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Accrued Expenses and Other Current Liabilities | 12 Months Ended
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Dec. 31, 2020
Payables and Accruals [Abstract] |
Accrued Expenses and Other Current Liabilities | NOTE 8— ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following:
|  | December 31, 2020 |  |  | December 31, 2019 |
Advance from customers |  | $ | 9,493 |  |  | $ | 11,719 |
Accrued payroll and employee benefits |  |  | 105,801 |  |  |  | 248,745 |
Accrued interest expenses |  |  | - |  |  |  | 37,140 |
Other tax payables (i) |  |  | 325,719 |  |  |  | 324,670 |
Penalty related to a loan default (ii) |  |  | - |  |  |  | 1,701,986 |
Others (iii) |  |  | 62,442 |  |  |  | 16,598 |
Accrued expenses and other current liabilities |  | $ | 503,455 |  |  | $ | 2,340,858 |
(i) Other tax payables are mainly value added tax payable. (ii) Penalty payable of RMB6.0 million (equivalent to US$0.9 million) and RMB5.8 million (equivalent to US$0.8 million) was accrued for a loan default by Sichuan Wetouch obtained from Chengdu Bank in 2013 and guaranteed by a third party Chengdu SME Credit Guarantee Co., Ltd. (“Chengdu SME”) as of December 31, 2019. (see Note 9).On September 16, 2020, Sichuan Wetouch made a full repayment of RMB11.8 million (equivalent to US$1.7 million) of the above loan default penalties to Chengdu SME. (iii) Others mainly represent accrued employee reimbursement payable and other accrued miscellaneous operating expenses.

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- Definition The entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as current at the end of the reporting period. + References No definition available. + Details
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