Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 560

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 8
Chunk 560
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The accompanying notes are an integral
part of these consolidated financial statements.

F-5 

GULF RESOURCES, INC.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH
FLOWS

(Expressed in U.S. dollars)

    Years Ended December 31,

    2024 
    2023
  
    CASH FLOWS FROM OPERATING ACTIVITIES 

    Net loss 
    $(58,935,452) 
    $(61,795,279)
  
    Adjustments to reconcile net income to net cash  provided by (used in) operating activities: 

    Amortization on capital lease 
     91,901  
     96,914 
  
    Depreciation and amortization 
     18,007,875  
     27,139,589 
  
    Deferred tax asset 
     1,632,978  
     3,215,727 
  
    Stock-based compensation expense 
     194,700  
     451,350 
  
    Bad debt expense 
     1,669,002  
     431 
  
    Impairment of inventory 
     989,035  
     230,776 
  
    Impairment of property plant and equipment 
     6,772,500  
     — 
  
    Amortization of right-of-use asset 
     877,809  
     887,603 
  
    Loss on disposal of property, plant and equipment 
     29,169,008  
     — 
  
    Changes in assets and liabilities 

    Accounts receivable 
     4,264,140  
     410,057 
  
    Inventories 
     (733,302) 
     769,543 
  
    Prepayment and deposits 
     248,817  
     (4,268,797)
  
    Advance from customers 
     (42,471) 
     42,945 
  
    Other receivables 
     (87,515) 
     (6,849)
  
    Accounts and Other payable and accrued expenses 
     (2,191,652) 
     1,114,904 
  
    Taxes payable 
     (357,954) 
     (213,480)
  
    Lease liabilities 
     (894,351) 
     (