Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 515

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 7A
Chunk 515
---
 Weidong Chemical Company Limited  
    $3,492  
    $837  
    $—  
    $4,329  
     14.5%
  
    4 
    Shandong Shouguang Shenrunfa Marine Chemical Company Limited  
    $3,018  
    $—  
    $—  
    $3,018  
     10.1%

    F-25 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS

DECEMBER 31, 2024

(Expressed in U.S. dollars)

NOTE 19 – CUSTOMER CONCENTRATION

Revenue

Customer Concentration 

Product

The Company sells a substantial
portion of its products to a limited number of customers. During the year ended December 31, 2024, the Company sold 66.05% of its products
to its top five customers, respectively. As of December 31, 2024, amounts due from these customers were $594,234.

The Company sells a substantial
portion of its products to a limited number of customers. During the year ended December 31, 2023, the Company sold 61.8% of its products
to its top five customers, respectively. As of December 31, 2023, amounts due from these customers were $2,082,217.

NOTE 20 – MAJOR SUPPLIERS

Product Concentration 

Cost of Goods

During the year ended December
31, 2024, the Company purchased 100% of its raw materials from its top four suppliers. As of December 31, 2024, amounts due to those suppliers
were $30,003.

During the year ended December
31, 2023, the Company purchased 100% of its raw materials from its top four suppliers. As of December 31, 2023, amounts due to those suppliers
were $206,984.

    F-26 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS

DECEMBER 31, 2024

(Expressed in U.S. dollars)

NOTE 21 – LOSS CONTINGENCIES

Settled Litigation 

On or about August 3,
2018, written decisions of administration penalty captioned Shou