Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2018 | Jul. 27, 2018 | Oct. 31, 2017 | |
Document and Entity Information: | |||
Entity Registrant Name | SUNWIN STEVIA INTERNATIONAL, INC. | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 30, 2018 | ||
Trading Symbol | suwn | ||
Amendment Flag | false | ||
Entity Central Index Key | 806,592 | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Common Stock, Shares Outstanding | 199,632,803 | ||
Entity Public Float | $ 12,187,750 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY |
SUNWIN STEVIA INTERNATIONAL, IN
SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 1,100,748 | $ 51,116 |
Accounts receivable, net of allowance for doubtful accounts of $191,865 and $1,182,632, respectively | 3,513,530 | 2,243,621 |
Accounts receivable - related party | 2,576,944 | 339,270 |
Inventories, net | 12,564,571 | 8,816,473 |
Prepaid expenses and other current assets | 2,284,379 | 4,729,865 |
Total Current Assets | 22,040,172 | 16,180,345 |
Property and equipment, net | 9,052,886 | 8,241,197 |
Intangible assets, net | 108,390 | |
Land use rights, net | 1,964,606 | 1,855,055 |
Other long-term asset | 153,720 | 856,878 |
Total Assets | 33,211,384 | 27,241,865 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 11,660,004 | 7,036,471 |
Short-term Loan | 8,302,489 | 4,366,389 |
Due to related party | 2,559,216 | 125,312 |
Total Current Liabilities | 22,521,709 | 11,528,172 |
Long-term loans | 1,687,857 | 2,900,484 |
Total Liabilities | 24,209,566 | 14,428,656 |
STOCKHOLDERS' EQUITY: | ||
Common stock, $0.001 par value, 200,000,000 shares authorized; 199,632,803 and 199,632,803 shares issued and outstanding as of April 30, 2018 and 2017, respectively | 199,633 | 199,633 |
Additional paid-in capital | 37,681,279 | 37,681,279 |
Accumulated deficit | (33,827,351) | (29,112,556) |
Accumulated other comprehensive income | 4,948,257 | 4,044,853 |
Total Stockholders' Equity | 9,001,818 | 12,813,209 |
Total Liabilities and Stockholders' Equity | $ 33,211,384 | $ 27,241,865 |
"SUNWIN STEVIA INTERNATIONAL, I
"SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Revenues: | ||
Revenues | $ 17,996,735 | $ 13,499,317 |
Revenues - related party | 4,043,074 | 5,855,594 |
Total revenues | 22,039,809 | 19,354,911 |
Cost of revenues | 19,879,899 | 16,522,835 |
Gross profit | 2,159,910 | 2,832,076 |
Operating expenses: | ||
Selling expenses | 1,979,789 | 1,819,055 |
General and administrative expenses | 3,343,755 | 3,777,560 |
Loss on disposition of property and equipment | 303,377 | 122,285 |
Research and development expenses | 846,046 | 492,978 |
Total operating expenses, net | 6,472,967 | 6,211,878 |
Loss from operations | (4,313,057) | (3,379,802) |
Other income (expenses): | ||
Other income (expenses) | 140,289 | (123,265) |
Interest income | 1,025 | 697 |
Interest expense - related party | (104,437) | (138,092) |
Interest expense | (438,615) | (257,562) |
Total other income (expense) | (401,738) | (518,222) |
Loss before income taxes | (4,714,795) | (3,898,024) |
Net loss | (4,714,795) | (3,898,024) |
Comprehensive loss | ||
Net loss | (4,714,795) | (3,898,024) |
Foreign currency translation adjustment | 903,404 | (858,287) |
Total Comprehensive loss | $ 3,811,391 | $ (4,756,311) |
Net loss per common share: | ||
Net Loss per share-basic and diluted | $ (0.02) | $ (0.02) |
Weighted average common shares outstanding - basic and diluted | 199,632,803 | 199,632,803 |
SUNWIN STEVIA INTERNATIONAL, I4
SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock Amount | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income | Total Stockholders' Equity |
Balance at Apr. 30, 2016 | $ 199,633 | $ 37,681,279 | $ (25,214,532) | $ 4,903,140 | $ 17,569,520 | |
Net loss | $ (3,898,024) | (3,898,024) | (3,898,024) | |||
Foreign currency translation adjustment | (858,287) | (858,287) | (858,287) | |||
Balance at Apr. 30, 2017 | 12,813,209 | 199,633 | 37,681,279 | (29,112,556) | 4,044,853 | 12,813,209 |
Net loss | (4,714,795) | (4,714,795) | (4,714,795) | |||
Foreign currency translation adjustment | 903,404 | 903,404 | 903,404 | |||
Balance at Apr. 30, 2018 | $ 9,001,818 | $ 199,633 | $ 37,681,279 | $ (33,827,351) | $ 4,948,257 | $ 9,001,818 |
SUNWIN STEVIA INTERNATIONAL, I5
SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (4,714,795) | $ (3,898,024) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||
Depreciation expense | 1,400,718 | 1,349,590 |
Amortization of intangible assets | 108,390 | 325,175 |
Amortization of land use right | 53,656 | 52,227 |
Loss on disposition of property and equipment | 303,377 | 122,285 |
Allowance for doubtful accounts | 54,826 | |
Recovery of bad debt reserve | (1,429) | |
Stock issued for services | 145,000 | |
Stock issued for employee compensation | 1,226,668 | 1,226,669 |
Loss from sales of real estate investment held for resale | 2,367 | |
Changes in operating assets and liabilities: | ||
Accounts receivable and notes receivable | (1,135,368) | (309,218) |
Accounts receivable - related party | (2,126,700) | 3,131,665 |
Inventories | (2,865,416) | (4,657,896) |
Prepaid expenses and other current assets | 2,262,302 | (2,241,222) |
Accounts payable and accrued expenses | 3,334,543 | 268,930 |
Taxes payable | 65,396 | (120,210) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (2,088,658) | (4,547,838) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (1,018,906) | (699,649) |
Proceed from disposal of equipment | 1,519 | |
Proceeds from disposal of real estate investment | 295,792 | |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (1,017,387) | (403,857) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from loans | 2,127,175 | 5,380,270 |
Repayment of short term loans | (379,853) | (11,934) |
Advance from related party | 6,076,535 | 2,613,077 |
Repayment of related party advances | (3,708,072) | (3,848,626) |
NET CASH USED IN FINANCING ACTIVITIES | 4,115,785 | 4,132,787 |
EFFECT OF EXCHANGE RATE ON CASH | 39,892 | (30,047) |
NET CHANGE IN CASH | 1,049,632 | (848,955) |
Cash | 51,116 | 900,071 |
Cash | 1,100,748 | 51,116 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||
Cash paid for income taxes | 5,534 | |
Cash paid for interest | 3,950 | 124,107 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Property and equipments acquired on credit as payable | 721,185 | $ 459,045 |
Accrued interest enrolled into debt | $ 262,068 |
Note 1 - Organization, Nature o
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2018 | |
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, as well as herbs used in traditional Chinese medicines and veterinary products. Substantially all of our operations are located in the People's Republic of China (the "PRC"). We have built an integrated company with the sourcing and production capabilities designed to meet the needs of our customers. For the fiscal years ended April 30, 2018 and 2017, our operations are organized into two operating segments related to our Stevioside and Chinese Medicine product lines, and subsidiaries included in continuing operations consisted of the following: - Sunwin Stevia International; - Qufu Natural Green Engineering Co., Ltd. ("Qufu Natural Green"), a wholly owned by Sunwin Stevia International; - Qufu Shengren Pharmaceutical Co., Ltd. ("Qufu Shengren"), a wholly owned by Qufu Natural Green; - Qufu Shengwang Stevia Biology and Science Co., Ltd. ("Qufu Shengwang"), a wholly owned by Qufu Natural Green; and - Sunwin USA, LLC. ("Sunwin USA"), a wholly owned by Sunwin Stevia International. Stevioside Segment In our Stevioside segment, we produce and sell a variety of purified steviol glycosides with rebaudioside A and stevioside as the principal components, an all natural, low calorie sweetener, and OnlySweet, a stevioside based table top sweetener. Chinese Medicine Segment In our Chinese Medicine Segment, we manufacture and sell a variety of traditional Chinese medicine formula extracts which are used in products made for use by both humans and animals. Qufu Shengwang In fiscal 2009, Qufu Natural Green acquired a 60% interest in Qufu Shengwang from its shareholder, Shandong Group, for $4,026,851. The purchase price represented 60% of the value of the net tangible assets of Qufu Shengwang as of April 30, 2008. Shandong Group is owned by Laiwang Zhang, our President and Chairman of the Board of Directors. Qufu Shengwang manufactures and sells stevia -based fertilizers and feed additives. On September 30, 2011, Qufu Shengwang purchased the 40% equity interest in Qufu Shengwang owned by our Korean partner, Korea Stevia Company, Limited, for $626,125 in cash, and as a result of this repurchase transaction we now own 100% equity interest in all of the net assets of our subsidiary Qufu Shengwang. Therefore, the non-controlling interest of $2,109,028 in our balance sheet as of April 30, 2012 has been eliminated to reflect our 100% interest in Qufu Shengwang. On July 1, 2012, Qufu Shengwang entered into the Cooperation Agreement with Hegeng (Beijing) Organic Farm Technology Co, Ltd. ("Hegeng"), a Chinese manufacturer and distributor of bio-fertilizers and pesticides, to jointly develop bio-bacterial fertilizers based on the residues from our stevia extraction. Under the Cooperation Agreement, Hegeng provides strain and formula that we apply to the stevia residues to produce bio-bacterial fertilizers in the current facility of Qufu Shengwang. The bio-bacterial fertilizers will be distributed under Qufu Shengwang's name. No additional investment in the facility would be required. During the third quarter of fiscal year 2014, we decided to suspend the agreement with Hegeng due to a lack of sales since the reaction to the products was lower than anticipated in fertilizer market. Currently we use these assets to manufacture a variety of traditional Chinese medicine formula extracts. We started production in last quarter of fiscal year 2014. 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. 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. On August 8, 2012, we entered into an Exchange Agreement with WILD Flavors pursuant to which we purchased its 45% membership interest in Sunwin USA for an aggregate consideration of approximately $1,625,874, which includes the issuance of 7,666,666 shares of our common stock valued at approximately $1,533,333 and a cash payment of $92,541. The transaction closed on August 20, 2012. On August 22, 2012, we issued 7,666,666 shares of our common stock and paid $92,541 cash to WILD Flavors. Under the terms of the agreement, WILD Flavors assumed certain pre-closing obligations of Sunwin USA totaling approximately $694,000, including trade accounts receivable, loans, health care and monthly expenses of an employee, potential chargebacks, bank fees and broker commissions incurred prior to the closing date. The agreement also contained customary joint indemnification and general releases. As a result of this transaction, we began consolidating the operations of Sunwin USA from the date of acquisition (August 20, 2012). In addition to the Exchange Agreement, on August 8, 2012 we entered into the following additional agreements with WILD Flavors or its affiliate: - We entered into an Amendment to Operating Agreement with WILD Flavors pursuant to which we are now the sole manager of Sunwin USA and certain sections of the original agreement dated April 29, 2009 were cancelled as they were no longer relevant following our purchase of the minority interest in Sunwin USA described above; - We entered into a Termination of Distribution Agreement with WILD Flavors and Sunwin USA pursuant to which the Distribution Agreement dated February 5, 2009 was terminated; and - We entered into a Distributorship Agreement with WILD Procurement Gmbh, a Swiss corporation ("WILD Procurement") which is an affiliate of WILD Flavors. Under the terms of this agreement, we appointed WILD Procurement as a non-exclusive world-wide distributor for the resale of our stevia products. There are no minimum purchase quantities under the agreement, and the pricing and terms of each order will be negotiated by the parties at the time each purchase order is placed. The agreement restricts WILD Procurement from purchasing steviosides or other forms of stevia that are included in our products from sources other than our company under certain circumstances. In addition, at such time as we desire to offer new products, we must first offer WILD Procurement the non-exclusive right to distribute those products and the parties will have 60 days to reach mutually agreeable terms. The agreement contains certain representations by us as to the quality of the products we may sell WILD Procurement and the products' compliance with applicable laws and good manufacturing practices, as well as customary confidentiality and indemnification provisions. In the event WILD Procurement should fund research on stevia used in food, beverage or dietary supplement applications, and as a result of this research it develops new intellectual property, such intellectual property shall be the sole property of WILD Procurement. In the event we should jointly fund research, any new intellectual property developed from this effort will be jointly owned and each party will have the right to use the developed intellectual property in stevia-based products. The agreement is for an initial term of 12 months and will automatically renew for successive 12 month terms unless the agreement has been terminated by either party upon 45 days prior written notice. There are no assurances any purchase orders will be placed under the terms of the Distribution Agreement. The agreement may also be terminated by either party upon a material breach by the other party, or upon the filing of a bankruptcy petition, both subject to certain cure periods. In the event the agreement is terminated, WILD Procurement has the right to continue to distribute our products on a non-exclusive basis for 24 months upon terms and conditions to be negotiated by the parties. Currently, WILD still is one of our customers keeping to purchase enzyme treated products from us. 