v3.25.1
RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2025
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, who was the Chairman of the Company then, 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 $86,911 for five years from January 1, 2023 to December 31, 2027. The expense associated with this agreement for the three months ended March 31, 2025 and 2024 was approximately $21,728 and $21,982.

 

NOTE 10 – 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
Chengdu Dianjinshi Culture media Co., LTD Affiliated with company officers

 

b)

 

   March 31,  December 31,
   2025  2024
Amount due to related parties:          
Yang Ming  $410,940   $410,350 
Liu XiaoBin   887,214    887,214 
Li Min   651,502    636,264 
Miao NaiHui   636,766    650,980 
Total  $2,586,422   $2,584,808 

 

c)    

 

   March 31,
2025		  December 31,
2024
Due from related party:          
Chengdu Dianjinshi Culture media Co., LTD  $25,076   $25,040 
Total  $25,076   $25,040