Fortune Valley Treasures (FVTI) 10-Q/A 15 Nov 21 2020 Q3 Quarterly report (amended) Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2020	Nov. 15, 2021
Cover [Abstract]
Document Type	10-Q/A
Amendment Flag	true
Amendment Description	Amendment No. 1
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Entity File Number	000-55555
Entity Registrant Name	FORTUNE VALLEY TREASURES, INC.
Entity Central Index Key	0001626745
Entity Tax Identification Number	32-0439333
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	13th Floor, Building B1, Wisdom Plaza
Entity Address, Address Line Two	Qiaoxiang Road, Nanshan District
Entity Address, Address Line Three	Shenzhen
Entity Address, City or Town	Guangdong
Entity Address, Country	CN
Entity Address, Postal Zip Code	518000
City Area Code	(86)
Local Phone Number	755-86961405
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,655,038

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 23,097	$ 38,137
Accounts and other receivables, net	121,316	146
Inventories	121,306	28,502
Prepayments and other current assets	146,677	7,185
Due from related parties	11,931
Total current assets	424,327	73,970
Non-current assets
Property and equipment, net	50,996	8,611
Operating lease right-of-use assets	68,684
Operating lease right-of-use assets, related parties	169,928	110,456
Deposits paid	283,491
Intangible assets, net	3,101,046
Goodwill	6,988,560
Total Assets	11,087,032	193,037
Current liabilities
Accounts payable
Unearned revenues	8,498
Operating lease obligation - current	31,762
Operating lease obligations, related parties - current	135,194	13,715
Accounts, taxes, other payables, and accruals	145,532	32,860
Due to related parties	1,174,982	808,777
Common stock payable	9,773,989
Total current liabilities	11,269,957	855,352
Non-current liabilities
Operating lease obligations - non-current	39,738
Operating lease obligations, related parties - non-current	98,099	98,189
Bank borrowing	99,981
Total Liabilities	11,507,775	953,541
Stockholders’ Deficit
Common stock (3,000,000,000 shares authorized, 307,750,100 issued and outstanding at September 30, 2020 and December 31, 2019)	307,750	307,750
Additional paid in capital
Accumulated deficit	(1,350,208)	(1,085,853)
Accumulated other comprehensive income	72,470	17,599
Total Fortune Valley Treasures, Inc. stockholders’ deficit	(969,988)	(760,504)
Non-controlling interests	549,245
Total Stockholders’ Deficit	(420,743)	(760,504)
Total Liabilities and Stockholders’ Deficit	$ 11,087,032	$ 193,037

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common Stock, Shares Authorized	3,000,000,000	3,000,000,000
Common Stock, Shares, Issued	307,750,100	307,750,100
Common Stock, Shares, Outstanding	307,750,100	307,750,100

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenue from third parties	$ 281,603	$ 12,251	$ 372,830	$ 46,154
Revenue from related parties	1,957	83,327	1,957	133,380
Revenue	283,560	95,578	374,787	179,534
Cost of revenues	245,504	75,795	299,847	137,470
Gross profit	38,056	19,783	74,940	42,064
Operating expenses:
Selling and distribution expenses	1,530		1,530
General and administrative expenses	183,571	98,483	422,063	366,050
Operating loss	(147,045)	(78,700)	(348,653)	(323,986)
Other income (expenses):
Other income (expenses)	78,525	(87)	80,631	2,417
Interest income	16	44	96	185
Interest expense	(5,221)	(100)	(10,201)	(371)
Other income (expenses), net	73,320	(143)	70,526	2,231
Loss before income tax	(73,725)	(78,843)	(278,127)	(321,755)
Income tax expense	3,415		3,415	84
Net loss	(77,140)	(78,843)	(281,542)	(321,839)
Less: Net loss attributable to non-controlling interests	(2,518)		(17,187)
Net loss attributable to Fortune Valley Treasures, Inc.	(74,622)	(78,843)	(264,355)	(321,839)
Other comprehensive income
Foreign currency translation gain	49,945	3,054	55,228	5,718
Total comprehensive loss	(27,195)	(75,789)	(226,314)	(316,121)
Less: comprehensive loss attributable to non-controlling interests	(1,864)		(16,830)
Comprehensive loss attributable to Fortune Valley Treasures, Inc.	$ (25,331)	$ (75,789)	$ (209,484)	$ (316,121)
Loss per share
Basic and diluted loss per share	$ 0	$ 0	$ 0	$ 0
Basic and diluted weighted average shares outstanding	307,750,100	307,750,100	307,750,100	307,750,100

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($)	Common Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]	Total
Beginning balance, value at Dec. 31, 2018	$ 307,750	$ (708,097)	$ 13,119		$ (387,228)
Beginning balance, shares at Dec. 31, 2018	307,750,100
Net profit (loss)		(321,839)			(321,839)
Foreign currency translation adjustment			5,717		5,717
Ending balance, value at Sep. 30, 2019	$ 307,750	(1,029,936)	18,836		(703,350)
Ending balance, shares at Sep. 30, 2019	307,750,100
Beginning balance, value at Dec. 31, 2019	$ 307,750	(1,085,853)	17,599		(760,504)
Beginning balance, shares at Dec. 31, 2019	307,750,100
Net profit (loss)		(102,568)			(102,568)
Foreign currency translation adjustment			7,218		7,218
Ending balance, value at Mar. 31, 2020	$ 307,750	(1,188,421)	24,817		(855,854)
Ending balance, shares at Mar. 31, 2020	307,750,100
Beginning balance, value at Dec. 31, 2019	$ 307,750	(1,085,853)	17,599		(760,504)
Beginning balance, shares at Dec. 31, 2019	307,750,100
Net profit (loss)					(281,542)
Ending balance, value at Sep. 30, 2020	$ 307,750	(1,350,208)	72,470	549,245	(420,743)
Ending balance, shares at Sep. 30, 2020	307,750,100
Beginning balance, value at Mar. 31, 2020	$ 307,750	(1,188,421)	24,817		(855,854)
Beginning balance, shares at Mar. 31, 2020	307,750,100
Non-controlling interest arising from acquisition of subsidiary				17,042	17,042
Net profit (loss)		(87,165)		(14,669)	(101,834)
Foreign currency translation adjustment			(1,638)	(297)	(1,935)
Ending balance, value at Jun. 30, 2020	$ 307,750	(1,275,586)	23,179	2,076	(942,581)
Ending balance, shares at Jun. 30, 2020	307,750,100
Non-controlling interest arising from acquisition of subsidiary				549,033	549,033
Net profit (loss)		(74,622)		(2,518)	(77,140)
Foreign currency translation adjustment			49,291	654	49,945
Ending balance, value at Sep. 30, 2020	$ 307,750	$ (1,350,208)	$ 72,470	$ 549,245	$ (420,743)
Ending balance, shares at Sep. 30, 2020	307,750,100

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net loss	$ (281,542)	$ (321,839)
Adjustment to reconcile net loss to net cash used in operating activities
Depreciation and amortization expense	78,629	791
Non-cash lease expense	87,351
Changes in operating assets and liabilities
Accounts receivables	(121,170)	2,450
Inventories	(92,804)	130,213
Prepayments and other current assets	(139,492)	(960)
Accounts and other payables	121,170	16,576
Operating lease obligations	(15,743)
Net cash used in operating activities	(363,601)	(205,921)
Cash flows from investing activities
Advance to related parties	(12,099)
Repayment of advance to related parties	168
Proceeds from acquisition of subsidiary	7,672
Purchase of property and equipment	(56,852)
Net cash used in investing activities	(61,111)
Cash flows from financing activities
Borrowings from related parties	561,107	215,027
Repayments to related parties	(194,902)	0
Proceed from bank borrowings, net	99,981
Net cash provided by financing activities	466,186	215,027
Effect of foreign currency translation on cash and cash equivalents	(56,514)	(899)
Net (decrease)/increase of cash and cash equivalents	(15,040)	8,207
Cash and cash equivalents-beginning of period	38,137	29,999
Cash and cash equivalents-end of period	23,097	38,206
Supplementary cash flow information:
Interest received	96	185
Interest paid	10,201	371
Income taxes paid		84
Non-cash investing and financing activities:
Expense paid by related parties	277,081
Shares payable for acquisition of subsidiary	9,773,989
Operating lease right-of-use assets obtained in exchange for operating lease obligations	$ 172,022	$ 128,660

