Wetouch Technology Inc (WETH)

[EpicPlays]

As per the 10Q that was released after hours on Friday we can now confirm that the change of control has been sold to entities that are indirectly controlled/owned by Guangde Cai according to the beneficial ownership disclosures:





https://backend.otcmarkets.com/otcapi/company/financial-report/256635/content

Also, this particular paragraph is interesting given that it states their intentions to file an equity registration statement and that the financial statements don't reflect any potential changes to the balance sheet that would be the result of assuming the assets/liabilities of a private corporation such as WeTouch through a reverse merger:

"Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in it's capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital, or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern."

WeTouch was planning to raise up to $24 million AUD and go public on the Australian Stock Exchange a few years ago as per this prospectus dated May 16, 2017 but that hasn't materialized:

https://www.upcomingfloats.com.au/Prospectus/AUSTRALIA%20WETOUCH%20TECHNOLOGY%20LTD.PDF

The ownership structure in the WeTouch prospectus details the same companies that Guangde Cai and Jiaying Cai indirectly control/own:



According to the financial statements, at the end of fiscal year 2016 the company had generated:

$21 million AUD in revenue resulting in a net profit of $7 million AUD.

Assets: $69 million AUD
Liabilites: $20 million AUD
Shareholder Equity: $49 million AUD

One can only imagine how much the company has grown since that time. $GLFW