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. The Company's consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. . 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, and the value of stock-based compensation. Actual results could differ from those estimates. CASH AND CASH EQUIVALENTS We consider all highly liquid investments with maturities of three months or less at the time of purchase to be cash and equivalents. As of April 30, 2018 and 2017, we held $1,100,052 and $30,781 of our cash and cash equivalents with commercial banking institutions in the PRC, respectively, and $696 and $20,335 with banks in the United States. In the PRC, there is no equivalent federal deposit insurance as in the United States, therefore the amounts held in banks in the PRC are not insured. We have not experienced any losses in such bank accounts through April 30, 2018. ACCOUNTS RECEIVABLE Accounts receivable and other receivable are reported at net realizable value. We have established an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written off when it is determined that the amounts are uncollectible after exhaustive efforts on collection. As of April 30, 2018 and 2017, the allowance for doubtful accounts was $191,865 and $1,182,632, respectively. INVENTORIES Inventories, consisting of raw materials, work in process, and finished goods related to our products, are stated at the lower of cost and net realizable value that can be estimated utilizing the weighted moving average method. A reserve is established when management determines that certain slow-moving inventories may be sold at below book value. These reserves are recorded based on estimates. As of April 30, 2018 and 2017, the Company recorded a reserve for slow-moving inventories of $0 and $163,048, respectively. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record a write down for inventories for the difference between the cost and the lower of cost or estimated net realizable value. As of April 30, 2018 and 2017, the Company wrote down inventories of $235,258 and $0, respectively. PROPERTY AND EQUIPMENT Property and equipment are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated economic lives of the assets, which range from three to twenty years. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. In accordance with 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. Included in property and equipment is construction-in-progress which consisted of factory improvements and machinery pending installation and included the costs of construction, machinery and equipment, and or any interest charges arising from borrowings used to finance these assets during the period of construction or installation of the assets if applicable. No provision for depreciation is made on construction-in-progress until such time as the relevant assets are completed and ready for their intended use. LONG-LIVED ASSETS In accordance with ASC 360, we review and evaluate our long-lived assets, including property and equipment, intangible assets, and land use rights, for impairment or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets, including goodwill, if any. An impairment loss is measured and recorded based on discounted estimated future cash flows. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. Our estimates of future cash flows are based on numerous assumptions and it is possible that actual future cash flows will be significantly different than the estimates. Based on our evaluation, we have determined certain long-lived assets that are no longer useful for our operations, and we recorded a loss on disposition of property and equipment of $303,377 and $122,285 for the fiscal years ended April 30, 2018 and 2017, 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. 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, loans receivable, 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 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, 2018 and 2017 amounted to $199,644 and $121,127, respectively, consisted primarily of VAT taxes. REVENUE RECOGNITION Pursuant to the guidance of ASC Topic 605, 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. INCOME TAXES The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes We file federal and state income tax returns in the United States for our corporate operations pursuant to the U.S. Internal Revenue Code of 1986, as amended, and file separate foreign tax returns for our Chinese subsidiaries pursuant to the China's Unified Corporate Income Tax Law. We apply the provisions of ASC 740-10-50, "Accounting for Uncertainty in Income Taxes", which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our consolidated financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company's liability for income taxes. Any such adjustment could be material to the Company's results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of April 30, 2018, 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, 2018 2017 Numerator: Net loss attributable to Sunwin Stevia International, Inc. $ (4,714,795) $ (3,898,024) Numerator for basic EPS, loss applicable to common stockholders $ (4,714,795) $ (3,898,024) Denominator: Denominator for basic earnings per share - weighted average number of common shares outstanding 199,632,803 199,632,803 Stock awards, options, and warrants 0 0 Denominator for diluted earnings per share - weighted average number of common shares outstanding 199,632,803 199,632,803 Basic and diluted loss per common share: Loss per share - basic and diluted $ (0.02) $ (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. 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, 2018 RMB 6.33 to $1.00 As of April 30, 2017 RMB 6.90 to $1.00 Year ended April 30, 2018 RMB 6.58 to $1.00 Year ended April 30, 2017 RMB 6.76 to $1.00 COMPREHENSIVE LOSS Comprehensive loss is comprised of net loss and all changes to the statements of stockholders' equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. For the Company, comprehensive loss for fiscal years ended April 30, 2018 and 2017 included net loss and unrealized gains (losses) from foreign currency translation adjustments. CONCENTRATIONS OF CREDIT RISK Substantially all of our operations are carried out in the PRC. Accordingly, our business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC's economy. Our operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America. Our results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and trade accounts receivable. We place our cash with high credit quality financial institutions in the United States and China. As of April 30, 2018 and 2017, we had $1,100,052 and $30,781 cash held in PRC bank accounts, respectively, which are not insured. We have not experienced any losses in such accounts through April 30, 2018. Almost all of our sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, we believe that the concentration of credit risk with respect to trade accounts receivable is limited due to generally short payment terms. We also perform ongoing credit evaluations of our customers to help further reduce potential credit risk. STOCK-BASED COMPENSATION Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC 718 which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. RESEARCH AND DEVELOPMENT Research and development costs are expensed as incurred 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 $846,046 and $492,978 for fiscal years ended April 30, 2018 and 2017, respectively. SHIPPING COSTS Shipping costs are included in selling expenses and totaled $317,002 and $433,268 for the fiscal years ended April 30, 2018 and 2017, respectively. RECLASSIFICATIONS Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings and financial position. SEGMENT REPORTING The Company uses the "management approach" in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company's reportable segments. The Company's chief operating decision maker has been identified as the chief executive officer of the Company who reviews financial information of separate operating segments based on U.S. GAAP. The chief operating decision maker now reviews results analyzed by customer. This analysis is only presented at the revenue level with no allocation of direct or indirect costs. Consequently, the Company has determined that it has only one operating segment. RECENT ACCOUNTING PRONOUNCEMENTS In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity". The amendments in the ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The amendments in the ASU are effective in the first quarter of 2015 for public organizations with calendar year ends. The Company has disclosed the discontinued of operations of its wholly owned subsidiary, Sunwin Tech Group, Inc. ("Sunwin Tech") under the guidance of ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity". In May 2014, the FASB issued ASU 2014-09, " Revenue from contracts with Customers (Topic 606) In January 2016, the FASB issued ASU No. 2016 01, Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The guidance affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements of financial instruments. The guidance is effective in the first quarter of fiscal 2019. Early adoption is permitted for the accounting guidance on financial liabilities under the fair value option. The Company is currently evaluating the impact of the new guidance on its financial statements. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash". These amendments require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments do not provide a definition of restricted cash or restricted cash equivalents. