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7. RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2017
Related Party Transactions [Abstract]  
7. RELATED PARTY TRANSACTIONS

During the three-month period ended March 31, 2017, the Company borrowed a sum of $150,000 from Jiaxing Lighting Appliance Company Limited (Jiaxing Lighting”), in which Mr. Ming Yang, a shareholder and the Chairman of the Company, has a 100% equity interest. The amount due to Jiaxing Lighting was unsecured, interest free and repayable on demand and was fully settled in the three-month period ended March 31, 2017. There was no balance owing to Jiaxing Lighting as of March 31, 2017 and December 31, 2016.

 

During the fiscal year 2013, the Company entered into an agreement with the Shandong Shouguang Vegetable Seed Industry Group Co., Ltd, a related party, to provide property management services for an annual amount of approximately $100,704 for five years from January 1, 2013 to December 31, 2017. The expense associated with this agreement for the three months ended March 31, 2017 and 2016 was approximately $22,600 and $25,500.