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
ORGANIZATION AND SUMMARY OF SIGNICANT ACCOUNTING POLICIES	NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNICANT ACCOUNTING POLICIES Fortune Valley Treasures, Inc. (formerly Crypto-Services, Inc., the “Company” or “FVTI”) was incorporated in the State of Nevada on March 21, 2014. The Company is engaged in the business of wholesale distribution and retail sales of alcoholic beverages, including wine and distilled liquors, through its subsidiaries in the People’s Republic of China (“PRC” or “China”). On January 5, 2018, the Company changed its accounting fiscal year end from August 31 to December 31. On January 29, 2018, the Company filed a Certificate of Amendment with the State of Nevada to increase its authorized shares of common stock from 75,000,000 to 3,000,000,000. On April 11, 2018, the Company entered into a share exchange agreement by and among DaXingHuaShang Investment Group Limited, a Republic of Seychelles limited liability company (“DIGLS”), and each of the shareholders of DIGLS, pursuant to which the Company issued 300,000,000 100% DIGLS was incorporated in the Republic of Seychelles on July 4, 2016 100,000 250,000,000 0.0004 100% On March 1, 2019, the Company entered into a sale and purchase agreement (the “SP Agreement”) to acquire 100% of the shares of Jiujiu Group Stock Co., Ltd. (“JJGS”), a company incorporated under the laws of the Republic of Seychelles. The transaction contemplated in the SP Agreement was closed on March 1, 2019. Pursuant to the SP Agreement, the Company issued 100 shares of its common stock to JJGS to acquire 100% of the shares of JJGS for a cost of $150. On July 13, 2019, FVTI and QHDX entered into an equity interest transfer agreement (the “Makaweng Agreement”), which was later amended on September 12, 2019, with Xingwen Wang, a shareholder and legal representative of Yunnan Makaweng Wine & Spirits Co., Ltd. (“Makaweng” or MKW), a PRC limited liability company formed in 2015. Pursuant to the Makaweng Agreement, QHDX agreed to purchase 51% of Makaweng’s equity interest from Xingwen Wang in exchange for shares of FVTI’s common stock. On August 28, 2019, the registration of transferring the 51% of equity interest of Makaweng to QHDX with local government authorities was completed. The control of Makaweng has not been transferred to QHDX as of September 30, 2020. On June 22, 2020, the Company entered into a sale and purchase agreement along with Qianhai DaXingHuaShang Investment (Shenzhen) Co., Ltd., a company incorporated in China and a wholly-owned subsidiary of FVTI (“QHDX”), to acquire 90% of the shares of Dongguan Xixingdao Technology Co., Ltd. (“Xixingdao”), a company incorporated in the PRC, from certain shareholders of Xixingdao in exchange for 4,862,681 shares of the Company’s common stock. The Company obtained the control of Xixingdao and Xixingdao became the Company’s subsidiary on August 31, 2020. As of September 30, 2020, the shares have not been issued. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation These condensed consolidated financial statements, accompanying notes, and related disclosures have been prepared pursuant to the rules and regulations of the SEC. These financial statements have been prepared using the accrual basis of accounting in accordance with the generally accepted accounting principles in the United States (“GAAP”). The Company’s fiscal year end is December 31. The Company’s financial statements are presented in U.S. Dollars. Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. The results of subsidiaries acquired during the respective periods are included in the consolidated statements of operations from the effective date of acquisition or up to the effective date of disposal, as appropriate. The portion of the income or loss applicable to noncontrolling interests in subsidiaries is reflected in the consolidated statements of operations. As of September 30, 2020, details of the Company’s major subsidiaries were as follows: SCHEDULE OF ENTITIES AND ITS SUBSIDIARIES Entity Name Date of Incorporation Parent Nature of Operation Place of DIGLS July 4, 2016 FVTI Investment holding Republic of Seychelles DILHK June 22, 2016 DIGLS Investment holding Hong Kong, PRC QHDX November 3, 2016 DILHK Investment holding PRC FVTL May 31, 2011 QHDX Trading of wine PRC JJGS August 17, 2017 FVTI Investment holding Republic of Seychelles JJHK August 24, 2017 JJGS Investment holding Hong Kong, PRC JJSZ November 16, 2018 JJHK No operations PRC MKW August 28, 2019 QHDX Trading of alcohol PRC LJRB November 16, 2015 MKW No operation PRC Xixingdao May 31, 2019 QHDX Drinking water distribution and delivery PRC Use of estimates The preparation of financial statements is in conformity with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results may materially differ from these estimates. Reclassification 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. Foreign currency translation and re-measurement The Company translates its results of operations into the U.S. dollar in accordance with ASC 830, “ Foreign Currency Matters The reporting currency for the Company and its subsidiaries is the U.S. dollar. The Company, DIGLS, JJGS, JJHK and DILHK’s functional currency is the U.S. dollar. QHDX, JJSZ, FVTL, MKW, LJRB and Xixingdao use the Chinese Renminbi (“RMB”) as their functional currency. The Company’s subsidiaries, whose records are not maintained in that company’s functional currency, re-measure their records into their functional currency as follows: ● Monetary assets and liabilities at exchange rates in effect at the end of each period, ● Nonmonetary assets and liabilities at historical rates, and ● Revenue and expense items at the average rate of exchange prevailing during the period. Gains and losses from these re-measurements were not significant and have been included in the Company’s results of operations. The Company’s subsidiaries, whose functional currency is not the U.S. dollar, translate their records into the U.S. dollar as follows: ● Assets and liabilities at the rate of exchange in effect at the balance sheet date, ● Equities at the historical rate, and ● Revenue and expense items at the average rate of exchange prevailing during the period. Adjustments arising from such translations are included in accumulated other comprehensive income in shareholders’ equity. SCHEDULE OF FOREIGN CURRENCY EXCHANGE RATE TRANSLATION September 30, 2020 December 31, 2019 Spot RMB: USD exchange rate $ 0.14703 $ 0.14334 Average RMB: USD exchange rate $ 0.14298 $ 0.14505 The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into U.S. Dollars at the rates used in translation. Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits in banks, and any investments with maturities with less three months from inception to maturity. The Company’s primary bank deposits are located in the Hong Kong and the PRC. Under the Deposit Insurance System in China, a company’s deposits at one bank is insured for a maximum of RMB 500,000 70,000 Accounts receivable Accounts receivable are carried at the amounts invoiced to customers less allowance for doubtful accounts. The allowance is an estimate based on a review of individual customer accounts on a regular basis. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received. The Company reviews the collectability of accounts receivable based on an assessment of historical experience, current economic conditions, and other collection indicators. During the year ended December 31, 2019 and the nine months ended September 30, 2020, the Company did not experience any delinquent or uncollectible balances; accordingly, the Company did not record any valuation allowance for bad debt during these periods. Inventories Inventories consisting of finished goods are stated at the lower of cost or market value. The Company used the weighted average cost method of accounting for inventory. Inventories on hand are evaluated on an on-going basis to determine if any items are obsolete, spoiled, or in excess of future demand. The Company provides impairment that is charged directly to cost of sales when it has been determined that the product is obsolete, spoiled, and that the Company will not be able to sell it at a normal profit above its carrying cost. The Company’s primary products are imported alcoholic beverages. The selling price of alcoholic beverages tends to increase over time. However, there are circumstances where alcoholic beverages may be subject to spoilage if stored for prolong periods of time. The Company did not experience an impairment on inventory during the nine months ended September 30, 2020 and 2019. Right-of-use asset and lease liabilities In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842).” The new standard requires lessees to recognize lease assets (right of use) and lease obligations (lease liability) for leases previously classified as operating leases under U.S. GAAP on the balance sheet for leases with terms in excess of 12 months. The standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Accounting for long-lived assets The Company annually reviews its long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Impairment may be the result of becoming obsolete from a change in the industry or new technologies. Impairment is present if the carrying amount of an asset is less than its undiscounted cash flows to be generated. If an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Customer advances and deposits On certain occasions, the Company may receive prepayments from downstream retailers or retail customers for wines and liquors prior to their taking possession of the Company’s products. The Company records these receipts as customer advances and deposits until it has met all the criteria for recognition of revenue including the passing possession of the products to its customer, at such point Company will reduce the customer deposits balance and credit the Company’s revenues. Revenue recognition The Company adopted ASC Topic 606, Revenue from Contracts with Customers 1. Identify the contract(s) with a customer; 2. Identify the performance obligations in the contract; 3. Determine the transaction price; 4. Allocate the transaction price to the performance obligations in the contract; and 5. Recognize revenue when (or as) the entity satisfies a performance obligation. In applying ASC 606, the Company recognizes revenue when the Company has negotiated the terms of the transaction, set forth the sales price, transferred of possession of product to customer, determined that the customer does not have the right to return the product, determined that the customer is able to further sell or transfer the product onto others for economic benefit without any other obligation to be fulfilled by the Company, and the Company is reasonably assured that funds have been or will be collected from the customer. The Company’s gross revenue consists of the value of goods invoiced, net of any value-added tax. Advertising All advertising costs are expensed as incurred. Advertising expenses for the nine months ended September 30, 2020 and 2019 were $ 0 0 Shipping and handling Outbound shipping and handling are expensed as incurred. Retirement benefits Retirement benefits in the form of mandatory government sponsored defined contribution plans are charged as expenses as incurred or allocated to inventory as a part of overhead. Income taxes The Company accounts for income tax using an asset and liability approach and allows for recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain. Statutory reserves Statutory reserves are referring to the amount appropriated from the net income in accordance with laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum that is equal to 50% of the enterprise’s PRC registered capital. Earnings per share The Company computes earnings per share (“EPS”) in accordance with ASC Topic 260, “Earnings per share.” Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. Financial instruments The Company’s accounts for financial instruments in accordance to ASC Topic 820, “Fair Value Measurements and Disclosures,” which requires disclosure of the fair value of financial instruments held by the Company and ASC Topic 825, “Financial Instruments,” which defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets; ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Comprehensive income Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. The Company’s current component of other comprehensive income includes the foreign currency translation adjustment and unrealized gain or loss. Goodwill Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable assets acquired in a business combination. In accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 350, “Goodwill and Other Intangible Assets,” goodwill is no longer subject to amortization. Rather, goodwill is subject to at least an annual assessment for impairment, applying a fair-value based test. Fair value is generally determined using a discounted cash flow analysis. Recent accounting pronouncements In February 2018, the FASB issued guidance, which eliminates the stranded tax effects in other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017 (“TCJA”). Because the amendments only relate to the reclassification of the income tax effects of the TCJA, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. The Company adopted the guidance in the first quarter of fiscal year 2020. There was no material impact to its financial statements. In August 2017, the FASB issued guidance, which amends the existing accounting standards for derivatives and hedging. The amendment improves the financial reporting of hedging relationships to better represent the economic results of an entity’s risk management activities in its financial statements and made certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The Company is required to adopt the guidance in the first quarter of fiscal year 2020. Earlier adoption is permitted. The Company adopted the new guidance. There was no material impact to its financial statements. On March 17, 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-08 “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” which amends the principal-versus-agent implementation guidance and illustrations in the Board’s new revenue standard (ASU 2014-09). The FASB issued the ASU in response to concerns identified by stakeholders, including those related to (1) determining the appropriate unit of account under the revenue standard’s principal-versus-agent guidance and (2) applying the indicators of whether an entity is a principal or an agent in accordance with the revenue standard’s control principle. Among other things, the ASU clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract with a customer. As defined in the ASU, a specified good or service is “a distinct good or service (or a distinct bundle of goods or services) to be provided to the customer.” Therefore, for contracts involving more than one specified good or service, the entity may be the principal for one or more specified goods or services and the agent for others. The ASU has the same effective date as the new revenue standard (as amended by the one-year deferral and the early adoption provisions in ASU 2015-14). In addition, entities are required to adopt the ASU by using the same transition method they used to adopt the new revenue standard. The Company has determined that it acts as a principal in its primary business operations. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this standard will remove, modify and add certain disclosures under ASC Topic 820, Fair Value Measurement, with the objective of improving disclosure effectiveness. ASU 2018-13 will be effective for the Company’s year beginning January 1, 2020, with early adoption permitted. The transition requirements are dependent upon each amendment within this update and will be applied either prospectively or retrospectively. The Company does not expect ASU 2018-13 to have a material impact to the Company’s consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes. The amendments in this Update related to separate financial statements of legal entities that are not subject to tax should be applied on a retrospective basis for all periods presented. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments should be applied on a prospective basis. The Company does not expect the adoption of ASU 2019-12 to have a material impact on its condensed consolidated financial statements. Unless otherwise stated, the Company is currently assessing the above accounting pronouncements and their potential impact from their adoption on the Company’s financial statements.

GOING CONCERN

GOING CONCERN	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 3 - GOING CONCERN The accompanying financial statements have been prepared in conformity with GAAP which contemplate continuation of the Company as a going concern. The going concern basis assumes that assets are realized, and liabilities are settled in the ordinary course of business at amounts disclosed in the financial statements. The Company’s ability to continue as a going concern depends upon its ability to market and sell its products to generate positive operating cash flows. As of September 30, 2020 and 2019, the Company reported net losses of $ 281,542 and $ 321,839 , respectively. As of September 30, 2020, the Company had working capital deficit of approximately $ 10,845,630 . In addition, the Company had net cash outflows of $ 363,601 from operating activities during the nine months ended September 30, 2020. These conditions still raise a substantial doubt as to whether the Company may continue as a going concern. The Company relies on related parties to provide financing and management services at cost that may not be the prevailing market rate for such services. If the Company is not able to generate positive operating cash flows, raise additional capital, and retain the services of certain related parties, it may become insolvent.

ACCOUNTS AND OTHER RECEIVABLES

ACCOUNTS AND OTHER RECEIVABLES	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
ACCOUNTS AND OTHER RECEIVABLES	NOTE 4 - ACCOUNTS AND OTHER RECEIVABLES Accounts and other receivables consisted of the following as of September 30, 2020 and December 31, 2019: SCHEDULE OF ACCOUNTS RECEIVABLE September 30, 2020 December 31, 2019 Gross accounts and other receivables $ 121,316 $ 146 Less: Allowance for doubtful accounts - - Accounts and other receivables net $ 121,316 $ 146

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 5 – INVENTORIES Inventories consisted of the following as of September 30, 2020 and December 31, 2019: SCHEDULE OF INVENTORIES September 30, 2020 December 31, 2019 Finished goods $ 121,306 $ 28,502

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	NOTE 6 - PROPERTY AND EQUIPMENT, NET Property and equipment consisted of the following as of September 30, 2020 and December 31, 2019: SCHEDULE OF PROPERTY AND EQUIPMENT, NET September 30, 2020 December 31, 2019 At Cost: Equipment $ 64,804 $ 61,510 Improvements 53,558 - Property, plant and equipment, gross 118,362 61,510 Less: Accumulated depreciation (67,366 ) (52,899 ) Property, plant and equipment, net $ 50,996 $ 8,611

INTANGIBLE ASSETS

INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	NOTE 7 – INTANGIBLE ASSETS Intangible assets and related accumulated amortization were as follows: SCHEDULE OF INTANGIBLE ASSETS September 30, 2020 December 31, 2019 At Cost: Distributor channel $ 3,165,208 $ Less: Accumulated depreciation (64,162 ) - Total $ 3,101,046 $ - Amortization expense for the nine months ended September 30, 2020 and 2019 was $ 64,162 and $ 0 , respectively, included in cost of revenues. As of September 30, 2020, the future estimated amortization costs for distribution channel are as follows: SCHEDULE OF FUTURE AMORTIZATION EXPENSE FOR DISTRIBUTION CHANNELS 2020 (remaining of the year) $ 197,939 2021 791,756 2022 791,756 2023 791,756 2024 527,839 Total $ 3,101,046

