Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 583

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 8
Chunk 583
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 17.3 years and the weighted average discounts rate was 4.89%, This discount rates used are
based on the base rate quoted by the People’s Bank of China and vary with the remaining term of the lease. Lease payments for the
years ended December 31, 2024 and 2023, respectively, were $823,608 and $824,572.

Maturities of lease liabilities were as follows:

Lease Liabilities - Finance and Operating
Lease - Schedule of Financing and Operating Lease Maturities

    Finance lease 
    Operating Lease
  
    Payable within: 

    the next 12 months 
    $261,109  
    $821,511 
  
    the next 13 to 24 months 
     261,109  
     825,689 
  
    the next 25 to 36 months 
     261,109  
     833,255 
  
    the next 37 to 48 months 
     261,109  
     837,767 
  
    the next 49 to 60 months 
     261,109  
     845,843 
  
    thereafter 
     261,109  
     8,280,354 
  
    Total 
     1,566,654  
     12,444,419 
  
    Less: Amount representing interest 
     (273,046) 
     (5,010,967)
  
    Present value of net minimum lease payments 
    $1,293,608  
    $7,433,452 

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