What changed in this filing

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Item 1. Business

2021-04-26 compared with 2020-05-14 · 243 added, 160 removed, 102 unchanged (80% of the section changed)

have been engaged in the retail and wholesale distribution of a wide spectrum of food and beverage products in Guangdong, China

In addition, we are actively seeking quality target companies in the food, beverage and alcohol industries for mergers

and acquisition for further development of our company.

have been engaged in the retail and wholesale distribution of a wide spectrum of food and beverage products in Guangdong province,

China since 2011.

We have eight stores in Dongguan City, Guangdong Province to serve our clients and we have developed

our online platform for our wholesaler and other end users.

In addition, we are actively seeking quality target companies in the

food, beverage and alcohol industries for mergers and acquisition for further development of our company.

History and Structure

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The share exchange closed on April 19, 2018 and DIGLS became our wholly-owned subsidiary.

March 1, 2019, we entered into a sale and purchase agreement (the “SP Agreement”) to acquire 100% of the shares of

Jiujiu Group Stock Co., Ltd.

(“JJGS”), a company incorporated under the laws of the Republic of Seychelles, in exchange

for 100 shares of our common stock and closed the acquisition of JJGS on March 1, 2019.

After the closing, JJGS became the Company’s

wholly owned subsidiary.

JJGS owns all of the equity interests of Jiujiu (HK) Industry Limited (“JJHK”) and Jiujiu

(Shenzhen) Industry Co., Ltd.

the year 2020, in order to increase our wine market share, FVTL set up two subsidiaries, namely “Dongguan City Fu

La Tu Trade Ltd (FLTT)”

and “Dongguan City Fu Xin Gu Trade Ltd (FXGT)”

in Dongguan City.

March 1, 2019, we entered into a sale and purchase agreement to acquire 100% of the shares of Jiujiu Group Stock Co., Ltd.

(“JJGS”),

a company incorporated under the laws of the Republic of Seychelles, in exchange for 100 shares of our common stock and closed

the acquisition of JJGS on March 1, 2019.

After the closing, JJGS became the Company’s wholly owned subsidiary.

all of the equity interest of Jiujiu (HK) Industry Limited (“JJHK”) and Jiujiu (Shenzhen) Industry Co., Ltd.

(“JJSZ”).

None of JJGS, JJHK and JJSZ have any operations or active business, nor do

they have any assets.

JJGS and JJHK are holding companies and conduct business through their operating subsidiary, JJSZ, which engages in retail

and wholesale distribution of our wine products.

June 22, 2020, we entered into a sale and purchase agreement along with Qianhai DaXingHuaShang Investment (Shenzhen) Co., Ltd.,

a company incorporated in China and a wholly-owned subsidiary of FVTI (“QHDX”), to acquire 90% of the shares of Dongguan

Xixingdao Technology Co., Ltd.

(“Xixingdao”), a company incorporated in China, in exchange for 4,862,681 shares of

our common stock and closed the acquisition of Xixingdao on August 31, 2020.

After the closing, Xixingdao became the Company’s

The shares were issued to the original owners of Xixingdao on December 28, 2020.

Xixingdao’s principal business

is drinking water distribution and delivery in Dongguan City, Guangdong Province.

To increase its market share,

Xixingdao set up eight subsidiaries primarily operating wholesale distribution of our water products to serve the local

following diagram illustrates our corporate structure as of the date of this Annual Report.

(COVID-19) Update

there is an ongoing outbreak of a novel strain of coronavirus (COVID-19) first identified in China and has since spread rapidly

The pandemic has resulted in quarantines, travel restrictions, and the temporary closure of stores and business facilities

globally for the past few months.

In March 2020, the World Health Organization declared the COVID-19 as a pandemic.

rapidly expanding nature of the COVID-19 pandemic, and because substantially all of our business operations and our workforce

are concentrated in China, our business, results of operations and financial condition have been and will continue to be adversely

Potential impact to our results of operations will also depend on future developments and new information that may emerge

regarding the duration and severity of the COVID-19 and the actions taken by government authorities and other entities to contain

the COVID-19 or mitigate its impact, almost all of which are beyond our control.

impacts of COVID-19 on our business, financial condition, and results of operations include, but are not limited to, the following:

temporally closed our offices to adhere to the policy for approximately one month from late January 2020, as required by relevant PRC regulatory

Our offices are slowly reopening pursuant to local guidelines.

