Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 586

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 8
Chunk 586
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    Expired 
     —  
     —  
     — 
  
    Balance, December 31, 2024 
     —  
     —  
     — 

    Stock and Warrants Options Exercisable and Outstanding 

     Outstanding at December 31, 2024  
     Range of Exercise Prices  
     Weighted Average Remaining Contractual Life (Years) 

    Exercisable and outstanding 
     —  
     —  
     — 

All options exercisable and outstanding at December 31,
2024 are fully vested. As of December 31, 2024, there was no unrecognized compensation cost related to outstanding stock options,

The aggregate intrinsic value of options outstanding and
exercisable as of December 31, 2024 and 2023 was $0 and $0.

    F-21 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS

DECEMBER 31, 2024

(Expressed in U.S. dollars)

NOTE 16– EXPENDITURE ON WATER POLLUTION TREATMENT

    December 31, 2024 
    December 31, 2023

    Expenditure on water pollution treatment 
    $—  
    $46,510,856 
  
    Total 
    $—  
    $46,510,856 

The Company had done the flood
prevention project which involved the renovation of the channels of four major rivers within our mining area, encompassing the tributary
of the Mihe River. The aim is to prevent flooding that could harm the wells, aqueducts and crude salt pans at our plant. This Project
incurred total expense of $46,510,856 in the fiscal year 2023.

NOTE 17 – INCOME TAXES

The Company utilizes the asset
and liability method of accounting for income taxes in accordance with FASB ASC 740-10. If it is more likely than not that some portion
or all of a deferred tax asset will not be realized, a valuation allowance is recognized.

(a)United States (“US”)

United States

Gulf Resources, Inc. may be subject
to the United States of America Tax laws at a tax rate of 21%. No provision for the US federal income taxes has been made