description | Both partied agreed that this share issuance by the Company represents payment in full of the $12 million. |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Feb. 28, 2017 | Aug. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 136,528 | $ 93,296 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 6 Months Ended | |
Feb. 28, 2017 | Aug. 31, 2016 | |
Due to related party | $ 45,830 | $ 3,000 |
Gordon Hum [Member] | ||
Accrued liabilities | 10,500 | |
Forgiveness of debt by related party | 10,500 | |
Xinlong Shen [Member] | ||
Due to related party | $ 45,830 |
Subsequent Event (Details Narra
Subsequent Event (Details Narrative) - Subsequent Event [Member] - DaXingHuaShang Investment Group Limited [Member] - Sale and Purchase Agreement [Member] - USD ($) | Feb. 28, 2017 | Dec. 14, 2016 |
Percentage of shares and assets acquired | 100.00% | |
Number of shares agreed to acquire shares and business assets | 300,000,000 | 300,000,000 |
Business assets value of rights acquired | $ 12,000,000 | |
Business acquisition, description | Both partied agreed that this share issuance by the Company represents payment in full of the $12 million. |