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Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2020
Payables and Accruals [Abstract] |
Schedule of 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 Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses. + References No definition available. + Details
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