BUSINESS COMBINATION AND GOODWI

BUSINESS COMBINATION AND GOODWILL	9 Months Ended
	Sep. 30, 2020
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATION AND GOODWILL	NOTE 8 – BUSINESS COMBINATION AND GOODWILL On August 31, 2020, FVTI completed the acquisition of 90% equity interest of Xixingdao. The Company aimed to enter the service of drinking water distribution and delivery market in Dongguan City, Guangdong Province through this acquisition. The purchase consideration is $ 9,773,989 , consists of 4,862,681 shares of the Company’s common stock, which have not been issued. The Company accounted for the acquisition using the purchase method of accounting for business combination under ASC 805. The total purchase price was allocated to the tangible and identifiable intangible assets acquired and liabilities based on their estimated fair values as of the acquisition date. The determination of fair values involves the use of significant judgment and estimates and in the case of Xixingdao, this is with specific reference to acquired intangible asset. The judgments used to determine the estimated fair value assigned to assets acquired and liabilities assumed, as well as the intangible asset life and the expected future cash flows and related discount rate, can materially impact the Company’s consolidated financial statements. Significant inputs and assumptions used for the model included the amount and timing of expected future cash flows and discount rate. The Company utilized the assistance of a third-party valuation appraiser to determine the fair value as of the date of acquisition. The purchase price was allocated on the acquisition date of Xixingdao as follows: SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED Account and other receivables $ 305,866 Inventories 79,332 Other net assets (12,884 ) Distribution channel 3,145,260 Due to related parties (135,080 ) Noncontrolling interest (549,033 ) Goodwill 6,940,530 Total $ 9,773,991 The results of operations, financial position, and cash flows of Xixingdao have been included in the Company’s consolidated financial statements since the date of acquisition. Goodwill arising from this business combination is not tax deductible. The following unaudited pro forma information presents the combined results of operations for the nine months ended September 30, 2020 and 2019 as if the acquisition of Xixingdao had occurred as of January 1, 2020 and May 31, 2019, the inception date of Xixingdao. These unaudited pro forma results are presented for informational purpose only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the Company consummated the acquisition on January 1, 2020 or May 31, 2019, nor are they indicative of future results of operations: SCHEDULE OF PRO FORMA INFORMATION For nine months ended September 30, 2020 For nine months ended September30, 2019 Pro forma net revenues $ 889,983 $ 201,535 Pro forma net loss 109,971 337,155 Pro forma net loss attributable to Fortune Valley Treasures, Inc. 110,036 335,623 The Company’s policy is to perform its annual impairment testing on goodwill for its reporting unit on December 31, of each fiscal year or more frequently if events or changes in circumstances indicate that an impairment may exist.

LONG TERM BORROWINGS

LONG TERM BORROWINGS	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
LONG TERM BORROWINGS	NOTE 9 – LONG TERM BORROWINGS In August 2020, the Company entered in long term line of credit with China Construction Bank-Dongguan City Branch for an aggregate of RMB 910,000 138,656 July 21, 2023 40 99,981 680,000

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 10 - INCOME TAXES The Company’s primary operations are conducted in the PRC in accordance with the relevant tax laws and regulations. The corporate income tax rate for each country is as follows: ● PRC tax rate is 25 ● Hong Kong tax rate is 16.5 ● Seychelles is on permanent tax holiday. The following table provides the reconciliation of differences between statutory and effective tax expenses for nine months ended September 30, 2020 and 2019: SCHEDULE OF RECONCILIATION OF TAX EXPENSES September 30, 2020 September 30, 2019 Loss attributed to PRC operations $ (96,902 ) $ (145,784 ) Loss attributed to Seychelles and Hong Kong 1,066 (208 ) Loss attributed to U.S. (182,291 ) (175,763 ) Loss before tax (278,127 ) (321,755 ) PRC statutory tax at 25 (69,532 ) (80,439 ) Effect of Seychelles, PRC, Hong Kong, deductions and other reconciling items 66,117 80,523 Income tax $ 3,415 $ 84 The difference between the U.S. federal statutory income tax rate and the Company’s effective tax rate was as follows for nine months ended September 30, 2020 and 2019: Schedule of Effective Income Tax Rate September 30, 2020 September 30, 2019 U.S. federal statutory income tax rate 21.0 % 21.0 % Higher rates in PRC, net 4.0 % 4.0 % Effect of reconciling items (26.2 %) (25.0 %) The Company’s effective tax rate (1.2 %) 0.0 %

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 11 - RELATED PARTY TRANSACTIONS Amounts due from related parties as of September 30, 2020 and December 31, 2019 are as follow: SCHEDULE OF AMOUNT DUE FROM AND DUE TO RELATED PARTIES Relationship with the Company September 30, 2020 December 31, 2019 Mr. Naiyong Luo Director of DIGLS $ 3,727 $ Ms. Lihua Li Mr. Yumin Lin’s wife 8,204 - $ 11,931 $ - Amounts due to related parties as of September 30, 2020 and December 31, 2019 are as follow: Relationship with the Company September 30, 2020 December 31, 2019 Mr. Yumin Lin Chairman, Chief Executive Officer, President and Secretary $ 840,942 $ 791,576 Ms. Qingmei Lin Mr. Yumin Lin’s wife 9,263 17,201 Mr. Yuwen Li Vice President 103,287 - Hua Hui (Shenzhen) Education Management Ltd. Mr. Hongwei Ye, manager of a subsidiary, is the supervisor of Hua Hui (Shenzhen) Education Management Ltd. 197,934 - Mr. Xingwen Wang Manager of a subsidiary 1,429 - Shenzhen Daxinghuashang Industry Group Co., Ltd. Mr. Yumin Lin is the supervisor of Shenzhen Daxinghuashang Industry Group Co., Ltd. 22,127 - $ 1,174,982 $ 808,777 Due from related parties mainly consists of funds advanced to related parties as to pay off the Company’s expenses. The balance is unsecured, non-interest bearing. Due to related parties mainly consists of borrowings for working capital purpose, the balance is unsecured, non-interest bearing. The balance with Hua Hui (Shenzhen) Education Management Ltd. bears interest at the rate of 0.7% In addition, during the nine months ended September 30, 2020, these related parties paid expenses on the Company’s behalf in an amount of $ 277,081

LEASE COMMITMENTS

LEASE COMMITMENTS	9 Months Ended
	Sep. 30, 2020
Lease Commitments
LEASE COMMITMENTS	NOTE 12 – LEASE COMMITMENTS The Company has six operating leases for five office spaces, and one warehouse in PRC with remaining lease terms of 13 months to 79 months. Three of these leases were entered with related parties. The Company has an operating lease agreement with Qingmei Lin, a related party, for the premises in Dongguan City, PRC. The agreement covers the period from January 1, 2019 to April 30, 2027. 10,000 1,450 The agreement covers the period from October 28, 2016 to October 28, 2021. 30,000 4,349 The agreement covers the period from September 27, 2020 to September 30, 2023. 960 139 The components of lease expense and supplemental cash flow information related to leases for the nine months ended September 30, 2020 and 2019 are as follows: SCHEDULE OF COMPONENTS OF LEASE EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION Operating lease cost (included in general and administrative expenses in the Company’s consolidated statements of operations) For the nine months ended Related parties $ 85,212 Non-related parties 2,139 Total $ 87,351 Other information for the nine months ended September 30, 2020 Cash paid for amounts included in the measurement of lease obligations $ 11,152 Weighted average remaining lease term (in years) 3.91 Weighted average discount rate 3.23 % Maturities of the Company’s lease obligations as of September 30, 2020 are as follows: SCHEDULE OF MATURITIES OF LEASE OBLIGATIONS 2020 $ 93,641 2021 96,970 2022 46,244 2023 24,207 2024 17,644 Thereafter: 41,169 Total lease payment 319,875 Less: Imputed interest (15,082 ) Operating lease obligations $ 304,793 NOTE 13 - RISKS Credit risk The Company is subject to risk borne from credit extended to customers. FVTL, MKW, LJRB and QHDX bank deposits are with banks located in the PRC. JJHK’s bank account is located in Hong Kong. DIGLS and JJGS do not have any bank accounts. The bank accounts that the Company uses are located outside of the U.S. and the Company’s bank accounts in China are protected by a deposit insurance system. Economic and political risks and national emergencies risk The Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by changes in the political, economic, and legal environments in the PRC. As imported alcoholic beverages are considered a luxury item in the PRC, they may be subject to political risks. From time to time, the PRC government limits the amount of import of foreign alcoholic beverages based on diplomatic relationships with foreign countries. The Company’s results of operations may be materially and adversely affected if it is unable to procure such products because of change of government policies. In addition, the Company’s sales and operations may materially adversely affected by national emergencies, such as COVID-19 pandemic. Inflation risk Management monitors changes in prices. Historically inflation has not materially impacted the Company’s financial statements. However, significant increases in the price of wine and liquors that cannot be passed on to the Company’s customers could adversely impact the Company’s results of operations. Concentrations risk During the nine months ended September 30, 2020 and the year ended December 31, 2019, the Company had a concentration of risk in its supply of goods, as one vendor supplied all of the Company’s purchases of finished goods.

