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Related Party Transactions (Tables)
 12 Months Ended
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.