Company: GURE
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001193805-25-001627
Chunk: 25

Company: GULF RESOURCES, INC.
Filing Date: 2025-11-19
Form: 10-Q
Item: Item 1
Chunk 25
---
    December 31,  2024
  
    At cost: 

    Mineral rights 
    $2,714,318  
    $2,682,882 
  
    Buildings 
     76,562,769  
     68,476,868 
  
    Plant and machinery 
     123,824,882  
     143,839,420 
  
    Furniture, fixtures and office equipment 
     1,451,905  
     1,435,090 
  
    Motor vehicles 
     125,670  
     124,215 
  
    Construction in process 
     —  
     10,155,642 
  
    Total 
     204,679,544  
     226,714,117 
  
    Less: Accumulated depreciation and amortization 
     (94,768,106) 
     (83,826,560)
  
         Impairment 
     —  
     (6,744,380)
  
    Net book value 
    $109,911,438  
    $136,143,177 

The Company has certain buildings and salt
pans erected on parcels of land located in Shouguang, PRC, and such parcels of land are collectively owned by local townships or the
government authority. The Company has not been able to obtain property ownership certificates over these buildings and salt pans.
The aggregate carrying values of these properties situated on parcels of the land are $57,674,442
and $50,219,026
as at September 30, 2025 and December 31, 2024, respectively. The increase in this amount is
mainly due to the renovation project of crude salt pans.

During the three-month period ended September 30, 2025, depreciation
and amortization expense totaled $3,747,191 ,of which $353,924, $193,767 and $3,199,500 were recorded in direct labor and factory overheads
incurred during plant shutdown, administrative expenses and cost of net
revenue. During the nine-month period ended September 30, 2025,depreciation
and amortization expense totaled $11,735,615 of which $3,253,978, $1,174,875 and $7,306,762 were recorded in direct labor and factory
overheads incurred during plant shutdown, administrative expenses and