Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 117

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 1B
Chunk 117
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* Certain common production overheads,
operating and administrative expenses and asset items (mainly cash and certain office equipment) of bromine and crude salt segments in
SCHC were split by reference to the average selling price and production volume of the respective segment.

    F-24 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS

DECEMBER 31, 2024

(Expressed in U.S. dollars)

    Years Ended December 31,
  
    Reconciliations 
    2024 
    2023
  
    Total segment operating loss 
    $(20,539,156) 
    $(11,105,079)
  
    Corporate costs 
     (744,493) 
     (785,646)
  
    Unrealized gain (loss) on translation of intercompany balance 
     —  
     — 
  
    Loss from operations 
     (21,283,649) 
     (11,890,725)
  
    Other expense, net 
     (62,113) 
     144,919 
  
    Expenditure on water pollution treatment 
     —  
     (46,510,856)
  
    Loss on disposal of property, plant and equipment 
     (29,169,008) 
     — 
  
    Impairment of Property, plant and equipment 
     (6,772,500) 
     — 
  
    Loss before taxes 
    $(57,287,270) 
    $(58,256,662)

The following table shows the major customers (10% or more)
for the year ended December 31, 2024

Business Segments - Schedule of
Revenue by Major Customers

        Bromine 
        Crude
Salt 
      Chemical
Products 
      Total
Revenue 
    Percentage
of Total
  
    Number 
    Customer 
    (000’s) 
    (000’s) 
    (000’s) 
    (000’s) 
    Revenue (%)
  
    1	 
    Shandong Morui Chemical Company Limited 
    $677  
    $770  
    $—  
    $1,447  
     18.9%
  
    2 
    Shandong Brother Technology Limited 
    $