10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

 (Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January 31, 2018

or

[  ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ___________

Commission file number: 000-53595

SUNWIN STEVIA INTERNATIONAL, INC.

(Exact name of registrant as specified in charter)

NEVADA	56-2416925
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

6 SHENGWANG AVE., QUFU, SHANDONG, CHINA	273100
(Address of principal executive offices)	(Zip Code)

(86) 537-4424999

(Registrant's telephone number, including area code)

NOT APPLICABLE

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes [X] No [  ]

Indicate by check mark whether the registrant has been submitted electronically and posted on its corporate Web site, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer  [  ]	Accelerated filer              [  ]
Non-accelerated filer    [  ]	Smaller reporting company  [X]
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 7(a)(2)(B) of the Securities Act .  ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X].

Indicate the number of shares outstanding of each of the issuer's classes of common equity as of the latest practicable date: As of March 16, 2018, there were 199,632,803 shares of the registrant's common stock issued and outstanding.

SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES

FORM 10-Q

 QUARTERLY PERIOD ENDED JANUARY 31, 2018

INDEX

	Page
PART I-FINANCIAL INFORMATION
Item 1.    Financial Statements	1
Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.    Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.    Controls and Procedures	28
PART II-OTHER INFORMATION
Item 1.    Legal Proceedings	29
Item 1A.  Risk Factors	29
Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 3.     Defaults Upon Senior Securities	30
Item 4.     Mine Safety Disclosures	30
Item 5.     Other Information	30
Item 6.     Exhibits	30

i

FORWARD LOOKING STATEMENTS

This report contains forward-looking statements regarding our business, financial condition, results of operations and prospects. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements, but are not deemed to represent an all-inclusive means of identifying forward-looking statements as denoted in this report. Additionally, statements concerning future matters are forward-looking statements. 

Although forward-looking statements in this report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed under the headings "Risks Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K, in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Form 10-Q and information contained in other reports that we file with the SEC. You are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. 

We file reports with the SEC. The SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including us. You can also read and copy any materials we file with the SEC at the SEC's Public Reference Room at 100 F Street, NE, Washington, DC 20549. You can obtain additional information about the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330 FREE. 

We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this report, except as required by law. Readers are urged to carefully review and consider the various disclosures made throughout the entirety of this quarterly report, which are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.

ii

INDEX OF CERTAIN DEFINED TERMS USED IN THIS REPORT

We are on a fiscal year ending April 30, as such the year ending April 30, 2018 is referred to as "fiscal 2018" and the year ended April 30, 2017 is referred to as "fiscal 2017". Also, the three month period ended January 31, 2018 is our third quarter and is referred to as the "third quarter of fiscal 2018". Likewise, the three month period ended January 31, 2017 is referred to as the "third quarter of fiscal 2017".

When used in this report, the terms:
	-	"Sunwin", "we", "us" and the "Company" refers to Sunwin Stevia International, Inc., a Nevada corporation formerly known as SunwinNeutraceuticals International, Inc., and our subsidiaries;
	-	"Sunwin Tech" refers to our wholly owned subsidiary Sunwin Tech Group, Inc., a Florida corporation;
	-	"Qufu Natural Green" refers to our wholly owned subsidiary Qufu Natural Green Engineering Co., Ltd., a Chinese limited liability company;
	-	"Sunwin Stevia International" refers to our wholly owned subsidiary Sunwin Stevia International Corp., a Florida corporation, which was converted to Sunwin USA, LLC, a Delaware limited liability company in May 2009;
	-	"Sunwin USA" refers to Sunwin USA, LLC, a Delaware limited liability company, 100% owned subsidiary;
	-	"Qufu Shengwang" refers to Qufu Shengwang Stevia Biology and Science Co., Ltd., a Chinese limited liability company. Qufu Natural Green owns a 100% interest in Qufu Shengwang; and
	-	"Qufu Shengren" refers to Qufu Shengren Pharmaceutical Co., Ltd., a Chinese limited liability company, and a wholly owned subsidiary of Qufu Natural Green.
We also use the following terms when referring to certain related parties:
	-	"Pharmaceutical Corporation" refers to Shandong Shengwang Pharmaceutical Co., Ltd., a Chinese limited liability company which is controlled by Mr. LaiwangZhang, Chairman and a principal shareholder of our company;
		"Qufu Shengwang Import and Export" refers to Qufu Shengwang Import and Export Co., Ltd., a Chinese limited liability company, controlled by Mr. Zhang;
	-	"Shandong Group" refers to Shandong Shengwang Group Co., Ltd., a Chinese limited liability company, controlled by Mr. Zhang; and
	-	Mr. Weidong Chai, a management member of Qufu Shengren Pharmaceutical Co., Ltd.

 The information which appears on our website at www.sunwininternational.com is not part of this report.

iii

PART I - FINANCIAL INFORMATION

SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
	January 31, 2018			April 30, 2017
	(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	151,129		$	51,116
Accounts receivable, net of allowance for doubtful accounts of $1,111,599 and $1,182,632, respectively		2,872,554			2,243,621
Accounts receivable - related party		2,479,670			339,270
Inventories, net		12,105,911			8,816,473
Prepaid expenses and other current assets		3,140,458			4,729,865
Total Current Assets		20,749,722			16,180,345
Property and equipment, net		8,450,333			8,241,197
Intangible assets, net		-			108,390
Land use rights, net		1,994,687			1,855,055
Other long-term asset		154,956			856,878
Total Assets	$	31,349,698		$	27,241,865
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	9,890,617		$	7,036,471
Short-term loans		4,594,326			4,366,389
Due to related parties		2,022,032			125,312
Total Current Liabilities		16,506,975			11,528,172
Long-term loans		4,881,694			2,900,484
Total Liabilities		21,388,669			14,428,656
STOCKHOLDERS' EQUITY:
Preferred stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding		-			-
Common stock, $0.001 par value, 200,000,000 shares authorized; 199,632,803 and 199,632,803 shares issued and outstanding as of January 31, 2018 and April 30, 2017, respectively		199,633			199,633
Additional paid-in capital		37,681,279			37,681,279
Accumulated deficit		(32,934,466	)		(29,112,556	)
Accumulated other comprehensive income		5,014,583			4,044,853
Total Stockholders' Equity		9,961,029			12,813,209
Total Liabilities and Stockholders' Equity	$	31,349,698		$	27,241,865
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

- 1 -

SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)
	For the Three Months Ended January 31,						For the Nine Months Ended January 31,
	2018			2017			2018			2017
Revenues	$	4,734,263		$	4,280,956		$	13,234,376		$	10,653,073
Revenues - related party		1,591,329			2,129,371			1,858,709			5,591,740
Total revenues		6,325,592			6,410,327			15,093,085			16,244,813
Cost of revenues		5,588,776			5,517,286			13,787,493			14,095,338
Gross profit		736,816			893,041			1,305,592			2,149,475
Operating expenses:
Selling expenses		592,042			518,153			1,447,692			1,380,363
General and administrative expenses		774,387			904,759			2,513,984			2,878,408
Loss on disposition of property and equipment		2,430			36,964			285,150			40,543
Research and development expenses		284,351			283,815			650,654			393,143
Total operating expenses, net		1,653,210			1,743,691			4,897,480			4,692,457
Loss from operations		(916,394	)		(850,650	)		(3,591,888	)		(2,542,982	)
Other income (expenses)
Other income (expenses)		195,253			45,224			156,906			162,874
Interest income		414			118			785			578
Interest expense - related party		(25,945	)		(38,207	)		(71,135	)		(96,320	)
Interest expense		(126,138	)		(62,169	)		(316,578	)		(174,414	)
Total other income (expense)		43,584			(55,034	)		(230,022	)		(107,282	)
Loss before income taxes		(872,810	)		(905,684	)		(3,821,910	)		(2,650,264	)
Provision for income taxes		-			-			-			-
Net loss	$	(872,810	)	$	(905,684	)	$	(3,821,910	)	$	(2,650,264	)
Comprehensive loss:
Net loss	$	(872,810	)	$	(905,684	)	$	(3,821,910	)	$	(2,650,264	)
Foreign currency translation adjustment		532,476			(196,829	)		969,730			(834,188	)
Total comprehensive loss	$	(340,334	)	$	(1,102,513	)	$	(2,852,180	)	$	(3,484,452	)
Net loss per common share:
Net loss per share - basic and diluted	$	(0.00	)	$	(0.00	)	$	(0.02	)	$	(0.01	)
Weighted average common shares outstanding - basic and diluted		199,632,803			182,066,546			199,632,803			182,066,546
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

- 2 -

SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
	For the Nine Months Ended January 31,
	2018			2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(3,821,910	)	$	(2,650,264	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense		1,054,856			992,590
Amortization of intangible assets		108,390			243,880
Amortization of land use right		39,736			39,398
Loss on disposition of property and equipment		285,150			40,543
Allowance for doubtful accounts		-			55,145
Recovery of bad debt reserve		(216,910	)		-
Stock issued for services		-			108,750
Stock issued for employees' compensation		920,001			920,001
Loss from sales of real estate investment held for resale		-			2,410
Changes in operating assets and liabilities:
Accounts receivable and notes receivable		(261,918	)		(877,513	)
Accounts receivable - related party		(1,988,620	)		(47,363	)
Inventories		(2,301,254	)		(3,324,235	)
Prepaid expenses and other current assets		1,715,157			(304,584	)
Accounts payable and accrued expenses		2,062,513			3,968,486
Taxes payable		(37,968	)		(144,194	)
NET CASH USED IN OPERATING ACTIVITIES		(2,442,777	)		(976,950	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(707,890	)		(750,583	)
Proceeds from disposal of equipment		1,505			-
Proceeds from disposal of real estate investment		-			297,513
NET CASH USED ININVESTING ACTIVITIES		(706,385	)		(453,070	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans		1,665,342			909,302
Repayment of short-term loan		(375,077	)		-
Advance due from related parties		5,068,601			2,595,313
Repayment of related party advances		(3,251,990	)		(2,768,284	)
NET CASH PROVIDED BY FINANCING ACTIVITIES		3,106,876			736,331
EFFECT OF EXCHANGE RATE ON CASH		142,299			(36,379	)
NET INCREASE (DECREASE) IN CASH		100,013			(730,068	)
Cash at the beginning of period		51,116			900,071
Cash at the end of period	$	151,129		$	170,003
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash paid for income taxes	$	-		$	1,859
Cash paid for interest	$	38,484		$	96,320
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Property and equipment acquired on credit as payable	$	28,024		$	451,786
Accrued interests enrolled into debts	$	132,747		$	-
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

- 3 -

NOTE 1 - ORGANIZATION AND OPERATIONS

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.

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:

-   Qufu Natural Green Engineering Co., Ltd. ("Qufu Natural Green"), a subsidiary wholly owned by Sunwin Stevia International;

-   Qufu Shengren Pharmaceutical Co., Ltd. ("Qufu Shengren"), a subsidiary wholly owned by Qufu Natural Green;

-   Qufu Shengwang Stevia Biology and Science Co., Ltd. ("Qufu Shengwang"), a subsidiary wholly owned by Qufu Natural Green;

-   Sunwin Tech Group, Inc. ("Sunwin Tech"), a subsidiary wholly owned by Sunwin Stevia International; and

-   Sunwin USA, LLC. ("Sunwin USA"), a subsidiary 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 Natural Green 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.

On July 1, 2012, Qufu Shengwang entered a 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 2013, 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 plan to use these assets to manufacture a variety of traditional Chinese medicine formula extracts. We started production in last quarter of fiscal 2014.

- 4 -

Qufu Shengren

In fiscal 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 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.The $92,541 cash payment was paid by China Direct Investment, Inc. ("CDI"), our corporate management services provider, and reimbursed by us to CDI through the issuance of our common shares as part of the terms of the consulting agreement with CDI dated May 1, 2012. The net tangible assets of Sunwin USA were reduced from $1,825,804 to $1,625,874 as a result of the application of generally accepted accounting principles ("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 include the product development and supply chain for OnlySweet.

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 management 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.

- 5 -

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. In fiscal year 2018, WILD is still one of our customers continuing to purchase enzyme treated products from us.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The accompanying unaudited condensed 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 pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim financial reporting. The accompanying unaudited condensed consolidated financial statements for the interim periods presented are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the periods presented. Certain financial statement amounts relating to prior periods have been reclassified to conform to the current period presentation. All intercompany accounts and transactions have been eliminated in consolidation.

These unaudited condensed consolidated interim financial statements should be read in conjunction with the financial statements and footnotes for the year ended April 30, 2017 included in our Form 10-K as filed with the SEC. The results of operations and cash flows for the nine months ended January 31, 2018 are not necessarily indicative of the results of operations or cash flows which may be reported for future periods or the full fiscal year.

The condensed consolidated balance sheet as of April 30, 2017 contained herein has been derived from the audited consolidated financial statements as of April 30, 2017, but do not include all disclosures required by the U.S. GAAP.

Our unaudited condensed consolidated financial statements include the accounts of Sunwin and all our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Our subsidiaries include the following:

-    Qufu Natural Green;

-    Qufu Shengren;

-    Qufu Shengwang;

-    Sunwin Tech; and

-    Sunwin USA

USE OF ESTIMATES

The preparation of unaudited condensed consolidated 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 unaudited condensed 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.

- 6 -

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 January 31, 2018, we held $150,344 of our cash and cash equivalents with commercial banking institutions in the PRC, and $785 with banks in the United States. As of April 30, 2017, we held $30,781 of our cash and cash equivalents with commercial banking institution in PRC, and $20,335 in the United States. In China, there is no equivalent federal deposit insurance as in the United States, so the amounts held in banks in China are not insured. We have not experienced any losses in such bank accounts through January 31, 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. At January 31, 2018 and April 30, 2017, the allowance for doubtful accounts was $1,111,599 and $1,182,632, respectively. We had recovery of bad debt for $216,910 and recognized bad debt expenses of $55,145 for the nine months ended January 31, 2018 and 2017, respectively.

INVENTORIES

Inventories, consisting of raw materials, work in process, and finished goods related to our products, are stated at the lower of cost or market (estimated net realizable value) utilizing the weighted average method. An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserves for the difference between the cost and the market value. These reserves are recorded based on estimates. At January 31, 2018 and April 30, 2017, the Company recorded a reserve for obsolete or slow-moving inventories of $178,776 and $163,048, 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 paragraph 360-10-35-17 of the Financial Accounting Standards Board (FASB) Accounting Standards Codification ("ASC"), we examine the possibility of decreases in the value of fixed assets 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 $285,150 and $122,285 at January 31, 2018 and April 30, 2017, respectively. We received $1,505 and $0 in cash proceeds from disposal of equipment for the nine months ended January 31, 2018 and 2017, respectively.

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FAIR VALUE OF FINANCIAL INSTRUMENTS

We 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, notes receivable, prepayments and other current assets, accounts payable, taxes payable and accrued expenses, 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 on January 31, 2018 and April 30, 2017 amounted to $92,568 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.

GRANT INCOME

Grants received from PRC government agencies are recognized as deferred grant income and recognized in the consolidated statements of operations and comprehensive loss as and when they are earned for the specific research and development projects for which these grants are received.

INCOME TAXES

The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes ("ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns.  Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.  Valuation allowances are recorded to reduce the deferred tax assets to an amount that it is more likely than not be realized.

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.

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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 January 31, 2018, the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future.

