Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2022 | Aug. 10, 2022 | Oct. 31, 2021 | |
Details | |||
Registrant CIK | 0000806592 | ||
Fiscal Year End | --04-30 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Apr. 30, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 000-53595 | ||
Entity Registrant Name | SUNWIN STEVIA INTERNATIONAL, INC. | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 56-2416925 | ||
Entity Address, Address Line One | 6 SHENGWANG AVE., | ||
Entity Address, City or Town | QUFU, SHANDONG | ||
Entity Address, Country | CN | ||
Entity Address, Postal Zip Code | 273100 | ||
Country Region | (86) | ||
City Area Code | 537 | ||
Local Phone Number | 4424999 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,656,325 | ||
Entity Common Stock, Shares Outstanding | 199,632,803 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Auditor Name | RBSM LLP | ||
Auditor Location | New York, New York | ||
Auditor Firm ID | 587 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Apr. 30, 2022 | Apr. 30, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 321,193 | $ 1,565,829 |
Accounts receivable, net | 7,404,669 | 1,693,801 |
Accounts receivable - related party | 0 | 5,999,791 |
Inventories, net | 5,564,044 | 12,930,461 |
Prepaid expenses and other current assets | 2,765,819 | 661,882 |
Total Current Assets | 16,055,725 | 22,851,764 |
Property and equipment, net | 7,485,733 | 9,217,115 |
Land use rights, net | 1,950,204 | 0 |
Total Assets | 25,491,662 | 32,068,879 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 12,215,238 | 11,141,408 |
Short-term loans | 4,907,506 | 2,955,304 |
Due to related parties | 4,882,162 | 9,843,636 |
Total Current Liabilities | 22,004,906 | 23,940,348 |
Total Liabilities | 22,004,906 | 23,940,348 |
Commitments and Contingencies | 0 | 0 |
EQUITY | ||
Preferred stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 200,000,000 shares authorized; 199,632,803 and 199,632,803 shares issued and outstanding as of April 30, 2022 and 2021, respectively | 199,633 | 199,633 |
Additional paid-in capital | 47,732,350 | 47,732,350 |
Accumulated deficit | (46,267,397) | (43,357,208) |
Accumulated other comprehensive income | 5,162,418 | 5,193,512 |
Total Sunwin Stevia International, Inc. Stockholders' Equity | 6,827,004 | 9,768,287 |
Noncontrolling interest | (3,340,248) | (1,639,756) |
Total Equity | 3,486,756 | 8,128,531 |
Total Liabilities and Equity | $ 25,491,662 | $ 32,068,879 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Details | ||
Revenues | $ 35,261,479 | $ 17,216,385 |
Revenues - related party | 0 | 8,162,450 |
Total revenues | 35,261,479 | 25,378,835 |
Cost of revenues | 32,156,584 | 17,106,712 |
Cost of revenues - related party | 0 | 9,407,847 |
Total cost of revenues | 32,156,584 | 26,514,559 |
Gross profit | 3,104,895 | (1,135,724) |
Operating expenses | ||
Selling expenses | 1,909,651 | 1,391,587 |
General and administrative expenses | 1,895,440 | 1,433,927 |
Research and development expenses | 2,763,854 | 1,119,574 |
Loss on disposition of property and equipment | 590,503 | 0 |
Total operating expenses, net | 7,159,448 | 3,945,088 |
Loss from operations | (4,054,553) | (5,080,812) |
Other income (expenses) | ||
Other income (expenses) | (63,052) | 84,947 |
Interest income | 2,967 | 993 |
Interest expense - related parties | (22,215) | (32,290) |
Interest expense | (456,735) | (222,113) |
Total other expense, net | (539,035) | (168,463) |
Loss from operations before income taxes | (4,593,588) | (5,249,275) |
Provision for income taxes | 0 | 0 |
Net loss | (4,593,588) | (5,249,275) |
Less: net loss attributable to noncontrolling interest | (1,683,399) | (2,010,461) |
Net loss attributable to Sunwin Stevia International, Inc | (2,910,189) | (3,238,814) |
Comprehensive income (loss) | ||
Net loss | (4,593,588) | (5,249,275) |
Foreign currency translation adjustment | (48,187) | 1,006,319 |
Total comprehensive loss | (4,641,775) | (4,242,956) |
Less: comprehensive loss attributable to noncontrolling interest | (1,700,492) | (1,639,756) |
Comprehensive loss attributable to Sunwin Stevia International, Inc | $ (2,941,283) | $ (2,603,200) |
Earnings per common share attributable to Sunwin Stevia International, Inc | ||
Net loss per common share attributable to Sunwin Stevia International, Inc. - basic and diluted | $ (0.01) | $ (0.02) |
Weighted average common shares outstanding - basic and diluted | 199,632,803 | 199,632,803 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | USD ($) shares |
Total equity, beginning balances at Apr. 30, 2020 | $ 12,371,487 |
Beginning balances at Apr. 30, 2020 | shares | 47,931,983 |
Common stock and additional paid-in capital | |
Common stock issued | $ 0 |
Ending balances at Apr. 30, 2021 | shares | 47,931,983 |
Beginning balances at Apr. 30, 2020 | $ (40,118,394) |
Accumulated deficit | |
Net loss | (3,238,814) |
Ending balances at Apr. 30, 2021 | (43,357,208) |
Beginning balances at Apr. 30, 2020 | 4,557,898 |
Accumulated other comprehensive income/(loss) | |
Foreign currency translation adjustment | 635,614 |
Ending balances at Apr. 30, 2021 | 5,193,512 |
Beginning balances at Apr. 30, 2020 | 0 |
Noncontrolling Interest | |
Noncontrolling Interest Profit Loss | (2,010,461) |
Accumulated other comprehensive income/(loss) Minority Interest | 370,705 |
Ending balances at Apr. 30, 2021 | (1,639,756) |
Total equity, ending balances at Apr. 30, 2021 | 8,128,531 |
Common stock and additional paid-in capital | |
Common stock issued | $ 0 |
Ending balances at Apr. 30, 2022 | shares | 47,931,983 |
Accumulated deficit | |
Net loss | $ (2,910,189) |
Ending balances at Apr. 30, 2022 | (46,267,397) |
Accumulated other comprehensive income/(loss) | |
Foreign currency translation adjustment | (31,094) |
Ending balances at Apr. 30, 2022 | 5,162,418 |
Noncontrolling Interest | |
Noncontrolling Interest Profit Loss | (1,683,399) |
Accumulated other comprehensive income/(loss) Minority Interest | (17,093) |
Ending balances at Apr. 30, 2022 | (3,340,248) |
Total equity, ending balances at Apr. 30, 2022 | $ 3,486,756 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (4,593,588) | $ (5,249,275) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization expenses | 1,475,366 | 1,339,581 |
Allowance for doubtful accounts | 0 | 13,051 |
Provisions for obsolete inventories | 331,443 | 1,276,893 |
Loss on disposition of property and equipment | 590,503 | 0 |
Changes in operating assets and liabilities | ||
Accounts receivable | 151,365 | 1,195,885 |
Accounts receivable - related party | 0 | (2,585,789) |
Inventories | 6,994,959 | (217,854) |
Prepaid expenses and other current assets | (2,174,918) | 95,376 |
Accounts payable and accrued expenses | (5,161,431) | 1,890,082 |
Taxes payable | 501,451 | 38,442 |
NET CASH USED IN OPERATING ACTIVITIES | (1,884,850) | (2,203,608) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (412,935) | (765,549) |
Purchases of land use rights | (2,068,020) | 0 |
Proceed from disposal of equipment | 9,105 | 0 |
NET CASH USED IN INVESTING ACTIVITIES | (2,471,850) | (765,549) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from loans | 2,628,506 | 20,792 |
Repayment of short-term loans | (780,007) | (922,255) |
Advance from related parties | 4,851,127 | 13,211,425 |
Repayment of related party advances | (3,591,580) | (9,017,852) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 3,108,046 | 3,292,110 |
EFFECT OF EXCHANGE RATE ON CASH | 4,018 | 104,956 |
NET (DECREASE) INCREASE IN CASH | (1,244,636) | 427,909 |
Cash at the beginning of year | 1,565,829 | 1,137,920 |
Cash at the end of year | 321,193 | 1,565,829 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION | ||
Cash paid for interest | 31,352 | 23,846 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Property and equipment acquired on credit as payable | 3,543 | 6,243 |
Payment for equipment offsets part of rental income | 0 | 54,860 |
Accrued interest enrolled into debt | 213,866 | 203,126 |
Accrued interest payable to related party | $ 22,215 | $ 19,226 |
NOTE 1 - ORGANIZATION, NATURE O
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Apr. 30, 2022 | |
Notes | |
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF BUSINESS Sunwin Stevia International, Inc. ("Sunwin Stevia International"), a Nevada corporation, and its subsidiaries are referred to in this report as "we", "us", "our", "Sunwin" or the "Company". We sell stevioside, a natural sweetener and other pharmaceutical productions, such as Metformin. Substantially all of our operations are located in the People's Republic of China (the "PRC"). We have built an integrated company with the sourcing and production capabilities designed to meet the needs of our customers. For the fiscal years ended April 30, 2022 and 2021, our subsidiaries included in operations consisted of the following: - Sunwin Stevia International; - Qufu Natural Green Engineering Co., Ltd. ("Qufu Natural Green"), wholly owned by Sunwin Stevia International; - Qufu Shengren Pharmaceutical Co., Ltd. ("Qufu Shengren"), 61.3% owned by Qufu Natural; - Sunwin USA, LLC ("Sunwin USA"), wholly owned by Sunwin Stevia International; and - Qufu Shengren Import and Export Co., Ltd. (“Qufu Shengren Import and Export”), wholly owned subsidiary of Qufu Shengren. Qufu Shengren In fiscal year 2009, Qufu Natural Green acquired Qufu Shengren for $3,097,242. The purchase price was equal to the value of the assets of Qufu Shengren as determined by an independent asset appraisal in accordance with asset appraisal principles in the PRC. Prior to being acquired by us, Qufu Shengren was engaged in the production and distribution of bulk drugs and pharmaceuticals. Subsequent to the acquisition, Qufu Shengren produces and distributes steviosides with a full range of grades from rebaudioside-A 10 to 99. Since fiscal 2018 we invested in a new production line for Metformin as one of the new product markets we intend to branch into. Metformin is the raw material of Metformin hydrochloride tablets. Metformin is the first-line medication for the treatment of type 2 diabetes, particularly in people who are not satisfied with simple diet control, especially those with obesity and hyperinsulinemia. This drug not only has hypoglycemic effect, but also may have the effect of reducing body weight and hyperinsulinemia. It can be effective in patients with poor efficacy of certain sulfonylureas, such as sulfonylureas, intestinal glycosidase inhibitors or thiazolidinedione hypoglycemic agents. It can also be used in patients with insulin therapy to reduce insulin consumption. On July 10, 2019, the Company entered into the Metformin Production Line Operation Management Agreement with an unaffiliated individual to operate the Metformin production line. Sunwin USA In fiscal year 2009, we entered into a distribution agreement with WILD Flavors to assist our 55% owned subsidiary, Sunwin USA, in the marketing and worldwide distribution of our stevioside-based sweetener products and issued WILD Flavors a 45% interest in Sunwin USA. In August 2012, the Company entered into an Exchange Agreement with WILD Flavors pursuant to which it purchased its 45% membership interest in Sunwin USA for an aggregate consideration of approximately $1,625,874, which includes the issuance of 7,666,666 shares of our common stock valued at approximately $1,533,333 and a cash payment of $92,541. The purchase included the product development and supply chain for OnlySweet. BASIS OF PRESENTATION The accompanying consolidated financial statements include the accounts of Sunwin and all our wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and with the rules and regulations of the U.S. Securities and