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company elected to adopt the standard effective May 1, 2018 and anticipates this standard will not have a material impact on the Company's consolidated statements of cash flows. On May 1, 2017, the Company adopted ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU No. 2015-11 changes the inventory measurement principle for entities using the FIFO or average cost methods. For entities utilizing one of these methods, the inventory measurement principle changed from the lower of cost or market to the lower of cost and net realizable value. The Company follows the FIFO and average cost methods, and the adoption of this ASU did not have a material effect on our consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2016-09), which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This pronouncement is effective for annual reporting periods beginning after December 15, 2017. The Company will adopt this standard on May 1, 2018 and the adoption will not have a material impact on the Company's financial statements. On December 22, 2017 the SEC staff issued Staff Accounting Bulletin 118 (SAB 118), which provides guidance on accounting for the tax effects of the Tax Cuts and Jobs Act (the TCJA). SAB 118 provides a measurement period that should not extend beyond one year from the enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the TCJA for which the accounting under ASC 740 is complete. To the extent that a company's accounting for certain income tax effects of the TCJA is incomplete but for which they are able to determine a reasonable estimate, it must record a provisional amount in the financial statements. Provisional treatment is proper in light of anticipated additional guidance from various taxing authorities, the SEC, the FASB, and even the Joint Committee on Taxation. If a company cannot determine a provisional amount to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the TCJA. The Company has applied this guidance to its financial statements. In February 2018, the FASB issued ASU 2018-02, "Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". These amendments provide financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of ASU 2018-02 is permitted, including adoption in any interim period for the public business entities for reporting periods for which financial statements have not yet been issued. The amendments in this ASU should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company is currently evaluating the impact of the adoption of ASU No. 2018-02 on its consolidated financial statements. In March 2018, the FASB issued ASU 2018-05, "Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118". The amendments in this ASU add SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No. 118, which expresses the view of the staff regarding application of Topic 740, Income Taxes, in the reporting period that includes December 22, 2017 - the dat |
Note 2 - Inventories
Note 2 - Inventories | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 2 - Inventories | NOTE 2 - INVENTORIES As of April 30, 2018 and 2017, inventories consisted of the following: April 30, 2018 April 30, 2017 Raw materials $ 8,803,685 $ 4,087,036 Work in process 1,357,484 1,802,782 Finished goods 2,403,402 3,089,703 Inventories, gross 12,564,571 8,979,521 Less: reserve for obsolete inventory 0 (163,048) Inventories, net $ 12,564,571 $ 8,816,473 |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 3 - Property and Equipment | NOTE 3 - PROPERTY AND EQUIPMENT As of April 30, 2018 and 2017, property and equipment consisted of the following: April 30, 2018 April 30, 2017 (Estimated Life) Office equipment (3-10 Years) $ 75,821 $ 67,091 Auto and trucks (2-10 Years) 660,926 446,968 Manufacturing equipment (2-20 Years) 5,638,206 5,109,816 Buildings (5-20 Years) 9,224,911 8,136,080 Construction in process 661,111 815,471 Gross Property and Equipment 16,260,975 14,575,426 Less: accumulated depreciation (7,208,089) (6,334,229) Property and equipment, net $ 9,052,886 $ 8,241,197 For the fiscal years ended April 30, 2018 and 2017, depreciation expense totaled $1,400,718 and $1,349,590, of which $1,137,724 and $1,061,747 were included in cost of revenues, respectively, and of which $262,994 and $287,843 were included in general and administrative expenses, respectively. Depreciation is not taken during the period of construction or equipment installation. Upon completion of the installation of manufacturing equipment or any construction in progress, construction in progress balances will be classified to their respective property and equipment category. For the fiscal years ended April 30, 2018 and 2017, the Company received the proceeds from disposal of equipment of $1,519 and $295,792, respectively, and the Company also amounted loss on disposition of property and equipment of $303,377 and $122,285. |
Note 4 - Intangible Assets
Note 4 - Intangible Assets | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 4 - Intangible Assets | NOTE 4 - INTANGIBLE ASSETS On August 8, 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. In connection with the Exchange Agreement, WILD Flavor granted, transferred and assigned to Sunwin USA all of its rights, title and interest, and the trade name OnlySweet, including any trademarks, trademark registrations and applications, service marks, service mark registrations and applications, copyrights, copyright registrations and applications, trade dress, trade names (whether or not registered or by whatever name or designation), owned, applied for, or registered in the name of, the WILD Flavor (the "OnlySweet Name Rights"). Additionally, we entered into a new Distributorship Agreement with WILD Procurement which is an affiliate of WILD Flavors, as discussed in Note 1. The transaction closed on August 20, 2012. The intangible assets of Sunwin USA were reduced from $1,825,804 to $1,625,874 as a result of the application of U.S. GAAP which requires elimination of the difference between the purchase price of the 45% membership interest in Sunwin USA and cost basis of the intangible assets recorded by Sunwin USA. Intangible assets have a useful life of five years and consist of the cost of OnlySweet Name Rights and related technologies as well as the fair value of the Wild Flavors distribution Agreement. For the fiscal years ended April 30, 2018 and 2017, amortization expense amounted to $108,390 and $325,175, respectively. As of April 30, 2018 and 2017, intangible assets consisted of the following: April 30, 2018 April 30, 2017 (Estimated Life) OnlySweet name rights and related technologies (5 Years) $ 587,183 $ 587,183 Distribution agreement and related distribution channels (5 Years) 1,038,691 1,038,691 Intangible assets, gross 1,625,874 1,625,874 Less: accumulated amortization (1,625,874) (1,517,484) Intangible assets, net $ 0 $ 108,390 |
Note 5 - Land Use Right
Note 5 - Land Use Right | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 5 - Land Use Right | NOTE 5 - LAND USE RIGHT As of April 30, 2018 and 2017, land use right consisted of the following: April 30, 2018 April 30, 2017 (Estimated Life) Land use right (45 Years) $ 2,507,726 $ 2,303,168 Less: accumulated amortization (543,120) (448,113) Land use right, net $ 1,964,606 $ 1,855,055 In conjunction with our acquisition of Qufu Shengwang, we acquired land use rights for properties located in the PRC until March 14, 2054. For the fiscal years ended April 30, 2018 and 2017, amortization expense related to land use rights amounted to $53,656 and $52,227, respectively. |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 6 - Related Party Transactions | NOTE 6 - RELATED PARTY TRANSACTIONS Accounts receivable - related party and revenue - related party For the fiscal years ended April 30, 2018 and 2017, we recorded revenue from related party of $4,043,074 and $5,855,594, respectively, related to sales of products to Qufu Shengwang Import and Export Co., Ltd. ("Qufu Shengwang Import and Export"), a Chinese entity owned by our Chairman, Mr. Laiwang Zhang. As of April 30, 2018 and 2017, related party accounts receivable totaled $2,576,944 and $339,270, respectively, were due from Qufu Shengwang Import and Export Corporation. Due to (from) related parties From time to time, we received advances from related parties and advance funds to related parties for working capital purposes. During the fiscal years ended April 30, 2018 and 2017, we received advances from related parties for working capital totaled $6,076,535 and $2,613,077 respectively, and we repaid to related parties a total of $3,708,072 and $3,848,626, respectively. In the fiscal years ended April 30, 2018 and 2017, interest expense related to due to related parties amounted to $104,437 and $138,092, respectively, which were included in interest expense in the accompanying consolidated statements of operations and comprehensive loss, and in connection with the advances of $743,196 (RMB5,000,000) and $1,189,114 (RMB8,000,000) from Shangdong Shengwang Pharmaceutical Co., Ltd. ("Pharmaceutical Corporation"), a Chinese entity owned by our Chairman, Mr. Laiwang Zhang. These advances bear interest at the rate of 6.3% per annum. The other advances bear no interest and are payable on demand. On April 30, 2018, the balance we owed to Pharmaceutical Corporation, Qufu Shengwang Import and Export, Mr. Weidong Chai, a management member of Qufu Shengren Pharmaceutical Co., Ltd., and Mr. Weidong Chai amounted $2,280,266, $103,169 and $175,781, respectively. On April 30, 2017, the balance we owed to Qufu Shengwang Import and Export and Mr. Weidong Chai totaled $21,878 and $134,002, respectively, the balance due from Pharmaceutical Corporation was $30,568, which was repaid on July 28, 2017. For the fiscal years ended April 30, 2018 and 2017, due to (from) related party activities consisted of the following: Pharmaceutical Corporation Qufu Shengwang Import and Export Mr. Laiwang Zhang Mr. Weidong Chai Total Balance due to related parties, April 30, 2016 $ 910,373 $ 366,875 $ 0 $ 129,778 $ 1,407,026 Working capital advances from related parties 2,293,631 307,023 0 12,423 2,613,077 Repayments (3,241,576) (607,050) 0 0 (3,848,626) Effect of foreign currency exchange 7,004 (44,970) 0 (8,199) (46,165) Balance due to related parties, April 30, 2017 $ (30,568) $ 21,878 $ 0 $ 134,002 $ 125,312 Working capital advances from related parties 5,293,804 359,451 394,359 28,921 6,076,535 Repayments (3,011,352) (302,361) (394,359) 0 (3,708,072) Effect of foreign currency exchange 28,382 24,201 0 12,858 65,441 Balance due (from) to related parties, April 30, 2018 $ 2,280,266 $ 103,169 $ 0 $ 175,781 $ 2,559,216 |
Note 7 - Prepaid Expenses and O
Note 7 - Prepaid Expenses and Other Current Assets | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 7 - Prepaid Expenses and Other Current Assets | NOTE 7 - PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets as of April 30, 2018 and 2017 totaled $2,284,379 and $4,729,865, respectively. As of April 30, 2018, prepaid expenses and other current assets includes $1,366,280 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us, $715,553 prepayment for employees' stock-based compensation and $202,546 for business related employees' advances. As of April 30, 2017, prepaid expenses and other current assets includes $3,286,808 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us, $1,226,668 prepayment for employees' stock-based compensation for shares issued, and $216,389 for business related employees' advances. On December 1, 2015, we entered into three year employment agreements with four employees. Pursuant to employment agreements, we issued a total of 23 million shares of the Company's common stock to them, valued at $3,680,000, as employees' stock-based compensations over three-year term of their employment from December 1, 2015 through November 30, 2018. We amortize these compensations over three years from December 1, 2015 to November 30, 2018 and we recognized $1,226,668 and $1,226,669 as stock-based compensation expenses during the fiscal years ended April 30, 2018 and 2017, respectively. We also have recorded the remaining balance of the stock-based compensation of $715,553 as prepaid compensation as of April 30, 2018. During the third quarter of fiscal 2013, Qufu Shengwang paid Qufu Public Auction Center (the "Center") $618,758 as deposit for renewing the land use right. The deposit is required for the Center to appraise the land use right, which we do not know when we can receive the remaining refund. We received a total refund of $465,038 as of April 30, 2018 and the remaining balances of $142,325 and $154,956 have been classified to other long-term asset as of April 30, 2017 and 2018, respectively. |
Note 8 - Accounts Payable and A
Note 8 - Accounts Payable and Accrued Expenses | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 8 - Accounts Payable and Accrued Expenses | NOTE 8 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses included the following as of April 30, 2018 and 2017: Account April 30, 2018 April 30, 2017 Accounts payable $ 9,169,871 $ 5,096,599 Advanced from customers 44,488 40,900 Accrued salary payable 169,321 160,244 Tax payable 199,644 121,127 Deferred revenue 39,994 82,581 Other payable* 2,036,686 1,535,020 Total accounts payable and accrued expenses $ 11,660,004 $ 7,036,471 * As of April 30, 2018, other payables consists of general liability, worker's compensation, and medical insurance payable of $558,789, consulting fee payable of $312,782, union and education fees payable of $304,930, interest payables for short-term loans of $384,356, advanced from the employees of $210,115 and other miscellaneous payables of $265,714. As of April 30, 2017, other payables consists of commission payable of $133,712, general liability, worker's compensation, and medical insurance payable of $465,505, consulting fee payable of $266,852, union and education fees payable of $280,404, interest payables for short-term loans of $213,153, advanced from the employees of $172,435 and other miscellaneous payables of $2,959. |
