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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 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 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 $90,785 for five years from January 1, 2023 to December 31, 2027. The expense associated with this agreement for the year ended December 31, 2023 was $88,049. The expense associated with this agreement for the year ended December 31, 2022 was $92,168.

 

 

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,
   2023  2022
Amount due to related parties:          
YangMing  $416,484   $423,534 
LiuXiaoBin   887,214    887,214 
LiMin   641,480    647,473 
MiaoNaiHui   641,480    647,473 
Total  $2,586,658   $2,605,694 

 

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 November 30, 2022.