Exchange Commission for financial information. All significant intercompany accounts and transactions have been eliminated in consolidation. F - 7 USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the allowance for doubtful accounts, the allowance for obsolete inventory, the useful life of property and equipment and intangible assets, assumptions used in assessing impairment of long-term assets and valuation of deferred tax assets. Actual results could differ from those estimates. NONCONTROLLING INTEREST Noncontrolling interest on the consolidated balance sheets resulted from the consolidation of Shengren, a 61.3% owned subsidiary starting from April 30, 2020. An individual investor and Shandong Yulong Mining Group Co., Ltd. (“Yulong”) hold 38.4% and 0.3% of the equity interest in Shengren effective at the end of date, April 30, 2020, respectively, pursuant to a series of debt transfer and conversion agreements entered into on April 30, 2020 between seven individual creditors and three suppliers, an individual investor with Yulong and Qufu Shengren. Noncontrolling interest amounted to a deficit of $3,340,248 and $1,639,756 as of April 30, 2022 and 2021. CASH AND CASH EQUIVALENTS Cash includes cash on hand and cash in time deposits, certificates of deposit and all highly liquid instruments with original maturities of three months or less. CONCENTRATIONS OF CREDIT RISK Substantially all of our operations are carried out in the PRC. Accordingly, our business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC's economy. Our operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America. Our results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and trade accounts receivable. We place our cash with high credit quality financial institutions in the United States and China. As of April 30, 2022 and 2021, we had $303,160 and $1,403,969 cash held in PRC bank accounts, respectively. PRC banks protect consumers against loss if their bank or thrift institution fails, and each of our PRC bank account is insured up to RMB500,000 (approximately $76,000), As a result, cash held in PRC financial institutions of $119,250 is not insured. We have not experienced any losses in such accounts through April 30, 2022. Almost all of our sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, we believe that the concentration of credit risk with respect to trade accounts receivable is limited due to generally short payment terms. We also perform ongoing credit evaluations of our customers to help further reduce potential credit risk. ACCOUNTS RECEIVABLE Accounts receivable and other receivable are reported at net realizable value. We have established an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written off when it is determined that the amounts are uncollectible after exhaustive efforts on collection. As of April 30, 2022 and 2021, we have no bad debt expense for allowance of doubtful accounts. F - 8 INVENTORIES Inventories, consisting of raw materials, work in process, and finished goods related to our products, are stated at the lower of cost or estimated net realizable value that can be estimated utilizing the weighted moving average method. Adjustments are recorded to write down the carrying amount of any obsolete and excess inventory to its estimated net realizable value. We continually evaluate the recoverability based on assumptions about future customer demand and market conditions. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record a write down of inventories for the difference between the lower of cost or estimated net realizable value. In the fiscal years ended April 30, 2022 and 2021, the Company wrote down inventories of $331,443 and $1,276,893, respectively. PROPERTY AND EQUIPMENT Property and equipment are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated economic lives of the assets, which range from two to thirty years. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. In accordance with Accounting Standards Codification ("ASC"), 360-10-35-17 of the Financial Accounting Standards Board (FASB), we examine the possibility of decreases in the value of property and equipment when events or changes in circumstances reflect the fact that their recorded value may not be recoverable. The residual value rate and useful life of property and equipment are summarized as follows: Property and Equipment Residual value rate Useful life Office equipment 10% or 5% or 0% 3-15 years Auto and trucks 10% or 5% or 0% 2-10 Years Manufacturing equipment 10% or 5% or 0% 2-15 Years Buildings 10% or 5% or 0% 5-30 Years Included in property and equipment is construction-in-progress which consisted of factory improvements and machinery pending installation and included the costs of construction, machinery and equipment, and or any interest charges arising from borrowings used to finance these assets during the period of construction or installation of the assets if applicable. No provision for depreciation is made on construction-in-progress until such time as the relevant assets are completed and ready for their intended use. LONG-LIVED ASSETS In accordance with ASC 360, we review and evaluate our long-lived assets, including property and equipment, intangible assets, and land use rights, for impairment or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets, including goodwill, if any. An impairment loss is measured and recorded based on discounted estimated future cash flows. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. Our estimates of future cash flows are based on numerous assumptions and it is possible that actual future cash flows will be significantly different than the estimates. Based on our evaluation, we have determined certain long-lived assets that are no longer useful for our continuing operating and we recorded a loss of sale of disposed equipment. The Company recorded a loss on disposition of equipment of $590,503 and $nil for the fiscal years ended April 30, 2022 and 2021, respectively. FAIR VALUE OF FINANCIAL INSTRUMENTS We follow the ASC Section 825-10-50-10 for disclosures regarding the fair value of financial instruments and have adopted ASC Section 820-10-35-37 to measure the fair value of our financial instruments. ASC Section 820-10-35-37 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements, establishes a framework for measuring fair value, and expands disclosure about such fair value measurements. The adoption of ASC Section 820-10-35-37 did not have an impact on our financial position or operating results, but did expand certain disclosures. F - 9 ASC Section 820-10-35-37 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC Section 820-10-35-37 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity's own assumptions. The carrying amounts of our financial assets and liabilities, such as cash, accounts receivable, inventories, prepayments and other current assets, accounts payable and accrued expenses, and taxes payable, approximate their fair values because of the short maturity of these instruments. TAXES PAYABLE We are required to charge for and to collect value added taxes (VAT) on our sales on behalf of the PRC tax authority. We record VAT that we billed our customers as VAT payable. In addition, we are required to pay value added taxes on our primary purchases. We record VAT that is charged by our vendors as VAT receivable. We are required to file VAT return on a monthly basis with the PRC tax authority, which we are entitled to claim the VAT that we charged by vendors as VAT credit and these credits can be applied to our VAT payable that we billed our customers. Accordingly, these VAT payable and receivable are presented as net amounts for financial statement purposes. Taxes payable as of April 30, 2022 and 2021 amounted to $812,545 and $330,738, respectively, consisted of VAT taxes, property taxes, income taxes and other taxes. REVENUE RECOGNITION Pursuant to the guidance of ASC 606, we record revenue when persuasive evidence of an arrangement exists, product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured. The adoption of this guidance did not have a material impact on our consolidated financial statements. In accordance with ASC 606, we recognize revenues from the sale of stevia and other productions upon shipment and transfer of title based on the trade terms. All product sales with customer specific acceptance provisions are recognized upon customer acceptance and the delivery of the products. We report revenues net of applicable sales taxes and related surcharges. • Identify the contract with a customer; • Identify the performance obligations in the contract; • Determine the transaction price; • Allocate the transaction price to the performance obligations in the contract; and • Recognize revenue when (or as) the entity satisfies a performance obligation. The Company is also a lessor, which is an entity that is lease underlying asset to the third party, The Company’s lease revenue is recognized under ASC Topic 842, Leases, (“ASC 842”), which was adopted on May 1, 2019. In general, the Company commences rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. The Company’s lease has been accounted for as operating lease. Rental revenue is recognized on a straight-line basis over the terms of the lease of five years. Actual amounts billed in accordance with the lease during any given period may have been higher or lower than the amount of rental revenue recognized for the period. The difference by which straight-line rental revenue exceeded rents billed in accordance with lease agreements is recorded as “accounts receivable”. The difference by which rents billed in accordance with lease agreements exceeded straight-line rental revenue is recorded as “advances from customer”. The Company does not offset lease income and lease expense. INCOME TAXES The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes F - 10 We file federal and state income tax returns in the United States for our corporate operations pursuant to the U.S. Internal Revenue Code of 1986, as amended, and file separate foreign tax returns for our Chinese subsidiaries pursuant to China's Unified Corporate Income Tax Law. We apply the provisions of ASC 740-10-50, "Accounting for Uncertainty in Income Taxes", which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our consolidated financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company's liability for income taxes. Any such adjustment could be material to the Company's results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of April 30, 2022, the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future. BASIC AND DILUTED LOSS PER SHARE Pursuant to ASC 260-10-45, basic loss per common share is computed by dividing loss available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the income of us, subject to anti-dilution limitations. The following table presents a reconciliation of basic and diluted net income per ordinary share: For Fiscal Years Ended April 30, 2022 2021 Numerator: Net loss attributable to Sunwin Stevia International, Inc. $ (2,910,189) $ (3,238,814) Denominator: Denominator for basic earnings per share - weighted average number of common shares outstanding 199,632,803 199,632,803 Stock awards, options, and warrants - - Denominator for diluted earnings per share - weighted average number of common shares outstanding 199,632,803 199,632,803 Basic and diluted loss per common share attributable to Sunwin Stevia International, Inc.: Net loss per common share - basic and diluted $ (0.01) (0.02) FOREIGN CURRENCY TRANSLATION Transactions and balances originally denominated in U.S. dollars are presented at their original amounts. Transactions and balances in other currencies are converted into U.S. dollars in accordance with ASC Section 830-20-35 and are included in determining net income or loss. The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional currency of the Company's operating subsidiaries is the Chinese Renminbi ("RMB"). In accordance with ASC 830-20-35, the consolidated financial statements were translated into United States dollars using balance sheet date rates of exchange for assets and liabilities, and average rates of exchange for the period for the statements of operations and cash flows. Equity accounts were stated at their historical rate. Net gains and losses resulting from foreign exchange transactions are included in the consolidated statements of operations and comprehensive loss. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in other comprehensive income or loss. RMB is not a fully convertible currency. All foreign exchange transactions involving RMB must take place either through the People's Bank of China (the "PBOC") or other institutions authorized to buy and sell foreign exchange. The exchange rate adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC, which are determined largely by supply and demand. Translation of amounts from RMB into United States dollars ("$") was made at the following exchange rates for the respective periods: As of April 30, 2022 RMB 6.59 to $1.00 As of April 30, 2021 RMB 6.47 to $1.00 Year ended April 30, 2022 RMB 6.41 to $1.00 Year ended April 30, 2021 RMB 6.73 to $1.00 F - 11 COMPREHENSIVE LOSS Comprehensive loss is comprised of net loss and all changes to the statements of stockholders' equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. For the Company, comprehensive loss for fiscal years ended April 30, 2022 and 2021 included net loss and unrealized gains (losses) from foreign currency translation adjustments. STOCK-BASED COMPENSATION Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC 718 which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. RESEARCH AND DEVELOPMENT Research and development costs are expensed as incurred in the accompanying consolidated statements of operations and comprehensive loss. Research and development costs are incurred on a project specific basis. Research and development costs were $2,763,854 and $1,119,574 for fiscal years ended April 30, 2022 and 2021, respectively. SHIPPING COSTS Shipping costs are included in selling expenses and totaled $95,202 and $79,442 for the fiscal years ended April 30, 2022 and 2021, respectively. ADVERTISING Advertising is expensed as incurred and is included in selling expenses and totaled $nil and $51,670 for the fiscal years ended April 30, 2022 and 2021, respectively. SEGMENT REPORTING The Company uses the "management approach" in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company's reportable segments. The Company's chief operating decision maker has been identified as the chief executive officer of the Company who reviews financial information of separate operating segments based on U.S. GAAP. The chief operating decision maker now reviews results analyzed by customer. This analysis is only presented at the revenue level with no allocation of direct or indirect costs. Consequently, the Company has determined that it has two operating segments. RECENT ACCOUNTING PRONOUNCEMENTS In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU provides an exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This update also (1) requires an entity to recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, (2) requires an entity to evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which goodwill was originally recognized for accounting purposes and when it should be considered a separate transaction, and (3) requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The standard is effective for the Company for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements. F - 12 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. ASU 2016-13 is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2019, excluding entities eligible to be smaller reporting company. For all other entities, the requirements are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2016-13 has been amended by ASU 2019-04, ASU 2019-05, and ASU 2019-11. For entities that have not yet adopted ASU No. 2016-13, the effective dates and transition methodology for ASU 2019-04, ASU 2019-05, and ASU 2019-11 are the same as the effective dates and transition methodology in ASU 2016-13. The Company did not adopt this standard yet due to the status of smaller reporting company. We plan to adopt this standard for the year beginning May 1, 2023. We do not expect the adoption of this standard will have material impact on our consolidated financial statements. A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, we have not determined whether implementation of such proposed standards would be material to our consolidated financial statements. GOING CONCERN Our consolidated financial statements have been prepared assuming we will continue as a going concern. The report of our independent registered public accounting firm on our consolidated financial statements for the year ended April 30, 2022 contained a qualification as to our ability to continue as a going concern. For the year ended April 30, 2022, the Company has a net loss of approximately $4.6 million. The Company also has an accumulated deficit of $46.3 million and its cash balance and revenues generated are not currently sufficient and cannot be projected to cover operating expenses for the next twelve months from the date of this report. These factors raise doubt as to the ability of the Company to continue as a going concern. Management cannot provide assurance that we will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. Management believes that our capital resources are not currently adequate to continue operating and maintaining our business strategy for the fiscal year ending April 30, 2022 without raising additional funds through debt and/or equity capital financings. |
NOTE 2 - INVENTORIES
NOTE 2 - INVENTORIES | 12 Months Ended |
Apr. 30, 2022 | |
Notes | |
NOTE 2 - INVENTORIES | NOTE 2 - INVENTORIES As of April 30, 2022 and 2021, inventories consisted of the following: April 30, 2022 April 30, 2021 Raw materials $ 2,417,724 $ 5,850,859 Work in process 1,029,797 3,220,583 Finished goods 2,116,523 3,859,019 Inventories, gross 5,564,044 12,930,461 Less: reserve for obsolete inventory - - Total inventories, net $ 5,564,044 $ 12,930,461 In the fiscal years ended April 30, 2022 and 2021, the Company wrote down inventories of $331,443 and $1,276,893, respectively. As a result, the Company had no reserve of obsolete inventories as of April 30, 2022 and 2021, respectively. |
NOTE 3 - PREPAID EXPENSES AND O
NOTE 3 - PREPAID EXPENSES AND OTHER CURRENT ASSETS | 12 Months Ended |
Apr. 30, 2022 | |
Notes | |
NOTE 3 - PREPAID EXPENSES AND OTHER CURRENT ASSETS | NOTE 3 - PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets as of April 30, 2022 and 2021 totaled $2,765,819 and $661,882, respectively. As of April 30, 2022, prepaid expenses and other current assets includes $1,510,032 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us, $1,255,787 for business related employees' advances and advances to the third party. As of April 30, 2021, prepaid expenses and other current assets includes $435,006 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us and $226,876 for business related employees' advances. |
NOTE 4 - PROPERTY AND EQUIPMENT
NOTE 4 - PROPERTY AND EQUIPMENT | 12 Months Ended |
Apr. 30, 2022 | |
Notes | |
NOTE 4 - PROPERTY AND EQUIPMENT | NOTE 4 - PROPERTY AND EQUIPMENT As of April 30, 2022 and 2021, property and equipment consisted of the following: April 30, 2022 April 30, 2021 Office equipment $ 434,867 $ 429,478 Auto and trucks 581,314 646,606 Manufacturing equipment 6,481,114 7,646,765 Buildings 9,452,467 10,476,629 Construction in process 17,200 17,522 Property and equipment, gross 16,966,962 19,217,000 Less: accumulated depreciation (9,481,229) (9,999,885) Property and equipment, net $ 7,485,733 $ 9,217,115 For the fiscal years ended April 30, 2022 and 2021, depreciation expense totaled $1,411,735 and $1,339,581, of which $1,209,196 and $1,142,787 were included in cost of revenues, respectively, and remainder was included in operating expenses. Depreciation is not taken during the period of construction or equipment installation. Upon completion of the installation of manufacturing equipment or any construction in progress, construction in progress balances will be classified to their respective property and equipment category. The Company had a disposition of equipment in total amount of $590,503, and the Company received the proceeds from disposal of equipment of $9,105 for the fiscal year ended April 30, 2022. The Company did not have a disposition of equipment for the fiscal years ended April 30, 2021. |
NOTE 5 - LAND USE RIGHTS
NOTE 5 - LAND USE RIGHTS | 12 Months Ended |
Apr. 30, 2022 | |
Notes | |
NOTE 5 - LAND USE RIGHTS | NOTE 5 – LAND USE RIGHTS The Company acquired the land use rights for Qufu Shengren factory in cash. Qufu Shengren owns and operates a stevia facility with an annual production capable of 500 metric tons per year on 44,486 square meters (478,847 square feet) of land located in Qufu city, Shandong. The Company occupies this land pursuant to an asset acquisition agreement entered into with Shangdong Shengwang Pharmaceutical Co., Ltd. ("Pharmaceutical Corporation") to acquire the land use rights for this facility. The land use right was transferred from Pharmaceutical Corporation to Qufu Shengren, and the Company received Real Property Certificate issued by local government on May 18, 2021. The land use right expires in March 2054. The initial cost of this land use rights is RMB13,256,420 (approximately $2,012,000). We use the straight-line method for amortization over a period 33 years. During the fiscal years ended April 30, 2022, amortization expense amounted to $63,631. Land use right with net book value of $1,950,204 as of April 30, 2022. |
NOTE 6 - RELATED PARTY TRANSACT
NOTE 6 - RELATED PARTY TRANSACTIONS | 12 Months Ended |
Apr. 30, 2022 | |
Notes | |
NOTE 6 - RELATED PARTY TRANSACTIONS | NOTE 6 - RELATED PARTY TRANSACTIONS Related parties of the Company consist of the followings - - - - Accounts receivable - related party and revenue - related party As of April 30, 2022 and 2021, $nil and $5,999,791 in accounts receivable - related party, respectively, were related to sales of products to Qufu Shengwang Import and Export. For the fiscal year ended April 30, 2022 we did not have revenue and cost of revenue from related party, but we recorded revenue - related party and cost of revenue – related party of $8,162,450 and $9,407,847 the fiscal year ended April 30, 2021, respectively, from Qufu Shengwang Import and Export. F - 14 Due to related parties The Company mainly finances its operations through proceeds borrowed from related parties. As of April 30, 2022 and 2021, due to related parties consisted the following: April 30, 2022 April 30, 2021 Pharmaceutical Corporation $ 4,646,092 $ 3,484,266 Qufu Shengwang Import and Export - 6,140,404 Weidong Chai 236,070 218,966 Total $ 4,882,162 $ 9,843,636 On September 23, 2019, the Company borrowed a one-year loan of RMB1,221,000 (approximately $189,000) from Weidong Cai, bearing an annual interest rate of 10%. On September 23, 2021 and 2020, the parties extended the loan for another year, under the same terms and conditions, reclassified unpaid interest payable to the principal of this loan, resulting in an increase of principal from RMB1,221,000 (approximately $189,000) to RMB1,477,410 (approximately $224,000). |