Note 9 - Loan Payable
Note 9 - Loan Payable | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 9 - Loan Payable | NOTE 9 - LOAN PAYABLE Short-term loan payable Short-term loans are loans obtained from various individual lenders that are due within one year for working capital purpose. These loans are unsecured and can be renewed with 10 days advance notice prior to maturity date. As of April 30, 2018 and 2017, short-term loans consisted of the following: April 30, 2018 April 30, 2017 Loan from Min Wu, an employee of Qufu Shengren, due on October 5, 2017, with an annual interest rate of 10% at October 6, 2016. Renewed on October 6, 2017 and accrued interest of RMB20,000 ($3,155) added to the original principal amount of RMB200,000 ($31,549), terms were not changed, with new due date on October 5, 2018. $ 34,704 $ 29,005 Loans from Jianjun Yan, non-related individual, due on October 6, 2017, with an annual interest rate of 10% at October 7, 2016. Renewed on October 7, 2017 and accrued interest of RMB800,800 ($127,336) added to the original principal amount of RMB8,008,000 ($1,273,375), terms were not changed, with new due date on October 6, 2018. 1,389,531 1,161,354 Loans from Jianjun Yan, non-related individual, due on March 30, 2018, with annual interest rate of 4% at March 31, 2017. Repaid partial principal amount of $375,077 on August 23, 2017 and borrowed additional amount of $51,660 on April 1, 2018. 1,236,710 1,450,242 Loans from Jianjun Yan, non-related individual, due on demand, with free interest at January 27, 2018. 457,457 0 Loan from Junzhen Zhang, non-related individual, due on October 5, 2017, with an annual interest rate of 10% at October 6, 2016. Renewed on October 6, 2017 and accrued interest ofRMB10,000 ($1,577) added to the original principal amount of RMB150,000 ($23,662), terms were not changed, with new due date on October 5, 2018. 25,239 21,754 Loan from Jian Chen, non-related individual, due on January 26, 2018 and April 10, 2018, bearing an annual interest rate of 10%, with the principle amount of RMB700,000 ($110,421) and RMB300,000 ($47,323) at January 27, 2017 and April 11, 2017, respectively. Renewed these loans on January 27, 2018 and April 11, 2018, and accrued interest of RMB70,000 ($11,042) and RMB30,000 ($4,732) added to the original principal amount, terms were not changed, with new due date on January 27, 2019 and April 11, 2019, respectively. 173,518 145,024 Loan from Qing Kong, non-related individual, due on March 6, 2017, with an annual interest rate of 10% at March 7, 2016, which renewed on March 7, 2017 and 2018, accrued interest of RMB44,000 ($6,941) added to the original principal amount of RMB440,000 ($69,407), terms were not changed, with new due date on March 6, 2019. 76,348 63,811 Loan from Qing Kong, non-related individual, due on January 8, 2019, with an annual interest rate of 10% at January 9,2018. 31,549 0 Loan from Guihai Chen, non-related individual, due on March 10, 2017, with an annual interest rate of 10% at March 11, 2016, which renewed on March 11, 2017 and 2018, totally accrued interest of RMB10,000 ($1,577) added to the original principal of RMB110,000 ($17,352), terms were not changed, with new due date on March 10, 2019. 18,929 15,953 Loan from Guihai Chen, non-related individual, due on September 20, 2018, with an annual interest rate of 10% at September 21, 2017. 31,549 0 Loan from Weifeng Kong, non-related individual, due on November 28, 2017, with an annual interest rate of 10% at November 29, 2016, extended another one year at on November 29, 2017. 31,549 29,004 Loan from Shidong Wang, non-related individual, due on March 7, 2018, with an annual interest rate of 4% at March 8, 2017. 1,640,534 1,450,242 Loan from Xuxu Gu, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017. * 1,577,436 0 Loan from Dadong Mei, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017. * 1,577,436 0 Total $ 8,302,489 $ 4,366,389 * The Company recorded these loans as long-term loans as of April 30, 2017. Long-term loan payable Long-term loans payable obtained from various individual lenders that are due more than one year for working capital purpose. These loans are unsecured and can be renewed with one month advance notice prior to maturity date. As of April 30, 2018 and 2017, long-term loans consisted of the following: April 30, 2018 April 30, 2017 Loan from Xuxu Gu, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017. * $ 0 $ 1,450,242 Loan from Dadong Mei, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017. * 0 1,450,242 Loan from Xuxu Gu, non-related individual, due on September 27, 2019, with an annual interest rate of 4% at September 28, 2017. 1,687,857 0 Total: $ 1,687,857 $ 2,900,484 * The Company recorded these loans as short-term loans as of April 30, 2018. For the fiscal years ended April 30, 2018 and 2017, interest expense related to short-term loans and long-term loans amounted to $438,615 and $257,562, 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, 2018 | |
Notes | |
Note 10 - Income Taxes | NOTE 10 - INCOME TAXES Accounting for income taxes under ASC 740, "Expenses - Income Taxes 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 is reviewing the TCJAÂ’s 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, 2018 2017 U.S. Operations $ (1,445,170) $ (1,826,809) Chinese Operations (3,269,625) (2,071,215) Total $ (4,714,795) $ (3,898,024) The Effective Tax Rate reconciliation is a follows: April 30, 2018 April 30, 2017 U.S. Federal and state tax rate 38.0% 38.0% Stock- based compensation (9.9)% (13.5)% Difference in US / China statutory rate (3.7)% (6.9)% Valuation allowance (24.4)% (17.6)% 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, 2018 2017 Income tax benefit at federal statutory rate $ (1,151,707) $ (1,211,991) State income taxes, net of federal benefit (173,781) (269,258) Valuation allowances 1,325,488 1,481,249 Tax provision $ 0 $ 0 We have a net operating loss ("NOL") carry forward for U.S. income tax purposes aggregating approximately $10, 968,616 as of April 30, 2018 expiring through the tax year 2037, subject to the Internal Revenue Code Section 382, 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, 2018 of approximately $25,054,198, that expires in 2023. 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, 2018 and 2017 are as follows: Fiscal Years Ended April 30, 2018 2017 Deferred tax assets from NOL carry forwards $ 8,896,017 $ 9,508,000 Total deferred tax asset 8,896,017 9,508,000 Valuation allowance (8,896,017) (9,508,000) Deferred tax asset, net of allowance $ 0 $ 0 The decrease in total deferred tax asset is attributable to the U.S. TCJA Federal tax rate reduction from 35% to a flat rate of 21%. |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 11 - Stockholders' Equity | NOTE 11 - STOCKHOLDERS' EQUITY As of April 30, 2018 and 2017, we are authorized to issue 200,000,000 shares of common stock. We had 199,632,803 shares issued and outstanding as of April 30, 2018 and 2017. On December 1, 2015, we entered into three years employment agreements with four employees. Pursuant to employment agreements, we issued a total of 23 million shares of the Company's common stock, valued at $3,680,000, as employees' stock-based compensations over three-year term of their employment from December 1, 2015 through November 30, 2018. We amortize these compensations over three years from December 1, 2015 to November 30, 2018 and we recognized $1,226,668 and $1,226,669 as stock-based compensation expenses during fiscal years ended April 30, 2018 and 2017, respectively. We also have recoded the remaining balance of the stock-based compensation of $715,553 as prepaid compensation included in prepaid expenses and other current assets of the accompanying consolidated balance sheet as of April 30, 2018. On April 25, 2016, we entered into a one year consulting service agreement with Dr. Yuejian (James) Wang. Pursuant to the terms of the consulting service agreement for fiscal year ended April 30, 2017, we issued a total of 1,000,000 shares of the Company's common stock to Dr. Yuejian (James) Wang as compensation for the services to be provided from May 1, 2016 through April 30, 2017. On April 27, 2016, we issued 1,000,000 shares of the Company's common stock to Dr. Yuejian (James) Wang as prepaid payment of the consulting service fee, valued at $145,000. We amortized this consulting service fee through fiscal year ended April 30, 2017 over twelve months and recorded $145,000 as stock-based compensation expense during fiscal year ended April 30, 2017. |
Note 12 - Segment Information
Note 12 - Segment Information | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 12 - Segment Information | NOTE 12 - SEGMENT INFORMATION The following information is presented in accordance with ASC Topic 280, "Segment Reporting", for fiscal years ended April 30, 2018 and 2017; we operated in three reportable business segments - (1) natural sweetener (stevioside), (2) traditional Chinese medicines and (3) corporate and other. Our reportable segments are strategic business units that offer different products and are managed separately based on the fundamental differences in their operations. Financial information with respect to these reportable business segments for the fiscal years ended April 30, 2018 and 2017 is as follows: Fiscal Years Ended April 30, 2018 2017 Revenues: Chinese medicine - third party $ 2,897,497 $ 2,879,795 Chinese medicine - related party 0 0 Total Chinese medicine 2,897,497 2,879,795 Stevioside - third party 15,099,238 10,619,522 Stevioside - related party 4,043,074 5,855,594 Total Stevioside 19,142,312 16,475,116 Total segment and consolidated revenues $ 22,039,809 $ 19,354,911 Interest expense: Chinese medicine $ 0 $ 0 Stevioside (543,052) (395,654) Corporate and other 0 0 Total segment and consolidated interest expense $ (543,052) $ (395,654) Depreciation and amortization: Chinese medicine $ 214,934 $ 288,868 Stevioside 1,347,830 1,438,124 Total segment and consolidated depreciation and amortization $ 1,562,764 $ 1,726,992 Loss before income taxes: Chinese medicine $ 549,255 $ 759,574 Stevioside 2,828,760 1,636,816 Corporate and other 1,336,780 1,501,634 Total consolidated loss before income taxes $ 4,714,795 $ 3,898,024 April 30, 2018 April 30, 2017 Segment property and equipment: Chinese medicine $ 1,129,884 $ 1,319,227 Stevioside 7,923,002 6,921,970 Corporate and other 0 0 Total propterty and equipment $ 9,052,886 $ 8,241,197 |
Note 13 - Discontinued Operatio
Note 13 - Discontinued Operations | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 13 - Discontinued Operations | NOTE 13 – DISCONTINUED OPERATIONS On April 30, 2018, the Company decided to close the Company's wholly owned subsidiary, Sunwin Tech Group, Inc. ("Sunwin Tech"), a Florida corporation, due to no operation activities in the past several years. The Board of Directors discussed with the management and determined that it is more efficient and cost beneficial to transfer all liability of Suwnin Tech for direct management by the Parent. All assets and liabilities owned by Sunwin Tech, including the equity ownership of Qufu Natural Green transferred to and is assumed by Sunwin Stevia International, Inc on Apr 30, 2018. The carrying amounts of the major classes of assets and liabilities of discontinued operations as of April 30, 2018 and 2017 were as follows: April 30, 2018 April 30, 2017 Assets of discontinued operations: Cash and cash equivalents $ 0 $ 0 Prepaid expenses and other current assets, net 0 0 Total assets of discontinued operations $ 0 $ 0 Liabilities of discontinued operations: Accounts payable and accrued expenses 0 8,570 Due to related parties 221,188 212,618 Total liabilities of discontinued operations $ 221,188 $ 221,188 The following table presents the results of discontinued operations in the fiscal years ended April 30, 2018 and 2017: For the Twelve Months ended April 30, 2018 2017 Revenues $ 0 $ 0 Cost of revenues 0 0 Loss before income taxes 0 0 Income tax expense 0 0 Loss from discontinuing operations 0 0 Gain from disposal, net of taxes 0 0 Total Gain from discontinued operations $ 0 $ 0 |
