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The last filing shows $45 million in cash and the stock trades at a Market cap 6,384,943 02/21/2023
WETOUCH TECHNOLOGY INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
As of September 30, 2022
https://www.otcmarkets.com/filing/conv_pdf?id=16199207&guid=he7-keSHJM22dth
WETH SECURITY DETAILS
Share Structure
Market Cap Market Cap
6,384,943
02/21/2023
Authorized Shares
300,000,000
02/21/2023
Outstanding Shares
33,604,965
02/21/2023
Restricted
14,846,935
02/21/2023
Unrestricted
18,758,030
02/21/2023
Held at DTC
2,400,272
02/21/2023
Float
28,507,913
03/01/2022
Par Value
0.001
These guys SUK ,,,,
Item 8.01 Other Events
Reverse Stock Split
On February 17, 2023, the Board authorized a reverse stock split with a ratio of not less than one to five (1:5) and not more than one to eighty (1:80), with the exact amount and the timing of the reverse stock split to be as determined by the Chairman of the Board. Upon such reverse stock split becoming effective, the number of authorized shares of the common stock of the Company will also be decreased in the same ratio. Pursuant to Nevada Revised Statutes Section 78.209, the reverse stock split does not have to be approved by the shareholders of the Company.
https://www.otcmarkets.com/filing/html?id=16421604&guid=he7-keSHJM22dth
25 cents ....
"160,000,000 shares of the common stock of the Company (the “Shares”) for an aggregate purchase price of $40,000,000, or $0.25 per share. The net proceeds of the offering (after deducting legal and accounting fees and expenses) shall be used by the Company for working capital and general corporate purposes and the repayment of debt."
fun times. did you notice an offering price?
yep. Happy Holidays molee
Perhaps , next year , when China opens up and the economy improves these shares will be worth more than pennies .
Happy Holidays to you and the rest of the crew here .
$WETH >> Oh My , a real DUMP-A-THON going on right now ...
And the crowd goes wild. $WETH
$WETH shares on sale , AGAIN .....
Tally Ho ...
Wetouch Technology Inc. Announces Construction Progress on New Production Facility
Chengdu, China, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Wetouch Technology Inc. (OTC: WETH) ("Wetouch" or "the Company"), a specialty manufacturer of medium to large sized projected capacitive touchscreens, today announced that it has completed approximately 80% of the construction work on its new high-standard production facility in Chengdu, for which the Company expects to complete the construction work before the end of 2022.
The Company has completed roof sealing on the facility, which underscores Wetouch’s ongoing commitment to enhance its capacity and capability to meet fast-growing customer needs, including world’s top 500 enterprise customers such as Siemens, Canon and Delta. Wetouch will invest in total RMB76 million on the construction of the factory, and also invest another RMB20 million to build two fully-automated touchscreen production lines at the facility that are expected to start mass production in the first quarter of 2023.
The production facility covers an area of nearly 20 acres, with a construction area of nearly 30,000 square meters. The new facility is located in the Strait Industrial Park, Wenjiang District, Chengdu City.
Zongyi Lian, Chief Executive Officer of Wetouch commented: “We are pleased to announce significant progress on the construction work of our new facility, which would help us enhance production capacity and efficiency to expand our partnership with global partners. Wetouch is committed to enabling customers by enhancing our capability to expedite the development and commercialization of more innovative touchscreen products, and we expect our new production facility could potentially generate annual sales exceeding RMB1 billion, and a net income of more than RMB200 million once put into use."
Thanks. Intriguing company. I wonder why it's so quiet. Potentially bc 20 to 1 split coming up?
Wonder if they could do a smaller split.
All I could find other than SEC stuff :
http://ir.wetouchinc.com/
Investor Relation Contact:
Guangde Cai
gordon@wetouch.com.cn
I can't find a working website or any investors presentation. Is sec filings only place to get info on them?
Whatever they are doing , the share price is collapsing once again ...
Any ideas on when you all think they complete the uplist? This quarter? This year?
Hey all. I like to read s1's for long term investments. Came across weth tonight and am very intrigued. I'm asking for Recommendations of additional information on the company that I should view? Any good interviews or PRs that I should start with
Wetouch Technology Inc. (WETH) Announces FY2022 Financial Guidance
https://www.otcmarkets.com/stock/WETH/news/Wetouch-Technology-Inc-WETH-Announces-FY2022-Financial-Guidance?id=371563
Expects stable revenue from core products business in 2022, guiding to total revenue in the range of $36.0 million to $44.0 million.