BASIC AND DILUTED EARNINGS PER SHARE

Pursuant to ASC Section 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 ours, subject to anti-dilution limitations. The following table presents a reconciliation of basic and diluted net income per common share:

	Three Months Ended January 31,						Nine Months Ended January 31,
Numerator:	2018			2017			2018			2017
Net loss attributable to Sunwin Stevia International, Inc.	$	(872,810	)	$	(905,684	)	$	(3,821,910	)	$	(2,650,264	)
Numerator for basic EPS, loss applicable to common stock holders	$	(872,810	)	$	(905,684	)	$	(3,821,910	)	$	(2,650,264	)
Denominator:
Denominator for basic earnings per share - weighted average number of common shares outstanding		199,632,803			182,066,546			199,632,803			182,066,546
Stock awards, options, and warrants		-			-			-			-
Denominator for diluted earnings per share - adjusted weighted average outstanding average number of common shares outstanding		199,632,803			182,066,546			199,632,803			182,066,546
Basic and diluted loss per common share:
Loss per share - basic and diluted	$	(0.00	)	$	(0.00	)	$	(0.02	)	$	(0.01	)

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 income statements 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:

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As of January 31, 2018	RMB 6.29 to $1.00
As of April 30, 2017	RMB 6.90 to $1.00
Nine months ended January 31, 2018	RMB 6.67 to $1.00
Nine months ended January 31, 2017	RMB 6.72 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 the nine months ended January 31, 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. At January 31, 2018, we had $150,344 of cash balance held in PRC banks, which is not insured. We have not experienced any losses in such accounts through January 31, 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 and are included in general and administrative expenses in the accompanying statements of operations. Research and development costs are incurred on a project specific basis. Research and development cost were $284,351 and $283,815 for the three months ended January 31, 2018 and 2017, and $650,654 and $393,143 for the nine months ended January 31, 2018 and 2017, respectively.

SHIPPING COSTS

Shipping costs are included in selling expenses and totaled $82,237 and $91,522 for the three months ended January 31, 2018 and 2017, and $244,488 and $342,913 for the nine months ended January 31, 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.

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RECENT ACCOUNTING PRONOUNCEMENTS

In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, in an effort to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments of this ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of this guidance is not expected to have a material impact on our financial statements.

In May 2014, the FASB issued ASU 2014-09, "Revenue from contracts with Customers (Topic 606)" and issued subsequent amendments to the initial guidance or implementation guidance between August 2015 and November 2017 within ASU 2015-04, ASU 2016-08, ASU 2016-10, ASU 2016-12, ASU 2016-20, ASU 2017-13, and ASU 2017-14 (collectively, including ASU 2014-09, "ASC 606"). ASC 606 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets. ASU 606 will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. ASU 606 also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchanged for those goods or services. ASC 606 is effective for public entities for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The amendments may be applied retrospectively to each prior period (full retrospective) or retrospectively with the cumulative effect recognized as of the date of initial application (modified retrospective). The provisions of this new guidance are effective as of the beginning of the Company'sfirst quarter of fiscal year 2019, May 1, 2018.  The Company is currently evaluating the transition method to be used and the potential impact of this standard on its consolidated financial statements. The Company intends to adopt ASU 2014-09 effective May 1, 2018 and apply the modified retrospective approach.

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.

GOING CONCERN

Our unaudited condensed consolidated financial statements have been prepared assuming we will continue as a going concern.  The Company has incurred recurring losses with a net loss of approximately $873,000 and $3,822,000 for the three and nine months ended January 31, 2018, respectively, and has a significant accumulated deficit of $33.0 million at January 31, 2018.  The Company's 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. Management intends to make every effort to improve its current sales force as to further develop and expand the international markets for its new products as well as continuing with the current sources of funds to meet working capital needs on as needed basis.  There can be no assurance that these plans and arrangements will be successful.

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 unaudited condensed 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.

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NOTE 3 - INVENTORIES

At January 31, 2018 and April 30, 2017, inventories consisted of the following:

	January 31, 2018			April 30, 2017
	(unaudited)
Raw materials	$	7,406,466		$	4,087,036
Work in process		1,740,132			1,802,782
Finished goods		3,138,089			3,089,703
		12,284,687			8,979,521
Less: reserve for obsolete inventory		(178,776	)		(163,048	)
	$	12,105,911		$	8,816,473

NOTE 4 - PROPERTY AND EQUIPMENT

At January 31, 2018 and April 30, 2017, property and equipment consisted of the following:

		January 31, 2018			April 30, 2017
Estimated Life		(unaudited)
Office equipment	3-10 Years	$	70,062		$	67,091
Auto and trucks	2-10 Years		516,187			446,968
Manufacturing equipment	2-20 Years		5,016,056			5,109,816
Buildings	5-20 Years		9,243,773			8,136,080
Construction in process			528,851			815,471
			15,374,929			14,575,426
Less: accumulated depreciation			(6,924,596	)		(6,334,229	)
		$	8,450,333		$	8,241,197

For the three months ended January 31, 2018 and 2017, depreciation expense totaled $320,878 and $332,714, of which $274,270 and $261,775 were included in cost of revenues, respectively, and of which $46,608 and $70,939 were included in general and administrative expenses, respectively. For the nine months ended January 31, 2018 and 2017, depreciation expense totaled $1,054,856 and $992,590, of which $897,938 and $763,806 was included in cost of revenues, respectively, and of which $156,918 and $228,784 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.

NOTE 5 - LAND USE RIGHTS

Land use right consisted of the following:

		January 31, 2018				April 30, 2017
	Estimated Life	(unaudited)
Land use right	45 Years		$	2,528,138			$	2,303,168
Less: accumulated amortization				(533,451	)			(448,113	)
			$	1,994,687			$	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 three month periods ended January 31, 2018 and 2017, amortization expense related to land use rights amounted to $13,471 and $12,812, respectively. For the nine month periods ended January 31, 2018 and 2017, amortization expense amounted to $39,736 and $39,398.

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NOTE 6 - RELATED PARTY TRANSACTIONS

Accounts receivable - related party and revenue - related party

On January 31, 2018 and April 30, 2017, we reported $2,479,670 and $339,270 in accounts receivable - related party, 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. For the three months ended January 31, 2018 and 2017, we had revenue - related party of$1,591,329 and $2,129,371, respectively. For the nine months ended January 31, 2018 and 2017, we had revenue - related party of $1,858,709 and $5,591,740, respectively, from Qufu Shengwang Import and Export.

Due to (from) related parties

From time to time, we receive advances from related parties and advance funds to related parties for working capital purposes. In the nine months ended January 31, 2018 and 2017, we received advances from related parties for working capital totaled $5,068,601 and $2,595,313, respectively, and we repaid to related parties a total of $3,251,990 and $2,768,284, respectively. During the three and nine months ended January 31, 2018 and 2017, interest expense related to due to related parties amounted to $25,945 and $38,207, and $71,135 and $96,320, 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 7.87% per annum and we have repaid one of the loans of RMB5,000,000 with its accrued interests on April 1, 2017. The other advances bear no interest and are payable on demand. On January 31, 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. Laiwang Zhang is $1,336,203, $126,676, $161,621 and $397,532, 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. On January 31, 2018 and April 30, 2017, the balance of due to (from) related parties consisted of the following:  

	Shandong Shengwang Pharmaceutical Co., Ltd.			Qufu Shengwang Import and Export Co., Ltd.			Weidong Chai		Laiwang Zhang		Total
Balance due to related parties, April 30, 2017	$	(30,568	)	$	21,878		$	134,002	$	-	$	125,312
Working capital advances from related parties		4,191,461			465,863			13,745		397,532		5,068,601
Repayments		(2,865,717	)		(386,273	)		-		-		(3,251,990	)
Effect of foreign currency exchange		41,027			25,208			13,874		-		80,109
Balance due to related parties, January 31, 2018	$	1,336,203		$	126,676		$	161,621	$	397,532	$	2,022,032

NOTE 7 - PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets on January 31, 2018 and April 30, 2017 totaled $3,140,458 and $4,729,865, respectively. As of January 31, 2018, prepaid expenses and other current assets includes $1,799,838 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us, $1,022,220 prepayment for employees' stock-based compensation and $318,400 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.

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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 will amortize these compensations over three years from December 1, 2015 to November 30, 2018 and we recognized $920,001, $1,226,668 and $511,111 as stock-based compensation expenses during the nine months ended January 31, 2018, fiscal year ended April 30, 2017 and fiscal year ended April 30, 2016, respectively. We also have recorded the remaining balance of the stock-based compensation of $1,022,220 as prepaid compensation at January 31, 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 $463,802 as of January 31, 2018 and the remaining balance of $154,956 and $154,956 has been classified to other long-term asset at January 31, 2018 and April 30, 2017, respectively.

NOTE 8 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses included the following as of January 31, 2018 and April 30, 2017:

Account	January 31, 2018		April 30, 2017
	(unaudited)
Accounts payable	$	6,623,798	$	5,096,599
Advanced from customers		177,666		40,900
Accrued salary payable		359,610		160,244
Tax payable		92,568		121,127
Deferred revenue		25,719		82,581
Other payable*		2,611,256		1,535,020
Total accounts payable and accrued expenses	$	9,890,617	$	7,036,471

On January 31, 2018, other payables consists of commission payable of $201,310, general liability, worker's compensation, and medical insurance payable of $575,687, consulting fee payable of $209,905, union and education fees payable of $297,754, interest payables for short-term loans of $521,012, advanced from the employees of $602,037 and other miscellaneous payables of $203,551. On 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

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. At January 31, 2018 and April 30, 2017, short-term loans consisted of the following:

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	January 31, 2018		April 30, 2017
	(unaudited)
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 ($3,180) added to the original principal amount of RMB200,000 ($31,803), terms were not changed, with new due date on October 5, 2018.	$	34,983	$	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.		1,400,711		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.		1,192,596		1,450,242
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 ($1,590) added to the original principal amount of RMB150,000 ($23,852), terms were not changed, with new due date on October 5, 2018.		25,442		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 ($111,309) and RMB300,000 ($47,704) at January 27, 2017 and April 11, 2017, respectively. On January 27, 2018, principle amount of RMB700,000 loan was extended anther one year.		159,013		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 accrued interest of RMB44,000 ($6,996) added to the original principal amount of RMB440,000 ($69,966), terms were not changed, with new due date on March 6, 2018.See Note 12		76,962		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.		31,803		-
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 accrued interest of RMB10,000 ($1,590) added to the original principal of RMB110,000 ($17,492), terms were not changed, with new due date on March 10, 2018. See Note 12		19,082		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.		31,803		-
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.		31,803		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. See Note 12		1,590,128		1,450,242
Total	$	4,594,326	$	4,366,389

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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. At January 31, 2018 and April 30, 2017, long-term loans consisted of the following:

	January 31, 2018		April 30, 2017
	(unaudited)
Loan from Xuxu Gu, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017.	$	1, 590,128	$	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.		1, 590,128		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.		1,701,438		-
Total:	$	4,881,694	$	2,900,484

For the three and nine months ended January 31, 2018 and 2017, interest expense related to short-term loans and long-term loans amounted to $126,138 and $62,169, and $316,578 and $174,414, respectively, which were included in interest expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.

NOTE 10 - SEGMENT INFORMATION

The following information is presented in accordance with ASC Topic 280, "Segment Reporting", for the three months ended January 31, 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. Condensed financial information with respect to these reportable business segments for the three and nine months ended January 31, 2018 and 2017 is as follows:

	Three Months Ended January 31,				Nine Months Ended January 31,
	2018		2017		2018		2017
Revenues:
Chinese medicine - third party	$	675,927	$	859,933	$	2,099,147	$	2,240,055
Chinese medicine - related party		-		-		-		-
Total Chinese medicine		675,927		859,933		2,099,147		2,240,055
Stevioside - third party		4,058,336		3,421,023		11,135,229		8,413,018
Stevioside - related party		1,591,329		2,129,371		1,858,709		5,591,740
Total Stevioside		5,649,665		5,550,394		12,993,938		14,004,758
Total segment and consolidated revenues	$	6,325,592	$	6,410,327	$	15,093,085	$	16,244,813

	Three Months Ended January 31,						Nine Months Ended January 31,
	2018			2017			2018			2017
Interest income (expense):
Chinese medicine	$	386		$	105		$	742		$	178
Stevioside		(152,055	)		(100,363	)		(387,670	)		(270,334	)
Total segment and consolidated interest expense	$	(151,669	)	$	(100,258	)	$	(386,928	)	$	(270,156	)
Depreciation and amortization:
Chinese medicine	$	33,531		$	70,011		$	170,961		$	218,060
Stevioside		300,818			356,809			1,032,021			1,057,808
Total segment and consolidated depreciation and amortization	$	334,349		$	426,820		$	1,202,982		$	1,275,868
Loss before income taxes:
Chinese medicine	$	(6,964	)	$	(38,147	)	$	(521,873	)	$	(188,043	)
Stevioside		(551,179	)		(508,840	)		(2,278,166	)		(1,336,510	)
Corporate and other		(314,667	)		(358,697	)		(1,021,871	)		(1,125,711	)
Total consolidated loss before income taxes	$	(872,810	)	$	(905,684	)	$	(3,821,910	)	$	(2,650,264	)

- 16 -

	January 31, 2018		April 30,  2017
Segment tangible assets:
Chinese medicine	$	1,088,871	$	1,319,227
Stevioside		7,361,462		6,921,970
Corporate and other		-		-
Total consolidated assets	$	8,450,333	$	8,241,197

NOTE 11 - CONCENTRATIONS AND CREDIT RISK

(i)    Customer Concentrations

For the three months ended January 31, 2018and 2017, customers accounting for 10% or more of the Company's revenue were as follows:

		Net Sales
		For the three months ended January 31, 2018					For the three months ended January 31, 2017
		Chinese Medicine		Stevioside			Chinese Medicine		Stevioside
	A (1)		-		25.2	%		-		33.2	%
	B		-		16.5	%		-		*
Total			-		41.7	%		-		33.2	%

 For the nine months ended January 31, 2018 and 2017, customers accounting for 10% or more of the Company's revenue were as follows: 

		Net Sales
		For the nine months ended January 31, 2018					For the nine months ended January 31, 2017
		Chinese Medicine		Stevioside			Chinese Medicine		Stevioside
	A (1)		-		12.3	%		-		34.4	%
	B		-		10.6	%		-		14.1	%
Total			-		22.9	%		-		48.5	%

(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 three and nine months ended January 31, 2018 and 2017.

(ii)    Vendor Concentrations

For the three months ended January 31, 2018 and 2017, suppliers accounting for 10% or more of the Company's purchase were as follows:

		Net Purchases
		For the three months ended January 31, 2018					For the three months ended January 31, 2017
		Chinese Medicine		Stevioside			Chinese Medicine		Stevioside
	A		-		*			-		18.7	%
	B		-		11.3	%		-		*
	C		-		*			-		15.9	%
	D		-		*			-		13.6	%
Total			-		11.3	%		-		48.2	%

- 17 -

For the nine months ended January 31, 2018 and 2017, suppliers accounting for 10% or more of the Company's purchase were as follows:

		Net Purchases
		For the nine months ended January 31, 2018					For the nine months ended January 31, 2017
		Chinese Medicine		Stevioside			Chinese Medicine		Stevioside
	A		-		12.7	%		-		13.0	%
	B		-		14.7	%		-		*
	C		-		*			-		21.3	%
	D		-		*			-		12.0	%
Total			-		27.4	%		-		46.3	%

*   This represents less than 10% of the Company's purchase for the three and nine months ended January 31, 2018 and 2017.

