Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 502

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 7A
Chunk 502
---
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)    

    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,