RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2021

NOTE 7 – RELATED PARTY TRANSACTIONS

The related party transactions are summarized as follows:


	Years Ended December 31,
	2021		2020
	US$		US$
Revenues resulting from related parties:
Sales to Chengdu Wetouch Technology Co., Ltd (“Chengdu Wetouch”)		10,483		-
Sales to Meishan Wetouch Electronics Technology Co., Ltd. (“Meishan Wetouch”)		87,367		-
Total revenue	$	97,850	$	-

The Company sells capacitive touchscreens to Chengdu Wetouch and Meishan Wetouch from time to time. There are no written agreements between the Company and Meishan Wetouch. Mr. Guangde Cai, Chairman and director of the Company and our indirect majority shareholder, owns 94% and 95% of Chengdu Wetouch and Meishan Wetouch, respectively.

SCHEDULE OF RELATED PARTY TRANSACTIONS

Amounts due from related parties are as follows:

Amounts due

from related

parties

Relationship

December 31,

2021

December 31,

2020

Note

Vision Touch Technology AG

100% owned by Mr. Yong Yang, Sales Director of Sichuan Wetouch

76,619

Operating expense paid on behalf of the related party/Company

Amounts due to related parties are as follows:

	Relationship	December 31, 2021		December 31, 2020		Note
Chengdu Wetouch Technology Co., Ltd (“Chengdu Wetouch”)	94% owned by Mr. Guangde Cai & 2% by Mr. Shengyong Li	$	-	$	134,616	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	Operating expense paid on behalf of the Company
Chengdu Vtouch Intelligence Science & Technology Co., Ltd.	100% owned by HK Vtouch Holding Group Co., Ltd.		-		-	Operating expenses paid on behalf of the Company
Mr. Zongyi Lian	President and CEO of the Company		1,802		-	Payable to employee
Mr. Guangde Cai	Chairman of the Company		32,867		326,042	Payable to employee
Total		$	34,669	$	529,060