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RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2022
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 $98,271 for five years from January 1, 2018 to December 31, 2022. The expense associated with this agreement for the three months ended March 31, 2022 and 2021 was approximately $24,568 and $23,735.

 

NOTE 8 – RELATED PARTY TRANSACTIONS – Continued

 

  a) Related parties

 

Name of related parties Position
YangMing Chairman Of the Board
LiuXiaoBin Chief Executive Officer
LiMin Chief Financial Officer
MiaoNaiHui Chief Operating Officer

 

b)

 

   March 31,  December 31,
   2022  2021
Amount due to related parties:          
YangMing  $464,656   $462,680 
LiuXiaoBin   599,766    599,766 
LiMin   394,979    393,299 
MiaoNaiHui   394,979    393,299 
Total  $1,854,380   $1,849,044 

 

Considering that the Company has not performed well in recent years, the Company and its executive officers mutually agreed and to returned all, or a portion of their cash compensation earned for their services with the Company, which may be considered for future compensation should the Company improve its results of operations.