Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 405

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 6
Chunk 405
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 – PAYABLE AND ACCRUED EXPENSES

Payable and accrued expenses consist of the following:

Payable and Accrued
Expenses - Schedule of Accounts Payable and Accrued Liabilities

    December 31, 2024 
    December 31, 2023
  
    Accounts payable 
    $30,003  
    $206,984 
  
    Salary payable 
     323,655  
     216,253 
  
    Social security insurance contribution payable 
     169,858  
     172,398 
  
    Other payable-related party 
     —  
     88,086 
  
    Accrued expense for construction 
     5,310,040  
     5,389,437 
  
    Accrued expense-others 
     8,489,902  
     2,760,778 
  
    Total 
    $14,323,458  
    $8,833,936 

Accrued expense-others mainly include the purchase
of the unpaid portion of salt Pans  of $7,878,182, and others.

NOTE 10 – RELATED PARTY TRANSACTIONS

On September 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)