RESTATEMENT

RESTATEMENT	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
RESTATEMENT	NOTE 14 – RESTATEMENT Our interim financial statements for the nine months ended September 30, 2020, as previously filed with the SEC on November 23, 2020, have been restated. The previously filed financial statements did not reflect the acquisition of Xixingdao, completed on August 31, 2020 and the results of Xixingdao from the effective date of acquisition. The impact of this restatement on the Company’s Condensed Consolidated Balance Sheet, Statements of Operations and Comprehensive Loss, and Statement of Cash Flows is reflected in the tables below: SCHEDULE OF RESTATEMENT TO BALANCE SHEET CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited） Previously filed September 30, Restated September 30, 2020 Adjustment 2020 Assets Current assets Cash and cash equivalents $ 14,194 $ 8,903 $ 23,097 Accounts and other receivables, net 80,371 40,945 121,316 Inventories 50,787 70,519 121,306 Prepayments and other current assets 116,628 30,049 146,677 Due from related parties 8,066 3,865 11,931 Total current assets 270,046 154,281 424,327 Non-current assets Property and equipment, net 48,442 2,554 50,996 Operating lease right of use asset - 68,684 68,684 Operating lease right of use asset, related parties 101,710 68,218 169,928 Deposits paid - 283,491 283,491 Intangible assets, net - 3,101,046 3,101,046 Goodwill - 6,988,560 6,988,560 Total Assets $ 420,198 $ 10,666,834 $ 11,087,032 Liabilities Current liabilities Accounts payable $ - $ - $ - Unearned revenues 8,629 (131 ) 8,498 Operating lease obligation - current - 31,762 31,762 Operating lease obligation, related parties - current 14,419 120,775 135,194 Accounts, taxes, other payables, and accruals 87,223 58,309 145,532 Short term borrowings 197,934 (197,934 ) - Due to related parties 878,100 296,882 1,174,982 Common stock payable - 9,773,989 9,773,989 Total current liabilities 1,186,305 10,083,652 11,269,957 Non-current liabilities Operating lease obligation - non-current - 39,738 39,738 Operating lease obligation, related parties - non-current 89,856 8,243 98,099 Long term borrowings 99,981 - 99,981 Total liabilities 1,376,142 10,131,633 11,507,775 Stockholders’ Deficit Common stock (3,000,000,000 shares authorized, 307,750,100 issued and outstanding at September 30, 2020 and December 31, 2019) 307,750 - 307,750 Additional paid in capital - - - Accumulated deficit (1,271,910 ) (78,298 ) (1,350,208 ) Accumulated other comprehensive income 7,285 65,185 72,470 Total Stockholders’ Deficit (956,875 ) (13,113 ) (969,988 ) Non-controlling interest 931 548,314 549,245 Total Deficit (955,944 ) 535,201 (420,743 ) Total Liabilities and Stockholders’ Deficit $ 420,198 $ 10,666,834 $ 11,087,032 SCHEDULE OF RESTATEMENT TO OPERATIONS AND COMPREHENSIVE INCOME CONDENSED CONSOLDIATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited） For Three Months Ended September 30, 2020 Previously filed Three months ended September 30, Restated Three months ended September 30, 2020 Adjustment 2020 Revenue from third parties $ 156,340 $ 125,263 $ 281,603 Revenue from related parties - 1,957 1,957 Revenue 156,340 127,220 283,560 Cost of revenues 118,454 127,050 245,504 Gross profit 37,886 170 38,056 Operating expenses Selling and distribution expenses - 1,530 1,530 General and administrative expenses 102,112 81,459 183,571 Operating loss (64,226 ) (82,819 ) (147,045 ) Other income (expenses): Other income (expenses) 71,841 6,684 78,525 Interest income 16 - 16 Interest expense (5,206 ) (15 ) (5,221 ) Other income (expenses), net 66,651 6,669 73,320 Income (loss) before income tax 2,425 (76,150 ) (73,725 ) Income tax - 3,415 3,415 Net income (loss) $ 2,425 $ (79,565 ) $ (77,140 ) Less: Net income (loss) attributable to non-controlling interest (1,251 ) (1,267 ) (2,518 ) Net income (loss) attributable to Fortune Valley Treasures, Inc. 3,676 (78,298 ) (74,622 ) Other comprehensive income (loss): Foreign currency translation gain (loss) (15,788 ) 65,733 49,945 Comprehensive loss (15,788 ) (11,407 ) (27,195 ) Less: Comprehensive loss attributable to non-controlling interest (1,145 ) (719 ) (1,864 ) Comprehensive loss attributable to Fortune Valley Treasures, Inc. $ (13,363 ) (11,968 ) $ (25,331 ) Loss per share Basic and diluted loss per share $ (0.00 ) $ - $ (0.00 ) Basic and diluted weighted average shares outstanding 307,750,000 100 307,750,100 For Nine Months Ended September 30, 2020 Previously filed Nine months Restated Nine months ended ended September 30, September 30, 2020 Adjustment 2020 Revenue from third parties $ 247,567 $ 125,263 $ 372,830 Revenue from related parties - 1,957 1,957 Revenue 247,567 127,220 374,787 Cost of revenues 172,797 127,050 299,847 Gross profit 74,770 170 74,940 Operating expenses Selling and distribution expenses - 1,530 1,530 General and administrative expenses 340,604 81,459 422,063 Operating loss (265,834 ) (82,819 ) (348,653 ) Other income (expenses): Other income (expenses) 73,947 6,684 80,631 Interest income 96 - 96 Interest expense (10,186 ) (15 ) (10,201 ) Other income (expenses), net 63,857 6,669 70,526 Loss before income tax (201,977 ) (76,150 ) (278,127 ) Income tax expense - 3,415 3,415 Net loss $ (201,977 ) $ (79,565 ) $ (281,542 ) Less: Net loss attributable to non-controlling interest (15,920 ) (1,237 ) (17,187 ) Net loss attributable to Fortune Valley Treasures, Inc. (186,057 ) (78,328 ) (264,355 ) Other comprehensive gain (loss): Foreign currency translation gain (loss) (10,505 ) 65,733 55,228 Comprehensive loss: (212,482 ) (13,832 ) (226,314 ) Less: Comprehensive loss attributable to non-controlling interest (16,111 ) (719 ) (16,830 ) Comprehensive loss attributable to Fortune Valley Treasures, Inc. $ (196,371 ) $ (13,113 ) $ (209,484 ) Loss per share Basic and diluted loss per share $ (0.00 ) - $ (0.00 ) Basic and diluted weighted average shares outstanding 307,750,000 100 307,750,100 SCHEDULE OF RESTATEMENT TO STOCKHOLDERS’ EQUITY SCHEDULE OF RESTATEMENT TO CASH FLOWS CONDENSED CONSOLDIATED STATEMENTS OF CASH FLOWS (Unaudited) Previously filed Nine months ended Restated Nine months September 30, September 30, 2020 Adjustment 2020 Cash flows from operating activities Net loss $ (201,977 ) $ (79,565 ) $ (281,542 ) Adjustments to reconcile net income to net cash provided by (used for) operating activities Depreciation of fixed assets 23,293 55,336 78,629 Non-cash lease expense - 87,351 87,351 Changes in operating assets and liabilities Accounts and other receivables (69,620 ) (51,550 ) (121,170 ) Inventories (20,958 ) (71,846 ) (92,804 ) Prepayments and other current assets (106,539 ) (32,953 ) (139,492 ) Accounts and other payables 40,174 80,996 121,170 Lease liabilities - (15,743 ) (15,743 ) Net cash used in operating activities (335,627 ) (27,974 ) (363,601 ) Cash flows from investing activities Advance to related parties - (12,099 ) (12,099 ) Repayment from related parties - 168 168 Proceeds from acquisition of subsidiary - 7,672 7,672 Purchase of property and equipment (50,543 ) (6,309 ) (56,852 ) Net cash used in investing activities (50,543 ) (10,568 ) (61,111 ) Cash flows from financing activities Capital injections from owners 17,157 (17,157 ) - Proceeds from short term borrowings 192,477 (192,477 ) - Borrowings from related parties 55,074 506,033 561,107 Repayment to related parties - (194,902 ) (194,902 ) Proceeds from long term bank borrowings, net 97,225 2,756 99,981 Net cash provided by financing activities 361,933 104,253 466,186 Effect of foreign currency translation on cash and cash equivalents 294 (56,808 ) (56,514 ) Net (decrease)/increase of cash and cash equivalents (23,943 ) 8,903 (15,040 ) Cash and cash equivalents-beginning of period 38,137 - 38,137 Cash and cash equivalents-end of period $ 14,194 $ 8,903 $ 23,097 Supplementary cash flow information: Interest received $ 96 $ - $ 96 Interest paid $ 10,186 $ 15 $ 10,201 Income tax paid $ - $ - $ - Non-cash investing and financing activities: Expense paid by related parties $ - $ 277,081 $ 277,081 Shares payable for acquisition of subsidiary $ - $ 9,773,989 $ 9,773,989 Operating lease right-of-use assets obtained in exchange for operating lease obligations $ - $ 172,022 $ 172,022

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 15 - SUBSEQUENT EVENTS Company evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. There are two types of subsequent events: (1) recognized, or those that provide additional evidence with respect to conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements, and (2) non-recognized, or those that provide evidence with respect to conditions that did not exist at the date of the balance sheet but arose subsequent to that date. There was RMB 1,000,000 147,031

ORGANIZATION AND SUMMARY OF S_2

ORGANIZATION AND SUMMARY OF SIGNICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation These condensed consolidated financial statements, accompanying notes, and related disclosures have been prepared pursuant to the rules and regulations of the SEC. These financial statements have been prepared using the accrual basis of accounting in accordance with the generally accepted accounting principles in the United States (“GAAP”). The Company’s fiscal year end is December 31. The Company’s financial statements are presented in U.S. Dollars.
Basis of consolidation	Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. The results of subsidiaries acquired during the respective periods are included in the consolidated statements of operations from the effective date of acquisition or up to the effective date of disposal, as appropriate. The portion of the income or loss applicable to noncontrolling interests in subsidiaries is reflected in the consolidated statements of operations. As of September 30, 2020, details of the Company’s major subsidiaries were as follows: SCHEDULE OF ENTITIES AND ITS SUBSIDIARIES Entity Name Date of Incorporation Parent Nature of Operation Place of DIGLS July 4, 2016 FVTI Investment holding Republic of Seychelles DILHK June 22, 2016 DIGLS Investment holding Hong Kong, PRC QHDX November 3, 2016 DILHK Investment holding PRC FVTL May 31, 2011 QHDX Trading of wine PRC JJGS August 17, 2017 FVTI Investment holding Republic of Seychelles JJHK August 24, 2017 JJGS Investment holding Hong Kong, PRC JJSZ November 16, 2018 JJHK No operations PRC MKW August 28, 2019 QHDX Trading of alcohol PRC LJRB November 16, 2015 MKW No operation PRC Xixingdao May 31, 2019 QHDX Drinking water distribution and delivery PRC
Use of estimates	Use of estimates The preparation of financial statements is in conformity with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results may materially differ from these estimates.
Reclassification	Reclassification 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.
Foreign currency translation and re-measurement	Foreign currency translation and re-measurement The Company translates its results of operations into the U.S. dollar in accordance with ASC 830, “ Foreign Currency Matters The reporting currency for the Company and its subsidiaries is the U.S. dollar. The Company, DIGLS, JJGS, JJHK and DILHK’s functional currency is the U.S. dollar. QHDX, JJSZ, FVTL, MKW, LJRB and Xixingdao use the Chinese Renminbi (“RMB”) as their functional currency. The Company’s subsidiaries, whose records are not maintained in that company’s functional currency, re-measure their records into their functional currency as follows: ● Monetary assets and liabilities at exchange rates in effect at the end of each period, ● Nonmonetary assets and liabilities at historical rates, and ● Revenue and expense items at the average rate of exchange prevailing during the period. Gains and losses from these re-measurements were not significant and have been included in the Company’s results of operations. The Company’s subsidiaries, whose functional currency is not the U.S. dollar, translate their records into the U.S. dollar as follows: ● Assets and liabilities at the rate of exchange in effect at the balance sheet date, ● Equities at the historical rate, and ● Revenue and expense items at the average rate of exchange prevailing during the period. Adjustments arising from such translations are included in accumulated other comprehensive income in shareholders’ equity. SCHEDULE OF FOREIGN CURRENCY EXCHANGE RATE TRANSLATION September 30, 2020 December 31, 2019 Spot RMB: USD exchange rate $ 0.14703 $ 0.14334 Average RMB: USD exchange rate $ 0.14298 $ 0.14505 The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into U.S. Dollars at the rates used in translation. Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits in banks, and any investments with maturities with less three months from inception to maturity. The Company’s primary bank deposits are located in the Hong Kong and the PRC. Under the Deposit Insurance System in China, a company’s deposits at one bank is insured for a maximum of RMB 500,000 70,000 Accounts receivable Accounts receivable are carried at the amounts invoiced to customers less allowance for doubtful accounts. The allowance is an estimate based on a review of individual customer accounts on a regular basis. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received. The Company reviews the collectability of accounts receivable based on an assessment of historical experience, current economic conditions, and other collection indicators. During the year ended December 31, 2019 and the nine months ended September 30, 2020, the Company did not experience any delinquent or uncollectible balances; accordingly, the Company did not record any valuation allowance for bad debt during these periods. Inventories Inventories consisting of finished goods are stated at the lower of cost or market value. The Company used the weighted average cost method of accounting for inventory. Inventories on hand are evaluated on an on-going basis to determine if any items are obsolete, spoiled, or in excess of future demand. The Company provides impairment that is charged directly to cost of sales when it has been determined that the product is obsolete, spoiled, and that the Company will not be able to sell it at a normal profit above its carrying cost. The Company’s primary products are imported alcoholic beverages. The selling price of alcoholic beverages tends to increase over time. However, there are circumstances where alcoholic beverages may be subject to spoilage if stored for prolong periods of time. The Company did not experience an impairment on inventory during the nine months ended September 30, 2020 and 2019. Right-of-use asset and lease liabilities In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842).” The new standard requires lessees to recognize lease assets (right of use) and lease obligations (lease liability) for leases previously classified as operating leases under U.S. GAAP on the balance sheet for leases with terms in excess of 12 months. The standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Accounting for long-lived assets The Company annually reviews its long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Impairment may be the result of becoming obsolete from a change in the industry or new technologies. Impairment is present if the carrying amount of an asset is less than its undiscounted cash flows to be generated. If an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Customer advances and deposits On certain occasions, the Company may receive prepayments from downstream retailers or retail customers for wines and liquors prior to their taking possession of the Company’s products. The Company records these receipts as customer advances and deposits until it has met all the criteria for recognition of revenue including the passing possession of the products to its customer, at such point Company will reduce the customer deposits balance and credit the Company’s revenues.
Revenue recognition	Revenue recognition The Company adopted ASC Topic 606, Revenue from Contracts with Customers 1. Identify the contract(s) with a customer; 2. Identify the performance obligations in the contract; 3. Determine the transaction price; 4. Allocate the transaction price to the performance obligations in the contract; and 5. Recognize revenue when (or as) the entity satisfies a performance obligation. In applying ASC 606, the Company recognizes revenue when the Company has negotiated the terms of the transaction, set forth the sales price, transferred of possession of product to customer, determined that the customer does not have the right to return the product, determined that the customer is able to further sell or transfer the product onto others for economic benefit without any other obligation to be fulfilled by the Company, and the Company is reasonably assured that funds have been or will be collected from the customer. The Company’s gross revenue consists of the value of goods invoiced, net of any value-added tax. Advertising All advertising costs are expensed as incurred. Advertising expenses for the nine months ended September 30, 2020 and 2019 were $ 0 0 Shipping and handling Outbound shipping and handling are expensed as incurred. Retirement benefits Retirement benefits in the form of mandatory government sponsored defined contribution plans are charged as expenses as incurred or allocated to inventory as a part of overhead. Income taxes The Company accounts for income tax using an asset and liability approach and allows for recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain. Statutory reserves Statutory reserves are referring to the amount appropriated from the net income in accordance with laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum that is equal to 50% of the enterprise’s PRC registered capital. Earnings per share The Company computes earnings per share (“EPS”) in accordance with ASC Topic 260, “Earnings per share.” Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. Financial instruments The Company’s accounts for financial instruments in accordance to ASC Topic 820, “Fair Value Measurements and Disclosures,” which requires disclosure of the fair value of financial instruments held by the Company and ASC Topic 825, “Financial Instruments,” which defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets; ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Comprehensive income Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. The Company’s current component of other comprehensive income includes the foreign currency translation adjustment and unrealized gain or loss. Goodwill Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable assets acquired in a business combination. In accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 350, “Goodwill and Other Intangible Assets,” goodwill is no longer subject to amortization. Rather, goodwill is subject to at least an annual assessment for impairment, applying a fair-value based test. Fair value is generally determined using a discounted cash flow analysis.
Recent accounting pronouncements	Recent accounting pronouncements In February 2018, the FASB issued guidance, which eliminates the stranded tax effects in other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017 (“TCJA”). Because the amendments only relate to the reclassification of the income tax effects of the TCJA, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. The Company adopted the guidance in the first quarter of fiscal year 2020. There was no material impact to its financial statements. In August 2017, the FASB issued guidance, which amends the existing accounting standards for derivatives and hedging. The amendment improves the financial reporting of hedging relationships to better represent the economic results of an entity’s risk management activities in its financial statements and made certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The Company is required to adopt the guidance in the first quarter of fiscal year 2020. Earlier adoption is permitted. The Company adopted the new guidance. There was no material impact to its financial statements. On March 17, 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-08 “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” which amends the principal-versus-agent implementation guidance and illustrations in the Board’s new revenue standard (ASU 2014-09). The FASB issued the ASU in response to concerns identified by stakeholders, including those related to (1) determining the appropriate unit of account under the revenue standard’s principal-versus-agent guidance and (2) applying the indicators of whether an entity is a principal or an agent in accordance with the revenue standard’s control principle. Among other things, the ASU clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract with a customer. As defined in the ASU, a specified good or service is “a distinct good or service (or a distinct bundle of goods or services) to be provided to the customer.” Therefore, for contracts involving more than one specified good or service, the entity may be the principal for one or more specified goods or services and the agent for others. The ASU has the same effective date as the new revenue standard (as amended by the one-year deferral and the early adoption provisions in ASU 2015-14). In addition, entities are required to adopt the ASU by using the same transition method they used to adopt the new revenue standard. The Company has determined that it acts as a principal in its primary business operations. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this standard will remove, modify and add certain disclosures under ASC Topic 820, Fair Value Measurement, with the objective of improving disclosure effectiveness. ASU 2018-13 will be effective for the Company’s year beginning January 1, 2020, with early adoption permitted. The transition requirements are dependent upon each amendment within this update and will be applied either prospectively or retrospectively. The Company does not expect ASU 2018-13 to have a material impact to the Company’s consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes. The amendments in this Update related to separate financial statements of legal entities that are not subject to tax should be applied on a retrospective basis for all periods presented. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments should be applied on a prospective basis. The Company does not expect the adoption of ASU 2019-12 to have a material impact on its condensed consolidated financial statements. Unless otherwise stated, the Company is currently assessing the above accounting pronouncements and their potential impact from their adoption on the Company’s financial statements.