(iii)    Credit Risk

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 the PRC. At January 31, 2018, we had $150,344 of cash balance 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 January 31, 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 12 - SUBSEQUENT EVENTS

            On March 7, 2018 we renewed the amount of RMB484,000 ($76,962) loan from Qing Kong, non-related individual, with an annual interest rate of 10% and new due date on March 6, 2019.

On March 8, 2018 we renewed the amount of RMB10,000,000 ($1,590,128) loan from Shidong Wang, non-related individual, with an annual interest rate of 10% and new due date on March 7, 2019.

On March 11, 2018 we renewed the amount of RMB120,000 ($19,082) loan from Guihai Chen, non-related individual, with an annual interest rate of 10% and new due date on March 10, 2019.

- 18 -

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the information contained in the preceding unaudited condensed consolidated financial statements and footnotes and our 2017 Annual Report on Form 10-K for fiscal year ended April 30, 2017.

OVERVIEW

We sell stevioside, a natural sweetener, as well as herbs used in traditional Chinese medicines. Substantially all of our operations are located in the PRC. We have built an integrated company with the production and distribution capabilities designed to meet the needs of our customers.

Our operations were organized in two operating segments related to our product lines:

- Stevioside, and

- Chinese Medicine.

Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has a significant accumulated deficit, incurred recurring losses and, its overall sales decreased. The Company's 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. Management intends to make every effort to improve its current sales forces to further develop and expand the international markets for its new products as well as continuing with the current sources of funds to meet working capitals needs on as needed basis.  There can be no assurance that these plans and arrangements will be successful.

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 unaudited condensed 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.

Recent Developments

We are planning to start building a new facility with annual capacity of 500 metric tons in order to meet substantially increased demand for our high-grade stevia products. In fiscal 2017 and the first three quarters of fiscal 2018, we have invested approximately $88,000 and $736,000, respectively, in this new facility. The new manufacturing facility is fully equipped with stainless steel equipment without any plastic while it has a fully automated system in order to prevent any potential contamination from operators and plastic. In addition, the new manufacturing facility uses the most advanced production equipment that are for the first time to be used for stevia production in the industry, such as a scraper with centrifuge and fluidized drying system.

Stevioside Segment

Stevioside and rebaudioside are all natural low calorie sweeteners extracted from the leaves of the stevia rebaudiana plant. Stevioside is a safe and natural alternative to sugar for people needing low sugar or low calorie diets. Stevioside can be used to replace sugar in beverages and foods, including those that require baking or cooking where synthetic chemical based sweetener replacements are not suitable.

Steviosin is a natural low calorie stevioside extract for medicinal use, containing rebaudioside A at 90% with the total steviol glycosides meeting or exceeding 95% on a dry weight basis. Steviosin is used as an alternative sweetener in pharmaceutical production in China.

- 19 -

OnlySweet is an all natural, zero calorie, dietary supplement comprised of three natural ingredients, including stevioside.  Based on our strategy to develop new products that contain our stevia products, we are evaluating our strategy for the sale and distribution of OnlySweet.

In an effort to meet the international food safety standards mandated by larger consumer product companies that we expect to target as customers in the future, we have made capital investments to enhance our manufacturing facilities, equipment and documentation systems, changed certain manufacturing processes and carried out additional personnel training in order to meet these standards.  These investments allowed us to meet the HACCP System Certification, ISO 9001:2008 Certification and ISO 22000:2005 Food Safety Certification. We obtained these certifications in Novembe 2010.

Chinese Medicine Segment

In our Chinese medicine segment, we manufacture and sell approximately 210 different extracts, which can be divided into the following three general categories:

- single traditional Chinese medicine extracts;

- compound traditional Chinese medicine extracts; and

- purified extracts, including active parts and monomer compounds such as soy isoflavone.

We have evaluated the potential disposition of the Chinese medicine segment to further streamline our product offering and focus our business of producing and selling high-quality stevia products. The exit strategy contemplated for the Chinese medicine segment has also been influenced by our concerns regarding the profitability of this segment in the near future as competition in the Chinese medicine market has strengthened over the past few months. In addition, the Chinese government continues to issue more regulations covering the supply of Chinese herbal raw materials and has increased the regulatory manufacturing standards of this segment. These measures are expected to further increase our raw materials and production costs in the coming quarters and beyond. However, this segment is currently operating at full capacity and we do not expect significant growth potential from this segment in the near future.

OUR PERFORMANCE

 Our revenues totaled approximately $6,326,000 during the three months ended January 31, 2018, a decrease of 1.3%, as compared with the same period in 2017, while our gross margin decreased to 11.7% from 13.9%. Our total operating expenses in the three months ended January 31, 2018 decreased by approximately $90,000, or 5.2% compared to the same period in 2017 primarily due to a decrease of approximately $130,000, or 14.4% in general and administrative expense, and a decrease of approximately $35,000, or 93.4% in loss on disposition of property and equipment, offset by an increase of approximately $74,000, or 14.3% in selling expense. Our net loss for the three months ended January 31, 2018 was approximately $849,000, an increase of approximately $57,000 or 6.3%, compared to $906,000 in the same period in 2017.

Our revenues totaled $15,093,000 during the nine months ended January 31, 2018, a decrease of 7.1% as compared with the same period in 2017, while our gross margin decreased to 8.7% from 13.2%. Our total operating expenses in the nine months ended January 31, 2018 increased by approximately $205,000 or 4.4% compared to the same period in 2017, primarily due to an increase of approximately $258,000 or 65.5% in research and development, and an increase of approximately $245,000, or 603.3% in loss on disposition of property and equipment, as well as an increase of $67,000, or 4.9% in selling expense, offset by a decrease of $364,000, or 12.7% in general and administrative expense. Our net loss for the nine months ended January 31, 2018 was approximately $3,798,000, an increase of approximately $1,147,000 or 43.3%, compared to the $2,650,000 in the same period in 2017.

Our operating performance for the three and nine months ended January 31, 2018 was primarily driven by an increase of 18.6% and 32.4% in sales revenue from our stevia products to the third parties in our Steviosidesegment, offset by a decrease of 21.4% and 6.3% in sales revenue from  our Chinese medicine segment and a decrease in sales to related parties of 25.3% and 66.8% for international customers, respectively.

- 20 -

While we have broadened our stevia product offerings to include a number of higher quality stevia grades from our new product formulations we are developing to introduce to the U.S. and European food and beverage industry, the demand for higher grade stevia products has yet to materialize to the degree we had anticipated, and thus we hope that our sales volume in higher grade stevia products will increase in fiscal 2018 as the demands increase. Stevia has been widely accepted by the food industry and many new stevia manufacturers have entered this industry in the past few years, and recently we introduced a new product line. We are now focusing on new types of stevia products, including tablets, liquid, High A products, and others. We expect to consistently increase our sales of our new products; however we cannot quantify this increase and its effects on future periods.

Our Outlook

We believe that there are significant opportunities for worldwide growth in our Stevioside segment, primarily in the U.S. and EU. For fiscal 2018 and beyond, we will continue to focus on our core business of producing and selling stevioside series products.

Some of the recent favorable observations related to the stevia markets in fiscal 2018 include:

- Chinese domestic food and beverages, particularly herbal tea manufacturers and the pharmaceutical industry, have increased the use of steviosides;

- Southeast and South Asia have renewed and increased their interest in stevia, particularly high grade stevia; and

- The marketing strategy to differentiate ourselves as a producer of higher quality stevia grades and product formulations through these collaboration efforts may lead to sustainable growth in stevia sales volume in the future.

Meanwhile, we are also facing challenges in competitive pricing and sourcing raw materials for fiscal 2018. During fiscal 2017, the market prices of stevioside products were impacted by strong price competition among Chinese manufacturers. We expect the pressure from pricing competition to continue in fiscal 2018. We also anticipate the price of stevia leaves, the raw material used to produce our stevioside series products, to increase in fiscal 2018.

RESULTS OF OPERATIONS

The following table summarizes our results from operations for the three month periods ended January 31, 2018 and 2017. The percentages represent each line item as a percent of revenues: 

For the Three Months ended January 31, 2018
	Chinese Medicine					Stevioside					Corporate and other			Consolidated
Total revenues	$	675,927		100.0	%	$	5,649,665		100.0	%	$	-		$	6,325,592		100.0	%
Cost of revenues		531,693		78.7	%		5,057,083		89.5	%		-			5,588,776		88.3	%
Gross profit		144,234		21.3	%		592,582		10.5	%		-			736,816		11.7	%
Loss on disposition of property and equipment		2,164		0.3	%		266		0.0	%		-			2,430		0.0	%
Research and development expenses		1,387		0.2	%		282,964		5.0	%		-			284,351		4.5	%
Other operating expenses		189,427		28.0	%		862,335		15.3	%		314,667			1,366,429		21.6	%
Other income		41,779		6.2	%		1,805		0.0	%		-			43,584		0.7	%
Loss before income taxes	$	(6,964	)	(1.0	)%	$	(551,179	)	(9.8	)%	$	(314,667	)	$	(872,810	)	(13.8	)%

- 21 -

For the Three Months ended January 31, 2017
	Chinese Medicine					Stevioside					Corporate and other			Consolidated
Total revenues	$	859,933		100.0	%	$	5,550,394		100.0	%	$	-		$	6,410,327		100.0	%
Cost of revenues		737,032		85.7	%		4,780,254		86.1	%		-			5,517,286		86.1	%
Gross profit		122,901		14.3	%		770,140		13.9	%		-			893,041		13.9	%
Loss on disposition of property and equipment		-		-			36,964		0.7	%		-			36,964		0.6	%
Research and development expenses		-		-			283,815		5.1	%		-			283,815		4.4	%
Other operating expenses		160,528		18.7	%		902,352		16.3	%		360,032			1,422,912		22.2	%
Other income (expenses)		(520	)	(0.1	)%		(55,849	)	(1.0	)%		1,335			(55,034	)	(0.9	)%
Loss before income taxes	$	(38,147	)	(4.4	)%	$	(508,840	)	(9.2	)%	$	(358,697	)	$	(905,684	)	(14.1	)%

The following table summarizes our results from operations for the nine month periods ended January 31, 2018 and 2017.

For the Nine Months ended January 31, 2018
	Chinese Medicine					Stevioside					Corporate and other			Consolidated
Total revenues	$	2,099,147		100.0	%	$	12,993,938		100.0	%	$	-		$	15,093,085		100.0	%
Cost of revenues		1,720,361		82.0	%		12,067,132		92.9	%		-			13,787,493		91.3	%
Gross profit		378,786		18.0	%		926,806		7.1	%		-			1,305,592		8.7	%
Loss on disposition of property and equipment		253,890		12.1	%		31,260		0.2	%					285,150		1.9	%
Research and development expenses		2,330		0.1	%		648,324		5.0	%		-			650,654		4.3	%
Other operating expenses		560,326		26.7	%		2,379,479		18.3	%		1,021,871			3,961,676		26.3	%
Other expenses		(84,113	)	(4.0	)%		(145,909	)	(1.1	)%		-			(230,022	)	(1.5	)%
Loss before income taxes	$	(521,873	)	(24.9	)%	$	(2,278,166	)	(17.5	)%	$	(1,021,871	)	$	(3,821,910	)	(25.3	)%

- 22 -

For the Nine Months ended January 31, 2017
	Chinese Medicine					Stevioside					Corporate and other			Consolidated
Total revenues	$	2,240,055		100.0	%	$	14,004,758		100.0	%	$	-		$	16,244,813		100.0	%
Cost of revenues		1,725,719		77.0	%		12,369,619		88.3	%		-			14,095,338		86.8	%
Gross profit		514,336		23.0	%		1,635,139		11.7	%		-			2,149,475		13.2	%
Loss on disposition of property and equipment		-		-			40,543		0.3	%		-			40,543		0.3	%
Research and development expenses		-		-			393,143		2.8	%		-			393,143		2.4	%
Other operating expenses		701,225		31.3	%		2,430,500		17.4	%		1,127,046			4,258,771		26.2	%
Other income (expense)		(1,153	)	(0.1	)%		(107,464	)	(0.6	)%		1,335			(107,282	)	(0.7	)%
Loss before income taxes	$	(188,043	)	(8.4	)%	$	(1,336,510	)	(9.5	)%	$	(1,125,711	)	$	(2,650,264	)	(16.3	)%

Revenues

Total revenues in the three months ended January 31, 2018 decreased by approximately 1.3%, as compared to the same period in 2017. Stevioside revenues, which accounts for 89.3% and 86.6% of our total revenues in the three months ended January 31, 2018 and 2017, respectively, increased by 1.8%, while Chinese medicine revenues decreased by 21.4%.

Within our Stevioside segment, revenues from sales to third parties increased by 18.6% and sales to the related party decreased by 25.3% in the three months ended January 31, 2018, as compared to the same period in 2017. We have been trying to develop our domestic and international market and focus more on increasing sales to third party customers in the past three months, and we have increased the dependence of our sales to domestic market. Revenues from the sales to our domestic clients increased from 66.8% to 74.8% of our total revenue in the three months ended January 31, 2018, as compared to the same period in 2017. Since we do not have the authorization to export products from China, we used to outsource all of our exporting business to a related party, Qufu Shengwang Import and Export, which has authorizations to export. We have also started to outsource our exporting business to Yi-Da Tong, which is a third party export agent since March 2016. Revenues from the sales to our international clients decreased from 33.2% to 25.2% of our total revenue in the three months ended January 31, 2018, as compared to the same period in 2017. We sold total quantity amount of 140 metric tons of stevioside for the three months ended January 31, 2018, decreased by 11.5% as compared to 159 metric tons during the same period in 2017.Our unit sale price fluctuated from month to month in the three months ended October 31, 2017, average unit sale price of our stevioside increased by approximately 6.3%, compare to the same period in 2017, which was mainly affected by the increased market demand. We believe that the dropped revenue in Chinese Medicine segment in the three months ended January 31, 2018 is due to normal market fluctuation, it is the first quarter to experience a price drop after it had been constantly increasing for the past several years.

Total revenues in the nine months ended January 31, 2018 decreased by 7.1% as compared to the same period in 2017. Stevioside revenues, which accounts for 86.1% and 86.2% of our total revenues in the nine months ended January 31, 2018 and 2017, respectively, decreased by 7.2%, and Chinese medicine revenues decreased by approximately $141,000 or 6.3%. During the nine months ended January 31, 2018, within our Stevioside segment, our sales volume decreased by approximately 349 metric tons, a 3.3% decrease; the average unit price of our stevia products was decreased by 9.0% as to our effort to stay ahead of competition and to gain market share, as compared to the same period in 2017. Stevioside revenues from sales to third parties increased by 32.4% while sales to the related party decreased by 66.8% in the nine months ended January 31, 2018, as compared to the same period in 2017.We are facing challenges in competitive pricing and sourcing of raw materials in the nine months ended January 31, 2018, the market prices of stevioside products were impacted by strong price competition among Chinese manufacturers.  We have more than 210 products in the Chinese Medicine segment, and their prices fluctuate depending on the market. We expect demand to increase in the future as we expand our client base, however, we are not able to quantify this future increase.