Note 14 - Concentrations and Cr
Note 14 - Concentrations and Credit Risk | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 14 - Concentrations and Credit Risk | NOTE 14 – CONCENTRATIONS AND CREDIT RISK (i) Customer Concentrations For fiscal years ended April 30, 2018 and 2017, customers accounting for 10% or more of the Company's revenue were as follows: Net Sales For Fiscal Years Ended April 30, 2018 2017 Chinese Medicine Stevioside Chinese Medicine Stevioside A(1) - 18.3% - 30.3 B - * - 14.4 Total - 18.3% - 44.7 (1) Qufu Shengwang Import and Export Co., Ltd is a related party, an entity owned by Mr. Laiwang Zhang. * This represents less than 10% of the Company's revenue for the fiscal year ended April 30, 2018. (ii) Vendor Concentrations For fiscal years ended April 30, 2018 and 2017, suppliers accounting for 10% or more of the Company's purchase were as follows: Net Purchases For Fiscal Years Ended April 30, 2018 2017 Chinese Medicine Stevioside Chinese Medicine Stevioside A - 14.7% - 13.7% B - 10.6% - 17.1% C - * - 10.4% D - * - 21.2% Total - 25.3% - 62.4% * This represents less than 10% of the Company's purchase for the fiscal year ended April 30, 2018. (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, 2018, we had $1,100,052 of cash held in PRC banks, where there is no equivalent of federal deposit insurance as in the United States. As a result, cash held in PRC financial institutions is not insured. We have not experienced any losses in such accounts through April 30, 2018. Our cash position by geographic area was as follows: April 30, 2018 April 30, 2017 China $ 1,100,052 $ 30,781 United States 696 20,335 Total $ 1,100,748 $ 51,116 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 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 15 - Subsequent Events | NOTE 15 - SUBSEQUENT EVENTS Our management has evaluated all activities subsequent to our balance sheet date through the issuance date of this report and concluded that no subsequent events have occurred that would require adjustments or disclosure to the accompanying consolidated financial statements. |
Note 1 - Organization, Nature21
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Use of Estimates (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
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, and the value of stock-based compensation. Actual results could differ from those estimates. |
Note 1 - Organization, Nature22
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS We consider all highly liquid investments with maturities of three months or less at the time of purchase to be cash and equivalents. As of April 30, 2018 and 2017, we held $1,100,052 and $30,781 of our cash and cash equivalents with commercial banking institutions in the PRC, respectively, and $696 and $20,335 with banks in the United States. In the PRC, there is no equivalent federal deposit insurance as in the United States, therefore the amounts held in banks in the PRC are not insured. We have not experienced any losses in such bank accounts through April 30, 2018. |
Note 1 - Organization, Nature23
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Accounts Receivable (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Accounts Receivable | ACCOUNTS RECEIVABLE Accounts receivable and other receivable are reported at net realizable value. We have established an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written off when it is determined that the amounts are uncollectible after exhaustive efforts on collection. As of April 30, 2018 and 2017, the allowance for doubtful accounts was $191,865 and $1,182,632, respectively. |
Note 1 - Organization, Nature24
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Inventories (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Inventories | INVENTORIES Inventories, consisting of raw materials, work in process, and finished goods related to our products, are stated at the lower of cost and net realizable value that can be estimated utilizing the weighted moving average method. A reserve is established when management determines that certain slow-moving inventories may be sold at below book value. These reserves are recorded based on estimates. As of April 30, 2018 and 2017, the Company recorded a reserve for slow-moving inventories of $0 and $163,048, respectively. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record a write down for inventories for the difference between the cost and the lower of cost or estimated net realizable value. As of April 30, 2018 and 2017, the Company wrote down inventories of $235,258 and $0, respectively. |
Note 1 - Organization, Nature25
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Property and Equipment (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Property and Equipment | PROPERTY AND EQUIPMENT Property and equipment are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated economic lives of the assets, which range from three to twenty years. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. In accordance with 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. 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, Nature26
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Long-lived Assets (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Long-lived Assets | LONG-LIVED ASSETS In accordance with ASC 360, we review and evaluate our long-lived assets, including property and equipment, intangible assets, and land use rights, for impairment or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets, including goodwill, if any. An impairment loss is measured and recorded based on discounted estimated future cash flows. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. Our estimates of future cash flows are based on numerous assumptions and it is possible that actual future cash flows will be significantly different than the estimates. Based on our evaluation, we have determined certain long-lived assets that are no longer useful for our operations, and we recorded a loss on disposition of property and equipment of $303,377 and $122,285 for the fiscal years ended April 30, 2018 and 2017, respectively. |
Note 1 - Organization, Nature27
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
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. 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, loans receivable, 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, Nature28
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Taxes Payable (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Taxes Payable | TAXES PAYABLE We are required to charge for and to collect value added taxes (VAT) on our sales on behalf of the PRC tax authority. We record VAT that we billed our customers as VAT payable. In addition, we are required to pay value added taxes on our primary purchases. We record VAT that charged by our vendors as VAT receivable. We are required to file VAT return on a monthly basis with the PRC tax authority, which we are entitled to claim the VAT that we charged by vendors as VAT credit and these credits can be applied to our VAT payable that we billed our customers. Accordingly, these VAT payable and receivable are presented as net amounts for financial statement purposes. Taxes payable as of April 30, 2018 and 2017 amounted to $199,644 and $121,127, respectively, consisted primarily of VAT taxes. |
Note 1 - Organization, Nature29
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Revenue Recognition (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Revenue Recognition | REVENUE RECOGNITION Pursuant to the guidance of ASC Topic 605, 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. |
Note 1 - Organization, Nature30
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Income Taxes (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Income Taxes | INCOME TAXES The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes We file federal and state income tax returns in the United States for our corporate operations pursuant to the U.S. Internal Revenue Code of 1986, as amended, and file separate foreign tax returns for our Chinese subsidiaries pursuant to the China's Unified Corporate Income Tax Law. We apply the provisions of ASC 740-10-50, "Accounting for Uncertainty in Income Taxes", which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our consolidated financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company's liability for income taxes. Any such adjustment could be material to the Company's results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of April 30, 2018, the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future. |
Note 1 - Organization, Nature31
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Basic and Diluted Loss Per Share (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Basic and Diluted Loss 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, 2018 2017 Numerator: Net loss attributable to Sunwin Stevia International, Inc. $ (4,714,795) $ (3,898,024) Numerator for basic EPS, loss applicable to common stockholders $ (4,714,795) $ (3,898,024) Denominator: Denominator for basic earnings per share - weighted average number of common shares outstanding 199,632,803 199,632,803 Stock awards, options, and warrants 0 0 Denominator for diluted earnings per share - weighted average number of common shares outstanding 199,632,803 199,632,803 Basic and diluted loss per common share: Loss per share - basic and diluted $ (0.02) $ (0.02) |
Note 1 - Organization, Nature32
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Foreign Currency Translation (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Foreign Currency Translation | FOREIGN CURRENCY TRANSLATION Transactions and balances originally denominated in U.S. dollars are presented at their original amounts. Transactions and balances in other currencies are converted into U.S. dollars in accordance with ASC Section 830-20-35 and are included in determining net income or loss. The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional currency of the Company's operating subsidiaries is the Chinese Renminbi ("RMB"). In accordance with ASC 830-20-35, the consolidated financial statements were translated into United States dollars using balance sheet date rates of exchange for assets and liabilities, and average rates of exchange for the period for the 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. 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, 2018 RMB 6.33 to $1.00 As of April 30, 2017 RMB 6.90 to $1.00 Year ended April 30, 2018 RMB 6.58 to $1.00 Year ended April 30, 2017 RMB 6.76 to $1.00 |
Note 1 - Organization, Nature33
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Comprehensive Loss (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Comprehensive Loss | COMPREHENSIVE LOSS Comprehensive loss is comprised of net loss and all changes to the statements of stockholders' equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. For the Company, comprehensive loss for fiscal years ended April 30, 2018 and 2017 included net loss and unrealized gains (losses) from foreign currency translation adjustments. |
Note 1 - Organization, Nature34
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Concentrations of Credit Risk (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Concentrations of Credit Risk | CONCENTRATIONS OF CREDIT RISK Substantially all of our operations are carried out in the PRC. Accordingly, our business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC's economy. Our operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America. Our results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and trade accounts receivable. We place our cash with high credit quality financial institutions in the United States and China. As of April 30, 2018 and 2017, we had $1,100,052 and $30,781 cash held in PRC bank accounts, respectively, which are not insured. We have not experienced any losses in such accounts through April 30, 2018. Almost all of our sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, we believe that the concentration of credit risk with respect to trade accounts receivable is limited due to generally short payment terms. We also perform ongoing credit evaluations of our customers to help further reduce potential credit risk. |
