secwatch.observer — SEC 8-K summary
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Issuer:     Fortune Valley Treasures, Inc. (FVTI)
CIK:        0001626745
Form:       8-K
Filed at:   2021-11-10T23:59:59+00:00
Accession:  0001493152-21-027846
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 4.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1626745/000149315221027846/0001493152-21-027846-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1626745/000149315221027846/form8k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-21-027846

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