- 23 -

Cost of Revenues and Gross Margin

Cost of revenues in the three months ended January 31, 2018 increased by 1.3%, compared to the same period in 2017. Cost of revenues as a percentage of revenues increased from 86.1% to 88.3% during the three months ended 2017 and 2017. Gross margin in Stevioside segment decreased from 13.9% to 11.7% for the three months ended by January 31, 2018, comparing the same period in 2017, which was primarily due to the reduction of our sales while we incurred higher raw material costs and higher overhead costs. Gross margin in Chinese Medicine segment was 21.3% in the three months ended January 31, 2018, an increase as compared to the gross margin of 14.3% in the same period in 2017. The lower gross margin for Stevioside segment due to high market competition gain our market share on both domestic and international markets. Since we purchase our raw materials on the spot market, we are unable to predict, with any degree of certainty, our raw material costs and their impact on our gross margin in future periods. Our consolidated gross margin for the three months ended by January 31, 2018 was 11.7%, as compared to 13.9% in the same period in 2017.   

The consolidated gross margin for the nine months ended January 31, 2018 decreased to 8.7%, compared to 13.2% for the same period in 2017. Gross margin in the Stevioside segment decreased during the nine months ended January 31, 2018 to 7.1%, compared to 11.7% for the same period in 2017. The decrease was primarily due to the higher raw material costs and lower average unit sale price as to stay ahead of competition and to gain our market share during the period. The Chinese medicine segment gross margin decreased to 18.0% in the nine months ended January 31, 2018, compared to 23.0% for the same period in 2017, due to similar reasons discussed above. 

Selling Expenses

For the three months ended January 31, 2018, we had an increase of approximately $74,000, or 14.3% in selling expenses, as compared to the same period in 2017. This increase was primarily due to the approximately $119,000 increase in promotion and marketing expenses, $24,000 increase in commission, $20,000 increase in travel and entertainment expenses, offset by a $9,000 decrease in shipping and freight, $68,000 decrease in advertising expenses, $6,000 decrease in salary and wages, $5,000 decrease in local sales related taxes, and a decrease of $1,000 in miscellaneous in the three months ended January 31, 2018.

In the nine months ended January 31, 2018, we had an increase of approximately $67,000, or 4.9% in selling expenses, as compared to the same period in 2017. The increase was primarily due to the approximately $158,000 increase in promotion and marketing expenses, $30,000 increase in travel and entertainment expenses, $12,000 increase in US warehouse expense, $8,000 increase in commission, $13,000 increase in salary and wage, and $10,000 increase in office expense, offset by a decrease of $98,000 in shipping and freight, and a decrease of $66,000 in advertising expenses in the nine months ended January 31, 2018.

General and Administrative Expenses

Our general and administrative expenses for the three months ended January 31, 2018 decreased by approximately $130,000, or 14.4% from the same period in 2017. The decrease was primarily due to a decrease of approximately $89,000 decrease in depreciation and amortization expenses since the disposition of property and equipment, $141,000 decrease in repairs and maintenance fee, $48,000 decrease in salary and wage expenses, $56,000 decrease in consulting service fee,and $22,000 decrease in auto expense, offset by an increase of $18,000 in office expense, $76,000 increase in bad debt expense, $9,000 increase in travel expense, $20,000 increase in property tax and other tax expense, $4,000 increase in marketing expense, and $99,000 increase in miscellaneous expense in three months ended January 31, 2018.

Total general and administrative expenses for the nine months ended January 31, 2018 decreased by approximately $364,000, or 12.7% from the comparable period in 2017. The decrease was primarily due to approximately a decrease of $191,000 in depreciation and amortization expenses since the disposition of property and equipment, $62,000 decrease in repairs and maintenance fee, $95,000 decrease in salary and wage expenses, $119,000 decrease in consulting service fee, $58,000 decrease in travel expense, and $74,000 decrease in product testing expense, offset by an increase of $15,000 in marketing expense, $8,000 increase in utilities, $135,000 increase in property tax and other tax expense, $27,000 increase in meals and entertainment expenses, and $50,000 increase in miscellaneous expense in nine months ended January 31, 2018.

- 24 -

Research and Development Expense

For the three and nine months ended January 31, 2018, our research and development expenses amounted to approximately $284,000 and $651,000, as compared to $284,000 and $393,000 for the same periods in 2017, respectively. The increase of approximately $0 and $258,000 was primarily due to the increase in spending for third party technical consulting fees on the research and development of stevioside products in the three and nine months ended January 31, 2018, respectively.

 Other Income (Expenses)

For the three months ended January 31, 2018, other income, net of other expenses, amounted to approximately $44,000, an increaseof $98,000 as compared to the other expense, net of other income, of approximately $55,000 for the three months ended January 31, 2017. The increase of other income was primarily attributable to an increase of $150,000 in net other income due to collect tax rebates of prior year, and a decrease of $12,000 in interest expense – related party, offset by interest expense in the increased amount of approximately $64,000.

For the nine months ended January 31, 2018, other expense, net of other income, amounted to approximately $230,000, an increase of $123,000 as compared to the other expense, net of other income, of approximately $107,000 for the nine months ended January 31, 2017. The increase was primarily attributable to an increase in other expense of $6,000 and an increase of interest expense of $142,000, offset by interest expense – related party in the decreased amount of approximately $25,000.

Net Loss

Net loss in the three and nine months ended January 31, 2018 was approximately $873,000 and $3,822,000, compared to $906,000 and $2,650,000 in the three and nine months ended January 31, 2017, respectively. This increase was primarily due to decrease in revenues and higher cost of revenue, hence a decrease in gross profit with higher operating expenses mainly from higher selling expenses.

Foreign currency translation adjustment

    The functional currency of our subsidiaries and variable interest entities operating in the PRC is the Chinese Yuan or Renminbi ("RMB"). The financial statements of our subsidiaries are translated to U.S. dollars using period end rates of exchange for assets and liabilities, and average rates of exchange (for the period) for revenues, costs, and expenses. Net gains and losses resulting from foreign exchange transactions are included in the consolidated statements of operations. As a result of foreign currency translations, which are a non-cash adjustment, we reported a foreign currency translation gain of $532,000 and $970,000 for the three and nine months ended January 31, 2018, as compared to a foreign currency translation loss of $197,000 and $834,000 for the same period in 2017, respectively. This non-cash gain (loss) had the effect of increasing (decreasing) our reported comprehensive income (loss). 

Comprehensive loss

 As a result of our foreign currency translation gain, we had a comprehensive loss for the three months ended January 31, 2018 of approximately $340,000, compared to $1,103,000 for the same in 2017. We had a comprehensive loss for the nine months ended January 31, 2018 of approximately $2,852,000, compared to $3,484,000 for the nine months ended January 31, 2017.

- 25 -

LIQUIDITY AND CAPITAL RESOURCES

Liquidity is the ability of a company to generate sufficient cash to meet its operational cash requirements.  

At January 31, 2018, we had a working capital of approximately $4,243,000, including cash of $151,000, as compared to the working capital of $4,652,000 and cash of $51,000 at April 30, 2017. The approximate $100,000 increase in our cash at January 31, 2018 from April 30, 2017 is primarily attributable to net cash provided by financing activities in proceeds from loans, which offset from net cash used in investing activities in purchase of property and equipment to improve our productivity and operating activities. We may seek to raise capital through additional debt and/or equity financings to fund our operations in the future. Although we have historically raised capital from sales of equity and from bank or individual loans, there is no assurance that we will be able to continue to do so. If we are unable to raise additional capital or secure additional lending in the next 12 months, management expects that we will need to curtail or cease operations. The accompanying unaudited condensed consolidated financial statements do not include any adjustments related to the recoverability and or classification of recorded asset amounts and or classification of liabilities that might be necessary should we be unable to continue as a going concern.

Accounts receivable, net of allowance for doubtful accounts, including accounts receivable from related parties, increased by approximately $2,769,000 during the nine months ended January 31, 2018. The days for sales outstanding in accounts receivable increased to 24 days as of January 31, 2018, as compared to 20 days as of April 30, 2017. The days for sales outstanding in accounts receivable for third party sales increased to 18 days as of January 31, 2018, as compared to 15 days as of April 30, 2017.  We will reevaluate accounts receivable for sales and will make necessary adjustments to improve our collection efforts in accounts receivable for related party sales and accounts receivable for third party sales in the near future.

At January 31, 2018, inventories, net of reserve for obsolescence, totaled approximately $12,106,000, as compared to $8,816,000 as of April 30, 2017. We predicted the price of raw material will be increased based on information available to us and we increased in procurements of raw materials volume during the nine months ended January 31, 2018. This inventory has not yet been sold, partly due to the market demand not raising as much as we predicted, however the higher inventory balance will prepare us for our anticipated upcoming increase in demand.

Our accounts payable and accrued expenses were approximately $9,891,000 at January 31, 2018, an increase of approximately $2,854,000 from April 30, 2017. The increase is primarily due to the increase of our purchasing of raw materials, the timing of payments for balances related to raw material purchases made in the ordinary course of business and increased accrued interest payables related to loans borrowed from multiple non-related individuals.

Loans payable at January 31, 2018 and April 30, 2017 totaled approximately $9,476,000 (RMB59,593,000) and $7,267,000 (RMB50,108,000), respectively. These loans payable consisted of short-term loans of approximately $4,594,000 (RMB28,893,000) and long-term loans of $4,882,000 (RMB30,700,000) from multiple non-related individuals, which bear annual interest rates of 10% - 4%. The maturity dates of the loans payable at January 31, 2018 range from March 6, 2018 to September 27, 2019.  

Cash Flows Analysis

NET CASH FLOW USED IN OPERATING ACTIVITIES:

Net cash used in operating activities was approximately $2,443,000 during the nine months ended January 31, 2018, as compared to net cash used in operating activities of $977,000 in the same period in 2017. The increase of  cash used in operating activities was primarily due to depreciation and amortization expenses of approximately $1,203,000, stock issued for employees' compensation of $920,000, loss on disposition of property and equipment of $285,000,  $2,063,000 increase in accounts payable and accrued expenses, and $1,715,000 decrease in prepaid expense and other current assets, offset by a net loss of approximately $3,822,000, $2,301,000 increase in inventories, $262,000 increase in accounts receivable, $1,989,000 increase in accounts receivable-related party, $38,000 decrease in taxes payables and a recovery of bad debts reserve of $217,000.

- 26 -

Net cash used in operating activities was approximately $977,000 during the nine months ended January 31, 2017, as compared to net cash provided by operating activities of $309,000 in the same period in 2016. The increase from cash used in operating activities was primarily due to depreciation and amortization expenses of approximately $1,276,000, loss on disposition of property and equipment of $41,000, loss from sales of real estate investment held for resale of $2,410, allowance for doubtful accounts of $55,000, stock issued for services of $109,000, stock issued for employees' compensation of $920,000, $3,968,000 increase in accounts payable and accrued expenses, offset by net loss of approximately $2,650,000, $3,324,000 increase in inventories, $878,000 increase in accounts receivable, $47,000 increase in accounts receivable-related party, $305,000 increase in prepaid expense and other current assets and a $144,000 decrease in taxes payables.

NET CASH FLOW USED IN BY INVESTING ACTIVITIES:

Net cash used in investing activities amounted to approximately $706,000 during the nine months ended January 31, 2018 due to capital expenditures for property and equipment of approximately $708,000, offset by the proceed received from disposal of equipment of approximately $2,000.

 Net cash used in investing activities amounted to approximately $453,000 during the nine months ended January 31, 2017 due to purchases of property and equipment of $751,000, offset by the proceeds received from disposal of real estate investments of approximately $298,000.

NET CASH FLOW PROVIDED BY FINANCING ACTIVITIES:

Net cash provided by financing activities amounted to approximately $3,107,000 in the nine months ended January 31, 2018, primarily due to proceeds from loans of approximately $1,665,000 and repayment for the short-term loan of approximately $375,000. We also recorded advances received from related party as working capital, net of repayments made to related party advances. During the nine months ended January 31, 2018, we received advances from related parties totaling of approximately $5,069,000 for working capital purposes and we also made repayments to related parties of approximately $3,252,000.

Net cash provided by financing activities amounted to approximately $736,000 in the nine months ended January 31, 2017, primarily due to proceeds from short-term loan of approximately $909,000 and advances received from related party as working capital, net of repayments made to related party advances. During the nine months ended January 31, 2017, we received advances from related parties totaling of approximately $2,596,000 for working capital purposes and we also made repayments to related parties of approximately $2,768,000.

CASH ALLOCATION BY COUNTRIES

The functional currency of our Chinese subsidiaries is the Chinese RMB. Substantially all of our cash is held in the form of RMB at financial institutions located in the PRC, where there is no equivalent of federal deposit insurance as in the United States. As a result, cash accounts at financial institutions in the PRC are not insured. We have not experienced any losses in such accounts as of January 31, 2018.

In 1996, the Chinese government introduced regulations which relaxed restrictions on the conversion of the RMB; however restrictions still remain, including but not limited to restrictions on foreign invested entities. Foreign invested entities may only buy, sell or remit foreign currencies after providing valid commercial documents at only those banks authorized to conduct foreign exchanges. Furthermore, the conversion of RMB for capital account items, including direct investments and loans, is subject to PRC government approval. Chinese entities are required to establish and maintain separate foreign exchange accounts for capital account items. We cannot be certain Chinese regulatory authorities will not impose more stringent restrictions on the convertibility of the RMB, especially with respect to foreign exchange transactions. Accordingly, cash on deposit in banks in the PRC is not readily deployable by us for purposes outside of the PRC. Our cash position by geographic area is as follow:

	January 31, 2018			April 30, 2017
	(unaudited)
China		$	150,344		$	30,781
United States			785			20,335
Total		$	151,129		$	51,116

- 27 -

Off Balance Sheet Arrangements

Under SEC regulations, we are required to disclose our off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, such as changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. An off-balance sheet arrangement means a transaction, agreement or contractual arrangement to which any entity that is not consolidated with us as a party, under which we have:

- Any obligation under certain guarantee contracts,

- Any retained or contingent interest in assets transferred to an unconsolidated entity or similar arrangement that serves as credit, liquidity or market risk support to that entity for such assets,

- Any obligation under a contract that would be accounted for as a derivative instrument, except that it is both indexed to our stock and classified in stockholder's equity in our statement of financial position, and

- Any obligation arising out of a material variable interest held by us in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to us, or engages in leasing, hedging or research and development services with us.

We do not have any off-balance sheet arrangements that we are required to disclose pursuant to these regulations. In the ordinary course of business, we enter into operating lease commitments, purchase commitments and other contractual obligations. These transactions are recognized in our financial statements in accordance with accepted accounting principles generally accepted in the U.S. ("U.S. GAAP").

CRITICAL ACCOUNTING POLICIES

The preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities in the consolidated financial statements and accompanying notes. The SEC has defined a company's critical accounting policies as the ones that are most important to the portrayal of the company's financial condition and results of operations, and which require the company to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Based on this definition, we have identified the critical accounting policies and judgments addressed below. We also have other key accounting policies, which involve the use of estimates, judgments and assumptions that are significant to understanding our results, which are described in Note 2 to our unaudited condensed consolidated financial statements. Although we believe that our estimates, assumptions and judgments are reasonable, they are based upon information presently available. Actual results may differ significantly from these estimates under different assumptions, judgments or conditions.  

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable to smaller reporting company.

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act") that are designed to ensure that information required to be disclosed by us in reports that we file under the Exchange Act is recorded, processed, summarized and reported as specified in the SEC's rules and forms and that such information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer ("CEO"), and our Chief Financial Officer ("CFO"), to allow timely decisions regarding required disclosure.