Note 1 - Organization, Nature35
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Stock-based Compensation (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Stock-based Compensation | STOCK-BASED COMPENSATION Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC 718 which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. |
Note 1 - Organization, Nature36
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Research and Development (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
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 $846,046 and $492,978 for fiscal years ended April 30, 2018 and 2017, respectively. |
Note 1 - Organization, Nature37
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Shipping Costs (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Shipping Costs | SHIPPING COSTS Shipping costs are included in selling expenses and totaled $317,002 and $433,268 for the fiscal years ended April 30, 2018 and 2017, respectively. |
Note 1 - Organization, Nature38
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Reclassifications (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Reclassifications | RECLASSIFICATIONS Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings and financial position. |
Note 1 - Organization, Nature39
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Segment Reporting (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Segment Reporting | SEGMENT REPORTING The Company uses the "management approach" in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company's reportable segments. The Company's chief operating decision maker has been identified as the chief executive officer of the Company who reviews financial information of separate operating segments based on U.S. GAAP. The chief operating decision maker now reviews results analyzed by customer. This analysis is only presented at the revenue level with no allocation of direct or indirect costs. Consequently, the Company has determined that it has only one operating segment. |
Note 1 - Organization, Nature40
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity". The amendments in the ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The amendments in the ASU are effective in the first quarter of 2015 for public organizations with calendar year ends. The Company has disclosed the discontinued of operations of its wholly owned subsidiary, Sunwin Tech Group, Inc. ("Sunwin Tech") under the guidance of ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity". In May 2014, the FASB issued ASU 2014-09, " Revenue from contracts with Customers (Topic 606) In January 2016, the FASB issued ASU No. 2016 01, Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The guidance affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements of financial instruments. The guidance is effective in the first quarter of fiscal 2019. Early adoption is permitted for the accounting guidance on financial liabilities under the fair value option. The Company is currently evaluating the impact of the new guidance on its financial statements. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash". These amendments require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments do not provide a definition of restricted cash or restricted cash equivalents. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company elected to adopt the standard effective May 1, 2018 and anticipates this standard will not have a material impact on the Company's consolidated statements of cash flows. On May 1, 2017, the Company adopted ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU No. 2015-11 changes the inventory measurement principle for entities using the FIFO or average cost methods. For entities utilizing one of these methods, the inventory measurement principle changed from the lower of cost or market to the lower of cost and net realizable value. The Company follows the FIFO and average cost methods, and the adoption of this ASU did not have a material effect on our consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2016-09), which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This pronouncement is effective for annual reporting periods beginning after December 15, 2017. The Company will adopt this standard on May 1, 2018 and the adoption will not have a material impact on the Company's financial statements. On December 22, 2017 the SEC staff issued Staff Accounting Bulletin 118 (SAB 118), which provides guidance on accounting for the tax effects of the Tax Cuts and Jobs Act (the TCJA). SAB 118 provides a measurement period that should not extend beyond one year from the enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the TCJA for which the accounting under ASC 740 is complete. To the extent that a company's accounting for certain income tax effects of the TCJA is incomplete but for which they are able to determine a reasonable estimate, it must record a provisional amount in the financial statements. Provisional treatment is proper in light of anticipated additional guidance from various taxing authorities, the SEC, the FASB, and even the Joint Committee on Taxation. If a company cannot determine a provisional amount to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the TCJA. The Company has applied this guidance to its financial statements. In February 2018, the FASB issued ASU 2018-02, "Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". These amendments provide financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of ASU 2018-02 is permitted, including adoption in any interim period for the public business entities for reporting periods for which financial statements have not yet been issued. The amendments in this ASU should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company is currently evaluating the impact of the adoption of ASU No. 2018-02 on its consolidated financial statements. In March 2018, the FASB issued ASU 2018-05, "Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118". The amendments in this ASU add SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No. 118, which expresses the view of the staff regarding application of Topic 740, Income Taxes, in the reporting period that includes December 22, 2017 - the date on which the Tax Cuts and Jobs Act was signed into law. The amendments are effective upon addition to the FASB Accounting Standards Codification. The Company is currently evaluating the impact of the adoption of this guidance on the Consolidated Financial Statements. The FASB issued ASU 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory" which removes the prohibition in Accounting Standards Codification ("ASC") 740 against the immediate recognition of current and deferred income tax effects of intra-entity transfers of assets other than inventory. The amendments in this ASU are effective for the Company on May 1, 2018. Early adoption is permitted for all entities as of the beginning of an annual reporting period for which financial statements (interim or annual) have not been issued or made available for issuance. The ASU should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company adopted the ASU on May 1, 2018. There was no impact to the Company's consolidated financial statements and related disclosures upon adoption. 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, Nature41
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Going Concern (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Going Concern | 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, 2018 contained a qualification as to our ability to continue as a going concern. For the year ended April 30, 2018, the Company has incurred a net loss of approximately $4.7 million. The Company also has an accumulated deficit of $33.8 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's plans include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis, obtain additional working capital funds through debt and equity financings, and restructure on-going operations to eliminate inefficiencies to raise cash balance in order to meet its anticipated cash requirements for the next twelve months from the date of this report. However, there can be no assurance that these plans and arrangements will be sufficient to fund the Company's ongoing capital expenditures, working capital, and other requirements. Management intends to make every effort to identify and develop sources of funds. The outcome of these matters cannot be predicted at this time. There can be no assurance that any additional financings will be available to the Company on satisfactory terms and conditions, if at all. The ability of the Company to continue as a going concern is dependent upon its ability to achieve profitable operations and raise additional capital. The accompanying consolidated financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amount or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern. |
Note 1 - Organization, Nature42
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Basic and Diluted Loss Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
Schedule of Earnings Per Share, Basic and Diluted | For Fiscal Years Ended April 30, 2018 2017 Numerator: Net loss attributable to Sunwin Stevia International, Inc. $ (4,714,795) $ (3,898,024) Numerator for basic EPS, loss applicable to common stockholders $ (4,714,795) $ (3,898,024) Denominator: Denominator for basic earnings per share - weighted average number of common shares outstanding 199,632,803 199,632,803 Stock awards, options, and warrants 0 0 Denominator for diluted earnings per share - weighted average number of common shares outstanding 199,632,803 199,632,803 Basic and diluted loss per common share: Loss per share - basic and diluted $ (0.02) $ (0.02) |
Note 2 - Inventories_ Schedule
Note 2 - Inventories: Schedule of Inventory, Current (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
Schedule of Inventory, Current | April 30, 2018 April 30, 2017 Raw materials $ 8,803,685 $ 4,087,036 Work in process 1,357,484 1,802,782 Finished goods 2,403,402 3,089,703 Inventories, gross 12,564,571 8,979,521 Less: reserve for obsolete inventory 0 (163,048) Inventories, net $ 12,564,571 $ 8,816,473 |
Note 3 - Property and Equipme44
Note 3 - Property and Equipment: PROPERTY AND EQUIPMENT Table (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
PROPERTY AND EQUIPMENT Table | April 30, 2018 April 30, 2017 (Estimated Life) Office equipment (3-10 Years) $ 75,821 $ 67,091 Auto and trucks (2-10 Years) 660,926 446,968 Manufacturing equipment (2-20 Years) 5,638,206 5,109,816 Buildings (5-20 Years) 9,224,911 8,136,080 Construction in process 661,111 815,471 Gross Property and Equipment 16,260,975 14,575,426 Less: accumulated depreciation (7,208,089) (6,334,229) Property and equipment, net $ 9,052,886 $ 8,241,197 |
Note 4 - Intangible Assets_ Sch
Note 4 - Intangible Assets: Schedule of Finite-Lived Intangible Assets (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
Schedule of Finite-Lived Intangible Assets | April 30, 2018 April 30, 2017 (Estimated Life) OnlySweet name rights and related technologies (5 Years) $ 587,183 $ 587,183 Distribution agreement and related distribution channels (5 Years) 1,038,691 1,038,691 Intangible assets, gross 1,625,874 1,625,874 Less: accumulated amortization (1,625,874) (1,517,484) Intangible assets, net $ 0 $ 108,390 |
Note 5 - Land Use Right_ LAND U
Note 5 - Land Use Right: LAND USE RIGHT Table (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
LAND USE RIGHT Table | April 30, 2018 April 30, 2017 (Estimated Life) Land use right (45 Years) $ 2,507,726 $ 2,303,168 Less: accumulated amortization (543,120) (448,113) Land use right, net $ 1,964,606 $ 1,855,055 |
Note 6 - Related Party Transa47
Note 6 - Related Party Transactions: Schedule of Related Party Transactions (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