Net income in the range of $9.0 million to $11.0 million.
Chengdu, China, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Wetouch Technology Inc. (OTC: WETH) ("Wetouch" or "the Company"), a specialty manufacturer of medium to large sized projected capacitive touchscreens, today announced its financial guidance for fiscal year 2022.
“We are very pleased by the strong demand trends we have seen in our business. Despite COVID-19 pandemic as well as continued global supply chain constraints, we expect stable revenue in fiscal year 2022, guiding to sales in the range of $36.0 million to $44.0 million.” commented Guangde Cai, the Chairman of Wetouch. “As a prominent player in the medium and wide-format touchscreen sector for applications such as GPS/car entertainment panels in mid-size and luxury cars, industrial HMI, financial and banking terminals, POS and lottery machines, Wetouch has been supplying to customers, including certain Fortune 500 companies. In 2022, Wetouch has received several purchase orders from our customers in Germany and Japan. We are excited to service and maintain good relationship with them. Although the challenges from the macro environment remains in the short term, we are very confident with business prospects and believe our seasoned management team, technology and quality products and services and years of experience servicing multinational corporate clients will create lasting shareholder value.”
Maybe they are cross trading a bunch of shares from one group to another ? IDK ...
Non stop selling pressure today .. Typical O T C ...
Wondering what / who has caused this recent activity ....
Frontloading some future announcement perhaps ??
I have been glued to my seat watching this ...Peculiar , but nice at the same time .
We'll just have to wait and see where this goes .
Houston, doesn’t seem to be a problem- but it does seem something odd is transpiring- shares are being bought and the pps is going up. $WETH
Market cap $16m revenue $40m. $WETH $$
EPS .30 PPS highest bid .30 for worlds #1 touch screen maker $WETH $$
I don’t think it matters $71m assets-$7m liabilities- $40m+ in revenue- eps .30+ / market $16m. $WETH
10Q is out . ( If anyone cares ) ...
https://www.otcmarkets.com/stock/WETH/disclosure
What the HECK is the matter with these guys ??? Sheesh ! ! !
Even with all of the recent buying volume there always seems to be more shares available at the ask .
Since there is NO communication from the company , we shareholders can only wait until there is some positive break in the trading .
Market cap $20m. Yearly revenue $40m. Positive EPS. $.55 2021. $WETH
.08 eps for the q. PPS is undervalued using any evaluation metric. $WETH.
i will hold $WETH for $10+ pps, or for eternity, whichever comes first. this hold is based on year end 2020 eps of $.50, plus possible up list. let's see how it goes, besides eternity is not to long of a time:
https://www.otcmarkets.com/filing/html?id=15733539&guid=lSqwkn_z48R0dth
Surprise , another S-1/A is out ...
https://www.otcmarkets.com/stock/WETH/disclosure
https://www.otcmarkets.com/filing/html?id=15761484&guid=6zqwkeXRnsNaJth
Anything new ? I am tired of reading them ... LOL .
The question remains : Why "borrow" so much $$$ at such a low conversion rate when you have so much $$$ anyway ???
Smells "fishy" to me ...
NOTE 11 – CONVERTIBLE PROMISSORY NOTES PAYABLE
a) Convertible promissory notes
In October, November, and December 2021, the Company, issued seven (7) convertible promissory notes of US$2,250,000 aggregate principal amount, due in one year (the ‘Notes’) with issuance price discounted 90.0%. The Notes bear interest at a rate of 8.0% per annum, payable in one year and will mature on October 27, November 5, November 16, November 29 and December 2 of 2022. Net proceeds after debt issuance costs and debt discount were approximately US$1,793,000. Debt issuance costs in the amount of US$162,000 are recorded as deferred charges and included in the other current assets on the consolidated balance sheet. The debt discount and debt issuance costs are amortized into interest expense using the effective interest method over the terms of the Notes.
The details of convertible notes are as follows:
Unless the Notes are converted, the principal amounts of the Notes, and accrued interest at the rate of 8% per annum, are payable on the one-year anniversary of the issuance of the Notes (the “Maturity Date”). If the Company fails to satisfy its loan obligation by the Maturity Date, the default interest rate will be 16%.