Management, with the participation of our CEO and CFO, performed an evaluation of the effectiveness of our disclosure controls and procedures as of January 31, 2018.  

- 28 -

Based on this evaluation our management concluded that our disclosure controls and procedures were not effective as of January 31, 2018 such that the information relating to our company, required to be disclosed in our Securities and Exchange Commission reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and (ii) is accumulated and communicated to our management, including our CEO, to allow timely decisions regarding required disclosure.

Management's Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act. Our management is also required to assess and report on the effectiveness of our internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002 ("Section 404"). As reported in our Form 10-K for the year ended April 30, 2017, management assessed the effectiveness of our internal control over financial reporting as of April 30, 2017 and, during our assessment, management identified significant deficiencies related to (i) the U.S. GAAP expertise of our internal accounting staff, (ii) our internal audit functions and (iii) a lack of segregation of duties within accounting functions. Although management believes that these deficiencies do not amount to a material weakness, our internal controls over financial reporting were not effective at April 30, 2017.

Due to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible. As a result, we have not been able to take steps to improve our internal controls over financial reporting during the three months ended January 31, 2018. However, to the extent possible, we will implement procedures to assure that the initiation of transactions, the custody of assets and the recording of transactions will be performed by separate individuals.

A material weakness (within the meaning of PCAOB Auditing Standard No. 5) 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 our annual or interim financial statements will not be prevented or detected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit attention by those responsible for oversight of the company's financial reporting.

In light of this significant deficiency, we performed additional analyses and procedures in order to conclude that our consolidated financial statements for the three months ended January 31, 2018 included in this quarterly report on Form 10-Q were fairly stated in accordance with the U.S. GAAP. Accordingly, management believes that despite our significant deficiency, our consolidated financial statements for the three months ended January 31, 2018 are fairly stated, in all material respects, in accordance with the U.S. GAAP.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting identified in connection with the evaluation of our controls performed during the quarter ended January 31, 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

None.

ITEM 1A.RISK FACTORS.

Risk factors describing the major risks to our business can be found under Item 1A, "Risk Factors", in our fiscal 2017 Annual Report on Form 10-K. There has been no material change in our risk factors from those previously discussed in the fiscal 2017Annual Report on Form 10-K.

- 29 -

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4.  MINE SAFETY DISCLOSURE.

None.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6.  EXHIBITS

Exhibit No.	Description of Exhibit
31.1	Section 302 Certificate of Chief Executive Officer.*
31.2	Section 302 Certificate of Chief Financial Officer.*
32.1	Section 906 Certificate of Chief Executive Officer and Chief Financial Officer.*
101.INS	XBRL INSTANCE DOCUMENT**
101.SCH	XBRL TAXONOMY EXTENSION SCHEMA**
101.CAL	XBRL TAXONOMY EXTENSION CALCULATION LINKBASE**
101.DEF	XBRL TAXONOMY EXTENSION DEFINITION LINKBASE**
101.LAB	XBRL TAXONOMY EXTENSION LABEL LINKBASE**
101.PRE	XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE**

* - Filed herewith.

** - In accordance with Regulation S-T, the XBRL-formatted interactive data files that comprise Exhibit 101 to this Quarterly Report on Form 10-Q/A shall be deemed "furnished" and not "filed".

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 thereunto duly authorized.

	SUNWIN STEVIA INTERNATIONAL, INC.
Dated: March 16, 2018	By: /s/ Dongdong Lin
	Dongdong Lin,
	Chief Executive Officer
Dated: March 16, 2018	By: /s/ Fanjun Wu
	Fanjun Wu,
	Chief Financial Officer

- 30 -

EX-31.1

Exhibit 31.1

Rule 13a-14(a)/15d-14(a) Certification

I, Dongdong Lin, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the period ended January 31, 2018 of Sunwin Stevia International, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15-d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

March 16, 2018	/s/ Dongdong Lin
	Dongdong Lin,
	Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2  

Rule 13a-14(a)/15d-14(a) Certification

I, Fanjun Wu, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the period ended January 31, 2018 of Sunwin Stevia International, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15-d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

March 16, 2018	/s/ Fanjun Wu
	Fanjun Wu,
	Chief Financial Officer (Principal Financial and Accounting Officer)

EX-32.1

Exhibit 32.1

Section 1350 Certification

In connection with the quarterly report of Sunwin Stevia International, Inc. (the "Company") on Form 10-Q for the period ended January 31, 2018 as filed with the Securities and Exchange Commission (the "Report"), I, Dongdong Lin, Chief Executive Officer of the Company, and I, Fanjun Wu, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. SS. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of our knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

March 16, 2018	/s/ Dongdong Lin
	Dongdong Lin,
	Chief Executive Officer
March 16, 2018	/s/ Fanjun Wu
	Fanjun Wu,
	Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information - USD ($)	9 Months Ended
	Jan. 31, 2018	Mar. 16, 2018	Oct. 31, 2016
Document and Entity Information:
Entity Registrant Name	SUNWIN STEVIA INTERNATIONAL, INC.
Document Type	10-Q
Document Period End Date	Jan. 31, 2018
Trading Symbol	suwn
Amendment Flag	false
Entity Central Index Key	0000806592
Current Fiscal Year End Date	--04-30
Entity Common Stock, Shares Outstanding		199,632,803
Entity Public Float			$ 13,406,525
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	2018
Document Fiscal Period Focus	Q3

XML

SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jan. 31, 2018	Apr. 30, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 151,129	$ 51,116
Accounts receivable, net of allowance for doubtful accounts of $1,111,599 and $1,182,632, respectively	2,872,554	2,243,621
Accounts receivable - related party	2,479,670	339,270
Inventories, net	12,105,911	8,816,473
Prepaid expenses and other current assets	3,140,458	4,729,865
Total Current Assets	20,749,722	16,180,345
Property and equipment, net	8,450,333	8,241,197
Intangible assets, net		108,390
Land use rights, net	1,994,687	1,855,055
Other long-term asset	154,956	856,878
Total Assets	31,349,698	27,241,865
CURRENT LIABILITIES:
Accounts payable and accrued expenses	9,890,617	7,036,471
Short-term loans	4,594,326	4,366,389
Due to related party	2,022,032	125,312
Total Current Liabilities	16,506,975	11,528,172
Long-term loans	4,881,694	2,900,484
Total Liabilities	21,388,669	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 January 31, 2018 and April 30, 2017, respectively	199,633	199,633
Additional paid-in capital	37,681,279	37,681,279
Accumulated deficit	(32,934,466)	(29,112,556)
Accumulated other comprehensive income	5,014,583	4,044,853
Total Stockholders' Equity	9,961,029	12,813,209
Total Liabilities and Stockholders' Equity	$ 31,349,698	$ 27,241,865

XML

"SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Revenues:
Revenues	$ 4,734,263	$ 4,280,956	$ 13,234,376	$ 10,653,073
Revenues - related party	1,591,329	2,129,371	1,858,709	5,591,740
Total revenues	6,325,592	6,410,327	15,093,085	16,244,813
Cost of revenues	5,588,776	5,517,286	13,787,493	14,095,338
Gross profit	736,816	893,041	1,305,592	2,149,475
Operating expenses:
Selling expenses	592,042	518,153	1,447,692	1,380,363
General and administrative expenses	774,387	904,759	2,513,984	2,878,408
Research and development expenses	2,430	36,964	285,150	40,543
Loss on disposition of property and equipment	284,351	283,815	650,654	393,143
Total operating expenses, net	1,653,210	1,743,691	4,897,480	4,692,457
Loss from operations	(916,394)	(850,650)	(3,591,888)	(2,542,982)
Other income (expenses):
Other income (expenses)	195,253	45,224	156,906	162,874
Interest income	414	118	785	578
Interest expense - related party	(25,945)	(38,207)	(71,135)	(96,320)
Interest expense	(126,138)	(62,169)	(316,578)	(174,414)
Total other income	43,584	(55,034)	(230,022)	(107,282)
Loss before income taxes	(872,810)	(905,684)	(3,821,910)	(2,650,264)
Net loss	(872,810)	(905,684)	(3,821,910)	(2,650,264)
Comprehensive loss
Net loss	(872,810)	(905,684)	(3,821,910)	(2,650,264)
Foreign currency translation adjustment	532,476	(196,829)	969,730	(834,188)
Total Comprehensive loss	$ (340,334)	$ (1,102,513)	$ (2,852,180)	$ (3,484,452)
Net loss per common share:
Net Loss per share-basic and diluted	$ (0.00)	$ (0.00)	$ (0.02)	$ (0.01)
Weighted average common shares outstanding - basic and diluted	199,632,803	182,066,546	199,632,803	182,066,546

XML

SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (3,821,910)	$ (2,650,264)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation expense	1,054,856	992,590
Amortization of intangible assets	108,390	243,880
Amortization of land use right	39,736	39,398
Loss on disposition of property and equipment	285,150	40,543
Allowance for doubtful accounts		55,145
Recovery of bad debt reserve	(216,910)
Stock issued for employee compensation	920,001	920,001
Stock issued for services		108,750
Loss from sales of real estate investment held for resale		2,410
Changes in operating assets and liabilities:
Accounts receivable and notes receivable	(261,918)	(877,513)
Accounts receivable - related party	(1,988,620)	(47,363)
Inventories	(2,301,254)	(3,324,235)
Prepaid expenses and other current assets	1,715,157	(304,584)
Accounts payable and accrued expenses	2,062,513	3,968,486
Taxes payable	(37,968)	(144,194)
NET CASH USED IN OPERATING ACTIVITIES	(2,442,777)	(976,950)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(707,890)	(750,583)
Proceeds from disposal of equipment	1,505
Proceeds from disposal of real estate investment		297,513
NET CASH USED IN INVESTING ACTIVITIES	(706,385)	(453,070)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans	1,665,342	909,302
Repayment of short-term loan	(375,077)
Advance due from related party	5,068,601	2,595,313
Repayment of related party advances	(3,251,990)	(2,768,284)
NET CASH USED IN FINANCING ACTIVITIES	3,106,876	736,331
EFFECT OF EXCHANGE RATE ON CASH	142,299	(36,379)
NET CHANGE IN CASH	100,013	(730,068)
Cash	51,116	900,071
Cash	151,129	170,003
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash paid for income taxes		1,859
Cash paid for interest	38,484	96,320
NON-CASH INVESTING AND FINANCING ACTIVITIES
Property and equipments acquired on credit as payable	28,024	$ 451,786
Accrued interests enrolled into debts	$ 132,747

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Note 1 - Organization and Operations

9 Months Ended

Jan. 31, 2018

Notes

Note 1 - Organization and Operations

NOTE 1 - ORGANIZATION AND OPERATIONS

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.

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:

-   Qufu Natural Green Engineering Co., Ltd. ("Qufu Natural Green"), a subsidiary wholly owned by Sunwin Stevia International;

-   Qufu Shengren Pharmaceutical Co., Ltd. ("Qufu Shengren"), a subsidiary wholly owned by Qufu Natural Green;

-   Qufu Shengwang Stevia Biology and Science Co., Ltd. ("Qufu Shengwang"), a subsidiary wholly owned by Qufu Natural Green;

-   Sunwin Tech Group, Inc. ("Sunwin Tech"), a subsidiary wholly owned by Sunwin Stevia International; and

-   Sunwin USA, LLC. ("Sunwin USA"), a subsidiary 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 Natural Green 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.

On July 1, 2012, Qufu Shengwang entered a 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 2013, 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 plan to use these assets to manufacture a variety of traditional Chinese medicine formula extracts. We started production in last quarter of fiscal 2014.

Qufu Shengren

In fiscal 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 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. The $92,541 cash payment was paid by China Direct Investment, Inc. ("CDI"), our corporate management services provider, and reimbursed by us to CDI through the issuance of our common shares as part of the terms of the consulting agreement with CDI dated May 1, 2012. The net tangible assets of Sunwin USA were reduced from $1,825,804 to $1,625,874 as a result of the application of generally accepted accounting principles ("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 include the product development and supply chain for OnlySweet.

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 management 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. In fiscal year 2018, WILD is still one of our customers continuing to purchase enzyme treated products from us.

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Note 2 - Summary of Significant Accounting Policies

9 Months Ended

Jan. 31, 2018

Notes

Note 2 - Summary of Significant Accounting Policies

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The accompanying unaudited condensed 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 pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim financial reporting. The accompanying unaudited condensed consolidated financial statements for the interim periods presented are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the periods presented. Certain financial statement amounts relating to prior periods have been reclassified to conform to the current period presentation. All intercompany accounts and transactions have been eliminated in consolidation.

These unaudited condensed consolidated interim financial statements should be read in conjunction with the financial statements and footnotes for the year ended April 30, 2017 included in our Form 10-K as filed with the SEC. The results of operations and cash flows for the nine months ended January 31, 2018 are not necessarily indicative of the results of operations or cash flows which may be reported for future periods or the full fiscal year.

The condensed consolidated balance sheet as of April 30, 2017 contained herein has been derived from the audited consolidated financial statements as of April 30, 2017, but do not include all disclosures required by the U.S. GAAP.

Our unaudited condensed consolidated financial statements include the accounts of Sunwin and all our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Our subsidiaries include the following:

-    Qufu Natural Green;

-    Qufu Shengren;

-    Qufu Shengwang;

-    Sunwin Tech; and

-    Sunwin USA

USE OF ESTIMATES

The preparation of unaudited condensed consolidated 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 unaudited condensed 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 January 31, 2018, we held $150,344 of our cash and cash equivalents with commercial banking institutions in the PRC, and $785 with banks in the United States. As of April 30, 2017, we held $30,781 of our cash and cash equivalents with commercial banking institution in PRC, and $20,335 in the United States. In China, there is no equivalent federal deposit insurance as in the United States, so the amounts held in banks in China are not insured. We have not experienced any losses in such bank accounts through January 31, 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. At January 31, 2018 and April 30, 2017, the allowance for doubtful accounts was $1,111,599 and $1,182,632, respectively. We had recovery of bad debt for $216,910 and recognized bad debt expenses of $55,145 for the nine months ended January 31, 2018 and 2017, respectively.

INVENTORIES

Inventories, consisting of raw materials, work in process, and finished goods related to our products, are stated at the lower of cost or market (estimated net realizable value) utilizing the weighted average method. An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserves for the difference between the cost and the market value. These reserves are recorded based on estimates. At January 31, 2018 and April 30, 2017, the Company recorded a reserve for obsolete or slow-moving inventories of $178,776 and $163,048, 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 paragraph 360-10-35-17 of the Financial Accounting Standards Board (FASB) Accounting Standards Codification ("ASC"), we examine the possibility of decreases in the value of fixed assets 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 $285,150 and $122,285 at January 31, 2018 and April 30, 2017, respectively. We received $1,505 and $0 in cash proceeds from disposal of equipment for the nine months ended January 31, 2018 and 2017, respectively.

FAIR VALUE OF FINANCIAL INSTRUMENTS

We 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, notes receivable, prepayments and other current assets, accounts payable, taxes payable and accrued expenses, 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 on January 31, 2018 and April 30, 2017 amounted to $92,568 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.

GRANT INCOME

Grants received from PRC government agencies are recognized as deferred grant income and recognized in the consolidated statements of operations and comprehensive loss as and when they are earned for the specific research and development projects for which these grants are received.

INCOME TAXES

The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes ("ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns.  Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.  Valuation allowances are recorded to reduce the deferred tax assets to an amount that it is more likely than not be realized.

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 January 31, 2018, the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future.