NOTE 7 - OPERATING LEASE
NOTE 7 - OPERATING LEASE | 12 Months Ended |
Apr. 30, 2022 | |
Notes | |
NOTE 7 - OPERATING LEASE | NOTE 7 - OPERATING LEASE The Company leased Metformin production line including buildings, manufacturing equipment and construction in process to the third party lessee for five year, effective July 10, 2019. The lessee paid lease deposit of RMB1,000,000 (approximately $152,000) as guarantee and annual lease fee of RMB3,000,000 (approximately $455,000). The Company recorded revenues of $429,362 and $408,747 in fiscal 2022 and 2021, respectively. |
NOTE 8 - ACCOUNTS PAYABLE AND A
NOTE 8 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended |
Apr. 30, 2022 | |
Notes | |
NOTE 8 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES | NOTE 8 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses included the following as of April 30, 2022 and 2021: Account April 30, 2022 April 30, 2021 Accounts payable $ 7,945,913 $ 8,155,842 Advanced from customers 121,183 143,695 Advanced from third parties* 1,208,900 - Accrued salary payable 101,829 155,071 Tax payable 812,545 330,738 Other payable** 2,024,868 2,356,062 Total accounts payable and accrued expenses $ 12,215,238 $ 11,141,408 * Advanced from third parties for working capital, bearing interest free and due on demands. ** As of April 30, 2022, other payables consists of general liability, worker's compensation, and medical insurance payable of $428,773, consulting and service fee payable of $206,007, union and education fees payable of $134,598, interest payables for short-term loans of $366,249, safety production fund payable of $627,138, advances from the employees of $106,253, deposit for operating lease of $151,784 and other miscellaneous payables of $4,066. As of April 30, 2021, other payables consists of general liability, worker's compensation, and medical insurance payable of $412,328, consulting and service fee payable of $209,871, union and education fees payable of $137,123, interest payables for short-term loans of $147,433, safety production fund payable of $262,449, advances from the employees of $159,909, deposit for operating lease of $154,631 and other miscellaneous payables of $872,318. |
NOTE 9 -LOAN PAYABLE
NOTE 9 -LOAN PAYABLE | 12 Months Ended |
Apr. 30, 2022 | |
Notes | |
NOTE 9 -LOAN PAYABLE | NOTE 9 – SHORT-TERM LOANS Short-term loans are obtained from various individual lenders that are due within one year for working capital purpose. These loans are unsecured and can be renewed with 10 days advance notice prior to maturity date and accrued interest converted into debt principal. As of April 30, 2022 and 2021, short-term loans totaled in the amounts of $4,907,506 and $2,955,304, respectively. As of April 30, 2022 and 2021, short-term loans consisted of the following: April 30, 2022 April 30, 2021 Loan from Min Wu, an employee of Qufu Shengren, due on October 5, 2022, with an annual interest rate of 10%, renewed on October 6, 2021. $ 33,393 $ 34,019 Loan from Jianjun Yan, due on October 6, 2022, with an annual interest rate of 10%, renewed on October 7, 2021. 1,626,763 1,506,610 Loan from Jianjun Yan, due on March 31, 2022, with annual interest rate of 4%, partially repaid RMB4,500,000 ($702,006). Remaining principal balance and accrued interest renewed on April 19, 2022 for the term of one year. 134,633 806,711 Multiple loans from Jianjun Yan, due from May 13, 2022 to August 22, 2022, with annual interest rate of 12%, sign on period from May 14, 2021 to August 23, 2021. 1,490,521 - Loan from Junzhen Zhang, non-related individual, due on October 5, 2022, with an annual interest rate of 10%, renewed on October 6, 2021. 29,385 27,215 Loan from Junzhen Zhang, non-related individual, due on November 30, 2022, with an annual interest rate of 10%, signed on December 1, 2021. 23,375 21,648 Multiple loans from Jian Chen, non-related individual, due from May 20, 2022 to November 14, 2022, with an annual interest rate of 12%, signed from May 21, 2021 to November 15, 2021. 1,066,928 - Loan from Qing Kong, non-related individual, due on March 6, 2023, with an annual interest rate of 10%, renewed on March 7, 2022. 106,522 98,655 Loan from Qing Kong, non-related individual, due on January 8, 2023, with an annual interest rate of 10%, renewed on January 9, 2022. 44,445 41,163 Loan from Guihai Chen, non-related individual, due on March 9, 2023, with an annual interest rate of 10%, renewed on March 10, 2022. 26,631 24,664 Loan from Guihai Chen, non-related individual, due on September 20, 2022, with an annual interest rate of 10%, renewed on September 21, 2021. 40,405 37,421 Loan from Weifeng Kong, non-related individual, due on November 28, 2022, with an annual interest rate of 10%, renewed on November 29, 2021. 30,357 30,926 Loan from Huagui Yong, non-related individual, due on April 8, 2022, with an annual interest rate of 6.3%, renewed on April 9, 2021. - 77,316 Loan from Guohui Zhang, non-related individual, due on January 16, 2022, with an annual interest rate of 4% signed on January 17, 2021. 254,148 248,956 Total short-term loan payable $ 4,907,506 $ 2,955,304 For the fiscal years ended April 30, 2022 and 2021, interest expense related to short-term loans amounted to $456,735 and $222,113, respectively, which were included in interest expense in the accompanying consolidated statements of operations and comprehensive loss. |
NOTE 10 - INCOME TAXES
NOTE 10 - INCOME TAXES | 12 Months Ended |
Apr. 30, 2022 | |
Notes | |
NOTE 10 - INCOME TAXES | NOTE 10 - INCOME TAXES We account for income taxes under ASC 740, "Accounting For Income Tax F - 16 On December 22, 2017, the Tax Cuts and Jobs Act (the TCJA), which significantly modified U.S. corporate income tax law, was signed into law by President Trump. The TCJA contains significant changes to corporate income taxation, including but not limited to the reduction of the corporate income tax rate from a top marginal rate of 35% to a flat rate of 21%, limitation of the tax deduction for interest expense to 30% of earnings (except for certain small businesses), limitation of the deduction for net operating losses to 80% of current year taxable income and generally eliminating net operating loss carrybacks, allowing net operating losses to carryforward without expiration, one-time taxation of offshore earnings at reduced rates regardless of whether they are repatriated, elimination of U.S. tax on foreign earnings (subject to certain important exceptions), immediate deductions for certain new investments instead of deductions for depreciation expense over time, and modifying or repealing many business deductions and credits (including changes to the orphan drug tax credit and changes to the deductibility of research and experimental expenditures that will be effective in the future). Notwithstanding the reduction in the corporate income tax rate, the overall impact of the new federal tax law is uncertain, including to what extent various states will conform to the newly enacted federal tax law. The Company has not recorded the necessary provisional adjustments in the financial statements in accordance with its current understanding of the TCJA and guidance currently available as of this filing. But it is reviewing the TCJA's potential ramifications. On March 27, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act or Act below). (References to the Code below are references to the Internal Revenue Code of 1986, as amended. Section references below are references to sections of the Act.), provisions relevant to the Company: Section 2303. Modifications for net operating losses (NOL): Under Code Section 172(a) the amount of the NOL deduction is equal to the lesser of (a) the aggregate of the NOL carryovers to such year and NOL carrybacks to such year, or (b) 80% of taxable income computed without regard to the deduction allowable in this section. Thus, NOLs are currently subject to a taxable-income limitation and cannot fully offset income. The Act temporarily removes the taxable income limitation to allow an NOL to fully offset income. Code Section 172(b)(1) provides that, except for farming losses and losses of property and casualty insurance companies, an NOL for any tax year is carried forward to each tax year following the tax year of the loss but isn’t carried back to any tax year preceding the tax year of the loss. The Act provides that NOLs arising in a tax year beginning after Dec. 31, 2018, and before Jan. 1, 2021 can be carried back to each of the five tax years preceding the tax year of such loss. Section 2306. Modifications of limitation on business interest: The 2017 Tax Cuts and Jobs Act of 2017 (TCJA) generally limited the amount of business interest allowed as a deduction to 30% of adjusted taxable income. The Act temporarily and retroactively increases the limitation on the deductibility of interest expense under Code Section 163(j)(1) from 30% to 50% for tax years beginning in 2019 and 2020. (Code Section 163(j)(10)(A)(i) as amended by Act Section 2306(a)). The Company has not recorded the necessary provisional adjustments in the financial statements in accordance with its current understanding of the CARES Act and guidance currently available as of this filing. But is reviewing the CARES Act potential ramifications. Our subsidiaries in the PRC are governed by the Income Tax Law of the People's Republic of China concerning Foreign Investment Enterprises and Foreign Enterprises and local income tax laws (the PRC Income Tax Law"). Pursuant to the PRC Income Tax Law, our PRC subsidiaries are subject to tax at a maximum statutory rate of 25% (inclusive of state and local income taxes). The components of loss before income tax consisted of the following: Fiscal Years Ended April 30, 2022 2021 U.S. Operations $ (75) $ (35,046) Chinese Operations (2,910,115) (3,203,769) Total $ (2,910,190) $ (3,238,815) F - 17 The Effective Tax Rate reconciliation is a follows: April 30, 2022 April 30, 2021 U.S. Federal and state tax rate 21.0% 21.0% Difference in US / China statutory rate 4% 4% Valuation allowance (25.0)% (25.0)% Total provision for income taxes 0.0% 0.0% The table below summarizes the reconciliation of our income tax provision (benefit) computed at the statutory U.S. Federal rate and the actual tax provision: Fiscal Years Ended April 30, 2022 2021 Expected tax at statutory rates $ (611,140) $ (680,151) Foreign Taxes at rate different than U.S. taxes (116,404) (128,151) Valuation allowances 727,544 808,302 Tax provision $ - $ - We have a net operating loss ("NOL") carry forward for U.S. income tax purposes aggregating approximately $14.2 million as of April 30, 2022, expiring through the tax year 2040, subject to the Internal Revenue Code Section 382/383, which places a limitation on the amount of taxable income that can be offset by net operating losses after a change in ownership. In addition, to U.S. NOL's, we have a PRC NOL for our Chinese operations as of April 30, 2022 of approximately $36.3 million that expires in 2027. Deferred income taxes reflect 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. Included in the deferred tax asset is the aforementioned NOL and the tax benefit associated with the issuance of stock-based compensation. The realization of the deferred tax assets is dependent on future taxable income, in addition to the exercise of stock options; we are not able to predict if such future taxable income will be more likely than not sufficient to utilize the benefit. As such, we do not believe the benefit is more likely than not to be realized and we recognize a full valuation allowance for those deferred tax assets. Our deferred tax assets as of April 30, 2022 and 2021 are as follows: Fiscal Years Ended April 30, 2022 2021 Deferred tax assets from NOL carry forwards $ 12,062,349 $ 11,290,083 Total deferred tax asset 12,062,349 11,290,083 Valuation allowance (12,062,349) (11,290,083) Deferred tax asset, net of allowance $ - $ - |