ORGANIZATION AND SUMMARY OF S_3

ORGANIZATION AND SUMMARY OF SIGNICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
SCHEDULE OF ENTITIES AND ITS SUBSIDIARIES	As of September 30, 2020, details of the Company’s major subsidiaries were as follows: SCHEDULE OF ENTITIES AND ITS SUBSIDIARIES Entity Name Date of Incorporation Parent Nature of Operation Place of DIGLS July 4, 2016 FVTI Investment holding Republic of Seychelles DILHK June 22, 2016 DIGLS Investment holding Hong Kong, PRC QHDX November 3, 2016 DILHK Investment holding PRC FVTL May 31, 2011 QHDX Trading of wine PRC JJGS August 17, 2017 FVTI Investment holding Republic of Seychelles JJHK August 24, 2017 JJGS Investment holding Hong Kong, PRC JJSZ November 16, 2018 JJHK No operations PRC MKW August 28, 2019 QHDX Trading of alcohol PRC LJRB November 16, 2015 MKW No operation PRC Xixingdao May 31, 2019 QHDX Drinking water distribution and delivery PRC
SCHEDULE OF FOREIGN CURRENCY EXCHANGE RATE TRANSLATION	Adjustments arising from such translations are included in accumulated other comprehensive income in shareholders’ equity. SCHEDULE OF FOREIGN CURRENCY EXCHANGE RATE TRANSLATION September 30, 2020 December 31, 2019 Spot RMB: USD exchange rate $ 0.14703 $ 0.14334 Average RMB: USD exchange rate $ 0.14298 $ 0.14505

ACCOUNTS AND OTHER RECEIVABLES

ACCOUNTS AND OTHER RECEIVABLES (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
SCHEDULE OF ACCOUNTS RECEIVABLE	Accounts and other receivables consisted of the following as of September 30, 2020 and December 31, 2019: SCHEDULE OF ACCOUNTS RECEIVABLE September 30, 2020 December 31, 2019 Gross accounts and other receivables $ 121,316 $ 146 Less: Allowance for doubtful accounts - - Accounts and other receivables net $ 121,316 $ 146

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
SCHEDULE OF INVENTORIES	Inventories consisted of the following as of September 30, 2020 and December 31, 2019: SCHEDULE OF INVENTORIES September 30, 2020 December 31, 2019 Finished goods $ 121,306 $ 28,502

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT, NET	Property and equipment consisted of the following as of September 30, 2020 and December 31, 2019: SCHEDULE OF PROPERTY AND EQUIPMENT, NET September 30, 2020 December 31, 2019 At Cost: Equipment $ 64,804 $ 61,510 Improvements 53,558 - Property, plant and equipment, gross 118,362 61,510 Less: Accumulated depreciation (67,366 ) (52,899 ) Property, plant and equipment, net $ 50,996 $ 8,611

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
SCHEDULE OF INTANGIBLE ASSETS	Intangible assets and related accumulated amortization were as follows: SCHEDULE OF INTANGIBLE ASSETS September 30, 2020 December 31, 2019 At Cost: Distributor channel $ 3,165,208 $ Less: Accumulated depreciation (64,162 ) - Total $ 3,101,046 $ -
SCHEDULE OF FUTURE AMORTIZATION EXPENSE FOR DISTRIBUTION CHANNELS	As of September 30, 2020, the future estimated amortization costs for distribution channel are as follows: SCHEDULE OF FUTURE AMORTIZATION EXPENSE FOR DISTRIBUTION CHANNELS 2020 (remaining of the year) $ 197,939 2021 791,756 2022 791,756 2023 791,756 2024 527,839 Total $ 3,101,046

BUSINESS COMBINATION AND GOOD_2

BUSINESS COMBINATION AND GOODWILL (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combination and Asset Acquisition [Abstract]
SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED	The purchase price was allocated on the acquisition date of Xixingdao as follows: SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED Account and other receivables $ 305,866 Inventories 79,332 Other net assets (12,884 ) Distribution channel 3,145,260 Due to related parties (135,080 ) Noncontrolling interest (549,033 ) Goodwill 6,940,530 Total $ 9,773,991
SCHEDULE OF PRO FORMA INFORMATION	SCHEDULE OF PRO FORMA INFORMATION For nine months ended September 30, 2020 For nine months ended September30, 2019 Pro forma net revenues $ 889,983 $ 201,535 Pro forma net loss 109,971 337,155 Pro forma net loss attributable to Fortune Valley Treasures, Inc. 110,036 335,623

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
SCHEDULE OF RECONCILIATION OF TAX EXPENSES	The following table provides the reconciliation of differences between statutory and effective tax expenses for nine months ended September 30, 2020 and 2019: SCHEDULE OF RECONCILIATION OF TAX EXPENSES September 30, 2020 September 30, 2019 Loss attributed to PRC operations $ (96,902 ) $ (145,784 ) Loss attributed to Seychelles and Hong Kong 1,066 (208 ) Loss attributed to U.S. (182,291 ) (175,763 ) Loss before tax (278,127 ) (321,755 ) PRC statutory tax at 25 (69,532 ) (80,439 ) Effect of Seychelles, PRC, Hong Kong, deductions and other reconciling items 66,117 80,523 Income tax $ 3,415 $ 84
Schedule of Effective Income Tax Rate	The difference between the U.S. federal statutory income tax rate and the Company’s effective tax rate was as follows for nine months ended September 30, 2020 and 2019: Schedule of Effective Income Tax Rate September 30, 2020 September 30, 2019 U.S. federal statutory income tax rate 21.0 % 21.0 % Higher rates in PRC, net 4.0 % 4.0 % Effect of reconciling items (26.2 %) (25.0 %) The Company’s effective tax rate (1.2 %) 0.0 %

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
SCHEDULE OF AMOUNT DUE FROM AND DUE TO RELATED PARTIES	Amounts due from related parties as of September 30, 2020 and December 31, 2019 are as follow: SCHEDULE OF AMOUNT DUE FROM AND DUE TO RELATED PARTIES Relationship with the Company September 30, 2020 December 31, 2019 Mr. Naiyong Luo Director of DIGLS $ 3,727 $ Ms. Lihua Li Mr. Yumin Lin’s wife 8,204 - $ 11,931 $ - Amounts due to related parties as of September 30, 2020 and December 31, 2019 are as follow: Relationship with the Company September 30, 2020 December 31, 2019 Mr. Yumin Lin Chairman, Chief Executive Officer, President and Secretary $ 840,942 $ 791,576 Ms. Qingmei Lin Mr. Yumin Lin’s wife 9,263 17,201 Mr. Yuwen Li Vice President 103,287 - Hua Hui (Shenzhen) Education Management Ltd. Mr. Hongwei Ye, manager of a subsidiary, is the supervisor of Hua Hui (Shenzhen) Education Management Ltd. 197,934 - Mr. Xingwen Wang Manager of a subsidiary 1,429 - Shenzhen Daxinghuashang Industry Group Co., Ltd. Mr. Yumin Lin is the supervisor of Shenzhen Daxinghuashang Industry Group Co., Ltd. 22,127 - $ 1,174,982 $ 808,777

LEASE COMMITMENTS (Tables)