In the first quarter of 2020, the COVID-19 outbreak

has caused disruptions in our operations and supply chains, which have resulted in delays in the shipment of products to certain

of our customers.

large number of our employees have been or are in mandatory self-quarantine and the entire business operations of the Company

has been restricted since January 2020.

customers have been negatively impacted by the outbreak, which reduced the demand of our products.

As a result, our revenue

and income may be negatively impacted in 2020.

situation may worsen if the COVID-19 pandemic continues.

We will continue to closely monitor our collections throughout 2020.

prolonged disruption or any further unforeseen delay in our operations and supply chains could continue to result in delays in

the shipment of products to our customers, increased costs and reduced revenue.

cannot foresee whether the outbreak of COVID-19 will be effectively contained, nor can we predict the severity and duration of

If the outbreak of COVID-19 is not effectively and timely controlled, our business operations and financial condition

may be materially and adversely affected as a result of the deteriorating market outlook, the slowdown in regional and national

economic growth, weakened liquidity and financial condition of our customers or other factors that we cannot foresee.

factors and other factors beyond our control could have an adverse effect on the overall business environment, cause uncertainties

in the regions where we conduct business, cause our business to suffer in ways that we cannot predict and materially and adversely

impact our business, financial condition and results of operations.

business plan is to extend our market shares through acquiring quality businesses in the food, beverage and alcohol industries,

in order to increase our customer base and supply channels, as well as to acquire more skilled employees and business connections

December 2019, a novel strain of coronavirus (COVID-19) was

first identified in China and has since spread rapidly globally.

The outbreak of COVID-19 has resulted in quarantines,

travel restrictions, and the temporary closure of stores and business facilities globally.

In March 2020, the World Health

Organization declared the COVID-19 a pandemic.

In 2020, COVID-19 had a material impact on our business, financial condition,

and results of operations.

including, but not limited to, the following:

temporally closed our offices in early 2020, as required by relevant PRC regulatory authorities.

Our offices were

subsequently reopened pursuant to local guidelines.

In 2020, the pandemic caused disruptions in our operations

and supply chains, which resulted in delays in the shipment of products to certain of our customers.

large number of our employees were in mandatory self-quarantine and the entire business operations of the Company halted

for over a month from February to March 2020.

customers were negatively impacted by the pandemic, which reduced the demand of our products.

As a result, our revenue and

income were negatively impacted in the first half of 2020.

the second quarter of 2020, the COVID outbreak in China

has gradually been controlled.

Our business has also returned to normal operations, although management assessed that our results

of operations had been negatively impacted for the year.

COVID-19 could adversely affect our business and results of operations

in 2021 if any COVID resurgence causes significant disruptions to our operations or the business of our supply chain, logistics

and service providers.

We cannot predict the severity and duration of the impact from such resurgence,

If any new outbreak of COVID-19 is not effectively and timely controlled, or if government responses to outbreaks

or potential outbreaks are severe or long-lasting, our business operations and financial condition may be materially and adversely

affected as a result of the deteriorating market outlook, the slowdown in regional and national economic growth, weakened liquidity

and financial condition of our customers or other factors that we cannot foresee.

Any of these factors and other factors beyond

our control could have an adverse effect on the overall business environment, cause uncertainties in the regions where we conduct

business, and could materially and adversely impact our business, financial condition and results of operations.

business plan is to extend our market share through acquiring quality businesses in the food and beverage industries, in

order to increase our customer base and supply channels, as well as to acquire more skilled employees and business connections

in the industries.

In the past year, the Company has acquired and is in the process of acquiring a few companies in those industries.

We plan to further develop our online marketing platform and internal operation management system by

engaging an external IT company during 2021.

