Company: GURE
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001193805-25-001627
Chunk: 28

Company: GULF RESOURCES, INC.
Filing Date: 2025-11-19
Form: 10-Q
Item: Item 1
Chunk 28
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Accrued expense-others mainly include the purchase of the unpaid portion
of salt Pans of $4,788,641, and others.

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 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 $86,911
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, 2025 was approximately $21,877
and $65,300. The expense associated with this agreement for the three and nine months ended September 30, 2024 was approximately
$22,258 and $66,125.

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

b)

    September 30, 
    December 31,

    2025 
    2024
  
    Amount due to related parties: 

    Yang Ming 
    $415,158  
    $410,350 
  
    Liu Xiaobin 
     887,214  
     887,214 
  
    Li Min 
     655,240  
     636,264 
  
    Miao Naihui 
     640,351  
     650,980 
  
    Total 
    $2,597,963  
    $2,584,808 

c)

    September 30, 2025 
    December 31,