BASIC AND DILUTED EARNINGS PER SHARE

Pursuant to ASC Section 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 ours, subject to anti-dilution limitations. The following table presents a reconciliation of basic and diluted net income per common share:

	Three Months Ended January 31,		Nine Months Ended January 31,
Numerator:	2018	2017	2018	2017
Net loss attributable to Sunwin Stevia International, Inc.	$        (872,810)	$         (905,684)	$      (3,821,910)	$      (2,650,264)
Numerator for basic EPS, loss applicable to common stock holders	$        (872,810)	$         (905,684)	$      (3,821,910)	$      (2,650,264)
Denominator:
Denominator for basic earnings per share - weighted average number of common shares outstanding	199,632,803	182,066,546	199,632,803	182,066,546
Stock awards, options, and warrants	0	0	0	0
Denominator for diluted earnings per share - adjusted weighted average outstanding average number of common shares outstanding	199,632,803	182,066,546	199,632,803	182,066,546
Basic and diluted loss per common share:
Loss per share - basic and diluted	$               (0.00)	$                (0.00)	$                (0.02)	$                (0.01)

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 income statements 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 January 31, 2018	RMB 6.29 to $1.00
As of April 30, 2017	RMB 6.90 to $1.00
Nine months ended January 31, 2018	RMB 6.67 to $1.00
Nine months ended January 31, 2017	RMB 6.72 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 the nine months ended January 31, 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. At January 31, 2018, we had $150,344 of cash balance held in PRC banks, which is not insured. We have not experienced any losses in such accounts through January 31, 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 and are included in general and administrative expenses in the accompanying statements of operations. Research and development costs are incurred on a project specific basis. Research and development cost were $284,351 and $283,815 for the three months ended January 31, 2018 and 2017, and $650,654 and $393,143 for the nine months ended January 31, 2018 and 2017, respectively.

SHIPPING COSTS

Shipping costs are included in selling expenses and totaled $82,237 and $91,522 for the three months ended January 31, 2018 and 2017, and $244,488 and $342,913 for the nine months ended January 31, 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.

RECENT ACCOUNTING PRONOUNCEMENTS

In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, in an effort to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments of this ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of this guidance is not expected to have a material impact on our financial statements.

In May 2014, the FASB issued ASU 2014-09, "Revenue from contracts with Customers (Topic 606)" and issued subsequent amendments to the initial guidance or implementation guidance between August 2015 and November 2017 within ASU 2015-04, ASU 2016-08, ASU 2016-10, ASU 2016-12, ASU 2016-20, ASU 2017-13, and ASU 2017-14 (collectively, including ASU 2014-09, "ASC 606"). ASC 606 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets. ASU 606 will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. ASU 606 also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchanged for those goods or services. ASC 606 is effective for public entities for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The amendments may be applied retrospectively to each prior period (full retrospective) or retrospectively with the cumulative effect recognized as of the date of initial application (modified retrospective). The provisions of this new guidance are effective as of the beginning of the Company's first quarter of fiscal year 2019, May 1, 2018.  The Company is currently evaluating the transition method to be used and the potential impact of this standard on its consolidated financial statements. The Company intends to adopt ASU 2014-09 effective May 1, 2018 and apply the modified retrospective approach.

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.

GOING CONCERN

Our unaudited condensed consolidated financial statements have been prepared assuming we will continue as a going concern.  The Company has incurred recurring losses with a net loss of approximately $873,000 and $3,822,000 for the three and nine months ended January 31, 2018, respectively, and has a significant accumulated deficit of $33.0 million at January 31, 2018.  The Company's 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. Management intends to make every effort to improve its current sales force as to further develop and expand the international markets for its new products as well as continuing with the current sources of funds to meet working capital needs on as needed basis.  There can be no assurance that these plans and arrangements will be successful.

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 unaudited condensed 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.

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Note 3 - Inventories

9 Months Ended

Jan. 31, 2018

Notes

Note 3 - Inventories

NOTE 3 - INVENTORIES

At January 31, 2018 and April 30, 2017, inventories consisted of the following:

	January 31, 2018 (unaudited)	April 30, 2017
Raw materials	$     7,406,466	$  4,087,036
Work in process	1,740,132	1,802,782
Finished goods	3,138,089	3,089,703
Inventories, gross	12,284,687	8,979,521
Less: reserve for obsolete inventory	(178,776)	(163,048)
Inventories, net	$   12,105,911	$  8,816,473

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Note 4 - Property and Equipment

9 Months Ended

Jan. 31, 2018

Notes

Note 4 - Property and Equipment

NOTE 4 - PROPERTY AND EQUIPMENT

At January 31, 2018 and April 30, 2017, property and equipment consisted of the following:

(Estimated Life )	January 31, 2018 (unaudited)	April 30, 2017
Office equipment (3-10 Years)	$            70,062	$           67,091
Auto and trucks (2-10 Years)	516,187	446,968
Manufacturing equipment (2-20 Years)	5,016,056	5,109,816
Buildings (5-20 Years)	9,243,773	8,136,080
Construction in process	528,851	815,471
Gross Property and Equipment	15,374,929	14,575,426
Less: accumulated depreciation	(6,924,596)	(6,334,229)
Property and equipment, net	$      8,450,333	$     8,241,197

For the three months ended January 31, 2018 and 2017, depreciation expense totaled $320,878 and $332,714, of which $274,270 and $261,775 were included in cost of revenues, respectively, and of which $46,608 and $70,939 were included in general and administrative expenses, respectively. For the nine months ended January 31, 2018 and 2017, depreciation expense totaled $1,054,856 and $992,590, of which $897,938 and $763,806 was included in cost of revenues, respectively, and of which $156,918 and $228,784 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.

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Note 5 - Land Use Rights

9 Months Ended

Jan. 31, 2018

Notes

Note 5 - Land Use Rights

NOTE 5 - LAND USE RIGHTS

Land use right consisted of the following:

(Estimated Life)	January 31, 2018 (unaudited)	April 30, 2017
Land use right (45 Years)	$     2,528,138	$   2,303,168
Less: accumulated amortization	(533,451)	(448,113)
Land use right, net	$     1,994,687	$   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 three month periods ended January 31, 2018 and 2017, amortization expense related to land use rights amounted to $13,471 and $12,812, respectively. For the nine month periods ended January 31, 2018 and 2017, amortization expense amounted to $39,736 and $39,398.

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Note 6 - Related Party Transactions

9 Months Ended

Jan. 31, 2018

Notes

Note 6 - Related Party Transactions

NOTE 6 - RELATED PARTY TRANSACTIONS

Accounts receivable - related party and revenue - related party

On January 31, 2018 and April 30, 2017, we reported $2,479,670 and $339,270 in accounts receivable - related party, 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. For the three months ended January 31, 2018 and 2017, we had revenue - related party of $1,591,329 and $2,129,371, respectively. For the nine months ended January 31, 2018 and 2017, we had revenue - related party of $1,858,709 and $5,591,740, respectively, from Qufu Shengwang Import and Export.

Due to (from) related parties

From time to time, we receive advances from related parties and advance funds to related parties for working capital purposes. In the nine months ended January 31, 2018 and 2017, we received advances from related parties for working capital totaled $5,068,601 and $2,595,313, respectively, and we repaid to related parties a total of $3,251,990 and $2,768,284, respectively. During the three and nine months ended January 31, 2018 and 2017, interest expense related to due to related parties amounted to $25,945 and $38,207, and $71,135 and $96,320, 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 7.87% per annum and we have repaid one of the loans of RMB5,000,000 with its accrued interests on April 1, 2017. The other advances bear no interest and are payable on demand. On January 31, 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. Laiwang Zhang is $1,336,203, $126,676, $161,621 and $397,532, 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. On January 31, 2018 and April 30, 2017, the balance of due to (from) related parties consisted of the following:  

	Shandong Shengwang Pharmaceutical Co., Ltd.	Qufu Shengwang Import and Export Co., Ltd.	Weidong Chai	Laiwang Zhang	Total
Balance due to related parties, April 30, 2017	$       (30,568)	$       21,878	$ 134,002	$              0	$     125,312
Working capital advances from related parties	4,191,461	465,863	13,745	397,532	5,068,601
Repayments	(2,865,717)	(386,273)	0	0	(3,251,990)
Effect of foreign currency exchange	41,027	25,208	13,874	0	80,109
Balance due to related parties, January 31, 2018	$   1,336,203	$    126,676	$ 161,621	$ 397,532	$ 2,022,032

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Note 7 - Prepaid Expenses and Other Current Assets

9 Months Ended

Jan. 31, 2018

Notes

Note 7 - Prepaid Expenses and Other Current Assets

NOTE 7 - PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets on January 31, 2018 and April 30, 2017 totaled $3,140,458 and $4,729,865, respectively. As of January 31, 2018, prepaid expenses and other current assets includes $1,799,838 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us, $1,022,220 prepayment for employees' stock-based compensation and $318,400 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 will amortize these compensations over three years from December 1, 2015 to November 30, 2018 and we recognized $920,001, $1,226,668 and $511,111 as stock-based compensation expenses during the nine months ended January 31, 2018, fiscal year ended April 30, 2017 and fiscal year ended April 30, 2016, respectively. We also have recorded the remaining balance of the stock-based compensation of $1,022,220 as prepaid compensation at January 31, 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 $463,802 as of January 31, 2018 and the remaining balance of $154,956 and $154,956 has been classified to other long-term asset at January 31, 2018 and April 30, 2017, respectively.

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Note 8 - Accounts Payable and Accrued Expenses

9 Months Ended

Jan. 31, 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 January 31, 2018 and April 30, 2017:

Account	January 31, 2018 (unaudited)	April 30, 2017
Accounts payable	$  6,623,798	$  5,096,599
Advanced from customers	177,666	40,900
Accrued salary payable	359,610	160,244
Tax payable	92,568	121,127
Deferred revenue	25,719	82,581
Other payable*	2,611,256	1,535,020
Total accounts payable and accrued expenses	$  9,890,617	$  7,036,471

On January 31, 2018, other payables consists of commission payable of $201,310, general liability, worker's compensation, and medical insurance payable of $575,687, consulting fee payable of $209,905, union and education fees payable of $297,754, interest payables for short-term loans of $521,012, advanced from the employees of $602,037 and other miscellaneous payables of $203,551. On 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.

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Note 10 - Segment Information

9 Months Ended

Jan. 31, 2018

Notes

Note 10 - Segment Information

NOTE 10 - SEGMENT INFORMATION

The following information is presented in accordance with ASC Topic 280, "Segment Reporting", for the three months ended January 31, 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. Condensed financial information with respect to these reportable business segments for the three and nine months ended January 31, 2018 and 2017 is as follows:

	Three Months Ended January 31,		Nine Months Ended January 31,
	2018	2017	2018	2017
Revenues:
Chinese medicine - third party	$        675,927	$        859,933	$       2,099,147	$     2,240,055
Chinese medicine - related party	0	0	0	0
Total Chinese medicine	675,927	859,933	2,099,147	2,240,055
Stevioside - third party	4,058,336	3,421,023	11,135,229	8,413,018
Stevioside - related party	1,591,329	2,129,371	1,858,709	5,591,740
Total Stevioside	5,649,665	5,550,394	12,993,938	14,004,758
Total segment and consolidated revenues	$     6,325,592	$     6,410,327	$     15,093,085	$   16,244,813
Interest income (expense):
Chinese medicine	$                386	$                105	$                  742	$                178
Stevioside	(152,055)	(100,363)	(387,670)	(270,334)
Total segment and consolidated interest expense	$       (151,669)	$       (100,258)	$         (386,928)	$       (270,156)
Depreciation and amortization:
Chinese medicine	$           33,531	$           70,011	$          170,961	$        218,060
Stevioside	300,818	356,809	1,032,021	1,057,808
Total segment and consolidated depreciation and amortization	$        334,349	$        426,820	$       1,202,982	$     1,275,868
Loss before income taxes:
Chinese medicine	$           (6,964)	$         (38,147)	$         (521,873)	$       (188,043
Stevioside	(551,179)	(508,840)	(2,278,166)	(1,336,510
Corporate and other	(314,667)	(358,697)	(1,021,871)	(1,125,711
Total consolidated loss before income taxes	$       (872,810)	$       (905,684)	$     (3,821,910)	$    (2,650,264

	January 31, 2018	April 30, 2017
Segment tangible assets:
Chinese medicine	$       1,088,871	$     1,319,227
Stevioside	7,361,462	6,921,970
Corporate and other	0	0
Total consolidated assets	$       8,450,333	$     8,241,197

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Note 11 - Concentrations and Credit Risk

9 Months Ended

Jan. 31, 2018

Notes

Note 11 - Concentrations and Credit Risk

NOTE 11 - CONCENTRATIONS AND CREDIT RISK

(i)    Customer Concentrations

For the three months ended January 31, 2018and 2017, customers accounting for 10% or more of the Company's revenue were as follows:

	Net Sales
	For the three months ended January 31, 2018		For the three months ended January 31, 2017
	Chinese Medicine	Stevioside	Chinese Medicine	Stevioside
A (1)	-	25.2%	-	33.2%
B	-	16.5%	-	*
Total	-	41.7%	-	33.2%

 For the nine months ended January 31, 2018 and 2017, customers accounting for 10% or more of the Company's revenue were as follows: 

	Net Sales
	For the nine months ended January 31, 2018		For the nine months ended January 31, 2017
	Chinese Medicine	Stevioside	Chinese Medicine	Stevioside
A (1)	-	12.3%	-	34.4%
B	-	10.6%	-	14.1%
Total	-	22.9%	-	48.5%

(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 three and nine months ended January 31, 2018 and 2017.

(ii)    Vendor Concentrations

For the three months ended January 31, 2018 and 2017, suppliers accounting for 10% or more of the Company's purchase were as follows:

	Net Purchases
	For the three months ended January 31, 2018		For the three months ended January 31, 2017
	Chinese Medicine	Stevioside	Chinese Medicine	Stevioside
A	-	*	-	18.7
B	-	11.3%	-	*
C	-	*	-	15.9
D	-	*	-	13.6
Total	-	11.3%	-	48.2

For the nine months ended January 31, 2018 and 2017, suppliers accounting for 10% or more of the Company's purchase were as follows:

	Net Purchases
	For the nine months ended January 31, 2018		For the nine months ended January 31, 2017
	Chinese Medicine	Stevioside	Chinese Medicine	Stevioside
A	-	12.7%	-	13.0%
B	-	14.7%	-	*
C	-	*	-	21.3%
D	-	*	-	12.0%
Total	-	27.4%	-	46.3%

*   This represents less than 10% of the Company's purchase for the three and nine months ended January 31, 2018 and 2017.

(iii)    Credit Risk

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 the PRC. At January 31, 2018, we had $150,344 of cash balance 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 January 31, 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.

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Note 12 - Subsequent Events

9 Months Ended

Jan. 31, 2018

Notes

Note 12 - Subsequent Events

NOTE 12 - SUBSEQUENT EVENTS

On March 7, 2018 we renewed the amount of RMB484,000 ($76,962) loan from Qing Kong, non-related individual, with an annual interest rate of 10% and new due date on March 6, 2019.

On March 8, 2018 we renewed the amount of RMB10,000,000 ($1,590,128) loan from Shidong Wang, non-related individual, with an annual interest rate of 10% and new due date on March 7, 2019.

On March 11, 2018 we renewed the amount of RMB120,000 ($19,082) loan from Guihai Chen, non-related individual, with an annual interest rate of 10% and new due date on March 10, 2019.