In the past year, we successfully acquired Xixingdao, a drinking water distribution

While we terminated proposed acquisitions of two target companies as a result of their inability to meet our performance

requirements, as disclosed below, we are in the process of completing the acquisition of Valley Holdings, a food wholesale and

food additives business.

We expect to continue to explore new opportunities to acquire additional quality and compatible businesses

in our industries.

consider the following factors when evaluating quality acquisition targets:

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(ii) financial

performance of target;

performance of the target;

(iii) the reputation of the target in its industry;

(iv) target’s existing customer base;

(v) target’s

supplier network;

(vi) the expertise and experience of target’s management and employees;

and (vii) the inventory condition

(iv) the target’s existing customer base;

(v) the target’s supplier network;

(vi) the expertise and experience of the target’s management and employees;

(vii) the inventory condition of the target.

management believes that successful acquisitions will bring synergies to our business and enhance our shareholders’

Acquisition and Termination

July 13, 2019, the Company and QHDX entered into an equity interest transfer agreement, which was later amended on September 12,

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(“Makaweng”), a PRC limited liability company engaged in the business of distribution of wine and

Pursuant to the Makaweng Agreement, QHDX purchased 51% of Makaweng’s equity interests from Xingwen Wang in exchange

for shares of our common stock (“Makaweng Issuable Shares”), the number of which is determined according to the following

of Makaweng Issuable Shares = A x 51% x 20 x B ÷

the purpose of the foregoing formula:

= Audited net annual profit of Makaweng in fiscal year 2020.

= The daily average middle exchange rate of U.S.

Dollars to Chinese Yuan published by the State Administration of Foreign Exchange

of the People’s Republic of China on December 31, 2020.

= The closing price of our common stock on December 31, 2020.

Wang has agreed not to transfer the Makaweng Issuable Shares for at least three years after delivery of the Makaweng Issuable

Shares (the “Delivery”).

He may only transfer up to 30% of his FVTI common stock during the fourth year after the

Delivery and cumulatively no more than 60% of his common stock during the fifth year after the Delivery.

51% of equity interest of Makaweng was transferred to QHDX and the registration of such transfer with local government authorities

was completed on August 28, 2019.

Pursuant to the Makaweng Agreement, QHDX purchased 51% of Makaweng’s equity interest from Xingwen Wang in exchange

for shares of our common stock (“Makaweng Issuable Shares”).

On August 28, 2019, the registration of transferring

the 51% of equity interest of Makaweng to QHDX with local government authorities was completed.

December 3, 2020, QHDX and Xingwen Wang, an original shareholder of Makaweng, signed a share transfer agreement (the “Share

Transfer Agreement”) pursuant to which the parties agreed that QHDX would transfer all of the 51% of equity interest of

Makaweng it held to Mr.

Upon the effectiveness of the Share Transfer Agreement, QHDX no longer owned an equity interest

As of the date of the

Share Transfer Agreement, the Company has not issued any common shares to Xingwen Wang and the control of Makaweng has

never been transferred to QHDX.

Acquisition and Termination

December 30, 2019, the Company, along with QHDX, entered into an equity interest transfer agreement (the “BTF Agreement”)

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for shares of our common stock (“BTF Issuable Shares”).

The completion of the registration of the BTF Equity Transfer

with local government authorities (the “BTF Closing”) is subject to satisfaction of all the closing conditions (unless

waived), including but not limited to, the approval of the BTF Equity Transfer by BTF shareholders, completion of due diligence

review of BTF to the satisfaction of QHDX, waiver from the BTF Original Shareholders to the right of first refusal to purchase

the equity interest subject to the BTF Equity Transfer.

It is agreed that the BTF Closing shall be conducted prior to the completion

of an initial draft of the audited financial statements of BTF.

to the BTF Agreement, the total number of BTF Issuable Shares will be determined according to the following formula:

of BTF Issuable Shares = X x 80% x 15 ÷

3.02 ÷

the purpose of the foregoing formula:

= Net profit of BTF during the period from October 1, 2019 to September 30, 2020.