NOTE 11 - SEGMENT INFORMATION
NOTE 11 - SEGMENT INFORMATION | 12 Months Ended |
Apr. 30, 2022 | |
Notes | |
NOTE 11 - SEGMENT INFORMATION | NOTE 11 - SEGMENT INFORMATION The following information is presented in accordance with ASC Topic 280, "Segment Reporting", for fiscal years ended April 30, 2022 and 2021; we operated in two reportable business segments - (1) natural sweetener (stevioside), (2) corporate and other pharmaceutical. Our reportable segments are strategic business units that offer different products and are managed separately based on the fundamental differences in their operations. Financial information with respect to these reportable business segments for the fiscal years ended April 30, 2022 and 2021 are as follows: Fiscal Years Ended April 30, 2022 2021 Revenues: Stevioside - third party $ 34,832,117 $ 16,807,638 Stevioside - related party - 8,162,450 Total Stevioside 34,832,117 24,970,088 Corporate and other – third party 429,362 408,747 Corporate and other – related party - - Total Corporate and other 429,362 408,747 Total segment and consolidated revenues $ 35,261,479 $ 25,378,835 Interest expense: Stevioside $ (478,950) $ (254,403) Corporate and other - - Total segment and consolidated interest expense $ (478,950) $ (254,403) Depreciation and amortization expenses: Stevioside $ 1,273,175 $ 1,118,956 Corporate and other 202,191 220,625 Total segment and consolidated depreciation and amortization expenses $ 1,475,366 $ 1,339,581 Gain (loss) from continuing operations before income taxes: Stevioside $ (4,822,797) $ (5,401,154) Corporate and other 229,209 151,879 Total loss from operations before income taxes $ (4,593,588) $ (5,249,275) April 30, 2022 April 30, 2021 Segment property and equipment: Stevioside $ 5,854,328 $ 7,354,695 Corporate and other 1,631,405 1,862,420 Total property and equipment, net $ 7,485,733 $ 9,217,115 |
NOTE 12 - CONCENTRATIONS AND CR
NOTE 12 - CONCENTRATIONS AND CREDIT RISK | 12 Months Ended |
Apr. 30, 2022 | |
Notes | |
NOTE 12 - CONCENTRATIONS AND CREDIT RISK | NOTE 12 – CONCENTRATIONS AND CREDIT RISK (i) Customer Concentrations For fiscal years ended April 30, 2022 and 2021, customers accounting for 10% or more of the Company's revenues were as follows: Years Ended April 30, 2022 2021 Customer A (1) 43.4% 32.6% B - 12.0% (1) F - 19 (ii) Vendor Concentrations For fiscal years ended April 30, 2022 and 2021, suppliers accounting for 10% or more of the Company's purchases were as follows: Years Ended April 30, 2022 2021 Supplier A 34.5% 16.5% B - 25.5% C - 13.0% - (iii) Credit Risk Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and trade accounts receivable. We place our cash and cash equivalents with high credit quality financial institutions in the United States and the PRC. As of April 30, 2022 and 2021, we had $303,160 and $1,403,969 of cash held in PRC banks. PRC banks protect consumers against loss if their bank or thrift institution fails, and each of our PRC bank account is insured up to RMB500,000 (approximately $76,000), As a result, cash held in PRC financial institutions of $119,250 is not insured. We have not experienced any losses in such accounts through April 30, 2022. Our cash position by geographic area was as follows: April 30, 2022 April 30, 2021 Country United States $ 18,033 5.6% $ 161,860 10.3% China 303,160 94.4% 1,403,969 89.7% Total cash and cash equivalents $ 321,193 100.00% $ 1,565,829 100.00% Almost all of our sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, we believe that the concentration of credit risk with respect to trade accounts receivable is limited due to generally short payment terms. We also perform ongoing credit evaluations of our customers to help further reduce potential credit risk. |
NOTE 14 - SUBSEQUENT EVENTS
NOTE 14 - SUBSEQUENT EVENTS | 12 Months Ended |
Apr. 30, 2022 | |
Notes | |
NOTE 14 - SUBSEQUENT EVENTS | NOTE 13 - SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date the financial statements were issued and filed with the Securities and Exchange Commission. Based on our evaluation, no other event has occurred requiring adjustment or disclosure in the notes to the consolidated financial statements. |
NOTE 1 - ORGANIZATION, NATURE_2
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: BASIS OF PRESENTATION (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying consolidated financial statements include the accounts of Sunwin and all our wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and with the rules and regulations of the U.S. Securities and Exchange Commission for financial information. All significant intercompany accounts and transactions have been eliminated in consolidation. |
NOTE 1 - ORGANIZATION, NATURE_3
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: USE OF ESTIMATES (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the allowance for doubtful accounts, the allowance for obsolete inventory, the useful life of property and equipment and intangible assets, assumptions used in assessing impairment of long-term assets and valuation of deferred tax assets. Actual results could differ from those estimates. |
NOTE 1 - ORGANIZATION, NATURE_4
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: NONCONTROLLING INTEREST (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
NONCONTROLLING INTEREST | NONCONTROLLING INTEREST Noncontrolling interest on the consolidated balance sheets resulted from the consolidation of Shengren, a 61.3% owned subsidiary starting from April 30, 2020. An individual investor and Shandong Yulong Mining Group Co., Ltd. (“Yulong”) hold 38.4% and 0.3% of the equity interest in Shengren effective at the end of date, April 30, 2020, respectively, pursuant to a series of debt transfer and conversion agreements entered into on April 30, 2020 between seven individual creditors and three suppliers, an individual investor with Yulong and Qufu Shengren. Noncontrolling interest amounted to a deficit of $3,340,248 and $1,639,756 as of April 30, 2022 and 2021. |
NOTE 1 - ORGANIZATION, NATURE_5
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: CASH AND CASH EQUIVALENTS (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS Cash includes cash on hand and cash in time deposits, certificates of deposit and all highly liquid instruments with original maturities of three months or less. |
NOTE 1 - ORGANIZATION, NATURE_6
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: CONCENTRATIONS OF CREDIT RISK (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
CONCENTRATIONS OF CREDIT RISK | CONCENTRATIONS OF CREDIT RISK Substantially all of our operations are carried out in the PRC. Accordingly, our business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC's economy. Our operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America. Our results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and trade accounts receivable. We place our cash with high credit quality financial institutions in the United States and China. As of April 30, 2022 and 2021, we had $303,160 and $1,403,969 cash held in PRC bank accounts, respectively. PRC banks protect consumers against loss if their bank or thrift institution fails, and each of our PRC bank account is insured up to RMB500,000 (approximately $76,000), As a result, cash held in PRC financial institutions of $119,250 is not insured. We have not experienced any losses in such accounts through April 30, 2022. Almost all of our sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, we believe that the concentration of credit risk with respect to trade accounts receivable is limited due to generally short payment terms. We also perform ongoing credit evaluations of our customers to help further reduce potential credit risk. |
NOTE 1 - ORGANIZATION, NATURE_7
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: ACCOUNTS RECEIVABLE (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE Accounts receivable and other receivable are reported at net realizable value. We have established an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written off when it is determined that the amounts are uncollectible after exhaustive efforts on collection. As of April 30, 2022 and 2021, we have no bad debt expense for allowance of doubtful accounts. |
NOTE 1 - ORGANIZATION, NATURE_8
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: INVENTORIES (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
INVENTORIES | INVENTORIES Inventories, consisting of raw materials, work in process, and finished goods related to our products, are stated at the lower of cost or estimated net realizable value that can be estimated utilizing the weighted moving average method. Adjustments are recorded to write down the carrying amount of any obsolete and excess inventory to its estimated net realizable value. We continually evaluate the recoverability based on assumptions about future customer demand and market conditions. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record a write down of inventories for the difference between the lower of cost or estimated net realizable value. In the fiscal years ended April 30, 2022 and 2021, the Company wrote down inventories of $331,443 and $1,276,893, respectively. |
NOTE 1 - ORGANIZATION, NATURE_9
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: PROPERTY AND EQUIPMENT (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT Property and equipment are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated economic lives of the assets, which range from two to thirty years. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. In accordance with Accounting Standards Codification ("ASC"), 360-10-35-17 of the Financial Accounting Standards Board (FASB), we examine the possibility of decreases in the value of property and equipment when events or changes in circumstances reflect the fact that their recorded value may not be recoverable. The residual value rate and useful life of property and equipment are summarized as follows: Property and Equipment Residual value rate Useful life Office equipment 10% or 5% or 0% 3-15 years Auto and trucks 10% or 5% or 0% 2-10 Years Manufacturing equipment 10% or 5% or 0% 2-15 Years Buildings 10% or 5% or 0% 5-30 Years Included in property and equipment is construction-in-progress which consisted of factory improvements and machinery pending installation and included the costs of construction, machinery and equipment, and or any interest charges arising from borrowings used to finance these assets during the period of construction or installation of the assets if applicable. No provision for depreciation is made on construction-in-progress until such time as the relevant assets are completed and ready for their intended use. |
NOTE 1 - ORGANIZATION, NATUR_10
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: LONG-LIVED ASSETS (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
