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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 10 – 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 $87,927 for five years from January 1, 2023 to December 31, 2027. The expense associated with this agreement for the year ended December 31, 2024 was $87,821. The expense associated with this agreement for the year ended December 31, 2023 was $88,049.

 

 

 

NOTE 10 – RELATED PARTY TRANSACTIONS – Continued

 

a)       Related parties

 

Name of related parties Position
Yang Ming Shareholder
LiuXiaoBin Chief Executive Officer
LiMin Chief Financial Officer
MiaoNaiHui Chief Operating Officer
Chengdu Dianjinshi Culture media Co., LTD Affiliated with company officers

 

b)    

 

   December 31,
2024		  December 31,
2023
Amount due to related parties:          
Yang Ming  $410,350   $416,484 
LiuXiaoBin   887,214    887,214 
LiMin   636,264    641,480 
MiaoNaiHui   650,980    641,480 
Total   2,584,808    2,586,658 

 

c)    

 

   December 31,
2024		  December 31,
2023
Due from related party:          
Chengdu Dianjinshi Culture media Co., LTD  $25,040    — 
Total  $25,040   $—