Company: GURE
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001193805-25-000638
Chunk: 28

Company: GULF RESOURCES, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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                      28                             161      12.3  
  Shandong Shouguangshen Runfa Marine Chemical Company Limited      $            135      $                —      $                      135      10.3  

NOTE 18 - CUSTOMER CONCENTRATION

Revenue

Customer Concentration

Product

During the three-month period ended March 31,
2025, the Company sold62.4% of its products to its top five customers. As of March 31, 2025, amounts due from these customers were $1,462,756.

During the three-month period ended March 31,
2024, the Company sold55% of its products to its top five customers. As of March 31, 2024, amounts due from these customers were $2,803,534.

NOTE 19 - MAJOR SUPPLIERS

Product Concentration

Cost of Goods

During the three-month period ended March 31,
2025, the Company purchased100% of its raw materials from its top three suppliers. As of March 31, 2025, amounts due to those
suppliers were $390,250.

During the three-month period ended March 31,
2024, the Company purchased100% of its raw materials from its top three suppliers. As of March 31, 2024, amounts due to those
suppliers were $207,431.

NOTE 20 - LOSS CONTINGENCIES

Settled Litigation

On or about August 3, 2018, written decisions
of administration penalty captioned Shou Guo Tu Zi Fa Gao Zi [2018] No. 291, Shou Guo Tu Zi Fa Gao Zi [2018] No. 292, Shou Guo Tu Zi Fa
Gao Zi [2018] No. 293, Shou Guo Tu Zi Fa Gao Zi [2018] No. 294, Shou Guo Tu Zi Fa Gao Zi [2018] No. 295 and Shou Guo Tu Zi Fa Gao Zi [2018]
No. 296 (together, the “ Written Decisions”) were served on Shouguang City Haoyuan Chemical Company Limited (“ SCHC”)
by Shouguang City Natural Resources and Planning Bureau (the “ Bureau”), naming SCHC as respondent respectively thereof. The
Decisions challenged the land use of Factory nos. 2, 9, 7,