LEASE COMMITMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
Lease Commitments
SCHEDULE OF COMPONENTS OF LEASE EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION	The components of lease expense and supplemental cash flow information related to leases for the nine months ended September 30, 2020 and 2019 are as follows: SCHEDULE OF COMPONENTS OF LEASE EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION Operating lease cost (included in general and administrative expenses in the Company’s consolidated statements of operations) For the nine months ended Related parties $ 85,212 Non-related parties 2,139 Total $ 87,351 Other information for the nine months ended September 30, 2020 Cash paid for amounts included in the measurement of lease obligations $ 11,152 Weighted average remaining lease term (in years) 3.91 Weighted average discount rate 3.23 %
SCHEDULE OF MATURITIES OF LEASE OBLIGATIONS	Maturities of the Company’s lease obligations as of September 30, 2020 are as follows: SCHEDULE OF MATURITIES OF LEASE OBLIGATIONS 2020 $ 93,641 2021 96,970 2022 46,244 2023 24,207 2024 17,644 Thereafter: 41,169 Total lease payment 319,875 Less: Imputed interest (15,082 ) Operating lease obligations $ 304,793

RESTATEMENT (Tables)

RESTATEMENT (Tables)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SCHEDULE OF RESTATEMENT TO BALANCE SHEET	SCHEDULE OF RESTATEMENT TO BALANCE SHEET CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited） Previously filed September 30, Restated September 30, 2020 Adjustment 2020 Assets Current assets Cash and cash equivalents $ 14,194 $ 8,903 $ 23,097 Accounts and other receivables, net 80,371 40,945 121,316 Inventories 50,787 70,519 121,306 Prepayments and other current assets 116,628 30,049 146,677 Due from related parties 8,066 3,865 11,931 Total current assets 270,046 154,281 424,327 Non-current assets Property and equipment, net 48,442 2,554 50,996 Operating lease right of use asset - 68,684 68,684 Operating lease right of use asset, related parties 101,710 68,218 169,928 Deposits paid - 283,491 283,491 Intangible assets, net - 3,101,046 3,101,046 Goodwill - 6,988,560 6,988,560 Total Assets $ 420,198 $ 10,666,834 $ 11,087,032 Liabilities Current liabilities Accounts payable $ - $ - $ - Unearned revenues 8,629 (131 ) 8,498 Operating lease obligation - current - 31,762 31,762 Operating lease obligation, related parties - current 14,419 120,775 135,194 Accounts, taxes, other payables, and accruals 87,223 58,309 145,532 Short term borrowings 197,934 (197,934 ) - Due to related parties 878,100 296,882 1,174,982 Common stock payable - 9,773,989 9,773,989 Total current liabilities 1,186,305 10,083,652 11,269,957 Non-current liabilities Operating lease obligation - non-current - 39,738 39,738 Operating lease obligation, related parties - non-current 89,856 8,243 98,099 Long term borrowings 99,981 - 99,981 Total liabilities 1,376,142 10,131,633 11,507,775 Stockholders’ Deficit Common stock (3,000,000,000 shares authorized, 307,750,100 issued and outstanding at September 30, 2020 and December 31, 2019) 307,750 - 307,750 Additional paid in capital - - - Accumulated deficit (1,271,910 ) (78,298 ) (1,350,208 ) Accumulated other comprehensive income 7,285 65,185 72,470 Total Stockholders’ Deficit (956,875 ) (13,113 ) (969,988 ) Non-controlling interest 931 548,314 549,245 Total Deficit (955,944 ) 535,201 (420,743 ) Total Liabilities and Stockholders’ Deficit $ 420,198 $ 10,666,834 $ 11,087,032
SCHEDULE OF RESTATEMENT TO OPERATIONS AND COMPREHENSIVE INCOME	SCHEDULE OF RESTATEMENT TO OPERATIONS AND COMPREHENSIVE INCOME CONDENSED CONSOLDIATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited） For Three Months Ended September 30, 2020 Previously filed Three months ended September 30, Restated Three months ended September 30, 2020 Adjustment 2020 Revenue from third parties $ 156,340 $ 125,263 $ 281,603 Revenue from related parties - 1,957 1,957 Revenue 156,340 127,220 283,560 Cost of revenues 118,454 127,050 245,504 Gross profit 37,886 170 38,056 Operating expenses Selling and distribution expenses - 1,530 1,530 General and administrative expenses 102,112 81,459 183,571 Operating loss (64,226 ) (82,819 ) (147,045 ) Other income (expenses): Other income (expenses) 71,841 6,684 78,525 Interest income 16 - 16 Interest expense (5,206 ) (15 ) (5,221 ) Other income (expenses), net 66,651 6,669 73,320 Income (loss) before income tax 2,425 (76,150 ) (73,725 ) Income tax - 3,415 3,415 Net income (loss) $ 2,425 $ (79,565 ) $ (77,140 ) Less: Net income (loss) attributable to non-controlling interest (1,251 ) (1,267 ) (2,518 ) Net income (loss) attributable to Fortune Valley Treasures, Inc. 3,676 (78,298 ) (74,622 ) Other comprehensive income (loss): Foreign currency translation gain (loss) (15,788 ) 65,733 49,945 Comprehensive loss (15,788 ) (11,407 ) (27,195 ) Less: Comprehensive loss attributable to non-controlling interest (1,145 ) (719 ) (1,864 ) Comprehensive loss attributable to Fortune Valley Treasures, Inc. $ (13,363 ) (11,968 ) $ (25,331 ) Loss per share Basic and diluted loss per share $ (0.00 ) $ - $ (0.00 ) Basic and diluted weighted average shares outstanding 307,750,000 100 307,750,100 For Nine Months Ended September 30, 2020 Previously filed Nine months Restated Nine months ended ended September 30, September 30, 2020 Adjustment 2020 Revenue from third parties $ 247,567 $ 125,263 $ 372,830 Revenue from related parties - 1,957 1,957 Revenue 247,567 127,220 374,787 Cost of revenues 172,797 127,050 299,847 Gross profit 74,770 170 74,940 Operating expenses Selling and distribution expenses - 1,530 1,530 General and administrative expenses 340,604 81,459 422,063 Operating loss (265,834 ) (82,819 ) (348,653 ) Other income (expenses): Other income (expenses) 73,947 6,684 80,631 Interest income 96 - 96 Interest expense (10,186 ) (15 ) (10,201 ) Other income (expenses), net 63,857 6,669 70,526 Loss before income tax (201,977 ) (76,150 ) (278,127 ) Income tax expense - 3,415 3,415 Net loss $ (201,977 ) $ (79,565 ) $ (281,542 ) Less: Net loss attributable to non-controlling interest (15,920 ) (1,237 ) (17,187 ) Net loss attributable to Fortune Valley Treasures, Inc. (186,057 ) (78,328 ) (264,355 ) Other comprehensive gain (loss): Foreign currency translation gain (loss) (10,505 ) 65,733 55,228 Comprehensive loss: (212,482 ) (13,832 ) (226,314 ) Less: Comprehensive loss attributable to non-controlling interest (16,111 ) (719 ) (16,830 ) Comprehensive loss attributable to Fortune Valley Treasures, Inc. $ (196,371 ) $ (13,113 ) $ (209,484 ) Loss per share Basic and diluted loss per share $ (0.00 ) - $ (0.00 ) Basic and diluted weighted average shares outstanding 307,750,000 100 307,750,100
SCHEDULE OF RESTATEMENT TO STOCKHOLDERS’ EQUITY	SCHEDULE OF RESTATEMENT TO STOCKHOLDERS’ EQUITY
SCHEDULE OF RESTATEMENT TO CASH FLOWS	SCHEDULE OF RESTATEMENT TO CASH FLOWS CONDENSED CONSOLDIATED STATEMENTS OF CASH FLOWS (Unaudited) Previously filed Nine months ended Restated Nine months September 30, September 30, 2020 Adjustment 2020 Cash flows from operating activities Net loss $ (201,977 ) $ (79,565 ) $ (281,542 ) Adjustments to reconcile net income to net cash provided by (used for) operating activities Depreciation of fixed assets 23,293 55,336 78,629 Non-cash lease expense - 87,351 87,351 Changes in operating assets and liabilities Accounts and other receivables (69,620 ) (51,550 ) (121,170 ) Inventories (20,958 ) (71,846 ) (92,804 ) Prepayments and other current assets (106,539 ) (32,953 ) (139,492 ) Accounts and other payables 40,174 80,996 121,170 Lease liabilities - (15,743 ) (15,743 ) Net cash used in operating activities (335,627 ) (27,974 ) (363,601 ) Cash flows from investing activities Advance to related parties - (12,099 ) (12,099 ) Repayment from related parties - 168 168 Proceeds from acquisition of subsidiary - 7,672 7,672 Purchase of property and equipment (50,543 ) (6,309 ) (56,852 ) Net cash used in investing activities (50,543 ) (10,568 ) (61,111 ) Cash flows from financing activities Capital injections from owners 17,157 (17,157 ) - Proceeds from short term borrowings 192,477 (192,477 ) - Borrowings from related parties 55,074 506,033 561,107 Repayment to related parties - (194,902 ) (194,902 ) Proceeds from long term bank borrowings, net 97,225 2,756 99,981 Net cash provided by financing activities 361,933 104,253 466,186 Effect of foreign currency translation on cash and cash equivalents 294 (56,808 ) (56,514 ) Net (decrease)/increase of cash and cash equivalents (23,943 ) 8,903 (15,040 ) Cash and cash equivalents-beginning of period 38,137 - 38,137 Cash and cash equivalents-end of period $ 14,194 $ 8,903 $ 23,097 Supplementary cash flow information: Interest received $ 96 $ - $ 96 Interest paid $ 10,186 $ 15 $ 10,201 Income tax paid $ - $ - $ - Non-cash investing and financing activities: Expense paid by related parties $ - $ 277,081 $ 277,081 Shares payable for acquisition of subsidiary $ - $ 9,773,989 $ 9,773,989 Operating lease right-of-use assets obtained in exchange for operating lease obligations $ - $ 172,022 $ 172,022

SCHEDULE OF ENTITIES AND ITS SU

SCHEDULE OF ENTITIES AND ITS SUBSIDIARIES (Details)	9 Months Ended
	Sep. 30, 2020
DIGLS [Member]
Entity Name	DIGLS
Entity Incorporation date	Jul. 4, 2016
Nature of Operation	Investment holding
Country of Incorporation	Republic of Seychelles
DILHK [Member]
Entity Name	DILHK
Entity Incorporation date	Jun. 22, 2016
Nature of Operation	Investment holding
Country of Incorporation	Hong Kong, PRC
QHDX [Member]
Entity Name	QHDX
Entity Incorporation date	Nov. 3, 2016
Nature of Operation	Investment holding
Country of Incorporation	PRC
FVTL [Member]
Entity Name	FVTL
Entity Incorporation date	May 31, 2011
Nature of Operation	Trading of wine
Country of Incorporation	PRC
JJGS [Member]
Entity Name	JJGS
Entity Incorporation date	Aug. 17, 2017
Nature of Operation	Investment holding
Country of Incorporation	Republic of Seychelles
JJHK [Member]
Entity Name	JJHK
Entity Incorporation date	Aug. 24, 2017
Nature of Operation	Investment holding
Country of Incorporation	Hong Kong, PRC
JJSZ [Member]
Entity Name	JJSZ
Entity Incorporation date	Nov. 16, 2018
Nature of Operation	No operations
Country of Incorporation	PRC
MKW [Member]
Entity Name	MKW
Entity Incorporation date	Aug. 28, 2019
Nature of Operation	Trading of alcohol
Country of Incorporation	PRC
LJRB [Member]
Entity Name	LJRB
Entity Incorporation date	Nov. 16, 2015
Nature of Operation	No operation
Country of Incorporation	PRC
Xixingdao [Member]
Entity Name	Xixingdao
Entity Incorporation date	May 31, 2019
Nature of Operation	Drinking water distribution and delivery
Country of Incorporation	PRC

SCHEDULE OF FOREIGN CURRENCY EX

SCHEDULE OF FOREIGN CURRENCY EXCHANGE RATE TRANSLATION (Details)	Sep. 30, 2020	Dec. 31, 2019
Spot RMB [Member]
Offsetting Assets [Line Items]
Foreign Currency Exchange Rate Translation	0.14703	0.14334
Average RMB [Member]
Offsetting Assets [Line Items]
Foreign Currency Exchange Rate Translation	0.14298	0.14505