Schedule of Related Party Transactions | Pharmaceutical Corporation Qufu Shengwang Import and Export Mr. Laiwang Zhang Mr. Weidong Chai Total Balance due to related parties, April 30, 2016 $ 910,373 $ 366,875 $ 0 $ 129,778 $ 1,407,026 Working capital advances from related parties 2,293,631 307,023 0 12,423 2,613,077 Repayments (3,241,576) (607,050) 0 0 (3,848,626) Effect of foreign currency exchange 7,004 (44,970) 0 (8,199) (46,165) Balance due to related parties, April 30, 2017 $ (30,568) $ 21,878 $ 0 $ 134,002 $ 125,312 Working capital advances from related parties 5,293,804 359,451 394,359 28,921 6,076,535 Repayments (3,011,352) (302,361) (394,359) 0 (3,708,072) Effect of foreign currency exchange 28,382 24,201 0 12,858 65,441 Balance due (from) to related parties, April 30, 2018 $ 2,280,266 $ 103,169 $ 0 $ 175,781 $ 2,559,216 |
Note 8 - Accounts Payable and48
Note 8 - Accounts Payable and Accrued Expenses: Schedule of Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
Schedule of Accounts Payable and Accrued Liabilities | Account April 30, 2018 April 30, 2017 Accounts payable $ 9,169,871 $ 5,096,599 Advanced from customers 44,488 40,900 Accrued salary payable 169,321 160,244 Tax payable 199,644 121,127 Deferred revenue 39,994 82,581 Other payable* 2,036,686 1,535,020 Total accounts payable and accrued expenses $ 11,660,004 $ 7,036,471 |
Note 9 - Loan Payable_ Short-te
Note 9 - Loan Payable: Short-term loan Table (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
Short-term loan Table | April 30, 2018 April 30, 2017 Loan from Min Wu, an employee of Qufu Shengren, due on October 5, 2017, with an annual interest rate of 10% at October 6, 2016. Renewed on October 6, 2017 and accrued interest of RMB20,000 ($3,155) added to the original principal amount of RMB200,000 ($31,549), terms were not changed, with new due date on October 5, 2018. $ 34,704 $ 29,005 Loans from Jianjun Yan, non-related individual, due on October 6, 2017, with an annual interest rate of 10% at October 7, 2016. Renewed on October 7, 2017 and accrued interest of RMB800,800 ($127,336) added to the original principal amount of RMB8,008,000 ($1,273,375), terms were not changed, with new due date on October 6, 2018. 1,389,531 1,161,354 Loans from Jianjun Yan, non-related individual, due on March 30, 2018, with annual interest rate of 4% at March 31, 2017. Repaid partial principal amount of $375,077 on August 23, 2017 and borrowed additional amount of $51,660 on April 1, 2018. 1,236,710 1,450,242 Loans from Jianjun Yan, non-related individual, due on demand, with free interest at January 27, 2018. 457,457 0 Loan from Junzhen Zhang, non-related individual, due on October 5, 2017, with an annual interest rate of 10% at October 6, 2016. Renewed on October 6, 2017 and accrued interest ofRMB10,000 ($1,577) added to the original principal amount of RMB150,000 ($23,662), terms were not changed, with new due date on October 5, 2018. 25,239 21,754 Loan from Jian Chen, non-related individual, due on January 26, 2018 and April 10, 2018, bearing an annual interest rate of 10%, with the principle amount of RMB700,000 ($110,421) and RMB300,000 ($47,323) at January 27, 2017 and April 11, 2017, respectively. Renewed these loans on January 27, 2018 and April 11, 2018, and accrued interest of RMB70,000 ($11,042) and RMB30,000 ($4,732) added to the original principal amount, terms were not changed, with new due date on January 27, 2019 and April 11, 2019, respectively. 173,518 145,024 Loan from Qing Kong, non-related individual, due on March 6, 2017, with an annual interest rate of 10% at March 7, 2016, which renewed on March 7, 2017 and 2018, accrued interest of RMB44,000 ($6,941) added to the original principal amount of RMB440,000 ($69,407), terms were not changed, with new due date on March 6, 2019. 76,348 63,811 Loan from Qing Kong, non-related individual, due on January 8, 2019, with an annual interest rate of 10% at January 9,2018. 31,549 0 Loan from Guihai Chen, non-related individual, due on March 10, 2017, with an annual interest rate of 10% at March 11, 2016, which renewed on March 11, 2017 and 2018, totally accrued interest of RMB10,000 ($1,577) added to the original principal of RMB110,000 ($17,352), terms were not changed, with new due date on March 10, 2019. 18,929 15,953 Loan from Guihai Chen, non-related individual, due on September 20, 2018, with an annual interest rate of 10% at September 21, 2017. 31,549 0 Loan from Weifeng Kong, non-related individual, due on November 28, 2017, with an annual interest rate of 10% at November 29, 2016, extended another one year at on November 29, 2017. 31,549 29,004 Loan from Shidong Wang, non-related individual, due on March 7, 2018, with an annual interest rate of 4% at March 8, 2017. 1,640,534 1,450,242 Loan from Xuxu Gu, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017. * 1,577,436 0 Loan from Dadong Mei, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017. * 1,577,436 0 Total $ 8,302,489 $ 4,366,389 |
Note 9 - Loan Payable_ Long-ter
Note 9 - Loan Payable: Long-term loan Table (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
Long-term loan Table | April 30, 2018 April 30, 2017 Loan from Xuxu Gu, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017. * $ 0 $ 1,450,242 Loan from Dadong Mei, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017. * 0 1,450,242 Loan from Xuxu Gu, non-related individual, due on September 27, 2019, with an annual interest rate of 4% at September 28, 2017. 1,687,857 0 Total: $ 1,687,857 $ 2,900,484 |
Note 10 - Income Taxes_ Schedul
Note 10 - Income Taxes: Schedule of Income before Income Tax, Domestic and Foreign (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
Schedule of Income before Income Tax, Domestic and Foreign | Fiscal Years Ended April 30, 2018 2017 U.S. Operations $ (1,445,170) $ (1,826,809) Chinese Operations (3,269,625) (2,071,215) Total $ (4,714,795) $ (3,898,024) |
Note 10 - Income Taxes_ Effecti
Note 10 - Income Taxes: Effective Tax Rate reconciliation Table (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
Effective Tax Rate reconciliation Table | April 30, 2018 April 30, 2017 U.S. Federal and state tax rate 38.0% 38.0% Stock- based compensation (9.9)% (13.5)% Difference in US / China statutory rate (3.7)% (6.9)% Valuation allowance (24.4)% (17.6)% Total provision for income taxes 0.0% 0.0% |
Note 10 - Income Taxes_ Sched53
Note 10 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | Fiscal Years Ended April 30, 2018 2017 Income tax benefit at federal statutory rate $ (1,151,707) $ (1,211,991) State income taxes, net of federal benefit (173,781) (269,258) Valuation allowances 1,325,488 1,481,249 Tax provision $ 0 $ 0 |
Note 10 - Income Taxes_ Sched54
Note 10 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | Fiscal Years Ended April 30, 2018 2017 Deferred tax assets from NOL carry forwards $ 8,896,017 $ 9,508,000 Total deferred tax asset 8,896,017 9,508,000 Valuation allowance (8,896,017) (9,508,000) Deferred tax asset, net of allowance $ 0 $ 0 |
Note 12 - Segment Information_
Note 12 - Segment Information: SEGMENT Income Loss Table (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
SEGMENT Income Loss Table | Fiscal Years Ended April 30, 2018 2017 Revenues: Chinese medicine - third party $ 2,897,497 $ 2,879,795 Chinese medicine - related party 0 0 Total Chinese medicine 2,897,497 2,879,795 Stevioside - third party 15,099,238 10,619,522 Stevioside - related party 4,043,074 5,855,594 Total Stevioside 19,142,312 16,475,116 Total segment and consolidated revenues $ 22,039,809 $ 19,354,911 Interest expense: Chinese medicine $ 0 $ 0 Stevioside (543,052) (395,654) Corporate and other 0 0 Total segment and consolidated interest expense $ (543,052) $ (395,654) Depreciation and amortization: Chinese medicine $ 214,934 $ 288,868 Stevioside 1,347,830 1,438,124 Total segment and consolidated depreciation and amortization $ 1,562,764 $ 1,726,992 Loss before income taxes: Chinese medicine $ 549,255 $ 759,574 Stevioside 2,828,760 1,636,816 Corporate and other 1,336,780 1,501,634 Total consolidated loss before income taxes $ 4,714,795 $ 3,898,024 April 30, 2018 April 30, 2017 Segment property and equipment: Chinese medicine $ 1,129,884 $ 1,319,227 Stevioside 7,923,002 6,921,970 Corporate and other 0 0 Total propterty and equipment $ 9,052,886 $ 8,241,197 |
Note 13 - Discontinued Operat56
Note 13 - Discontinued Operations: Assets and liabilities of discontinued operations table (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
Assets and liabilities of discontinued operations table | April 30, 2018 April 30, 2017 Assets of discontinued operations: Cash and cash equivalents $ 0 $ 0 Prepaid expenses and other current assets, net 0 0 Total assets of discontinued operations $ 0 $ 0 Liabilities of discontinued operations: Accounts payable and accrued expenses 0 8,570 Due to related parties 221,188 212,618 Total liabilities of discontinued operations $ 221,188 $ 221,188 |
Note 13 - Discontinued Operat57
Note 13 - Discontinued Operations: Results of discontinued operations table (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
Results of discontinued operations table | For the Twelve Months ended April 30, 2018 2017 Revenues $ 0 $ 0 Cost of revenues 0 0 Loss before income taxes 0 0 Income tax expense 0 0 Loss from discontinuing operations 0 0 Gain from disposal, net of taxes 0 0 Total Gain from discontinued operations $ 0 $ 0 |
Note 14 - Concentrations and 58
Note 14 - Concentrations and Credit Risk: Customer Concentrations Table (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
Customer Concentrations Table | Net Sales For Fiscal Years Ended April 30, 2018 2017 Chinese Medicine Stevioside Chinese Medicine Stevioside A(1) - 18.3% - 30.3 B - * - 14.4 Total - 18.3% - 44.7 |
Note 14 - Concentrations and 59
Note 14 - Concentrations and Credit Risk: Vendor Concentrations Table (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
Vendor Concentrations Table | Net Purchases For Fiscal Years Ended April 30, 2018 2017 Chinese Medicine Stevioside Chinese Medicine Stevioside A - 14.7% - 13.7% B - 10.6% - 17.1% C - * - 10.4% D - * - 21.2% Total - 25.3% - 62.4% |
Note 1 - Organization, Nature60
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Cash and Cash Equivalents (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Details | ||
Cash and cash equivalents held in PRC | $ 1,100,052 | $ 30,781 |
Cash and cash equivalents held in USA | $ 696 | $ 20,335 |
Note 1 - Organization, Nature61
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Accounts Receivable (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Details | ||
Allowance for Doubtful Accounts Receivable | $ 191,865 | $ 1,182,632 |
Note 1 - Organization, Nature62
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Inventories (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Details | ||
Inventory Wrote Down | $ 235,258 | $ 0 |
Note 1 - Organization, Nature63
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Long-lived Assets (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Details | ||
DispositionLossOfLongLivedAssets | $ 303,377 | $ 122,285 |
Note 1 - Organization, Nature64
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Taxes Payable (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Details | ||
VAT payable | $ 199,644 | $ 121,127 |
Note 1 - Organization, Nature65
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Basic and Diluted Loss Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Details | ||
Net loss attributable to Sunwin Stevia International, Inc. | $ (4,714,795) | $ (3,898,024) |
Numerator for basic EPS, loss applicable to common stock holders | $ (4,714,795) | $ (3,898,024) |
Weighted Average Number of Shares Issued, Basic | 199,632,803 | 199,632,803 |
Weighted Average Number of Shares Outstanding, Diluted | 199,632,803 | 199,632,803 |
Net Loss per share-basic and diluted | $ (0.02) | $ (0.02) |
Note 1 - Organization, Nature66
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Foreign Currency Translation (Details) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Details | ||
Foreign Currency Exchange Rate, Translation | 6.33 | 6.90 |
Average exchange rates | 6.58 | 6.76 |
Note 1 - Organization, Nature67
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Concentrations of Credit Risk (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Details | ||
Cash and cash equivalents held in PRC | $ 1,100,052 | $ 30,781 |
Note 1 - Organization, Nature68
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Research and Development (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Details | ||