The Lenders have the right to convert any or all of the principal and accrued interest on the Notes into shares of common stock of the Company on the earlier of (i) 180 calendar days after the issuance date of the Notes or (ii) the closing of a listing for trading of the common stock of the Company on a national securities exchange offering resulting in gross proceeds to the Company of $15,000,000 or more (an “Uplist Offering”). If the Company closes an Uplist Offering on or before the 180th calendar date after the issuance date of the Notes, the conversion price shall be 70% of the per share offering price in the Uplist Offering; otherwise, the conversion price is $0.75 per share.
Subject to customary exceptions, if the Company issues shares or any securities convertible into shares of common stock at an effective price per share lower than the conversion price of the Notes, the conversion rate of the Notes shall be reduced to such lower price.
Until the Notes are either paid or converted in their entirety, the Company agreed with the Lenders not to sell any securities convertible into shares of common stock of the Company (i) at a conversion price that is based on the trading price of the stock or (ii) with a conversion price that is subject to being reset at a future date or upon an event directly or indirectly related to the business of the Company or the market for the common stock. The Company also agreed to not issue securities at a future determined price.
The Lenders have the right to require the Company to repay the Notes if the Company receives cash proceeds, including proceeds from customers and the issuance of equity (including in the Uplist Offering). If the Company prepays the Notes prior to the Maturity Date, the Company shall pay a 10% prepayment penalty.
For the year ended December 31, 2021, the Company recognized interest expenses of the Notes in the amount of US$27,447.
The following is the summary of outstanding promissory notes as of December 31, 2021:
Interest rate Principal Amount Net Proceeds Warrants Shares Maturity Date
Convertible Note- Tarlos Victory (Note 9 (b)) 8 % $ 250,000 $ 197,000 200,000 October 27, 2022
Convertible Note-Mast Hill (Note 9 (b)) 8 % 750,000 601,000 600,000 November 5, 2022
Convertible Note-First Fire (Note 9 (b)) 8 % 250,000 197,000 200,000 November 16, 2022
Convertible Note-LGH Note 9 (b)) 8 % 250,000 207,000 200,000 November 24, 2022
Convertible Note -Fourth Man (Note 9 (b)) 8 % 250,000 197,000 200,000 November 29, 2022
Convertible Note-Jeffery Street Note 9 (b)) 8 % 250,000 197,000 200,000 December 2, 2022
Convertible Note -Blue Lake Note 9 (b)) 8 % 250,000 197,000 200,000 December 2, 2022
Total 2,250,000 1,793,000 1,800,000
Debt Discounts (225,000 )
Amortization of discounts for the year ended December 31, 2021 5,550
Convertible Promissory Notes payable as of December 31, 2021 $
2,030,550
*The Company prepaid $10,000 legal deposit for each note till the repayment of the notes.
F-18
b) Warrants
Accounting for Warrants
In connection with the issuance of a convertible promissory notes (see Note 11 (a) in October, November and December, 2021, the Company also issued seven (7) three-year warrant (the “Warrant”) to purchase an aggregate of 1,800,000 shares of the Company’s common stock (the “Warrant Shares”).
The Warrants issued to the Lenders granted each of the Lenders the right to purchase up to 200,000 shares of common stock of the Company at an exercise price of $1.25 per share. However, if the Company closes an Uplist Offering on or before the 180th calendar date after the issuance date of the Warrants, then the exercise price shall be 125% of the offering price of a share in the Uplist Offering. If the adjusted exercise price as a result of the Uplist Offering is less than $1.25 per share, then the number of shares for which the Warrants are exercisable shall be increased such that the total exercise price, after taking into account the decrease in the per share exercise price, shall be equal to the total exercise price prior to such adjustment.
The Lenders have the right to exercise the Warrants on a cashless basis if the highest traded price of a share of common stock of the Company during the 150 trading days prior to exercise of the Warrants exceeds the exercise price, unless there is an effective registration statement of the Company which covers the resale of the Lenders.
If the Company issues shares or any securities convertible into shares at an effective price per share lower than the exercise price of the Warrants, the exercise price of the Warrants shall be reduced to such lower price, subject to customary exceptions.
The Lenders may not convert the Notes or exercise the Warrants if such conversion or exercise will result in each of the Lenders, together with any affiliates, beneficially owning in excess of 4.9% of the Company’s outstanding common stock immediately after giving effect to such exercise unless the Lenders notify the Company at least 61 days prior to such exercise.