LONG-LIVED ASSETS | LONG-LIVED ASSETS In accordance with ASC 360, we review and evaluate our long-lived assets, including property and equipment, intangible assets, and land use rights, for impairment or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets, including goodwill, if any. An impairment loss is measured and recorded based on discounted estimated future cash flows. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. Our estimates of future cash flows are based on numerous assumptions and it is possible that actual future cash flows will be significantly different than the estimates. Based on our evaluation, we have determined certain long-lived assets that are no longer useful for our continuing operating and we recorded a loss of sale of disposed equipment. The Company recorded a loss on disposition of equipment of $590,503 and $nil for the fiscal years ended April 30, 2022 and 2021, respectively. |
NOTE 1 - ORGANIZATION, NATUR_11
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: FAIR VALUE OF FINANCIAL INSTRUMENTS (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS We follow the ASC Section 825-10-50-10 for disclosures regarding the fair value of financial instruments and have adopted ASC Section 820-10-35-37 to measure the fair value of our financial instruments. ASC Section 820-10-35-37 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements, establishes a framework for measuring fair value, and expands disclosure about such fair value measurements. The adoption of ASC Section 820-10-35-37 did not have an impact on our financial position or operating results, but did expand certain disclosures. F - 9 ASC Section 820-10-35-37 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC Section 820-10-35-37 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity's own assumptions. The carrying amounts of our financial assets and liabilities, such as cash, accounts receivable, inventories, prepayments and other current assets, accounts payable and accrued expenses, and taxes payable, approximate their fair values because of the short maturity of these instruments. |
NOTE 1 - ORGANIZATION, NATUR_12
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: TAXES PAYABLE (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
TAXES PAYABLE | TAXES PAYABLE We are required to charge for and to collect value added taxes (VAT) on our sales on behalf of the PRC tax authority. We record VAT that we billed our customers as VAT payable. In addition, we are required to pay value added taxes on our primary purchases. We record VAT that is charged by our vendors as VAT receivable. We are required to file VAT return on a monthly basis with the PRC tax authority, which we are entitled to claim the VAT that we charged by vendors as VAT credit and these credits can be applied to our VAT payable that we billed our customers. Accordingly, these VAT payable and receivable are presented as net amounts for financial statement purposes. Taxes payable as of April 30, 2022 and 2021 amounted to $812,545 and $330,738, respectively, consisted of VAT taxes, property taxes, income taxes and other taxes. |
NOTE 1 - ORGANIZATION, NATUR_13
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: REVENUE RECOGNITION (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
REVENUE RECOGNITION | REVENUE RECOGNITION Pursuant to the guidance of ASC 606, we record revenue when persuasive evidence of an arrangement exists, product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured. The adoption of this guidance did not have a material impact on our consolidated financial statements. In accordance with ASC 606, we recognize revenues from the sale of stevia and other productions upon shipment and transfer of title based on the trade terms. All product sales with customer specific acceptance provisions are recognized upon customer acceptance and the delivery of the products. We report revenues net of applicable sales taxes and related surcharges. • Identify the contract with a customer; • Identify the performance obligations in the contract; • Determine the transaction price; • Allocate the transaction price to the performance obligations in the contract; and • Recognize revenue when (or as) the entity satisfies a performance obligation. The Company is also a lessor, which is an entity that is lease underlying asset to the third party, The Company’s lease revenue is recognized under ASC Topic 842, Leases, (“ASC 842”), which was adopted on May 1, 2019. In general, the Company commences rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. The Company’s lease has been accounted for as operating lease. Rental revenue is recognized on a straight-line basis over the terms of the lease of five years. Actual amounts billed in accordance with the lease during any given period may have been higher or lower than the amount of rental revenue recognized for the period. The difference by which straight-line rental revenue exceeded rents billed in accordance with lease agreements is recorded as “accounts receivable”. The difference by which rents billed in accordance with lease agreements exceeded straight-line rental revenue is recorded as “advances from customer”. The Company does not offset lease income and lease expense. |
NOTE 1 - ORGANIZATION, NATUR_14
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: INCOME TAXES (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
INCOME TAXES | INCOME TAXES The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes F - 10 We file federal and state income tax returns in the United States for our corporate operations pursuant to the U.S. Internal Revenue Code of 1986, as amended, and file separate foreign tax returns for our Chinese subsidiaries pursuant to China's Unified Corporate Income Tax Law. We apply the provisions of ASC 740-10-50, "Accounting for Uncertainty in Income Taxes", which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our consolidated financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company's liability for income taxes. Any such adjustment could be material to the Company's results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of April 30, 2022, the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future. |
NOTE 1 - ORGANIZATION, NATUR_15
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: BASIC AND DILUTED EARNINGS PER SHARE (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
BASIC AND DILUTED EARNINGS PER SHARE | BASIC AND DILUTED LOSS PER SHARE Pursuant to ASC 260-10-45, basic loss per common share is computed by dividing loss available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the income of us, subject to anti-dilution limitations. The following table presents a reconciliation of basic and diluted net income per ordinary share: For Fiscal Years Ended April 30, 2022 2021 Numerator: Net loss attributable to Sunwin Stevia International, Inc. $ (2,910,189) $ (3,238,814) Denominator: Denominator for basic earnings per share - weighted average number of common shares outstanding 199,632,803 199,632,803 Stock awards, options, and warrants - - Denominator for diluted earnings per share - weighted average number of common shares outstanding 199,632,803 199,632,803 Basic and diluted loss per common share attributable to Sunwin Stevia International, Inc.: Net loss per common share - basic and diluted $ (0.01) (0.02) |
NOTE 1 - ORGANIZATION, NATUR_16
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: FOREIGN CURRENCY TRANSLATION (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
FOREIGN CURRENCY TRANSLATION | FOREIGN CURRENCY TRANSLATION Transactions and balances originally denominated in U.S. dollars are presented at their original amounts. Transactions and balances in other currencies are converted into U.S. dollars in accordance with ASC Section 830-20-35 and are included in determining net income or loss. The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional currency of the Company's operating subsidiaries is the Chinese Renminbi ("RMB"). In accordance with ASC 830-20-35, the consolidated financial statements were translated into United States dollars using balance sheet date rates of exchange for assets and liabilities, and average rates of exchange for the period for the statements of operations and cash flows. Equity accounts were stated at their historical rate. Net gains and losses resulting from foreign exchange transactions are included in the consolidated statements of operations and comprehensive loss. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in other comprehensive income or loss. RMB is not a fully convertible currency. All foreign exchange transactions involving RMB must take place either through the People's Bank of China (the "PBOC") or other institutions authorized to buy and sell foreign exchange. The exchange rate adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC, which are determined largely by supply and demand. Translation of amounts from RMB into United States dollars ("$") was made at the following exchange rates for the respective periods: As of April 30, 2022 RMB 6.59 to $1.00 As of April 30, 2021 RMB 6.47 to $1.00 Year ended April 30, 2022 RMB 6.41 to $1.00 Year ended April 30, 2021 RMB 6.73 to $1.00 |
NOTE 1 - ORGANIZATION, NATUR_17
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: COMPREHENSIVE LOSS (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
COMPREHENSIVE LOSS | COMPREHENSIVE LOSS Comprehensive loss is comprised of net loss and all changes to the statements of stockholders' equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. For the Company, comprehensive loss for fiscal years ended April 30, 2022 and 2021 included net loss and unrealized gains (losses) from foreign currency translation adjustments. |
NOTE 1 - ORGANIZATION, NATUR_18
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: STOCK-BASED COMPENSATION (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC 718 which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. |
NOTE 1 - ORGANIZATION, NATUR_19
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: RESEARCH AND DEVELOPMENT (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
RESEARCH AND DEVELOPMENT | RESEARCH AND DEVELOPMENT Research and development costs are expensed as incurred in the accompanying consolidated statements of operations and comprehensive loss. Research and development costs are incurred on a project specific basis. Research and development costs were $2,763,854 and $1,119,574 for fiscal years ended April 30, 2022 and 2021, respectively. |
NOTE 1 - ORGANIZATION, NATUR_20
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: SHIPPING COSTS (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
SHIPPING COSTS | SHIPPING COSTS Shipping costs are included in selling expenses and totaled $95,202 and $79,442 for the fiscal years ended April 30, 2022 and 2021, respectively. |
NOTE 1 - ORGANIZATION, NATUR_21
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: ADVERTISING (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
ADVERTISING | ADVERTISING Advertising is expensed as incurred and is included in selling expenses and totaled $nil and $51,670 for the fiscal years ended April 30, 2022 and 2021, respectively. |
NOTE 1 - ORGANIZATION, NATUR_22
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: SEGMENT REPORTING (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
SEGMENT REPORTING | SEGMENT REPORTING The Company uses the "management approach" in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company's reportable segments. The Company's chief operating decision maker has been identified as the chief executive officer of the Company who reviews financial information of separate operating segments based on U.S. GAAP. The chief operating decision maker now reviews results analyzed by customer. This analysis is only presented at the revenue level with no allocation of direct or indirect costs. Consequently, the Company has determined that it has two operating segments. |
NOTE 1 - ORGANIZATION, NATUR_23