Research and development expenses | $ 846,046 | $ 492,978 |
Note 1 - Organization, Nature69
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Shipping Costs (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Details | ||
Research and Development Expense | $ 317,002 | $ 433,268 |
Note 1 - Organization, Nature70
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Going Concern (Details) $ in Millions | 12 Months Ended |
Apr. 30, 2018USD ($) | |
Details | |
Approximate Loss | $ 4.7 |
Note 2 - Inventories_ Schedul71
Note 2 - Inventories: Schedule of Inventory, Current (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Details | ||
Inventory, Raw Materials, Gross | $ 8,803,685 | $ 4,087,036 |
Inventory, Work in Process, Gross | 1,357,484 | 1,802,782 |
Inventory, Finished Goods, Gross | 2,403,402 | 3,089,703 |
Inventory, Gross | 12,564,571 | 8,979,521 |
Reserve for obsolete inventory | 0 | (163,048) |
Inventories, net | $ 12,564,571 | $ 8,816,473 |
Note 3 - Property and Equipme72
Note 3 - Property and Equipment: PROPERTY AND EQUIPMENT Table (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Details | ||
Office Equipment | $ 75,821 | $ 67,091 |
Auto and Trucks | 660,926 | 446,968 |
Machinery and Equipment, Gross | 5,638,206 | 5,109,816 |
Buildings and Improvements, Gross | 9,224,911 | 8,136,080 |
Construction in Progress, Gross | 661,111 | 815,471 |
Property, Plant and Equipment, Gross | 16,260,975 | 14,575,426 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (7,208,089) | (6,334,229) |
Property and equipment, net | $ 9,052,886 | $ 8,241,197 |
Note 3 - Property and Equipme73
Note 3 - Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Details | ||
Total Depreciation Expense | $ 1,400,718 | $ 1,349,590 |
Cost of revenues | 1,137,724 | 1,061,747 |
General and administrative expenses | 262,994 | 287,843 |
Proceeds from Disposal of Equipment | 1,519 | 295,792 |
Loss on Disposition of Property and Equipment | $ 303,377 | $ 122,285 |
Note 4 - Intangible Assets (Det
Note 4 - Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Aug. 22, 2012 | |
Details | |||
Share issued for acquisition | 7,666,666 | ||
Value of Shares issued for Acquisition | $ 1,533,333 | ||
Amortization of intangible assets | $ 108,390 | $ 325,175 |
Note 4 - Intangible Assets_ S75
Note 4 - Intangible Assets: Schedule of Finite-Lived Intangible Assets (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Details | ||
Only Sweet name rights and related technologies | $ 587,183 | $ 587,183 |
Distribution agreement and related distribution channels | 1,038,691 | 1,038,691 |
Finite-Lived Intangible Assets, Gross | 1,625,874 | 1,625,874 |
Accumulated amortization of Intangible Assets | (1,625,874) | (1,517,484) |
Finite-Lived Intangible Assets, Net | $ 0 | $ 108,390 |
Note 5 - Land Use Right_ LAND76
Note 5 - Land Use Right: LAND USE RIGHT Table (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Details | ||
Land use right, gross | $ 2,507,726 | $ 2,303,168 |
Accumulated amortization of Land Use Rights | (543,120) | (448,113) |
LandUseRight | $ 1,964,606 | $ 1,855,055 |
Note 5 - Land Use Right (Detail
Note 5 - Land Use Right (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Details | ||
Amortization expense - Land use rights | $ 53,656 | $ 52,227 |
Note 6 - Related Party Transa78
Note 6 - Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Details | ||
Revenue - related party Qufu Shengwang | $ 4,043,074 | $ 5,855,594 |
Accounts receivable - related party Qufu Shengwang | 2,576,944 | 339,270 |
Advances from related parties for working capital | 6,076,535 | 2,613,077 |
Repaid to related parties for working capital | 3,708,072 | 3,848,626 |
Interest expense related to due to related parties | $ 104,437 | $ 138,092 |
Note 6 - Related Party Transa79
Note 6 - Related Party Transactions: Schedule of Related Party Transactions (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 |
Details | |||
Due to Pharmaceutical Corporation | $ 2,280,266 | $ (30,568) | $ 910,373 |
Due to Qufu Shengwang | 103,169 | 21,878 | 366,875 |
Due to Laiwang Zhang | 0 | 0 | 0 |
Due to Weidong Chai | 175,781 | 134,002 | 129,778 |
Total Due to Related Party | 2,559,216 | 125,312 | $ 1,407,026 |
Working capital advances from related parties - Shangdong | 5,293,804 | 2,293,631 | |
Working capital advances from related parties - Qufu | 359,451 | 307,023 | |
Working capital advances from related parties - Laiwang Zhang | 394,359 | 0 | |
Working capital advances from related parties - Weidong Chai | 28,921 | 12,423 | |
Working capital advances from related parties | 6,076,535 | 2,613,077 | |
Repayments from related parties - Shandong | (3,011,352) | (3,241,576) | |
Repayments from related parties - Qufu | (302,361) | (607,050) | |
Repayments from related parties - Laiwang Zhang | (394,359) | 0 | |
Repayments from related parties - Weidong Chai | 0 | 0 | |
Repayments from related parties | (3,708,072) | (3,848,626) | |
Effect of foreign currency exchange - Shangdong | 28,382 | 7,004 | |
Effect of foreign currency exchange - Qufu | 24,201 | (44,970) | |
Effect of foreign currency exchange - Laiwang Zhang | 0 | 0 | |
Effect of foreign currency exchange - Weidong Chai | 12,858 | (8,199) | |
Effect of foreign currency exchange | $ 65,441 | $ (46,165) |
Note 7 - Prepaid Expenses and80
Note 7 - Prepaid Expenses and Other Current Assets (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Details | ||
Prepaid expenses and other current assets | $ 2,284,379 | $ 4,729,865 |
Prepayments to suppliers | 1,366,280 | 3,286,808 |
Prepayment for employees' stock-based compensation | 715,553 | 1,226,668 |
Business related employees' advances | $ 202,546 | $ 216,389 |
Note 8 - Accounts Payable and81
Note 8 - Accounts Payable and Accrued Expenses: Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Details | ||
Accounts Payable | $ 9,169,871 | $ 5,096,599 |
Customer Advances, Current | 44,488 | 40,900 |
Accrued salary payable | 169,321 | 160,244 |
Taxes Payable, Current | 199,644 | 121,127 |
Deferred Revenue | 39,994 | 82,581 |
Accounts Payable, Other, Current | 2,036,686 | 1,535,020 |
Accounts payable and accrued expenses | $ 11,660,004 | $ 7,036,471 |
Note 8 - Accounts Payable and82
Note 8 - Accounts Payable and Accrued Expenses (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Details | ||
General liability, worker's compensation, and medical insurance payable | $ 558,789 | $ 465,505 |
Consulting fee payable | 312,782 | 266,852 |
Union and education fees payable | 304,930 | 280,404 |
Interest payables for short-term loans | 384,356 | 213,153 |
Advanced from the employees | 210,115 | 172,435 |
Other miscellaneous payables | $ 265,714 | 2,959 |
Commission payable | $ 133,712 |
Note 9 - Loan Payable_ Short-83
Note 9 - Loan Payable: Short-term loan Table (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Details | ||
Loan from Min Wu at 10% | $ 34,704 | $ 29,005 |
Loan from Jianjun Yan at 10% A | 1,389,531 | 1,161,354 |
Loan from Jianjun Yan at 10% B | 1,236,710 | 1,450,242 |
Loan from Jianjun Yan at 0% | 457,457 | 0 |
Loan from Junzhen Zhang | 25,239 | 21,754 |
Loan from Jian Chen | 173,518 | 145,024 |
Loan from Qing Kong at 10% | 76,348 | 63,811 |
Loan from Qing Kong at 10% B | 31,549 | 0 |
Loan from Guihai Chen at 10% A | 18,929 | 15,953 |
Loan from Guihai Chen at 10% B | 31,549 | 0 |
Loan from Weifeng Kong | 31,549 | 29,004 |
Loan from Shidong Wang | 1,640,534 | 1,450,242 |
Loan from Xuxu Gu | 1,577,436 | 0 |
Loan from Dadong Mei | $ 1,577,436 | $ 0 |
Note 9 - Loan Payable_ Long-t84
Note 9 - Loan Payable: Long-term loan Table (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Details | ||
Loan from Xuxu Gu Long Term A | $ 0 | $ 1,450,242 |
Loan from Dadong Mei Long Term | 0 | 1,450,242 |
Loan from Xuxu Gu Long Term B | 1,687,857 | 0 |
Total Long Term Loan Payable | $ 1,687,857 | $ 2,900,484 |
Note 9 - Loan Payable (Details)
Note 9 - Loan Payable (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Details | ||
Interest expense related to loans | $ 438,615 | $ 257,562 |
Note 10 - Income Taxes_ Sched86
Note 10 - Income Taxes: Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Details | ||
U.S. Operations Income Loss | $ (1,445,170) | $ (1,826,809) |
Chinese Operations Income Loss | (3,269,625) | (2,071,215) |
Total Income Loss | $ (4,714,795) | $ (3,898,024) |
Note 10 - Income Taxes_ Effec87
Note 10 - Income Taxes: Effective Tax Rate reconciliation Table (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Details | ||
U.S. Federal and state tax rate | 38.00% | 38.00% |
Stock- based compensation | (9.90%) | (13.50%) |
Difference in US / China statutory rate | (3.70%) | (6.90%) |
Valuation allowance | $ (8,896,017) | $ (9,508,000) |
Total provision for income taxes | 0.00% | 0.00% |
Note 10 - Income Taxes_ Sched88
Note 10 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Details | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (1,151,707) | $ (1,211,991) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | (173,781) | (269,258) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 1,325,488 | 1,481,249 |
Tax provision | $ 0 | $ 0 |
Note 10 - Income Taxes_ Sched89
Note 10 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Details | ||
Deferred tax assets from NOL carry forwards | $ 8,896,017 | $ 9,508,000 |
Total deferred tax asset | 8,896,017 | 9,508,000 |
Valuation allowance | (8,896,017) | (9,508,000) |
Deferred tax asset, net of allowance | $ 0 | $ 0 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Details) - USD ($) | Apr. 30, 2018 | Apr. 27, 2016 | Dec. 01, 2015 |
Details | |||
Common stock authorized to issue | 200,000,000 | ||
Shares, Outstanding | 199,632,803 | ||
Value of Stock Issued | $ 145,000 | $ 3,680,000 | |
Shares, Issued | 1,000,000 |
Note 12 - Segment Information91
Note 12 - Segment Information: SEGMENT Income Loss Table (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Details | ||
Net revenues - Chinese Medicines | $ 2,897,497 | $ 2,879,795 |
Net revenues - Chinese medicine - related party | 0 | 0 |
Net revenues - Chinese medicine - Total | 2,897,497 | 2,879,795 |
Net revenues - Stevioside - third party | 15,099,238 | 10,619,522 |
Net revenues - Stevioside - related party | 4,043,074 | 5,855,594 |
Net revenues - Stevioside - Total | 19,142,312 | 16,475,116 |
Net revenues - Total segment and consolidated revenues | 22,039,809 | 19,354,911 |
Interest income - Chinese Medicines | 0 | 0 |
Interest income - Stevioside | (543,052) | (395,654) |
Interest income - Total segment and consolidated interest expense | (543,052) | (395,654) |
Depreciation and amortization - Chinese Medicines | 214,934 | 288,868 |
Depreciation and amortization - Stevioside | 1,347,830 | 1,438,124 |
Depreciation and amortization - Total segment and consolidated depreciation and amortization | 1,562,764 | 1,726,992 |
Loss before taxes and noncontrolling interest - Chinese Medicines | 549,255 | 759,574 |
Loss before taxes and noncontrolling interest - Stevioside | 2,828,760 | 1,636,816 |
Loss before taxes and noncontrolling interest - Corporate and other | 1,336,780 | 1,501,634 |
Income (loss) before income taxes - Total segment and consolidated depreciation and amortization | 4,714,795 | 3,898,024 |
Segment assets- Chinese Medicines | 1,129,884 | 1,319,227 |
Segment assets-Stevioside | 7,923,002 | 6,921,970 |
Segment assets-Corporate and other | 0 | 0 |
Segment assets-Total consolidated assets | $ 9,052,886 | $ 8,241,197 |
Note 13 - Discontinued Operat92
Note 13 - Discontinued Operations: Assets and liabilities of discontinued operations table (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Details | ||
Cash and cash equivalents of discontinued operation | $ 0 | $ 0 |
Prepaid expenses and other current assets of discontinued operation | 0 | 0 |
Total assets of discontinued operations of discontinued operation | 0 | 0 |
Accounts payable and accrued expenses of discontinued operation | 0 | 8,570 |
Due to related parties of discontinued operation | 221,188 | 212,618 |
Total liabilities of discontinued operations of discontinued operation | $ 221,188 | $ 221,188 |
Note 14 - Concentrations and 93
Note 14 - Concentrations and Credit Risk (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Details | ||
Cash and cash equivalents held in PRC | $ 1,100,052 | $ 30,781 |
Cash Held in China | 1,100,052 | 30,781 |
Cash Held in US | 696 | 20,335 |
Cash Total | $ 1,100,748 | $ 51,116 |