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RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 8– RELATED PARTY TRANSACTIONS

 

On September 25, 2012, the Company purchased five floors of a commercial building in the PRC, through SYCI, from Shandong Shouguang Vegetable Seed Industry Group Co., Ltd. (the “Seller”) at a cost of approximately $5.7 million in cash, of which Mr. Ming Yang, the Chairman of the Company, had a 99% equity interest in the Seller. During the first quarter of 2018, the Company entered into an agreement with the Seller, a related party, to provide property management services for an annual amount of approximately $96,574 for five years from January 1, 2018 to December 31, 2022. The expense associated with this agreement for the three and six months ended June 30, 2021 was approximately $24,144 and $47,878. The expense associated with this agreement for the three and six months ended June 30, 2020 was approximately $22,030 and $44,043. The amounting owing for the property management services as of June 30, 2021 and December 31, 2020 was $48,290 and $95,616 (Note 7). The amount owed as of June 30, 2021 is interest-free, unsecured and payable in January 2022.