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: RECENT ACCOUNTING PRONOUNCEMENTS (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Policies | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU provides an exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This update also (1) requires an entity to recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, (2) requires an entity to evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which goodwill was originally recognized for accounting purposes and when it should be considered a separate transaction, and (3) requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The standard is effective for the Company for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements. F - 12 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. ASU 2016-13 is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2019, excluding entities eligible to be smaller reporting company. For all other entities, the requirements are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2016-13 has been amended by ASU 2019-04, ASU 2019-05, and ASU 2019-11. For entities that have not yet adopted ASU No. 2016-13, the effective dates and transition methodology for ASU 2019-04, ASU 2019-05, and ASU 2019-11 are the same as the effective dates and transition methodology in ASU 2016-13. The Company did not adopt this standard yet due to the status of smaller reporting company. We plan to adopt this standard for the year beginning May 1, 2023. We do not expect the adoption of this standard will have material impact on our consolidated financial statements. A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, we have not determined whether implementation of such proposed standards would be material to our consolidated financial statements. |
NOTE 1 - ORGANIZATION, NATUR_24
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: BASIC AND DILUTED EARNINGS PER SHARE: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Tables/Schedules | |
Schedule of Earnings Per Share, Basic and Diluted | For Fiscal Years Ended April 30, 2022 2021 Numerator: Net loss attributable to Sunwin Stevia International, Inc. $ (2,910,189) $ (3,238,814) Denominator: Denominator for basic earnings per share - weighted average number of common shares outstanding 199,632,803 199,632,803 Stock awards, options, and warrants - - Denominator for diluted earnings per share - weighted average number of common shares outstanding 199,632,803 199,632,803 Basic and diluted loss per common share attributable to Sunwin Stevia International, Inc.: Net loss per common share - basic and diluted $ (0.01) (0.02) |
NOTE 2 - INVENTORIES_ Schedule
NOTE 2 - INVENTORIES: Schedule of Inventory, Current (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Tables/Schedules | |
Schedule of Inventory, Current | April 30, 2022 April 30, 2021 Raw materials $ 2,417,724 $ 5,850,859 Work in process 1,029,797 3,220,583 Finished goods 2,116,523 3,859,019 Inventories, gross 5,564,044 12,930,461 Less: reserve for obsolete inventory - - Total inventories, net $ 5,564,044 $ 12,930,461 |
NOTE 4 - PROPERTY AND EQUIPME_2
NOTE 4 - PROPERTY AND EQUIPMENT: Schedule of property and equipment (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Tables/Schedules | |
Schedule of property and equipment | April 30, 2022 April 30, 2021 Office equipment $ 434,867 $ 429,478 Auto and trucks 581,314 646,606 Manufacturing equipment 6,481,114 7,646,765 Buildings 9,452,467 10,476,629 Construction in process 17,200 17,522 Property and equipment, gross 16,966,962 19,217,000 Less: accumulated depreciation (9,481,229) (9,999,885) Property and equipment, net $ 7,485,733 $ 9,217,115 |
NOTE 6 - RELATED PARTY TRANSA_2
NOTE 6 - RELATED PARTY TRANSACTIONS: Schedule of Related Party Transactions (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Tables/Schedules | |
Schedule of Related Party Transactions | April 30, 2022 April 30, 2021 Pharmaceutical Corporation $ 4,646,092 $ 3,484,266 Qufu Shengwang Import and Export - 6,140,404 Weidong Chai 236,070 218,966 Total $ 4,882,162 $ 9,843,636 |
NOTE 8 - ACCOUNTS PAYABLE AND_2
NOTE 8 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES: Schedule of Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Tables/Schedules | |
Schedule of Accounts Payable and Accrued Liabilities | Account April 30, 2022 April 30, 2021 Accounts payable $ 7,945,913 $ 8,155,842 Advanced from customers 121,183 143,695 Advanced from third parties* 1,208,900 - Accrued salary payable 101,829 155,071 Tax payable 812,545 330,738 Other payable** 2,024,868 2,356,062 Total accounts payable and accrued expenses $ 12,215,238 $ 11,141,408 |
NOTE 9 -LOAN PAYABLE_ Schedule
NOTE 9 -LOAN PAYABLE: Schedule of Short-term loan payable (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Tables/Schedules | |
Schedule of Short-term loan payable | April 30, 2022 April 30, 2021 Loan from Min Wu, an employee of Qufu Shengren, due on October 5, 2022, with an annual interest rate of 10%, renewed on October 6, 2021. $ 33,393 $ 34,019 Loan from Jianjun Yan, due on October 6, 2022, with an annual interest rate of 10%, renewed on October 7, 2021. 1,626,763 1,506,610 Loan from Jianjun Yan, due on March 31, 2022, with annual interest rate of 4%, partially repaid RMB4,500,000 ($702,006). Remaining principal balance and accrued interest renewed on April 19, 2022 for the term of one year. 134,633 806,711 Multiple loans from Jianjun Yan, due from May 13, 2022 to August 22, 2022, with annual interest rate of 12%, sign on period from May 14, 2021 to August 23, 2021. 1,490,521 - Loan from Junzhen Zhang, non-related individual, due on October 5, 2022, with an annual interest rate of 10%, renewed on October 6, 2021. 29,385 27,215 Loan from Junzhen Zhang, non-related individual, due on November 30, 2022, with an annual interest rate of 10%, signed on December 1, 2021. 23,375 21,648 Multiple loans from Jian Chen, non-related individual, due from May 20, 2022 to November 14, 2022, with an annual interest rate of 12%, signed from May 21, 2021 to November 15, 2021. 1,066,928 - Loan from Qing Kong, non-related individual, due on March 6, 2023, with an annual interest rate of 10%, renewed on March 7, 2022. 106,522 98,655 Loan from Qing Kong, non-related individual, due on January 8, 2023, with an annual interest rate of 10%, renewed on January 9, 2022. 44,445 41,163 Loan from Guihai Chen, non-related individual, due on March 9, 2023, with an annual interest rate of 10%, renewed on March 10, 2022. 26,631 24,664 Loan from Guihai Chen, non-related individual, due on September 20, 2022, with an annual interest rate of 10%, renewed on September 21, 2021. 40,405 37,421 Loan from Weifeng Kong, non-related individual, due on November 28, 2022, with an annual interest rate of 10%, renewed on November 29, 2021. 30,357 30,926 Loan from Huagui Yong, non-related individual, due on April 8, 2022, with an annual interest rate of 6.3%, renewed on April 9, 2021. - 77,316 Loan from Guohui Zhang, non-related individual, due on January 16, 2022, with an annual interest rate of 4% signed on January 17, 2021. 254,148 248,956 Total short-term loan payable $ 4,907,506 $ 2,955,304 |
NOTE 10 - INCOME TAXES_ Schedul
NOTE 10 - INCOME TAXES: Schedule of Income before Income Tax, Domestic and Foreign (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Tables/Schedules | |
Schedule of Income before Income Tax, Domestic and Foreign | Fiscal Years Ended April 30, 2022 2021 U.S. Operations $ (75) $ (35,046) Chinese Operations (2,910,115) (3,203,769) Total $ (2,910,190) $ (3,238,815) |
NOTE 10 - INCOME TAXES_ Sched_2
NOTE 10 - INCOME TAXES: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | April 30, 2022 April 30, 2021 U.S. Federal and state tax rate 21.0% 21.0% Difference in US / China statutory rate 4% 4% Valuation allowance (25.0)% (25.0)% Total provision for income taxes 0.0% 0.0% |
NOTE 10 - INCOME TAXES_ Sched_3
NOTE 10 - INCOME TAXES: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Tables/Schedules | |
Schedule of Components of Income Tax Expense (Benefit) | Fiscal Years Ended April 30, 2022 2021 Expected tax at statutory rates $ (611,140) $ (680,151) Foreign Taxes at rate different than U.S. taxes (116,404) (128,151) Valuation allowances 727,544 808,302 Tax provision $ - $ - |
NOTE 10 - INCOME TAXES_ Sched_4
NOTE 10 - INCOME TAXES: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | Fiscal Years Ended April 30, 2022 2021 Deferred tax assets from NOL carry forwards $ 12,062,349 $ 11,290,083 Total deferred tax asset 12,062,349 11,290,083 Valuation allowance (12,062,349) (11,290,083) Deferred tax asset, net of allowance $ - $ - |
NOTE 11 - SEGMENT INFORMATION_
NOTE 11 - SEGMENT INFORMATION: Schedule of Segment Income (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Tables/Schedules | |
Schedule of Segment Income | Fiscal Years Ended April 30, 2022 2021 Revenues: Stevioside - third party $ 34,832,117 $ 16,807,638 Stevioside - related party - 8,162,450 Total Stevioside 34,832,117 24,970,088 Corporate and other – third party 429,362 408,747 Corporate and other – related party - - Total Corporate and other 429,362 408,747 Total segment and consolidated revenues $ 35,261,479 $ 25,378,835 Interest expense: Stevioside $ (478,950) $ (254,403) Corporate and other - - Total segment and consolidated interest expense $ (478,950) $ (254,403) Depreciation and amortization expenses: Stevioside $ 1,273,175 $ 1,118,956 Corporate and other 202,191 220,625 Total segment and consolidated depreciation and amortization expenses $ 1,475,366 $ 1,339,581 Gain (loss) from continuing operations before income taxes: Stevioside $ (4,822,797) $ (5,401,154) Corporate and other 229,209 151,879 Total loss from operations before income taxes $ (4,593,588) $ (5,249,275) |
NOTE 11 - SEGMENT INFORMATION_2
NOTE 11 - SEGMENT INFORMATION: Schedule of Segment Property and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Tables/Schedules | |
Schedule of Segment Property and Equipment | April 30, 2022 April 30, 2021 Segment property and equipment: Stevioside $ 5,854,328 $ 7,354,695 Corporate and other 1,631,405 1,862,420 Total property and equipment, net $ 7,485,733 $ 9,217,115 |
NOTE 12 - CONCENTRATIONS AND _2
NOTE 12 - CONCENTRATIONS AND CREDIT RISK: Schedule of Revenue by Major Customers by Reporting Segments (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Tables/Schedules | |
Schedule of Revenue by Major Customers by Reporting Segments | Years Ended April 30, 2022 2021 Customer A (1) 43.4% 32.6% B - 12.0% |
NOTE 12 - CONCENTRATIONS AND _3
NOTE 12 - CONCENTRATIONS AND CREDIT RISK: Schedule of Major Vendors (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Tables/Schedules | |
Schedule of Major Vendors | Years Ended April 30, 2022 2021 Supplier A 34.5% 16.5% B - 25.5% C - 13.0% |
NOTE 12 - CONCENTRATIONS AND _4
NOTE 12 - CONCENTRATIONS AND CREDIT RISK: Schedule of cash position by geographic area (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Tables/Schedules | |
Schedule of cash position by geographic area | April 30, 2022 April 30, 2021 Country United States $ 18,033 5.6% $ 161,860 10.3% China 303,160 94.4% 1,403,969 89.7% Total cash and cash equivalents $ 321,193 100.00% $ 1,565,829 100.00% |
NOTE 1 - ORGANIZATION, NATUR_25
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: NONCONTROLLING INTEREST (Details) - USD ($) | Apr. 30, 2022 | Apr. 30, 2021 |
Details | ||
DeficitToNoncontrollingInterest | $ 3,340,248 | $ 1,639,756 |
NOTE 1 - ORGANIZATION, NATUR_26
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: CONCENTRATIONS OF CREDIT RISK (Details) - USD ($) | Apr. 30, 2022 | Apr. 30, 2021 |
Details | ||
Cash held in PRC | $ 303,160 | $ 1,403,969 |
NOTE 1 - ORGANIZATION, NATUR_27