The fair values of these warrants as of December 31, 2021 were calculated using the Black-Scholes option-pricing model with the following assumptions:
December 31, 2021
Volatility (%) Expected dividends yield (%) Weighted average expected life (year) Risk-free interest rate (%) (per annum) Initial value of common stock purchase warrants liability (US$) Changes of fair value of common stock purchase warrants liability (- (gains)/+ losses(US$) Common stock purchase sarrants liability as of December 31, 2021(US$)
Convertible Note- Tarlos Victory (Note 9 (a)) 187.3 % $ 0.0 % $ 2.8 0.97 % 311,649 (186,893 ) 124,756
Convertible Note-Mast Hill (Note 9 (a)) 187.3 % 0.0 % 2.8 0.97 % 576,233 (201,077 ) 375,156
Convertible Note-First Fire (Note 9 (a)) 187.3 % 0.0 % 2.9 0.97 % 196,037 (70,629 ) 125,408
Convertible Note-LGH Note 9 (a)) 187.3 % 0.0 % 2.9 0.97 % 214,644 (88,980 ) 125,664
Convertible Note -Fourth Man (Note 9 (ab)) 187.3 % 0.0 % 2.9 0.97 % 214,867 (89,046 ) 125,821
Convertible Note-Jeffery Street Note 9 (a)) 187.3 % 0.0 % 2.9 0.97 % 187,338 (61,423 ) 125,915
Convertible Note -Blue Lake Note 9 (a)) 187.3 % 0.0 % 2.9 0.97 % 187,338 (61,423 ) 125,915
Total Total 1,888,106 (759,471 ) 1,128,635
F-19
Results of Operations
Highlights for the year ended December 31, 2021 include:
? Revenues were $40.8 million, an increase of 30.0% from $31.3 million for the year ended December 31, 2020
? Gross profit was $18.4 million, an increase of 17.9% from $15.6 million for the year ended December 31, 2020
? Net income was $17.4 million, an increase of 95.5% from $8.9 million for the year ended December 31, 2020
? Total volume shipped was 1,922,353 units, an increase of 16.1% from 1,656,050 units for the year ended December 31, 2020
Results of Operations
The following table sets forth, for the periods indicated, statements of income data:
(in US Dollar millions,
except percentage) For the Years Ended December 31, Change
2021 2020 %
Revenues $ 40.8 $ 31.3 30.0 %
Cost of revenues (22.4 ) (15.7 ) 42.7 %
Gross profit 18.4 15.6 17.9 %
Total operating expenses (5.8 ) (3.7 ) 56.8 %
Operating income 12.6 11.9 5.9 %
Total other income (expenses) 9.2 (1.4 ) 757.1 %
Income before income taxes 21.8 10.4 107.6 %
Income tax benefit (expense) (4.4 ) (1.5 ) 193.3 %
Net income $ 17.4 $ 8.9 95.5 %
For the Years Ended December 31, 2021 and 2020
Revenues
Revenues were $40.8 million in the year ended December 31, 2021, an increase of $9.4 million, or 30.0%, compared with $31.3 million in the year ended December 31, 2020. This increase was due to the increase of 16.1% in sales volume, an increase of 12.1% in the average selling price of our products, and 6.6% positive impact from exchange rate due to appreciation of RMB against US dollars, as compared with those of the same period of last year.
$WETH 10K is published ...
https://www.otcmarkets.com/stock/WETH/disclosure
https://www.otcmarkets.com/filing/html?id=15733539&guid=jBewkK5UOIH3dth
Looks pretty good to me ... but ... WTFDIK ?
Form 3’s for
BOARD OF DIRECTORS
Guangde Cai
Chairman
Jiaying Cai
Jing Chen
Independent Director, Audit Committee Member, Compensation Committee Member, Nominating Committee Member
Jeffrey Kone
Independent Director, Audit Committee Member, Compensation Committee Member, Nominating Committee Member
Wei Wang
Independent Director, Audit Committee Member, Compensation Committee Member, Nominating Committee Member
Some new SEC filings to peruse ...
https://www.otcmarkets.com/stock/WETH/disclosure
4k for sell @ .6 - no takers. no one hovering- no one wanting to touch $WETH currently. maybe later. hope springs eternal.
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