ORGANIZATION AND SUMMARY OF S_4

ORGANIZATION AND SUMMARY OF SIGNICANT ACCOUNTING POLICIES (Details Narrative)	Apr. 11, 2018shares	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019USD ($)	Sep. 30, 2020CNY (¥)shares	Dec. 31, 2019shares	Jul. 13, 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Entity fiscal year change, description		On January 5, 2018, the Company changed its accounting fiscal year end from August 31 to December 31. On January 29, 2018, the Company filed a Certificate of Amendment with the State of Nevada to increase its authorized shares of common stock from 75,000,000 to 3,000,000,000.
Common Stock, Shares Authorized		3,000,000,000		3,000,000,000	3,000,000,000
Bank deposits		$ 70,000		¥ 500,000
Advertising expenses | $		$ 0	$ 0
DaXingHuaShang Investment Group Limited [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Entity Incorporation, Date of Incorporation		Jul. 4, 2016
Authorized capital		100,000		100,000
Common Stock, Shares Authorized		250,000,000		250,000,000
Share Price | $ / shares		$ 0.0004
Da Xing Hua Shang Investment Limited [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership percentage		100.00%		100.00%
Share Exchange Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued	300,000,000
Shares exchanged, percentage	100.00%
Sale and Purchase Agreement [Member] | Jiujiu Group Stock Co., Ltd [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Description of Acquired Entity		On March 1, 2019, the Company entered into a sale and purchase agreement (the “SP Agreement”) to acquire 100% of the shares of Jiujiu Group Stock Co., Ltd. (“JJGS”), a company incorporated under the laws of the Republic of Seychelles. The transaction contemplated in the SP Agreement was closed on March 1, 2019. Pursuant to the SP Agreement, the Company issued 100 shares of its common stock to JJGS to acquire 100% of the shares of JJGS for a cost of $150.
Makaweng Agreement [Member] | Xingwen Wang [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership percentage						51.00%

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 77,140	$ 101,834	$ 102,568	$ 78,843	$ 281,542	$ 321,839
Working capital deficit	$ 10,845,630				10,845,630
Net Cash Provided by (Used in) Operating Activities					$ 363,601	$ 205,921

SCHEDULE OF ACCOUNTS RECEIVABLE

SCHEDULE OF ACCOUNTS RECEIVABLE (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Receivables [Abstract]
Gross accounts and other receivables	$ 121,316	$ 146
Less: Allowance for doubtful accounts
Accounts and other receivables net	$ 121,316	$ 146

SCHEDULE OF INVENTORIES (Detail

SCHEDULE OF INVENTORIES (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 121,306	$ 28,502

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 118,362	$ 61,510
Less: Accumulated depreciation	(67,366)	(52,899)
Property, plant and equipment, net	50,996	8,611
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	64,804	61,510
Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 53,558

SCHEDULE OF INTANGIBLE ASSETS (

SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Distributor channel	$ 3,165,208
Less: Accumulated depreciation	(64,162)
Total	$ 3,101,046

SCHEDULE OF FUTURE AMORTIZATION

SCHEDULE OF FUTURE AMORTIZATION EXPENSE FOR DISTRIBUTION CHANNELS (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
2020 (remaining of the year)	$ 197,939
2021	791,756
2022	791,756
2023	791,756
2024	527,839
Total	$ 3,101,046

INTANGIBLE ASSETS (Details Narr

INTANGIBLE ASSETS (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 64,162	$ 0

SCHEDULE OF ASSETS ACQUIRED AND

SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED (Details) - USD ($)	Sep. 30, 2020	Aug. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 6,988,560
Xixingdao [Member]
Business Acquisition [Line Items]
Account and other receivables		$ 305,866
Inventories		79,332
Other net assets		(12,884)
Distribution channel		3,145,260
Due to related parties		(135,080)
Noncontrolling interest		(549,033)
Goodwill		6,940,530
Total		$ 9,773,991

SCHEDULE OF PRO FORMA INFORMATI

SCHEDULE OF PRO FORMA INFORMATION (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Business Combination and Asset Acquisition [Abstract]
Pro forma net revenues	$ 889,983	$ 201,535
Pro forma net loss	109,971	337,155
Pro forma net loss attributable to Fortune Valley Treasures, Inc.	$ 110,036	$ 335,623

BUSINESS COMBINATION AND GOOD_3

BUSINESS COMBINATION AND GOODWILL (Details Narrative) - Xixingdao [Member]	1 Months Ended
	Aug. 31, 2020USD ($)shares
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage	90.00%
Business Combination, Consideration Transferred | $	$ 9,773,989
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	4,862,681

LONG TERM BORROWINGS (Details N

LONG TERM BORROWINGS (Details Narrative)	Aug. 31, 2020USD ($)	Aug. 31, 2020CNY (¥)	Aug. 31, 2021	Aug. 31, 2020CNY (¥)
Debt Disclosure [Abstract]
Long term line of credit	$ 138,656			¥ 910,000
Line of Credit Facility, Expiration Period	Jul. 21, 2023	Jul. 21, 2023
Line of Credit Facility, Interest Rate During Period			40.00%
Proceeds from Lines of Credit	$ 99,981	¥ 680,000

SCHEDULE OF RECONCILIATION OF T

SCHEDULE OF RECONCILIATION OF TAX EXPENSES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating Loss Carryforwards [Line Items]
Loss before tax	$ (73,725)	$ (78,843)	$ (278,127)	$ (321,755)
PRC statutory tax at 25% rate			(69,532)	(80,439)
Effect of Seychelles, PRC, Hong Kong, deductions and other reconciling items			66,117	80,523
Income tax	$ 3,415		3,415	84
People's Republic of China [Member]
Operating Loss Carryforwards [Line Items]
Loss attributed			(96,902)	(145,784)
Seychelles And Hong Kong [Member]
Operating Loss Carryforwards [Line Items]
Loss attributed			1,066	(208)
UNITED STATES
Operating Loss Carryforwards [Line Items]
Loss attributed			$ (182,291)	$ (175,763)

SCHEDULE OF RECONCILIATION OF_2

SCHEDULE OF RECONCILIATION OF TAX EXPENSES (Details) (Parenthetical)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating Loss Carryforwards [Line Items]
Statutory income tax rate	21.00%	21.00%
People's Republic of China [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax rate	25.00%	25.00%

Schedule of Effective Income Ta

Schedule of Effective Income Tax Rate (Details)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%
Higher rates in PRC, net	4.00%	4.00%
Effect of reconciling items	(26.20%)	(25.00%)
The Company's effective tax rate	(1.20%)	0.00%

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating Loss Carryforwards [Line Items]
Corporate income tax rate	(1.20%)	0.00%
People's Republic of China [Member]
Operating Loss Carryforwards [Line Items]
Corporate income tax rate	25.00%
HONG KONG
Operating Loss Carryforwards [Line Items]
Corporate income tax rate	16.50%

SCHEDULE OF AMOUNT DUE FROM AND

SCHEDULE OF AMOUNT DUE FROM AND DUE TO RELATED PARTIES (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due from related parties	$ 11,931
Amounts due to related parties	1,174,982	808,777
Mr Naiyongn Luo [Member]
Related Party Transaction [Line Items]
Due from related parties	3,727
Mr Lihua Li [Member]
Related Party Transaction [Line Items]
Due from related parties	8,204
Mr. Yumin Lin [Member]
Related Party Transaction [Line Items]
Amounts due to related parties	840,942	791,576
Ms. Qingmei Lin [Member]
Related Party Transaction [Line Items]
Amounts due to related parties	9,263	17,201
Mr Yuwen Li [Member]
Related Party Transaction [Line Items]
Amounts due to related parties	103,287
Hua Hui Shenzhen Education Management Ltd [Member]
Related Party Transaction [Line Items]
Amounts due to related parties	197,934
Mr Xingwen Wang [Member]
Related Party Transaction [Line Items]
Amounts due to related parties	1,429
Shenzhen Daxinghuashang Industry Group Co Ltd [Member]
Related Party Transaction [Line Items]
Amounts due to related parties	$ 22,127

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative)	9 Months Ended
	Sep. 30, 2020USD ($)
Expense paid by related party	$ 277,081
Hua Hui Education Management Ltd [Member]
Debt Instrument, Interest Rate During Period	0.70%

SCHEDULE OF COMPONENTS OF LEASE

SCHEDULE OF COMPONENTS OF LEASE EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION (Details)	9 Months Ended
	Sep. 30, 2020USD ($)
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Total	$ 87,351
Cash paid for amounts included in the measurement of lease obligations	$ 11,152
Cash paid for amounts included in the measurement of lease obligations	3 years 10 months 28 days
Cash paid for amounts included in the measurement of lease obligations	3.23%
Related Parties [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Total	$ 85,212
Non-Related Parties [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Total	$ 2,139

SCHEDULE OF MATURITIES OF LEASE

SCHEDULE OF MATURITIES OF LEASE OBLIGATIONS (Details)	Sep. 30, 2020USD ($)
Lease Commitments
2020	$ 93,641
2021	96,970
2022	46,244
2023	24,207
2024	17,644
Thereafter:	41,169
Total lease payment	319,875
Less: Imputed interest	(15,082)
Operating lease obligations	$ 304,793

LEASE COMMITMENTS (Details Narr

LEASE COMMITMENTS (Details Narrative)	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020CNY (¥)
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Agreement term	The Company has six operating leases for five office spaces, and one warehouse in PRC with remaining lease terms of 13 months to 79 months.	The Company has six operating leases for five office spaces, and one warehouse in PRC with remaining lease terms of 13 months to 79 months.
Qingmei Lin [Member] | Operating Lease Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Agreement term	The agreement covers the period from January 1, 2019 to April 30, 2027.	The agreement covers the period from January 1, 2019 to April 30, 2027.
Payments for Rent	$ 1,450	¥ 10,000
Shenzhen Da Xing Hua Shang Industry Development Ltd [Member] | Operating Lease Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Agreement term	The agreement covers the period from October 28, 2016 to October 28, 2021.	The agreement covers the period from October 28, 2016 to October 28, 2021.
Payments for Rent	$ 4,349	¥ 30,000
Hongwei Ye [Member] | Operating Lease Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Agreement term	The agreement covers the period from September 27, 2020 to September 30, 2023.	The agreement covers the period from September 27, 2020 to September 30, 2023.
Payments for Rent	$ 139	¥ 960

