Company: GURE
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001193805-25-001184
Chunk: 29

Company: GULF RESOURCES, INC.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 29
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    Payable within: 

    the next 12 months 
    $262,198  
    $829,131 
  
    the next 13 to 24 months 
     262,198  
     833,318 
  
    the next 25 to 36 months 
     262,198  
     841,261 
  
    the next 37 to 48 months 
     262,198  
     845,788 
  
    the next 49 to 60 months 
     262,198  
     854,266 
  
    thereafter 
     —  
     7,535,834 
  
    Total 
     1,310,990  
     11,739,598 
  
    Less: Amount representing interest 
     (230,639) 
     (4,842,605)
  
    Present value of net minimum lease payments 
    $1,080,351  
    $6,896,993 

    16 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

 (Expressed in U.S. dollars)

(UNAUDITED)

NOTE 13 –– EQUITY

Restricted Shares

A restricted stock award (“RSA”) is
an award of common shares that is subject to certain restrictions during a specified period. Restricted stock awards are independent of
option grants and are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot
transfer the shares before the restricted shares vest. Shares of nonvested restricted stock have the same voting rights as common stock,
are entitled to receive dividends and other distributions thereon and are considered to be currently issued and outstanding. The Company
expenses the cost of the restricted stock awards, which is determined to be the fair market value of the shares at the date of grant,
straight-line over the period during which the restrictions lapse. For these purposes, the fair market value of the restricted stock is
determined based on the closing price of the Company's common stock on the grant date.

The Company granted an aggregate of 295,000 restricted shares
of common stock in January 2025 to a consultant, the Company's directors, officers, and an employee as compensation for services rendered
for the year ended December 31, 202