Fortune Valley Treasures to restate Q3 2020 results after omitting acquisition; net income turns to loss

Fortune Valley Treasures, Inc.

Previously issued Q3 2020 financials omitted acquisition of Dongguan Xixingdao Technology Co., Ltd. completed August 31, 2020.
Purchase consideration was $9,773,989 in 4,862,681 shares of common stock not yet issued as of September 30, 2020.
Total assets adjusted from $420,198 to $11,087,032 (up 2,539%); liabilities from $1,376,142 to $11,507,775 (up 736%).
Revenue for three months ended Sep 30, 2020 adjusted from $156,340 to $283,560 (up 81%); net income swung from $2,425 profit to $77,140 loss.
Adjustments are preliminary; company will file amended Form 10-Q/A for the quarter ended September 30, 2020.

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