= 7:1, which is the exchange rate of U.S.

Dollars to Chinese Yuan mutually agreed by the parties.

to the BTF Agreement, we will issue the BTF Issuable Shares to the BTF Seller within 30 business days after September 30, 2020

pursuant to a separate subscription agreement to be entered into by the Company and the BTF Seller or his designee.

and the BTF Original Shareholders have agreed to achieve certain operation objectives of BTF, including a net profit of RMB 9

million (approximately $1.29 million) for the period from October 1, 2019 to September 30, 2020 and a net profit of RMB 3 million

(approximately $0.14 million) for the fiscal year ended December 31, 2019.

Pursuant to the BTF Agreement, as long as the BTF Seller

continues to serve as the general manager and legal representative of BTF, the BTF Original Shareholders and BTF shall ensure

BTF achieves an increase in annual net profit of no less than 10% during each year of the five years after September 30, 2020.

to the BTF Agreement, BTF will establish a board of directors consisting of three individuals, two of which will be designated

by QHDX and one by the BTF Original Shareholders, and appoint a person designated by the BTF Original Shareholders as general

To ensure the continuous operations of BTF, the parties agreed that BTF will retain its existing employees and all the

management members of BTF shall sign employment agreements and non-compete agreements with BTF.

The parties further agreed that

BTF will not make any profit distribution within three years after the execution of the BTF Agreement.

Any subsequent share transfer

or share pledge of QHDX’s equity interest in BTF is subject to the prior written consent of the BTF Original Shareholders.

In the event of a late payment of the consideration by QHDX or any delay in the registration of the BTF Equity Transfer with local

government caused by the BTF Seller, a daily penalty of 0.05% of the outstanding payment is assessed.

February 28, 2021, FVTI, QHDX and the Original Shareholders of BTF signed a termination agreement pursuant to which the parties

mutually agreed to terminate the Agreement.

The BTF Agreement was terminated effective as of February 28, 2021 and the parties

have no further rights or obligations under the BTF Agreement.

The parties further agreed to waive their rights to any claims

that may arise under the BTF Agreement.

As of the date of the termination agreement, no equity interest of BTF had been transferred

Holdings Acquisition

March 16, 2020, the Company, along with JJGS, entered into an equity interest transfer agreement (the “Valley Holdings Agreement”)

with Valley Holdings Limited (“Valley Holdings”), a Hong Kong company, and Angel International Investment Holdings

Limited (the “Valley Holdings Seller”), a 70% shareholder of Valley Holdings.

Valley Holdings owns approximately 88.44%

of the equity interest of Valley Foods Holdings (Guangzhou) Co., Ltd.

(“Valley Food”), which is a limited liability

company incorporated in China and engaged in the business of food wholesale and production and sale of food additives in China.

March 16, 2020, the Company, along with JJGS, entered into an equity interest transfer agreement (the “Valley Holdings Original

Agreement”) with Valley Holdings Limited (“Valley Holdings”), a Hong Kong company, and Angel International

Investment Holdings Limited (the “Valley Holdings Seller”), a 70% shareholder of Valley Holdings.

Valley Holdings

owns approximately 88.44% of the equity interest of Valley Foods Holdings (Guangzhou) Co., Ltd.

(“Valley Food”), which

is a limited liability company incorporated in China and engaged in the business of food wholesale and production and sale of

food additives in China.

to the Valley Holdings Agreement, JJGS agreed to purchase 70% of Valley Holdings’

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common stock as of the business day immediately preceding the date of the Valley Holdings Closing (as defined below).

As of the date of this Annual Report, the

closing of the Valley Holdings Equity Transfer (the “Valley Holdings Closing”) has not occurred.

