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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 9 – 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 that time. 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 $89,574 for five years from January 1, 2018 to December 31, 2022. The expense associated with this agreement for the year ended December 31, 2022 was $92,168. The expense associated with this agreement for the year ended December 31, 2021 was $96,390.

 

 

NOTE 9 – 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)

 

   December 31,  December 31,
   2022  2021
Amount due to related parties:          
YangMing  $423,534   $462,680 
LiuXiaoBin   887,214    599,766 
LiMin   647,473    393,299 
MiaoNaiHui   647,473    393,299 
Total  $2,605,694   $1,849,044 

 

Considering that the Company has not performed well in recent years, the Company and its executive officers mutually agreed and returned all or a portion of their cash compensation earned for their services with the Company in year 2021, which may be considering pay back later when business improves.

 

The Company repurchased 80,000 shares respectively, valued from each of CEO Xiaobin Liu, COO Naihui Miao, and CFO Min Li in a privately negotiated transaction based on the closing price of the stock of $3.5931 per share on Wednesday, November 30, 2022.