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PREPAID EXPENSES AND OTHER CURRENT ASSETS | 12 Months Ended
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Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | NOTE-4 — PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consists of the following: SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS
|  | December 31, 2021 |  |  | December 31, 2020 |
Advance to suppliers |  | $ | 244,758 |  |  | $ | 117,819 |
VAT input credits |  |  | 307,575 |  |  |  | - |
Issue cost related to convertible promissory notes |  |  | 159,000 |  |  |  | - |
Deferred marketing expenses |  |  | 1,000,000 |  |  |  | - |
Prepayment for land use right/ (i) |  |  | 615,955 |  |  |  | - |
Security deposit (ii) |  |  | 61,670 |  |  |  | - |
Others receivable (iii) |  |  | 56,936 |  |  |  | 110,624 |
Prepaid expenses and other current assets |  | $ | 2,445,894 |  |  | $ | 228,443 |
(i) | On July 23, 2021, Sichuan Vtouch entered into a contract with Chengdu Wenjiang District Planning and Natural Resources Bureau for purchasing a land use right of 131,010 square feet with a consideration of RMB 3,925,233 (equivalent to $615,955) for the new facility. The Company made a full prepayment by November 18, 2021 . Upon a certificate of land use right issued by the local government, which is estimated to be obtained by the fourth quarter of 2022, the Company will reclassify this prepayment to intangible assets accordingly.
(ii) | On July 28, 2021, Sichuan Vtouch made a security deposit of RMB393,000 (equivalent to $61,670) to Chengdu Cross-Strait Science and Technology Industry Development Park Management Committee to obtain a construction license for new facility. This deposit will be refunded upon the issuance of the construction license by end of April, 2022.
(iii) | Other receivables are mainly employee advances, and prepaid expenses.

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- Definition Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs. + References No definition available. + Details
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