Company: GURE
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001193805-25-001627
Chunk: 29

Company: GULF RESOURCES, INC.
Filing Date: 2025-11-19
Form: 10-Q
Item: Item 1
Chunk 29
---
2024
  
    Due from related party: 

    Chengdu Dianjinshi Culture media Co., LTD 
    $25,333  
    $25,040 
  
    Total 
    $25,333  
    $25,040 

NOTE 11– TAXES PAYABLE

    September 30, 
    December 31,

    2025 
    2024
  
    Land use tax payable 
    $36,663  
     19,318 
  
    Value added tax and other taxes payable 
     598,895  
     94,681 
  
    Total 
    $635,558  
    $113,999 

NOTE 12 –LEASE LIABILITIES-FINANCE AND OPERATING
LEASE

The components of finance lease liabilities were
as follows:

Lease Liabilities - Finance and Operating
Lease - Schedule of Finance and Operating Leased Liabilities

    Imputed
     
    September 30,
     
    December 31,

    Interest rate
     
    2025
     
    2024
  
    Total finance lease liability

    6.7%

    $
    1,106,716

    $
    1,293,608

    Less: Current portion

    (208,212
    )

    (217,743
    )
  
    Finance lease liability, net of current portion

    $
    898,504

    $
    1,075,865

Interest expenses from finance lease obligations
amounted to $18,184 and $21,191 for the three-month period ended September 30, 2025 and 2024, respectively, which were charged to the
condensed consolidated statement of income (loss). Interest expenses from finance lease obligations amounted to $61,580 and $70,835 for
the nine-month period ended September 30, 2025 and 2024, respectively, which were charged to the condensed consolidated statement of income
(loss).

The components of operating lease liabilities
as follows:

    September 30,
     
    December 31,

    Discount rate
     
    2025
     
    2024
  
    Total Operating lease liabilities

    4.89%

    $
    6,954,490

    $
    7,433,452

    Less: Current portion

    (518,214
    )

    (491,850