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RELATED PARTY TRANSACTIONS
 9 Months Ended
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.