Holdings Closing is subject to certain conditions, including, but not limited to, (a) completion of due diligence review of Valley

Holdings and its subsidiaries to the satisfaction of JJGS, (b) completion of the initial draft of the audited consolidated financial

statements of Valley Holdings for the fiscal year ended December 31, 2019, (c) execution of non-competition agreements and confidentiality

agreements with the senior management members of Valley Holdings and its subsidiaries, and (d) assignment to Valley Holdings all

of the intellectual properties related to the operations of Valley Holdings and its subsidiaries.

to the Valley Holdings Agreement, FVTI will issue the Valley Holdings Issuable Shares to the Valley Holdings Seller within 30

business days after the later of the Valley Holdings Closing and the issuance of audit report of Valley Holdings for the fiscal

year ended December 31, 2019, pursuant to a separate subscription agreement to be entered into by FVTI and the Valley Holdings

Seller or its designee.

January 6, 2021, the parties entered into an agreement to terminate

the Valley Holdings Original Agreement.

Under the termination agreement, there were no termination penalties incurred by FVTI

January 6, 2021, FVTI, along with its Hong Kong subsidiary, DILHK, entered into a new equity interest transfer agreement

(the “Valley Holdings Agreement”) with the Seller and Valley Holdings.

Pursuant to the agreement, DILHK

agreed to purchase 70% of Valley Holdings’

equity interest (the “Equity Transfer”) from the Seller in consideration

of shares of FVTI’s common stock (“Issuable Shares”) valued at $12 million (subject to adjustments in the event

Valley Holdings’

net profit is more than HK$5 million (approximately US$0.6 million) or less than HK$3 million (approximately

US$0.4 million) for the fiscal year ended December 31, 2020).

According to the agreement, the total number of Issuable Shares

will be determined based on the average of the closing prices of FVTI’s common stock for the 30 business days preceding

the date of the Closing (as defined below).

closing of the Equity Transfer (the “Closing”) is intended to occur on or around April 30, 2021.

Closing is subject to certain conditions, including but not limited to (a) completion of due diligence review of Valley

Holdings and its subsidiaries to the satisfaction of DILHK, (b) completion of the initial draft of the audited consolidated

financial statements of Valley Holdings for the fiscal year ended December 31, 2019, (c) execution of non-competition agreements

and confidentiality agreements with the senior management members of Valley Holdings and its subsidiaries, and (d) assignment

to Valley Holdings of all of the intellectual property related to the operations of Valley Holdings and its subsidiaries.

to the agreement, FVTI will issue the Issuable Shares to an escrow account for the beneficiary of the Seller within

30 business days after the Closing.

The Issuable Shares shall be released from the escrow account to the Seller within

30 days upon an independent registered accounting firm’s written confirmation that Valley Holdings’

audited net profit

is at least HK$3 million (approximately US$0.4 million) for the fiscal year ended December 31, 2020.

ensure the continuous operations of Valley Holdings and its subsidiaries, the parties agreed that Valley Holdings and its subsidiaries

will retain their existing employees and will enter into non-competition and employment agreements with all the management members

will retain their existing employees and will enter into non-competition and employment agreements with all management members

of Valley Holdings and its subsidiaries.

The parties further agreed that Valley Holdings will not make any profit distribution

within three years after the execution of the Valley Holdings Agreement.

JJGS or the Valley Holdings Seller may terminate Valley

Holdings Agreement in writing in the event that any closing condition is not met before April 30, 2020.

The parties further agreed that Valley Holdings will not make any profit distributions

within two years after the execution of the Agreement.

DILHK or the Seller may terminate this Agreement

in writing in the event that any closing condition is not met before April 30, 2021.

As of the date of this report,

the closing of the Valley Holdings Equity Transfer has not occurred.

plan to diversify our existing product portfolio strategically, and thereby provide our customers with a wider range of choices

and broaden our existing customer base.

plan to continue to solidify our relationships with our existing suppliers as well as identifying new suppliers.

plan to strengthen our corporate image by increasing marketing and promotion efforts.

plan to attract, motivate and retain high-quality talent.

will continue to expand and explore additional services and products to enrich our one-stop services to our customers.

Business, Products and Product Distribution

sell a variety of wines, such as dry red wine, dry white wine, rosé

2 unchanged sentences

brands of wine, most of which are imported from France and Spain.

sell a variety of water, peanut oil, soybean oil and blended oil.

