Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 214

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 3
Chunk 214
---
)    

    December 31, 2024 
    December 31, 2023
  
    Amount due to related parties: 

    Yang Ming 
    $410,350  
    $416,484 
  
    LiuXiaoBin 
     887,214  
     887,214 
  
    LiMin 
     636,264  
     641,480 
  
    MiaoNaiHui 
     650,980  
     641,480 
  
    Total 
     2,584,808  
     2,586,658 

c)    

    December 31, 2024 
    December 31, 2023
  
    Due from related party: 

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

NOTE 11 – TAXES PAYABLE        

    December 31, 2024 
    December 31, 2023
  
    Land use tax payable 
    $19,318  
    $24,689 
  
    Value added tax and other taxes payable 
     94,681  
     450,941 
  
    Total 
    $113,999  
    $475,630 

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 Interest rate 
    December 31, 2024 
    December 31, 2023
  
    Total finance lease liability 
    6.7% 
    $1,293,608  
    $1,485,575 
  
    Less: Current portion 
      
     (217,743) 
     (172,625)
  
    Finance lease liability, net of current portion 
      
    $1,075,865  
    $1,312,950 

Interest expenses from capital lease obligations amounted
to $91,901 and $96,914 for the years ended December 31, 2024 and 2023, respectively, which were charged to the consolidated statement
of comprehensive income (loss).

    F-19 

GULF RESOURCES, INC