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RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 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 former chairman of the board of directors 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 and nine months ended September 30, 2024 was approximately $22,258 and $66,125. The expense associated with this agreement for the three and nine months ended September 30, 2023 was approximately $21,748 and $66,028.

 

NOTE 9 – RELATED PARTY TRANSACTIONS – Continued

 

  a) Related parties

 

Name of related parties Position
Yang Ming Former Chairman Of the Board
Liu Xiaobin Chief Executive Officer and Chairman of the Board
Li Min Chief Financial Officer
Miao Naihui Chief Operating Officer,Director

 

b)

 

   September 30,  December 31,
   2024  2023
Amount due to related parties:          
Yang Ming  $420,969   $416,484 
Liu Xiaobin   887,214    887,214 
Li Min   645,291    641,480 
Miao Naihui   645,291    641,480 
Total  $2,598,765   $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.