SCHEDULE OF RESTATEMENT TO BALA

SCHEDULE OF RESTATEMENT TO BALANCE SHEET (Details) - USD ($)	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 23,097			$ 38,137
Accounts and other receivables, net	121,316			146
Inventories	121,306			28,502
Prepayments and other current assets	146,677			7,185
Due from related parties	11,931
Total current assets	424,327			73,970
Non-current assets
Property and equipment, net	50,996			8,611
Operating lease right of use asset	68,684
Operating lease right of use asset, related parties	169,928
Deposits paid	283,491
Intangible assets, net	3,101,046
Goodwill	6,988,560
Total Assets	11,087,032			193,037
Current liabilities
Accounts payable
Unearned revenues	8,498
Operating lease obligation - current	31,762
Operating lease obligation, related parties - current	135,194
Accounts, taxes, other payables, and accruals	145,532
Due to related parties	1,174,982			808,777
Common stock payable	9,773,989
Total current liabilities	11,269,957			855,352
Operating lease obligation - non-current	39,738
Operating lease obligation, related parties - non-current	98,099
Long term borrowings	99,981
Total liabilities	11,507,775			953,541
Stockholders’ Deficit
Common stock (3,000,000,000 shares authorized, 307,750,100 issued and outstanding at September 30, 2020 and December 31, 2019)	307,750			307,750
Additional paid in capital
Accumulated deficit	(1,350,208)			(1,085,853)
Accumulated other comprehensive income	72,470			17,599
Total Stockholders’ Deficit	(969,988)			(760,504)
Non-controlling interest	549,245
Total Deficit	(420,743)	$ (942,581)	$ (855,854)	(760,504)	$ (703,350)	$ (387,228)
Total Liabilities and Stockholders’ Deficit	11,087,032			$ 193,037
Previously Reported [Member]
Current assets
Cash and cash equivalents	14,194
Accounts and other receivables, net	80,371
Inventories	50,787
Prepayments and other current assets	116,628
Due from related parties	8,066
Total current assets	270,046
Non-current assets
Property and equipment, net	48,442
Operating lease right of use asset
Operating lease right of use asset, related parties	101,710
Deposits paid
Intangible assets, net
Goodwill
Total Assets	420,198
Current liabilities
Accounts payable
Unearned revenues	8,629
Operating lease obligation - current
Operating lease obligation, related parties - current	14,419
Accounts, taxes, other payables, and accruals	87,223
Due to related parties	878,100
Common stock payable
Total current liabilities	1,186,305
Operating lease obligation - non-current
Operating lease obligation, related parties - non-current	89,856
Long term borrowings	99,981
Total liabilities	1,376,142
Stockholders’ Deficit
Common stock (3,000,000,000 shares authorized, 307,750,100 issued and outstanding at September 30, 2020 and December 31, 2019)	307,750
Additional paid in capital
Accumulated deficit	(1,271,910)
Accumulated other comprehensive income	7,285
Total Stockholders’ Deficit	(956,875)
Non-controlling interest	931
Total Deficit	(955,944)
Total Liabilities and Stockholders’ Deficit	420,198
Revision of Prior Period, Adjustment [Member]
Current assets
Cash and cash equivalents	8,903
Accounts and other receivables, net	40,945
Inventories	70,519
Prepayments and other current assets	30,049
Due from related parties	3,865
Total current assets	154,281
Non-current assets
Property and equipment, net	2,554
Operating lease right of use asset	68,684
Operating lease right of use asset, related parties	68,218
Deposits paid	283,491
Intangible assets, net	3,101,046
Goodwill	6,988,560
Total Assets	10,666,834
Current liabilities
Accounts payable
Unearned revenues	(131)
Operating lease obligation - current	31,762
Operating lease obligation, related parties - current	120,775
Accounts, taxes, other payables, and accruals	58,309
Due to related parties	296,882
Common stock payable	9,773,989
Total current liabilities	10,083,652
Operating lease obligation - non-current	39,738
Operating lease obligation, related parties - non-current	8,243
Long term borrowings
Total liabilities	10,131,633
Stockholders’ Deficit
Common stock (3,000,000,000 shares authorized, 307,750,100 issued and outstanding at September 30, 2020 and December 31, 2019)
Additional paid in capital
Accumulated deficit	(78,298)
Accumulated other comprehensive income	65,185
Total Stockholders’ Deficit	(13,113)
Non-controlling interest	548,314
Total Deficit	535,201
Total Liabilities and Stockholders’ Deficit	$ 10,666,834

SCHEDULE OF RESTATEMENT TO OPER

SCHEDULE OF RESTATEMENT TO OPERATIONS AND COMPREHENSIVE INCOME (Details) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue from third parties	$ 281,603			$ 12,251	$ 372,830	$ 46,154
Revenue from related parties	1,957			83,327	1,957	133,380
Revenue	283,560			95,578	374,787	179,534
Cost of revenues	245,504			75,795	299,847	137,470
Gross profit	38,056			19,783	74,940	42,064
Operating expenses
Selling and distribution expenses	1,530				1,530
General and administrative expenses	183,571			98,483	422,063	366,050
Operating loss	(147,045)			(78,700)	(348,653)	(323,986)
Other income (expenses):
Other income (expenses)	78,525			(87)	80,631	2,417
Interest income	16			44	96	185
Interest expense	(5,221)			(100)	(10,201)	(371)
Other income (expenses), net	73,320			(143)	70,526	2,231
Loss before income tax	(73,725)			(78,843)	(278,127)	(321,755)
Income tax expense	3,415				3,415	84
Net loss	(77,140)	$ (101,834)	$ (102,568)	(78,843)	(281,542)	(321,839)
Less: Net loss attributable to non-controlling interest	(2,518)				(17,187)
Net loss attributable to Fortune Valley Treasures, Inc.	(74,622)			(78,843)	(264,355)	(321,839)
Other comprehensive gain (loss):
Foreign currency translation gain (loss)	49,945			3,054	55,228	5,718
Comprehensive loss:
Less: Comprehensive loss attributable to non-controlling interest	(1,864)				(16,830)
Comprehensive loss attributable to Fortune Valley Treasures, Inc.	$ (25,331)			$ (75,789)	$ (209,484)	$ (316,121)
Loss per share
Basic and diluted loss per share	$ 0			$ 0	$ 0	$ 0
Basic and diluted weighted average shares outstanding	307,750,100			307,750,100	307,750,100	307,750,100
Previously Reported [Member]
Revenue from third parties	$ 156,340				$ 247,567
Revenue from related parties
Revenue	156,340				247,567
Cost of revenues	118,454				172,797
Gross profit	37,886				74,770
Operating expenses
Selling and distribution expenses
General and administrative expenses	102,112				340,604
Operating loss	(64,226)				(265,834)
Other income (expenses):
Other income (expenses)	71,841				73,947
Interest income	16				96
Interest expense	(5,206)				(10,186)
Other income (expenses), net	66,651				63,857
Loss before income tax	2,425				(201,977)
Income tax expense
Net loss	2,425				(201,977)
Less: Net loss attributable to non-controlling interest	(1,251)				(15,920)
Net loss attributable to Fortune Valley Treasures, Inc.	3,676				(186,057)
Other comprehensive gain (loss):
Foreign currency translation gain (loss)	(15,788)				(10,505)
Comprehensive loss:
Less: Comprehensive loss attributable to non-controlling interest	(1,145)				(16,111)
Comprehensive loss attributable to Fortune Valley Treasures, Inc.	$ (13,363)				$ (196,371)
Loss per share
Basic and diluted loss per share	$ 0				$ 0
Basic and diluted weighted average shares outstanding	307,750,000				307,750,000
Revision of Prior Period, Adjustment [Member]
Revenue from third parties	$ 125,263				$ 125,263
Revenue from related parties	1,957				1,957
Revenue	127,220				127,220
Cost of revenues	127,050				127,050
Gross profit	170				170
Operating expenses
Selling and distribution expenses	1,530				1,530
General and administrative expenses	81,459				81,459
Operating loss	(82,819)				(82,819)
Other income (expenses):
Other income (expenses)	6,684				6,684
Interest income
Interest expense	(15)				(15)
Other income (expenses), net	6,669				6,669
Loss before income tax	(76,150)				(76,150)
Income tax expense	3,415				3,415
Net loss	(79,565)				(79,565)
Less: Net loss attributable to non-controlling interest	(1,267)				(1,237)
Net loss attributable to Fortune Valley Treasures, Inc.	(78,298)				(78,328)
Other comprehensive gain (loss):
Foreign currency translation gain (loss)	65,733				65,733
Comprehensive loss:
Less: Comprehensive loss attributable to non-controlling interest	(719)				(719)
Comprehensive loss attributable to Fortune Valley Treasures, Inc.	$ (11,968)				$ (13,113)
Loss per share
Basic and diluted loss per share
Basic and diluted weighted average shares outstanding	100				100

SCHEDULE OF RESTATEMENT TO CASH

SCHEDULE OF RESTATEMENT TO CASH FLOWS (Details) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net loss	$ (77,140)	$ (101,834)	$ (102,568)	$ (78,843)	$ (281,542)	$ (321,839)
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Depreciation of fixed assets					78,629
Non-cash lease expense					87,351
Changes in operating assets and liabilities
Accounts and other receivables					(121,170)	2,450
Inventories					(92,804)	130,213
Prepayments and other current assets					(139,492)
Accounts and other payables					121,170	16,576
Lease liabilities					(15,743)
Net cash used in operating activities					(363,601)	(205,921)
Cash flows from investing activities
Advance to related parties					(12,099)
Repayment from related parties					168
Proceeds from acquisition of subsidiary					7,672
Purchase of property and equipment					(56,852)
Net cash used in investing activities					(61,111)
Cash flows from financing activities
Capital injections from owners
Proceeds from short term borrowings
Borrowings from related parties					561,107	215,027
Repayment to related parties					(194,902)	0
Proceeds from long term bank borrowings, net					99,981
Net cash provided by financing activities					466,186	215,027
Effect of foreign currency translation on cash and cash equivalents					(56,514)	(899)
Net (decrease)/increase of cash and cash equivalents					(15,040)	8,207
Cash and cash equivalents-beginning of period			38,137		38,137	29,999
Cash and cash equivalents-end of period	23,097			$ 38,206	23,097	38,206
Supplementary cash flow information:
Interest received					96	185
Interest paid					10,201	371
Income tax paid						84
Non-cash investing and financing activities:
Expense paid by related parties					277,081
Shares payable for acquisition of subsidiary					9,773,989
Operating lease right-of-use assets obtained in exchange for operating lease obligations					172,022	$ 128,660
Previously Reported [Member]
Cash flows from operating activities
Net loss	2,425				(201,977)
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Depreciation of fixed assets					23,293
Non-cash lease expense
Changes in operating assets and liabilities
Accounts and other receivables					(69,620)
Inventories					(20,958)
Prepayments and other current assets					(106,539)
Accounts and other payables					40,174
Lease liabilities
Net cash used in operating activities					(335,627)
Cash flows from investing activities
Advance to related parties
Repayment from related parties
Proceeds from acquisition of subsidiary
Purchase of property and equipment					(50,543)
Net cash used in investing activities					(50,543)
Cash flows from financing activities
Capital injections from owners					17,157
Proceeds from short term borrowings					192,477
Borrowings from related parties					55,074
Repayment to related parties
Proceeds from long term bank borrowings, net					97,225
Net cash provided by financing activities					361,933
Effect of foreign currency translation on cash and cash equivalents					294
Net (decrease)/increase of cash and cash equivalents					(23,943)
Cash and cash equivalents-beginning of period			38,137		38,137
Cash and cash equivalents-end of period	14,194				14,194
Supplementary cash flow information:
Interest received					96
Interest paid					10,186
Income tax paid
Non-cash investing and financing activities:
Expense paid by related parties
Shares payable for acquisition of subsidiary
Operating lease right-of-use assets obtained in exchange for operating lease obligations
Revision of Prior Period, Adjustment [Member]
Cash flows from operating activities
Net loss	(79,565)				(79,565)
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Depreciation of fixed assets					55,336
Non-cash lease expense					87,351
Changes in operating assets and liabilities
Accounts and other receivables					(51,550)
Inventories					(71,846)
Prepayments and other current assets					(32,953)
Accounts and other payables					80,996
Lease liabilities					(15,743)
Net cash used in operating activities					(27,974)
Cash flows from investing activities
Advance to related parties					(12,099)
Repayment from related parties					168
Proceeds from acquisition of subsidiary					7,672
Purchase of property and equipment					(6,309)
Net cash used in investing activities					(10,568)
Cash flows from financing activities
Capital injections from owners					(17,157)
Proceeds from short term borrowings					(192,477)
Borrowings from related parties					506,033
Repayment to related parties					(194,902)
Proceeds from long term bank borrowings, net					2,756
Net cash provided by financing activities					104,253
Effect of foreign currency translation on cash and cash equivalents					(56,808)
Net (decrease)/increase of cash and cash equivalents					8,903
Cash and cash equivalents-beginning of period
Cash and cash equivalents-end of period	$ 8,903				8,903
Supplementary cash flow information:
Interest received
Interest paid					15
Income tax paid
Non-cash investing and financing activities:
Expense paid by related parties					277,081
Shares payable for acquisition of subsidiary					9,773,989
Operating lease right-of-use assets obtained in exchange for operating lease obligations					$ 172,022

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative)	1 Months Ended		3 Months Ended		9 Months Ended
	Oct. 31, 2020USD ($)	Oct. 31, 2020CNY (¥)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Subsequent Event [Line Items]
Revenue received			$ 283,560	$ 95,578	$ 374,787	$ 179,534
Subsequent Event [Member]
Subsequent Event [Line Items]
Revenue received	$ 147,031	¥ 1,000,000