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RELATED PARTY TRANSACTIONS | 9 Months Ended
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Sep. 30, 2023
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. 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 $90,785 for five years from January 1, 2023 to December 31, 2027. The expense associated with this agreement for the three and nine months ended September 30, 2023 was approximately $21,748 and $66,028. The expense associated with this agreement for the three and nine months ended September 30, 2022 was approximately $21,968 and $69,775. NOTE 8 – RELATED PARTY TRANSACTIONS – Continued
| a) | Related parties
Name of related parties | Position
Yang Ming | Chairman Of the Board
Liu XiaoBin | Chief Executive Officer
Li Min | Chief Financial Officer
Miao NaiHui | Chief Operating Officer
b)
|  | September 30, |  | December 31,
|  | 2023 |  | 2022
Amount due to related parties: |  |  |  |  |  |  |  |
Yang Ming |  | $ | 411,323 |  |  | $ | 423,534 |
Liu Xiao Bin |  |  | 887,213 |  |  |  | 887,214 |
Li Min |  |  | 637,092 |  |  |  | 647,473 |
Miao Nai Hui |  |  | 637,092 |  |  |  | 647,473 |
Total |  | $ | 2,572,720 |  |  | $ | 2,605,694 |
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.

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