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RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2024
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 $87,927 for five years from January 1, 2023 to December 31, 2027. The expense associated with this agreement for the three months ended March 31, 2024 and 2023 was approximately $21,982 and $22,696.

 

NOTE 9 – 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)

 

   March 31,  December 31,
   2024  2023
Amount due to related parties:          
Yang Ming  $415,748   $416,484 
Liu XiaoBin   887,214    887,214 
Li Min   640,853    641,480 
Miao NaiHui   640,853    641,480 
Total  $2,584,668   $2,586,658 

 

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.