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: INVENTORIES (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Details | ||
Inventory Write-down | $ 331,443 | $ 1,276,893 |
NOTE 1 - ORGANIZATION, NATUR_28
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: LONG-LIVED ASSETS (Details) | 12 Months Ended |
Apr. 30, 2022 USD ($) | |
Details | |
Loss on disposition of property and equipment | $ 590,503 |
NOTE 1 - ORGANIZATION, NATUR_29
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: BASIC AND DILUTED EARNINGS PER SHARE: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Details | ||
Net loss attributable to Sunwin Stevia International, Inc. | $ (2,910,189) | $ (3,238,814) |
Weighted Average Number of Shares Issued, Basic | 199,632,803 | 199,632,803 |
Weighted Average Number of Shares Outstanding, Diluted | 199,632,803 | 199,632,803 |
Net loss per common share - basic and diluted | $ (0.01) | $ (0.02) |
NOTE 1 - ORGANIZATION, NATUR_30
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: FOREIGN CURRENCY TRANSLATION (Details) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Details | ||
Foreign Currency Exchange Rate, Translation | 6.59 | 6.47 |
Average exchange rates | 6.41 | 6.73 |
NOTE 1 - ORGANIZATION, NATUR_31
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: RESEARCH AND DEVELOPMENT (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Details | ||
Research and development included in general and administrative expenses | $ 2,763,854 | $ 1,119,574 |
NOTE 1 - ORGANIZATION, NATUR_32
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: SHIPPING COSTS (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Details | ||
Shipping costs | $ 95,202 | $ 79,442 |
NOTE 1 - ORGANIZATION, NATUR_33
NOTE 1 - ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: ADVERTISING (Details) | 12 Months Ended |
Apr. 30, 2021 USD ($) | |
Details | |
Advertising Expense | $ 51,670 |
NOTE 2 - INVENTORIES_ Schedul_2
NOTE 2 - INVENTORIES: Schedule of Inventory, Current (Details) - USD ($) | Apr. 30, 2022 | Apr. 30, 2021 |
Details | ||
Raw materials | $ 2,417,724 | $ 5,850,859 |
Work in process | 1,029,797 | 3,220,583 |
Finished goods | 2,116,523 | 3,859,019 |
Inventory, Gross | 5,564,044 | 12,930,461 |
Reserve for obsolete inventory | 0 | 0 |
Inventories, net | $ 5,564,044 | $ 12,930,461 |
NOTE 2 - INVENTORIES (Details)
NOTE 2 - INVENTORIES (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Details | ||
Inventory Write-down | $ 331,443 | $ 1,276,893 |
NOTE 3 - PREPAID EXPENSES AND_2
NOTE 3 - PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) | Apr. 30, 2022 | Apr. 30, 2021 |
Details | ||
Prepaid expenses and other current assets | $ 2,765,819 | $ 661,882 |
Prepayments to suppliers | 1,510,032 | 435,006 |
Business related employees' advances | $ 1,255,787 | $ 226,876 |
NOTE 4 - PROPERTY AND EQUIPME_3
NOTE 4 - PROPERTY AND EQUIPMENT: Schedule of property and equipment (Details) - USD ($) | Apr. 30, 2022 | Apr. 30, 2021 |
Details | ||
Office Equipment | $ 434,867 | $ 429,478 |
Auto and Trucks | 581,314 | 646,606 |
Machinery and Equipment, Gross | 6,481,114 | 7,646,765 |
Buildings and Improvements, Gross | 9,452,467 | 10,476,629 |
Construction in Progress, Gross | 17,200 | 17,522 |
Property, Plant and Equipment, Gross | 16,966,962 | 19,217,000 |
Less: accumulated depreciation | (9,481,229) | (9,999,885) |
Property and equipment, net | $ 7,485,733 | $ 9,217,115 |
NOTE 4 - PROPERTY AND EQUIPME_4
NOTE 4 - PROPERTY AND EQUIPMENT (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Details | ||
Total Depreciation Expense | $ 1,411,735 | $ 1,339,581 |
Depreciation in Cost of Revenue | 1,209,196 | $ 1,142,787 |
Disposition of equipment | 590,503 | |
Proceed from disposition of equipment | $ 9,105 |
NOTE 5 - LAND USE RIGHTS (Detai
NOTE 5 - LAND USE RIGHTS (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | May 18, 2021 | |
Details | ||
Land use rights for Qufu Shengren | $ 2,012,000 | |
Amortization expense for land use rights for Qufu Shengren | $ 63,631 | |
Land use rights for Qufu Shengren, net | $ 1,950,204 |
NOTE 6 - RELATED PARTY TRANSA_3
NOTE 6 - RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2022 | Sep. 23, 2019 | |
Details | |||
Accounts receivable - related party | $ 5,999,791 | $ 0 | |
Revenue - related party Qufu Shengwang Import Export | 8,162,450 | ||
Cost of Revenue - related party Qufu Shengwang Import Export | $ 9,407,847 | ||
Borrowing from Weidong Cai | $ 189,000 |
NOTE 6 - RELATED PARTY TRANSA_4
NOTE 6 - RELATED PARTY TRANSACTIONS: Schedule of Related Party Transactions (Details) - USD ($) | Apr. 30, 2022 | Apr. 30, 2021 |
Details | ||
Due to Pharmaceutical Corporation | $ 4,646,092 | $ 3,484,266 |
Due to Qufu Shengwang Import and Export | 0 | 6,140,404 |
Due to Weidong Chai | 236,070 | 218,966 |
Total Due to Related Parties | $ 4,882,162 | $ 9,843,636 |
NOTE 7 - OPERATING LEASE (Detai
NOTE 7 - OPERATING LEASE (Details) - USD ($) | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Jul. 10, 2019 | |
Details | |||
Lease from Metformin Production Line | $ 455,000 | ||
Revenue - Lease from Metformin Production Line | $ 429,362 | $ 408,747 |
NOTE 8 - ACCOUNTS PAYABLE AND_3
NOTE 8 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES: Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) | Apr. 30, 2022 | Apr. 30, 2021 |
Details | ||
Accounts Payable | $ 7,945,913 | $ 8,155,842 |
Customer Advances, Current | 121,183 | 143,695 |
Advanced from third parties | 1,208,900 | 0 |
Accrued salary payable | 101,829 | 155,071 |
Taxes Payable, Current | 812,545 | 330,738 |
Accounts Payable, Other, Current | 2,024,868 | 2,356,062 |
Accounts Payable and Accrued Liabilities, Current | $ 12,215,238 | $ 11,141,408 |
NOTE 8 - ACCOUNTS PAYABLE AND_4
NOTE 8 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) | Apr. 30, 2022 | Apr. 30, 2021 |
Details | ||
General liability, worker's compensation, and medical insurance payable | $ 428,773 | $ 412,328 |
Consulting fee payable | 206,007 | 209,871 |
Union and education fees payable | 134,598 | 137,123 |
Interest payables for short-term loans | 366,249 | 147,433 |
Safety production fund payable | 627,138 | 262,449 |
Advanced from the employees | 106,253 | 159,909 |
Deposit for operating lease | 151,784 | 154,631 |
Other miscellaneous payables | $ 4,066 | $ 872,318 |
NOTE 9 -LOAN PAYABLE_ Schedul_2
NOTE 9 -LOAN PAYABLE: Schedule of Short-term loan payable (Details) - USD ($) | Apr. 30, 2022 | Apr. 30, 2021 |
Details | ||
Loan from Min Wu at 10% | $ 33,393 | $ 34,019 |
Loan from Jianjun Yan at 10% A | 1,626,763 | 1,506,610 |
Loan from Jianjun Yan at 4% B | 134,633 | 806,711 |
Loan from Jianjun Yan at 12% | 1,490,521 | 0 |
Loan from Junzhen Zhang at 10% A | 29,385 | 27,215 |
Loan from Junzhen Zhang at 10% B | 23,375 | 21,648 |
Loan from Jian Chen at 12% A | 1,066,928 | 0 |
Loan from Qing Kong at 10% A | 106,522 | 98,655 |
Loan from Qing Kong at 10% B | 44,445 | 41,163 |
Loan from Guihai Chen at 10% A | 26,631 | 24,664 |
Loan from Guihai Chen at 10% B | 40,405 | 37,421 |
Loan from Weifeng Kong at 10% A | 30,357 | 30,926 |
Loan from Huagui Yong at 6.3% A | 0 | 77,316 |
Loan from Guohui Zhang at 4% A | 254,148 | 248,956 |
Total Short Term Loan Payable | $ 4,907,506 | $ 2,955,304 |
NOTE 9 -LOAN PAYABLE (Details)
NOTE 9 -LOAN PAYABLE (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Details | ||
Interest expense related to short-term loans | $ 456,735 | $ 222,113 |
NOTE 10 - INCOME TAXES_ Sched_5
NOTE 10 - INCOME TAXES: Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Details | ||
Components of loss US operation | $ (75) | $ (35,046) |
Components of loss China operation | $ (2,910,115) | $ (3,203,769) |
NOTE 10 - INCOME TAXES_ Sched_6
NOTE 10 - INCOME TAXES: Schedule of Effective Income Tax Rate Reconciliation (Details) | Apr. 30, 2022 | Apr. 30, 2021 |
Details | ||
U.S. Federal and state tax rate | 21% | 21% |
Difference in US / China statutory rate | 4% | 4% |
Effective Tax Rate Valuation Allowance | (25.00%) | (25.00%) |
Effective Tax Rate Valuation Allowance | 0% | 0% |
NOTE 10 - INCOME TAXES_ Sched_7
NOTE 10 - INCOME TAXES: Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Details | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (611,140) | $ (680,151) |
Foreign Taxes at rate different than U.S. taxes | (116,404) | (128,151) |
Valuation allowances | 727,544 | 808,302 |
Other Income Tax Expense (Benefit), Continuing Operations | $ 0 | $ 0 |
NOTE 10 - INCOME TAXES_ Sched_8
NOTE 10 - INCOME TAXES: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Details | ||
Deferred tax assets from NOL carry forwards | $ 12,062,349 | $ 11,290,083 |
Total deferred tax asset | 12,062,349 | 11,290,083 |
Valuation allowance | (12,062,349) | (11,290,083) |
Deferred tax asset, net of allowance | $ 0 | $ 0 |
NOTE 11 - SEGMENT INFORMATION_3
NOTE 11 - SEGMENT INFORMATION: Schedule of Segment Income (Details) - USD ($) | 12 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Details | ||||
Net revenues - Stevioside - third party | $ 34,832,117 | $ 16,807,638 | ||
Net revenues - Stevioside - related party | 0 | 8,162,450 | ||
Net revenues - Stevioside - Total | 34,832,117 | 24,970,088 | ||
Net revenues - Corporate - third party | 429,362 | 408,747 | ||
Net revenues - Corporate - related party | 0 | 0 | ||
Net revenues - Corporate - Total | 429,362 | 408,747 | ||
Net revenues - Total segment and consolidated revenues | 35,261,479 | 25,378,835 | ||
Interest income - Stevioside | (478,950) | (254,403) | ||
Interest income - Corporate | 0 | 0 | ||
Interest income - Total segment and consolidated interest expense | (478,950) | (254,403) | ||
Depreciation and amortization - Stevioside | 1,273,175 | 1,118,956 | ||
Depreciation and amortization - Corporate | 202,191 | 220,625 | ||
Depreciation and amortization - Total segment and consolidated depreciation and amortization | 1,475,366 | 1,339,581 | ||
Loss before taxes and noncontrolling interest - Stevioside | (4,822,797) | (5,401,154) | ||
Loss before taxes and noncontrolling interest - Corporate | 229,209 | 151,879 | ||
Income (loss) before income taxes - Total segment | $ 7,485,733 | $ 9,217,115 | $ (4,593,588) | $ (5,249,275) |
NOTE 11 - SEGMENT INFORMATION_4
NOTE 11 - SEGMENT INFORMATION: Schedule of Segment Property and Equipment (Details) - USD ($) | 12 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Details | ||||
Segment assets-Stevioside | $ 5,854,328 | $ 7,354,695 | $ 5,854,328 | $ 7,354,695 |
Segment assets-Corporate and other | 1,631,405 | 1,862,420 | 1,631,405 | 1,862,420 |
Income (loss) before income taxes - Total segment | $ 7,485,733 | $ 9,217,115 | $ (4,593,588) | $ (5,249,275) |
NOTE 12 - CONCENTRATIONS AND _5
NOTE 12 - CONCENTRATIONS AND CREDIT RISK: Schedule of Revenue by Major Customers by Reporting Segments (Details) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Details | ||
Customer A | 43.40% | 32.60% |
Customer B | 0% | 12% |
NOTE 12 - CONCENTRATIONS AND _6
NOTE 12 - CONCENTRATIONS AND CREDIT RISK: Schedule of Major Vendors (Details) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Details | ||
Supplier A | 34.50% | 16.50% |
Supplier B | 0% | 25.50% |
Supplier C | 0% | 13% |
NOTE 12 - CONCENTRATIONS AND _7
NOTE 12 - CONCENTRATIONS AND CREDIT RISK (Details) - USD ($) | Apr. 30, 2022 | Apr. 30, 2021 |
Details | ||
Cash held in PRC | $ 303,160 | $ 1,403,969 |
NOTE 12 - CONCENTRATIONS AND _8
NOTE 12 - CONCENTRATIONS AND CREDIT RISK: Schedule of cash position by geographic area (Details) - USD ($) | Apr. 30, 2022 | Apr. 30, 2021 |
Details | ||
Cash held in United States | $ 18,033 | $ 161,860 |
Percent of Cash held in United States | 5.60% | 10.30% |
Cash held in PRC | $ 303,160 | $ 1,403,969 |
Percent of Cash held in PRC | 94.40% | 89.70% |