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Related Party Transactions (Tables) | 12 Months Ended
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Dec. 31, 2020
Related Party Transactions [Abstract] |
Schedule of Related Party Transactions | The related party transactions are summarized as follows:
Revenues resulting from transactions with a related party: |  | Year Ended December 31, 2020 |  |  | Year Ended December 31, 2019 |
Sales from Sichuan Wetouch to Meishan Vtouch Electronics Technology Co., Ltd. (Meishan Wetouch) |  | $ | - |  |  | $ | 184,212 |
Amounts due from related parties are as follows:
Amounts due from related parties |  | Relationship |  | December 31, 2020 |  |  | December 31, 2019 |  |  | Note
Mr. Shengyong Li |  | General Manager of Sichuan Wetouch |  | $ | - |  |  | $ | 72 |  |  | Employee advance
Vision Touch Technology AG |  | 100% owned by Mr. Yong Yang, Sales Director of Sichuan Wetouch |  |  | 76,619 |  |  |  | 71,812 |  |  | Operating expense paid on behalf of the related party/Company
Total |  |  |  | $ | 76,619 |  |  | $ | 71,884 |  |  |
Amounts due to related parties are as follows:
|  | Relationship |  | December 31, 2020 |  |  | December 31, 2019 |  |  | Note
Chengdu Wetouch Technology Co., Ltd (“Chengdu Wetouch”) |  | 94% owned by Mr. Guangde Cai & 2% by Mr. Shengyong Li |  | $ | 134,616 |  |  | $ | 121,306 |  |  | Operating expense paid on behalf of the Company
Meishan Vtouch Electronics Technology Co., Ltd. |  | 95% owned by Mr. Guangde Cai and 5% by Chengdu Wetouch |  |  | 68,402 |  |  |  | 397,947 |  |  | Operating expense paid on behalf of the Company
Australia Vtouch Technolody Co., Ltd. (i) |  | 35.36% owned by Mr. Guangde Cai |  |  | - |  |  |  | 4,233,949 |  |  | Interest- free loan
Mr. Guangde Cai |  | Chairman and CEO of the Company |  |  | 326,043 |  |  |  | 215,031 |  |  | Payable to employee
Mr. Guangde Cai/Ms. Jiaying Cai/Mr. Shenyong Li(ii) |  | (ii) |  |  | - |  |  |  | - |  |  | Interest- free advance
Mr. Yong Yang |  | Sales Director of Sichuan Wetouch |  |  | - |  |  |  | 32,570 |  |  | Payable to employee
Total |  |  |  | $ | 529,060 |  |  | $ | 5,000,803 |  |  |
(i) On November 24, 2020, the Company repaid in full RMB29.5 million (equivalent to US$4.2 million) including RMB11.9 million (equivalent to US$1.8 million) interest expenses at 8% per annum, provided by nine shareholders of Australian Vtouch Technology Co., Ltd, a related party for the working capital purposes. (ii) For the year ended December 31, 2018, Sichuan Wetouch owed Mr. Guangde Cai, daughter of Mr. Guangde Cai, Ms. Jiaying Cai and Mr. Shengyong Li, the related parties of the Company, a total amount of approximately $14,000,000 (equivalent to RMB93.5M). On July 19, 2016, pursuant to a share transfer agreement, HK Wetouch acquired 100% of Sichuan Wetouch with advances from Mr. Guangde Cai, Ms. Jiaying Cai and Mr. Shengyong Li in the total amount of approximately $14,000,000 (equivalent to RMB93.5 million). These advances were unsecured and non-interest bearing and due on demand. On September 30, 2019, Sichuan Wetouch made full repayment of the $14,000,000 to Mr. Guangde Cai, Ms. Jiaying Cai and Mr. Shengyong Li, respectively.

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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
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