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Note 2 - Summary of Significant Accounting Policies: Use of Estimates (Policies)

9 Months Ended

Jan. 31, 2018

Policies

Use of Estimates

USE OF ESTIMATES

The preparation of unaudited condensed consolidated 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 unaudited condensed 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.

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Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)

9 Months Ended

Jan. 31, 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 January 31, 2018, we held $150,344 of our cash and cash equivalents with commercial banking institutions in the PRC, and $785 with banks in the United States. As of April 30, 2017, we held $30,781 of our cash and cash equivalents with commercial banking institution in PRC, and $20,335 in the United States. In China, there is no equivalent federal deposit insurance as in the United States, so the amounts held in banks in China are not insured. We have not experienced any losses in such bank accounts through January 31, 2018.

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Note 2 - Summary of Significant Accounting Policies: Accounts Receivable (Policies)

9 Months Ended

Jan. 31, 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. At January 31, 2018 and April 30, 2017, the allowance for doubtful accounts was $1,111,599 and $1,182,632, respectively. We had recovery of bad debt for $216,910 and recognized bad debt expenses of $55,145 for the nine months ended January 31, 2018 and 2017, respectively.

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Note 2 - Summary of Significant Accounting Policies: Inventories (Policies)

9 Months Ended

Jan. 31, 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 or market (estimated net realizable value) utilizing the weighted average method. An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserves for the difference between the cost and the market value. These reserves are recorded based on estimates. At January 31, 2018 and April 30, 2017, the Company recorded a reserve for obsolete or slow-moving inventories of $178,776 and $163,048, respectively.

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Note 2 - Summary of Significant Accounting Policies: Property and Equipment (Policies)

9 Months Ended

Jan. 31, 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 paragraph 360-10-35-17 of the Financial Accounting Standards Board (FASB) Accounting Standards Codification ("ASC"), we examine the possibility of decreases in the value of fixed assets 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.

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Note 2 - Summary of Significant Accounting Policies: Long-lived Assets (Policies)

9 Months Ended

Jan. 31, 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 $285,150 and $122,285 at January 31, 2018 and April 30, 2017, respectively. We received $1,505 and $0 in cash proceeds from disposal of equipment for the nine months ended January 31, 2018 and 2017, respectively.

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Note 2 - Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies)

9 Months Ended

Jan. 31, 2018

Policies

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

We 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, notes receivable, prepayments and other current assets, accounts payable, taxes payable and accrued expenses, approximate their fair values because of the short maturity of these instruments.  

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Note 2 - Summary of Significant Accounting Policies: Taxes Payable (Policies)

9 Months Ended

Jan. 31, 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 on January 31, 2018 and April 30, 2017 amounted to $92,568 and $121,127, respectively, consisted primarily of VAT taxes.

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Note 2 - Summary of Significant Accounting Policies: Revenue Recognition (Policies)

9 Months Ended

Jan. 31, 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.

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Note 2 - Summary of Significant Accounting Policies: Grant Income (Policies)

9 Months Ended

Jan. 31, 2018

Policies

Grant Income

GRANT INCOME

Grants received from PRC government agencies are recognized as deferred grant income and recognized in the consolidated statements of operations and comprehensive loss as and when they are earned for the specific research and development projects for which these grants are received.

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Note 2 - Summary of Significant Accounting Policies: Income Taxes (Policies)

9 Months Ended

Jan. 31, 2018

Policies

Income Taxes

INCOME TAXES

The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes ("ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns.  Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.  Valuation allowances are recorded to reduce the deferred tax assets to an amount that it is more likely than not be realized.

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 January 31, 2018, the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future.

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Note 2 - Summary of Significant Accounting Policies: Basic and Diluted Earnings Per Share (Policies)

9 Months Ended

Jan. 31, 2018

Policies

Basic and Diluted Earnings Per Share

BASIC AND DILUTED EARNINGS PER SHARE

Pursuant to ASC Section 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 ours, subject to anti-dilution limitations. The following table presents a reconciliation of basic and diluted net income per common share:

	Three Months Ended January 31,		Nine Months Ended January 31,
Numerator:	2018	2017	2018	2017
Net loss attributable to Sunwin Stevia International, Inc.	$        (872,810)	$         (905,684)	$      (3,821,910)	$      (2,650,264)
Numerator for basic EPS, loss applicable to common stock holders	$        (872,810)	$         (905,684)	$      (3,821,910)	$      (2,650,264)
Denominator:
Denominator for basic earnings per share - weighted average number of common shares outstanding	199,632,803	182,066,546	199,632,803	182,066,546
Stock awards, options, and warrants	0	0	0	0
Denominator for diluted earnings per share - adjusted weighted average outstanding average number of common shares outstanding	199,632,803	182,066,546	199,632,803	182,066,546
Basic and diluted loss per common share:
Loss per share - basic and diluted	$               (0.00)	$                (0.00)	$                (0.02)	$                (0.01)

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Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation (Policies)

9 Months Ended

Jan. 31, 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 income statements 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 January 31, 2018	RMB 6.29 to $1.00
As of April 30, 2017	RMB 6.90 to $1.00
Nine months ended January 31, 2018	RMB 6.67 to $1.00
Nine months ended January 31, 2017	RMB 6.72 to $1.00

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Note 2 - Summary of Significant Accounting Policies: Comprehensive Loss (Policies)

9 Months Ended

Jan. 31, 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 the nine months ended January 31, 2018 and 2017 included net loss and unrealized gains (losses) from foreign currency translation adjustments. 

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Note 2 - Summary of Significant Accounting Policies: Concentrations of Credit Risk (Policies)

9 Months Ended

Jan. 31, 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. At January 31, 2018, we had $150,344 of cash balance held in PRC banks, which is not insured. We have not experienced any losses in such accounts through January 31, 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.

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Note 2 - Summary of Significant Accounting Policies: Stock Based Compensation (Policies)

9 Months Ended

Jan. 31, 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.

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Note 2 - Summary of Significant Accounting Policies: Research and Development (Policies)

9 Months Ended

Jan. 31, 2018

Policies

Research and Development

RESEARCH AND DEVELOPMENT

Research and development costs are expensed as incurred and are included in general and administrative expenses in the accompanying statements of operations. Research and development costs are incurred on a project specific basis. Research and development cost were $284,351 and $283,815 for the three months ended January 31, 2018 and 2017, and $650,654 and $393,143 for the nine months ended January 31, 2018 and 2017, respectively.

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Note 2 - Summary of Significant Accounting Policies: Shipping Costs (Policies)

9 Months Ended

Jan. 31, 2018

Policies

Shipping Costs

SHIPPING COSTS

Shipping costs are included in selling expenses and totaled $82,237 and $91,522 for the three months ended January 31, 2018 and 2017, and $244,488 and $342,913 for the nine months ended January 31, 2018 and 2017, respectively.

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Note 2 - Summary of Significant Accounting Policies: Reclassifications (Policies)

9 Months Ended

Jan. 31, 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.

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Note 2 - Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies)

9 Months Ended

Jan. 31, 2018

Policies

Recent Accounting Pronouncements

RECENT ACCOUNTING PRONOUNCEMENTS

In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, in an effort to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments of this ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of this guidance is not expected to have a material impact on our financial statements.

In May 2014, the FASB issued ASU 2014-09, "Revenue from contracts with Customers (Topic 606)" and issued subsequent amendments to the initial guidance or implementation guidance between August 2015 and November 2017 within ASU 2015-04, ASU 2016-08, ASU 2016-10, ASU 2016-12, ASU 2016-20, ASU 2017-13, and ASU 2017-14 (collectively, including ASU 2014-09, "ASC 606"). ASC 606 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets. ASU 606 will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. ASU 606 also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchanged for those goods or services. ASC 606 is effective for public entities for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The amendments may be applied retrospectively to each prior period (full retrospective) or retrospectively with the cumulative effect recognized as of the date of initial application (modified retrospective). The provisions of this new guidance are effective as of the beginning of the Company's first quarter of fiscal year 2019, May 1, 2018.  The Company is currently evaluating the transition method to be used and the potential impact of this standard on its consolidated financial statements. The Company intends to adopt ASU 2014-09 effective May 1, 2018 and apply the modified retrospective approach.

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.

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Note 2 - Summary of Significant Accounting Policies: Basic and Diluted Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables)

9 Months Ended

Jan. 31, 2018

Tables/Schedules

Schedule of Earnings Per Share, Basic and Diluted

	Three Months Ended January 31,		Nine Months Ended January 31,
Numerator:	2018	2017	2018	2017
Net loss attributable to Sunwin Stevia International, Inc.	$        (872,810)	$         (905,684)	$      (3,821,910)	$      (2,650,264)
Numerator for basic EPS, loss applicable to common stock holders	$        (872,810)	$         (905,684)	$      (3,821,910)	$      (2,650,264)
Denominator:
Denominator for basic earnings per share - weighted average number of common shares outstanding	199,632,803	182,066,546	199,632,803	182,066,546
Stock awards, options, and warrants	0	0	0	0
Denominator for diluted earnings per share - adjusted weighted average outstanding average number of common shares outstanding	199,632,803	182,066,546	199,632,803	182,066,546
Basic and diluted loss per common share:
Loss per share - basic and diluted	$               (0.00)	$                (0.00)	$                (0.02)	$                (0.01)

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Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation: FOREIGN EXCHANGE RATE Table (Tables)

9 Months Ended

Jan. 31, 2018

Tables/Schedules

FOREIGN EXCHANGE RATE Table

As of January 31, 2018	RMB 6.29 to $1.00
As of April 30, 2017	RMB 6.90 to $1.00
Nine months ended January 31, 2018	RMB 6.67 to $1.00
Nine months ended January 31, 2017	RMB 6.72 to $1.00

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Note 3 - Inventories: Schedule of Inventory, Current (Tables)

9 Months Ended

Jan. 31, 2018

Tables/Schedules

Schedule of Inventory, Current

  

	January 31, 2018 (unaudited)	April 30, 2017
Raw materials	$     7,406,466	$  4,087,036
Work in process	1,740,132	1,802,782
Finished goods	3,138,089	3,089,703
Inventories, gross	12,284,687	8,979,521
Less: reserve for obsolete inventory	(178,776)	(163,048)
Inventories, net	$   12,105,911	$  8,816,473

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Note 4 - Property and Equipment: Property and equipment Table (Tables)

9 Months Ended

Jan. 31, 2018

Tables/Schedules

Property and equipment Table

(Estimated Life )	January 31, 2018 (unaudited)	April 30, 2017
Office equipment (3-10 Years)	$            70,062	$           67,091
Auto and trucks (2-10 Years)	516,187	446,968
Manufacturing equipment (2-20 Years)	5,016,056	5,109,816
Buildings (5-20 Years)	9,243,773	8,136,080
Construction in process	528,851	815,471
Gross Property and Equipment	15,374,929	14,575,426
Less: accumulated depreciation	(6,924,596)	(6,334,229)
Property and equipment, net	$      8,450,333	$     8,241,197

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Note 5 - Land Use Rights: Land use right Table (Tables)

9 Months Ended

Jan. 31, 2018

Tables/Schedules

Land use right Table

 

(Estimated Life)	January 31, 2018 (unaudited)	April 30, 2017
Land use right (45 Years)	$     2,528,138	$   2,303,168
Less: accumulated amortization	(533,451)	(448,113)
Land use right, net	$     1,994,687	$   1,855,055

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Note 6 - Related Party Transactions: Schedule of Related Party Transactions (Tables)

9 Months Ended

Jan. 31, 2018

Tables/Schedules

Schedule of Related Party Transactions

	Shandong Shengwang Pharmaceutical Co., Ltd.	Qufu Shengwang Import and Export Co., Ltd.	Weidong Chai	Laiwang Zhang	Total
Balance due to related parties, April 30, 2017	$       (30,568)	$       21,878	$ 134,002	$              0	$     125,312
Working capital advances from related parties	4,191,461	465,863	13,745	397,532	5,068,601
Repayments	(2,865,717)	(386,273)	0	0	(3,251,990)
Effect of foreign currency exchange	41,027	25,208	13,874	0	80,109
Balance due to related parties, January 31, 2018	$   1,336,203	$    126,676	$ 161,621	$ 397,532	$ 2,022,032

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Note 8 - Accounts Payable and Accrued Expenses: Schedule of Accounts Payable and Accrued Liabilities (Tables)

9 Months Ended

Jan. 31, 2018

Tables/Schedules

Schedule of Accounts Payable and Accrued Liabilities

Account	January 31, 2018 (unaudited)	April 30, 2017
Accounts payable	$  6,623,798	$  5,096,599
Advanced from customers	177,666	40,900
Accrued salary payable	359,610	160,244
Tax payable	92,568	121,127
Deferred revenue	25,719	82,581
Other payable*	2,611,256	1,535,020
Total accounts payable and accrued expenses	$  9,890,617	$  7,036,471

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Short-term loan payable Table (Tables)

9 Months Ended

Jan. 31, 2018

Tables/Schedules

Short-term loan payable Table

	January 31, 2018 (unaudited)	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 ($3,180) added to the original principal amount of RMB200,000 ($31,803), terms were not changed, with new due date on October 5, 2018.	$            34,983	$        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.	1,400,711	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.	1,192,596	1,450,242
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 ($1,590) added to the original principal amount of RMB150,000 ($23,852), terms were not changed, with new due date on October 5, 2018.	25,442	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 ($111,309) and RMB300,000 ($47,704) at January 27, 2017 and April 11, 2017, respectively. On January 27, 2018, principle amount of RMB700,000 loan was extended anther one year.	159,013	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 accrued interest of RMB44,000 ($6,996) added to the original principal amount of RMB440,000 ($69,966), terms were not changed, with new due date on March 6, 2018.See Note 12	76,962	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.	31,803	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 accrued interest of RMB10,000 ($1,590) added to the original principal of RMB110,000 ($17,492), terms were not changed, with new due date on March 10, 2018. See Note 12	19,082	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.	31,803	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.	31,803	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. See Note 12	1,590,128	1,450,242
Total	$      4,594,326	$  4,366,389

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Long-term loan payable Table (Tables)

9 Months Ended

Jan. 31, 2018

Tables/Schedules

Long-term loan payable Table

	January 31, 2018 (unaudited)	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.	$   1,590,128	$   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.	1,590,128	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.	1,701,438	0
Total:	$   4,881,694	$   2,900,484

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Note 10 - Segment Information: Schedule of Segment Reporting Information, by Segment (Tables)

9 Months Ended

Jan. 31, 2018

Tables/Schedules

Schedule of Segment Reporting Information, by Segment

	Three Months Ended January 31,		Nine Months Ended January 31,
	2018	2017	2018	2017
Revenues:
Chinese medicine - third party	$        675,927	$        859,933	$       2,099,147	$     2,240,055
Chinese medicine - related party	0	0	0	0
Total Chinese medicine	675,927	859,933	2,099,147	2,240,055
Stevioside - third party	4,058,336	3,421,023	11,135,229	8,413,018
Stevioside - related party	1,591,329	2,129,371	1,858,709	5,591,740
Total Stevioside	5,649,665	5,550,394	12,993,938	14,004,758
Total segment and consolidated revenues	$     6,325,592	$     6,410,327	$     15,093,085	$   16,244,813
Interest income (expense):
Chinese medicine	$                386	$                105	$                  742	$                178
Stevioside	(152,055)	(100,363)	(387,670)	(270,334)
Total segment and consolidated interest expense	$       (151,669)	$       (100,258)	$         (386,928)	$       (270,156)
Depreciation and amortization:
Chinese medicine	$           33,531	$           70,011	$          170,961	$        218,060
Stevioside	300,818	356,809	1,032,021	1,057,808
Total segment and consolidated depreciation and amortization	$        334,349	$        426,820	$       1,202,982	$     1,275,868
Loss before income taxes:
Chinese medicine	$           (6,964)	$         (38,147)	$         (521,873)	$       (188,043
Stevioside	(551,179)	(508,840)	(2,278,166)	(1,336,510
Corporate and other	(314,667)	(358,697)	(1,021,871)	(1,125,711
Total consolidated loss before income taxes	$       (872,810)	$       (905,684)	$     (3,821,910)	$    (2,650,264

