Company: GURE
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001193805-25-000638
Chunk: 17

Company: GULF RESOURCES, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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., Ltd. (the
“ Seller”) at a cost of approximately $5.7million in cash, of which Mr. Ming Yang, who was the Chairman of the Company then, had a99%
equity interest in the Seller. 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 $86,911for five
years from January 1, 2023 to December 31, 2027. The expense associated with this agreement for the three months ended March
31, 2025 and 2024 was approximately $21,728and $21,982.

NOTE 10 - RELATED PARTY TRANSACTIONS - 
Continued

  Related parties  

  Name of related parties                        Position                          
  Yang Ming                                      Chairman Of the Board             
  Liu XiaoBin                                    Chief Executive Officer           
  Li Min                                         Chief Financial Officer           
  Miao NaiHui                                    Chief Operating Officer           
  Chengdu Dianjinshi Culture media Co., LTD      Affiliated with company officers  

b)

                                      March 31,                     December 31,                 
                                      2025                          2024                         
 ─────────────────────────────────────────────────────────────────────────────────────────────────
  Amount due to related parties:                                                                 
  Yang Ming                           $                410,940      $                   410,350  
  Liu XiaoBin                                          887,214                          887,214  
  Li Min                                               651,502                          636,264  
  Miao NaiHui                                          636,766                          650,980  
  Total                               $              2,586,422      $                 2,584,808  

c)

                                                 March 31,      December 31,  
  Due from related party:                                                     
  Chengdu Dianjinshi Culture media Co., LTD        $25,076           $25,040  
  Total                                            $25,076           $25,040  

NOTE 11 - TAXES PAYABLE

                                               March 31,                   December 31,               
                                               2025                        2024                       
 ──────────────────────────────────────────────────────────────────────────────────────────────────────
  Land use tax payable                                         19,345                         19,318  
  Value added tax and other taxes payable                     257,171                         94,681  
  Total                                        $              276,516      $                 113,999