8. RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2021

Related Party Transactions [Abstract]

8. 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 $94,940 for five years from January 1, 2018 to December 31, 2022. The expense associated with this agreement for the three months ended March 31, 2021 and 2020 was approximately $23,735 and $22,013. The amounting owing for the property management services as of March 31, 2021 and December 31, 2020 was $23,738 and $95,616 (Note 7). The amount owed as of March 31, 2021 is interest-free, unsecured and payable in January 2022.