Currently we sell about 30 different brands of water and 3

different brands of oil.

have put significant efforts in developing and promoting our brand name in different regions of China.

Our products are mainly

sold to retailers, such as wine shops, convenient stores and supermarkets.

The selling price varies by quantities of products

each retailer orders from us.

sold to retailers, such as wine and water retail stores, convenience stores and supermarkets.

The selling price varies

by quantities of products each retailer orders from us.

have cultivated business relationships and achieved recognitions with different organizations over the years, which have improved

1 unchanged sentence

Specifically, we have been collaborating with Shenzhen Institute of Tsinghua University

since 2011, who has been helping us develop innovative management model, operating model and franchising model.

We have been a

member of Guangdong Provincial Liquor Industry Association since 2011.

retail store is located in Humen Town, Dongguan City.

It is a six-floor building with a total floor area of 1,200 square meters.

We use the first floor exclusively for sample products display.

We use the remaining five floors as the Company’s conference

room, offices and storage.

since 2011, who has been helping us develop an innovative management model, operating model and franchising model.

been a member of Guangdong Provincial Liquor Industry Association since 2011.

wine product operations are based in Humen Town, Dongguan City.

We lease a six-floor building with a total floor

area of 1,200 square meters.

Our wine retail store is located on the first floor which we use exclusively as

a retail store and for sample products display.

We use the remaining five floors as the Company’s conference room, offices

water and oil product management office is also located in Humen Town, Dongguan City.

We lease the building which has

over 1,300 square meters.

It includes sales, customer service, warehouse, delivery and finance departments.

manages one office, seven wholesales stores and one warehouse.

We also maintain one registered office for the subsidiary

with lease term of three years.

As of December 31, 2020, the Company has total twelve separate operating lease agreements for

three office spaces, one warehouse and eight stores in PRC with remaining lease terms of from 21 months to 76 months.

have developed our WeChat applet “FVTI food safety & healthy supply platform”

(short name “Fu Gu Online”).

Some of our agents and wholesalers have ordered from this platform.

is a country with both an ancient wine tradition and a new and an emerging wine-consuming market.

Wine production in China has

thousands of year of history.

Today, China is also an emerging wine-producing nation in its own right with brands such as Great

Wall, Changyu and Dynasty.

Local wines account for 80 percent of wine consumed in China.

According to The International Wine and

Spirit Record (the “IWSR”), China is one of the fastest-growing wine markets in the world, with rising personal incomes

driving an enhancement of tastes and consumption levels.

In 2017, the wine consumption per capita was only about 1.2 liters accounting

for less than 1/3 of the global total as well as 1/10 of the U.S.

Therefore, we believe there are great potential

for growth in the Chinese wine market.

still dominates the Chinese wine market with a share of 48 per cent according to

Euromonitor International.

The best sales in Chinese supermarkets

are imported wines from RMB60-180, or approximately $9.00 - $27.00 per bottle.

One major challenge is that Chinese consumers switch

from one brand to another rather quickly, exhibiting little brand loyalty.

Online sales particularly enable the consumers to source

and purchase budget wines.

Management believes that wineries will most benefit from growth in China will be those that demonstrate

patience, professional service while building brand awareness and a long term strategy to develop the market with their Chinese

our Company, there are two major competitors in our market, Aussino Liquor and ASC Fine Wines.

These companies are well established,

more recognized and well accepted by consumers in China.

operate our business in China under a legal regime consisting of the National People’s Congress, which is the country’s

highest legislative body, the State Council, which is the highest authority of the executive branch of the PRC central government,

highest legislative body;

the State Council, which is the highest authority of the executive branch of the PRC central government;

and several ministries and agencies under its authority, including the Ministry of Industry and Information Technology, State

8 unchanged sentences

for Administration of Imported/Exported Food Safety

This rule oversees the safety of imported and exported food.

rule oversees the safety of imported and exported food.

on 11/23/2018

13 unchanged sentences

handling of imported food safety inspections.

