Form 8-K - Current report
13 Janeiro 2025 - 4:44PM
Edgar (US Regulatory)
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2025-01-13
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): January 13, 2025 (November 22, 2024)
FORTUNE
VALLEY TREASURES, INC.
(Exact
name of registrant as specified in its charter)
Nevada |
|
000-55555 |
|
32-0439333 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
Number) |
B1601
Oriental Impression Building 2
Liansheng
Road, Humen Town
Dongguan,
Guangdong Province, China |
|
518000 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (86) (769) 8572 9133
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act: None.
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b–2 of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On
or about November 22, 2024, the management (and accounting personnel) of Fortune Valley Treasures, Inc., a Nevada corporation (the “Company”),
identified material errors in the previously released financial statements for the three months ended March 31, 2024, and June 30, 2024
(collectively, the “Non-Reliance Periods”) and concluded that such financial statements should no longer be
relied upon.
The
errors discovered for the Non-Reliance Periods relate to the Non-Reliance Periods’ trial balances containing discrepancies, including,
without limitation, with respect to one of the Company’s subsidiaries, Dongguan Fusheng Drinking Water Co., Ltd., a discrepancy
in the undistributed profits balances, from the ending balances at December 31, 2023, the end date of the Company’s last audited
financial statements. The Company’s management is currently endeavoring to make the necessary corrections. The required corrections
are expected to impact adversely the Company’s previously reported balance sheets and statements of operations for the Non-Reliance
Periods.
The
Company’s management has concluded that it is appropriate to correct the errors in accounting in the Company’s financial
statements for the Non-Reliance Periods included in the applicable Quarterly Reports on Form 10-Q filed with the Securities and Exchange
Commission (the “SEC”), by restating such financial information as the impact of the errors in the financial
statements is expected to be material to the financial statements for the Non-Reliance Periods (the “Restatement”).
In addition, the Company expects to further revise the financial statements for the Non-Reliance Periods to make other unrelated and
immaterial revisions. The Company will disclose in the to-be-filed Amended Quarterly Reports on Form 10-Q for the three months ended
March 31, 2024, and June 30, 2024, respectively, the restated financial statements for the Non-Reliance Periods. As a result, the financial
statements for the Non-Reliance Periods should no longer be relied on. Similarly, any previously issued or filed reports, press releases,
earnings releases, and investor presentations or other communications describing the Company’s financial statements and other related
financial information covering the Non-Reliance Periods should no longer be relied upon.
Management
has assessed the effect of the Restatement on the Company’s internal control over financial reporting and its disclosure controls
and procedures. As a result of the analysis of the cause of the Restatement, the Company will continue to report a material weakness.
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there
is a reasonable possibility that a material misstatement of a company’s annual or interim financial statements will not be prevented
or detected on a timely basis. The existence of one or more material weaknesses precludes a conclusion by management that the Company’s
disclosure controls and procedures and internal control over financial reporting are effective. As a result of the material weaknesses,
the Company continues to believe that its internal control over financial reporting was not effective, and its disclosure controls and
procedures were not effective for the Non-Reliance Periods.
The
Company’s management has discussed the matters disclosed in this Item 4.02 with Astra Audit & Advisory LLC, the Company’s
independent registered public accounting firm.
Item
9.01. Financial Statements and Exhibits.
Exhibit
No. |
|
Description |
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL Document) |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, hereunto duly authorized.
Dated:
January 13, 2025.
|
FORTUNE
VALLEY TREASURES, INC. |
|
|
|
|
By: |
/s/
Yuwen Li |
|
Name: |
Yuwen
Li |
|
Title: |
Chief
Executive Officer |
v3.24.4
Cover
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Jan. 13, 2025 |
Cover [Abstract] |
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Amendment Flag |
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Document Period End Date |
Jan. 13, 2025
|
Entity File Number |
000-55555
|
Entity Registrant Name |
FORTUNE
VALLEY TREASURES, INC.
|
Entity Central Index Key |
0001626745
|
Entity Tax Identification Number |
32-0439333
|
Entity Incorporation, State or Country Code |
NV
|
Entity Address, Address Line One |
B1601
Oriental Impression Building 2
|
Entity Address, Address Line Two |
Liansheng
Road
|
Entity Address, Address Line Three |
Humen Town
|
Entity Address, City or Town |
Dongguan
|
Entity Address, Country |
CN
|
Entity Address, Postal Zip Code |
518000
|
City Area Code |
86
|
Local Phone Number |
(769) 8572 9133
|
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