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Note 10 - Segment Information: Segment assets Table (Tables)

9 Months Ended

Jan. 31, 2018

Tables/Schedules

Segment assets Table

	January 31, 2018	April 30, 2017
Segment tangible assets:
Chinese medicine	$       1,088,871	$     1,319,227
Stevioside	7,361,462	6,921,970
Corporate and other	0	0
Total consolidated assets	$       8,450,333	$     8,241,197

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Note 11 - Concentrations and Credit Risk: Three month Customer Concentrations Table (Tables)

9 Months Ended

Jan. 31, 2018

Tables/Schedules

Three month Customer Concentrations Table

	Net Sales
	For the three months ended January 31, 2018		For the three months ended January 31, 2017
	Chinese Medicine	Stevioside	Chinese Medicine	Stevioside
A (1)	-	25.2%	-	33.2%
B	-	16.5%	-	*
Total	-	41.7%	-	33.2%

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Note 11 - Concentrations and Credit Risk: Nine month Customer Concentrations Table (Tables)

9 Months Ended

Jan. 31, 2018

Tables/Schedules

Nine month Customer Concentrations Table

	Net Sales
	For the nine months ended January 31, 2018		For the nine months ended January 31, 2017
	Chinese Medicine	Stevioside	Chinese Medicine	Stevioside
A (1)	-	12.3%	-	34.4%
B	-	10.6%	-	14.1%
Total	-	22.9%	-	48.5%

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Note 11 - Concentrations and Credit Risk: Three month Vendor Concentrations Table (Tables)

9 Months Ended

Jan. 31, 2018

Tables/Schedules

Three month Vendor Concentrations Table

	Net Purchases
	For the three months ended January 31, 2018		For the three months ended January 31, 2017
	Chinese Medicine	Stevioside	Chinese Medicine	Stevioside
A	-	*	-	18.7
B	-	11.3%	-	*
C	-	*	-	15.9
D	-	*	-	13.6
Total	-	11.3%	-	48.2

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Note 11 - Concentrations and Credit Risk: Nine month Vendor Concentrations Table (Tables)

9 Months Ended

Jan. 31, 2018

Tables/Schedules

Nine month Vendor Concentrations Table

	Net Purchases
	For the nine months ended January 31, 2018		For the nine months ended January 31, 2017
	Chinese Medicine	Stevioside	Chinese Medicine	Stevioside
A	-	12.7%	-	13.0%
B	-	14.7%	-	*
C	-	*	-	21.3%
D	-	*	-	12.0%
Total	-	27.4%	-	46.3%

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Note 1 - Organization and Operations (Details) - USD ($)	Sep. 30, 2011	Apr. 30, 2008
Details
Qufu Natural Green acquired a 60% interest in Qufu Shengwang		$ 4,026,851
Qufu Natural Green purchased the 40% equity interest in Qufu Shengwang	$ 626,125

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Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Details) - USD ($)	Jan. 31, 2018	Apr. 30, 2017
Details
Cash and cash equivalents held in PRC	$ 150,344	$ 30,781
Cash and cash equivalents held in USA	$ 785	$ 20,335

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Note 2 - Summary of Significant Accounting Policies: Accounts Receivable (Details) - USD ($)	9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Apr. 30, 2017
Details
Allowance for Doubtful Accounts Receivable	$ 1,111,599		$ 1,182,632
Recovery of bad debt reserve	$ 216,910
Bad debt expenses		$ 55,145

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Note 2 - Summary of Significant Accounting Policies: Inventories (Details) - USD ($)	Jan. 31, 2018	Apr. 30, 2017
Details
Reserve for obsolete or slow-moving inventories	$ 178,776	$ 163,048

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Note 2 - Summary of Significant Accounting Policies: Long-lived Assets (Details) - USD ($)	9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Apr. 30, 2017
Details
Loss on disposition of property and equipment	$ 285,150		$ 122,285
Cash proceed form disposal of equipment	$ 1,505	$ 0

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Note 2 - Summary of Significant Accounting Policies: Taxes Payable (Details) - USD ($)	Jan. 31, 2018	Apr. 30, 2017
Details
VAT payable	$ 92,568	$ 121,127

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Note 2 - Summary of Significant Accounting Policies: Basic and Diluted Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Details
Net loss attributable to Sunwin Stevia International, Inc.	$ (872,810)	$ (905,684)	$ (3,821,910)	$ (2,650,264)
Numerator for basic EPS, loss applicable to common stock holders	$ (872,810)	$ (905,684)	$ (3,821,910)	$ (2,650,264)
Weighted Average Number of Shares Issued, Basic	199,632,803	182,066,546	199,632,803	182,066,546
Weighted Average Number of Shares Outstanding, Diluted	199,632,803	182,066,546	199,632,803	182,066,546
Net Loss per share-basic and diluted	$ (0.00)	$ (0.00)	$ (0.02)	$ (0.01)

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Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation: FOREIGN EXCHANGE RATE Table (Details)	9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Apr. 30, 2017
Details
Foreign Currency Exchange Rate, Translation	6.29		6.90
Average exchange rates	6.67	6.72

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Note 2 - Summary of Significant Accounting Policies: Concentrations of Credit Risk (Details) - USD ($)	Jan. 31, 2018	Apr. 30, 2017
Details
Cash and cash equivalents held in PRC	$ 150,344	$ 30,781

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Note 2 - Summary of Significant Accounting Policies: Research and Development (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Details
Research and Development Expense	$ 284,351	$ 283,815	$ 650,654	$ 393,143

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Note 2 - Summary of Significant Accounting Policies: Shipping Costs (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Details
Shipping, Handling and Transportation Costs	$ 82,237	$ 91,522	$ 244,488	$ 342,913

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Note 3 - Inventories: Schedule of Inventory, Current (Details) - USD ($)	Jan. 31, 2018	Apr. 30, 2017
Details
Inventory, Raw Materials, Gross	$ 7,406,466	$ 4,087,036
Inventory, Work in Process, Gross	1,740,132	1,802,782
Inventory, Finished Goods, Gross	3,138,089	3,089,703
Inventory, Gross	12,284,687	8,979,521
Reserve for obsolete inventory	(178,776)	(163,048)
Inventories, net	$ 12,105,911	$ 8,816,473

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Note 4 - Property and Equipment: Property and equipment Table (Details) - USD ($)	Jan. 31, 2018	Apr. 30, 2017
Details
Office Equipment	$ 70,062	$ 67,091
Auto and Trucks	516,187	446,968
Machinery and Equipment, Gross	5,016,056	5,109,816
Buildings and Improvements, Gross	9,243,773	8,136,080
Construction in Progress, Gross	528,851	815,471
Property, Plant and Equipment, Gross	15,374,929	14,575,426
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(6,924,596)	(6,334,229)
Property and equipment, net	$ 8,450,333	$ 8,241,197

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Note 4 - Property and Equipment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Details
Total Depreciation Expense	$ 320,878	$ 332,714	$ 1,054,856	$ 992,590
Cost of revenues	274,270	261,775	897,938	763,806
General and administrative expenses	$ 46,608	$ 70,939	$ 156,918	$ 228,784

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Note 5 - Land Use Rights: Land use right Table (Details) - USD ($)	Jan. 31, 2018	Apr. 30, 2017
Details
Land use right, gross	$ 2,528,138	$ 2,303,168
Accumulated amortization of Land Use Rights	(533,451)	(448,113)
LandUseRight	$ 1,994,687	$ 1,855,055

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Note 5 - Land Use Rights (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Details
Amortization expense - Land use rights	$ 13,471	$ 12,812	$ 39,736	$ 39,398

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Note 6 - Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017	Apr. 30, 2017
Details
Accounts receivable - related party Qufu Shengwang	$ 2,479,670		$ 2,479,670		$ 339,270
Revenue - related party Qufu Shengwang	1,591,329	$ 2,129,371	1,858,709	$ 5,591,740
Advances from related parties for working capital			5,068,601	2,595,313
Repaid to related parties for working capital			3,251,990	2,768,284
Interest expense related to due to related parties	$ 25,945	$ 38,207	$ 71,135	$ 96,320

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Note 6 - Related Party Transactions: Schedule of Related Party Transactions (Details) - USD ($)	Jan. 31, 2018	Apr. 30, 2017
Details
Due to Pharmaceutical Corporation	$ 1,336,203	$ (30,568)
Due to Qufu Shengwang	126,676	21,878
Due to Weidong Chai	161,621	134,002
Due to Laiwang Zhang	397,532	0
Total Due to Related Party	2,022,032	$ 125,312
Working capital advances from related parties - Shangdong	4,191,461
Working capital advances from related parties - Qufu	465,863
Working capital advances from related parties - Weidong Chai	13,745
Working capital advances from related parties - Laiwang Zhang	397,532
Working capital advances from related parties	5,068,601
Repayments from related parties - Shandong	(2,865,717)
Repayments from related parties - Qufu	(386,273)
Repayments from related parties - Weidong Chai	0
Repayments from related parties - Laiwang Zhang	0
Repayments from related parties	(3,251,990)
Effect of foreign currency exchange - Shangdong	41,027
Effect of foreign currency exchange - Qufu	25,208
Effect of foreign currency exchange - Weidong Chai	13,874
Effect of foreign currency exchange - Laiwang Zhang	0
Effect of foreign currency exchange	$ 80,109

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Note 7 - Prepaid Expenses and Other Current Assets (Details) - USD ($)	Jan. 31, 2018	Apr. 30, 2017
Details
Prepaid expenses and other current assets	$ 3,140,458	$ 4,729,865
Prepayments to suppliers	1,799,838	3,286,808
Prepayment for employees' stock-based compensation	1,022,220	1,226,668
Business related employees' advances	$ 318,400	$ 216,389

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Note 8 - Accounts Payable and Accrued Expenses: Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)	Jan. 31, 2018	Apr. 30, 2017
Details
Accounts Payable	$ 6,623,798	$ 5,096,599
Customer Advances, Current	177,666	40,900
Accrued salary payable	359,610	160,244
Taxes Payable, Current	92,568	121,127
Deferred Revenue	25,719	82,581
Accounts Payable, Other, Current	2,611,256	1,535,020
Accounts Payable and Accrued Liabilities, Current	$ 9,890,617	$ 7,036,471

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Note 8 - Accounts Payable and Accrued Expenses (Details) - USD ($)	Jan. 31, 2018	Apr. 30, 2017
Details
Commission payable	$ 201,310	$ 133,712
General liability, worker's compensation, and medical insurance payable	575,687	465,505
Consulting fee payable	209,905	266,852
Union and education fees payable	297,754	280,404
Interest payables for short-term loans	521,012	213,153
Advanced from the employees	602,037	172,435
Other miscellaneous payables	$ 203,551	$ 2,959

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Short-term loan payable Table (Details) - USD ($)	Jan. 31, 2018	Apr. 30, 2017
Details
Loan from Min Wu at 10%	$ 34,983	$ 29,005
Loan from Jianjun Yan at 10% A	1,400,711	1,161,354
Loan from Jianjun Yan at 10% B	1,192,596	1,450,242
Loan from Junzhen Zhang	25,442	21,754
Loan from Jian Chen	159,013	145,024
Loan from Qing Kong A	76,962	63,811
Loan from Qing Kong B	31,803	0
Loan from Guihai Chen0318	19,082	15,953
Loan from Guihai Chen0918	31,803	0
Loan from Weifeng Kong	31,803	29,004
Loan from Shidong Wang	1,590,128	1,450,242
Total Short Term Loan Payable	$ 4,594,326	$ 4,366,389

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Long-term loan payable Table (Details) - USD ($)	Jan. 31, 2018	Apr. 30, 2017
Details
Loan from Xuxu Gu 0319	$ 1,590,128	$ 1,450,242
Loan from Dadong Mei	1,590,128	1,450,242
Loan from Xuxu Gu 0919	1,701,438	0
Total Long Term Loan Payable	$ 4,881,694	$ 2,900,484

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Items (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Details
Interest expense related to loans	$ 126,138	$ 62,169	$ 316,578	$ 174,414

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Note 10 - Segment Information: Schedule of Segment Reporting Information, by Segment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Details
Net revenues - Chinese Medicines	$ 675,927	$ 859,933	$ 2,099,147	$ 2,240,055
Net revenues - Chinese medicine - related party	0	0	0	0
Net revenues - Chinese medicine - Total	675,927	859,933	2,099,147	2,240,055
Net revenues - Stevioside - third party	4,058,336	3,421,023	11,135,229	8,413,018
Net revenues - Stevioside - related party	1,591,329	2,129,371	1,858,709	5,591,740
Net revenues - Stevioside - Total	5,649,665	5,550,394	12,993,938	14,004,758
Net revenues - Total segment and consolidated revenues	6,325,592	6,410,327	15,093,085	16,244,813
Interest income - Chinese Medicines	386	105	742	178
Interest income - Stevioside	(152,055)	(100,363)	(387,670)	(270,334)
Interest income - Total segment and consolidated interest expense	(151,669)	(100,258)	(386,928)	(270,156)
Depreciation and amortization - Chinese Medicines	33,531	70,011	170,961	218,060
Depreciation and amortization - Stevioside	300,818	356,809	1,032,021	1,057,808
Depreciation and amortization - Total segment and consolidated depreciation and amortization	334,349	426,820	1,202,982	1,275,868
Loss before taxes and noncontrolling interest - Chinese Medicines	(6,964)	(38,147)	(521,873)	(188,043)
Loss before taxes and noncontrolling interest - Stevioside	(551,179)	(508,840)	(2,278,166)	(1,336,510)
Loss before taxes and noncontrolling interest - Corporate and other	(314,667)	(358,697)	(1,021,871)	(1,125,711)
Income (loss) before income taxes - Total segment and consolidated depreciation and amortization	$ (872,810)	$ (905,684)	$ (3,821,910)	$ (2,650,264)

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Note 10 - Segment Information: Segment assets Table (Details) - USD ($)	Jan. 31, 2018	Apr. 30, 2017
Details
Segment assets- Chinese Medicines	$ 1,088,871	$ 1,319,227
Segment assets-Stevioside	7,361,462	6,921,970
Segment assets-Corporate and other	0	0
Segment assets-Total consolidated assets	$ 8,450,333	$ 8,241,197

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Note 11 - Concentrations and Credit Risk (Details) - USD ($)	Jan. 31, 2018	Apr. 30, 2017
Details
Cash and cash equivalents held in PRC	$ 150,344	$ 30,781

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Note 12 - Subsequent Events (Details) - USD ($)	Mar. 11, 2018	Mar. 08, 2018	Mar. 07, 2018
Details
Renewed Loan	$ 19,082	$ 1,590,128	$ 76,962