Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 123

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 1B
Chunk 123
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. On the Closing Date, the Company
issued a total of 2,059,694
shares of the Company’s common stock, par value $0.0005
per share (the “Shares”), at a price of $1.50
per share, to five individuals, who are citizens residing in the People’s Republic of China, designated by each the Seller
1, the Seller 2, the Seller 3, the Seller 4 and the Seller 5. The issuance of the Shares was exempt from registration pursuant to Regulation
S of the Securities Act of 1933, as amended.

Determined by the civil mediation document issued by
Shouguang People's Court on March 17, 2025, SCHC owed Shouguang Chengyu Trading Co., Ltd. a sum of RMB 226,825.44 for goods. SCHC is required
to pay RMB 50,000 to Shouguang Chengyu Trading Co., Ltd. before the 15th day of each month starting from April 2025 until the debt is
fully repaid.

On March 21, 2025, the company issued total 265,000 shares
to its employees, officers and consultant for the service rendered in the year ended December 31, 2025.

    F-28 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS

DECEMBER 31, 2024

(Expressed in U.S. dollars)

SCHEDULE I – PARENT ONLY FINANCIAL INFORMATION

The following presents condensed parent company only financial
information of Gulf Resources, Inc.

Condensed Balance Sheets

     Parent Company 
    As of December 31,

    2024 
    2023
  
    Current Assets 

    Prepayments and deposits 
    $—  
    $— 
  
    Total Current Assets 
     —  
     — 
  
    Non-Current Assets 

    Interests in subsidiaries 
     83,755,560  
     144,749,406 
  
    Amounts due from group companies 
     69,821,271  
     62,288,744 
  
    Deferred tax assets, net 
     —  
     — 
  
    Total non-current assets 
     153,576,831  
     207,038,150