Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 213

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 3
Chunk 213
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    Salary payable 
     323,655  
     216,253 
  
    Social security insurance contribution payable 
     169,858  
     172,398 
  
    Other payable-related party 
     —  
     88,086 
  
    Accrued expense for construction 
     5,310,040  
     5,389,437 
  
    Accrued expense-others 
     8,489,902  
     2,760,778 
  
    Total 
    $14,323,458  
    $8,833,936 

Accrued expense-others mainly include the purchase
of the unpaid portion of salt Pans  of $7,878,182, 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 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.

    F-18 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS

DECEMBER 31, 2024

(Expressed in U.S. dollars)

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