RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2021

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 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 $97,853 for five years from January 1, 2018 to December 31, 2022. The expense associated with this agreement for the year ended December 31, 2021 was $96,390. The expense associated with this agreement for the year ended December 31, 2020 was $90,510.

NOTE 8 – 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,
	2021		2020
Amount due to related parties:
YangMing	$	462,680	$	—
LiuXiaoBin		599,766		—
LiMin		393,299		—
MiaoNaiHui		393,299		—
Total	$	1,849,044	$	—

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.