Order 55 of 2012

for Administration of Imported Alcohol in Domestic Market

rule governs the administrative procedure involved in regulating imported alcohol in Chinese market, promulgated by a variety

of Chinese agencies such as the State Economic and Trade Commission, the State Administration for Industry and Commerce, and

the Customs General Administration

on October 1, 2019

Notice on December 23, 2004

for Inspection on Production Licensing of Wines and Fruit Wines

is a rule setting up the inspection procedures on production licensing of wines and fruit wines.

rule sets forth inspection procedures on production licensing of wines and fruit wines.

Order 78 of 2005

Indication Product Protection Regulation

is a regulation that protects China’s geographical indication products.

It regulates the use of geographical indication

product names and trademarks while safeguarding the quality of geographical indication products.

regulation regulates the use of geographical indication product names and trademarks while safeguarding the quality of geographical

indication products.

Natural Mineral Water（GB8537-2018）

standard specifies the product classification, requirements, inspection methods, inspection rules, marks, packaging, transportation

and storage of drinking natural mineral water.

for the Supervision and Administration of the Sanitation of Drinking Water

measure ensures the safety of drinking water, protect human health, and strengthen supervision and management.

Drinking Water（GB19298-2014）

standard specifies the product scope, requirements, inspection methods, label identification and name of packaged drinking

on further strengthening the supervision and management of the quality and safety of “Big Buckets of Water”

notice emphasizes the strict implementation of the main responsibility of production enterprises, the strict implementation

of production license, the strict implementation of supervision and inspection, the strict supervision and random inspection

of products, and the strict investigation and punishment of illegal acts.

on urging drinking water production enterprises to strengthen safety management of added substances

notice protects human health, standardizes production, and further strengthens the supervision of drinking

water production enterprises.

of our intellectual property is a strategic priority for our business.

2 unchanged sentences

currently have three registered trademarks in China.

of May 13, 2020, the Company had 10 employees, all of which were on a full-time basis.

The following table sets forth the

number of our full-time employees categorized by function as of May 13, 2020:

of April 13, 2021, the Company had 56 employees, all of which were on a full-time basis.

The following table sets forth

the number of our full-time employees categorized by function as of April 13, 2021:

and Marketing

3 unchanged sentences

required by PRC regulations, we participate in various government statutory employee benefit plans, including social insurance

funds, namely a pension contribution plan, a medical insurance plan, an unemployment insurance plan,·

a work-related injury

insurance plan and a maternity insurance plan and a housing provident fund.

We are required under PRC law to make contributions

to employee benefit plans at specified percentages of the salaries, bonuses and certain allowances of our employees, up to a maximum

amount specified by the local government from time to time.

funds, namely a pension contribution plan, a medical insurance plan, an unemployment insurance plan, a work-related injury insurance

plan, a maternity insurance plan and a housing provident fund.

We are required under PRC law to make contributions to employee

benefit plans at specified percentages of the salaries, bonuses and certain allowances of our employees, up to a maximum amount

specified by the local government from time to time.

We have not made adequate employee benefit payments, and may be required

to make up the contributions for these plans as well as to pay late fees and fines.

enter into standard labor and confidentiality agreements with each of our employees.

We believe that we maintain a good working

relationship with our employees, and we have not experienced any major labor disputes.

a smaller reporting company, we are not required to provide the information required by this item.

Unresolved Staff Comments

believe that we maintain a good working relationship with our employees, and we have not experienced any major labor disputes.

Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed pursuant

to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are filed with

the Securities and Exchange Commission (the “SEC”).

Such reports and other information filed by the Company with the

SEC are available free of charge on our corporate website (http://www.fvti.show/ as soon as reasonably practicable after

they are electronically filed with or furnished to the SEC.

The SEC maintains an internet site that contains reports, proxy and

information statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov.

The foregoing

website addresses are provided as inactive textual references only.

We periodically provide other information for investors on

our corporate website.

This includes press releases and other information about financial performance and information on corporate

The information contained on the websites referenced in this Form 10-K is not part of this report and is not incorporated

by reference into this filing.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business