Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 81

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 1B
Chunk 81
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 $169,455,995  
    $226,671,708 

The accompanying notes are an integral
part of these consolidated financial statements.

F-3 

GULF RESOURCES, INC.

AND
SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME (LOSS)

(Expressed in U.S. dollars)

    Years Ended December 31,

    2024 
    2023

    NET REVENUE 
    $7,661,010  
    $30,043,790 

    OPERATING COSTS AND EXPENSE 

    Cost of revenues 
     (14,746,741) 
     (28,089,953)
  
    Sales and marketing expenses 
     (46,264) 
     (59,055)
  
    Direct labor and factory overheads 
     (8,880,643) 
     (9,544,675)
  
    General and administrative expenses 
     (5,271,011) 
     (4,240,832)
  
    TOTAL OPERATING COSTS AND EXPENSE 
     (28,944,659) 
     (41,934,515)

    LOSS FROM OPERATIONS 
     (21,283,649) 
     (11,890,725)

    OTHER INCOME (EXPENSE) 

    Interest expense 
     (91,901) 
     (105,209)
  
    Interest income 
     80,258  
     250,128 
  
    Other expenses, net 
     (50,470) 
     — 
  
    Loss on disposal of property, plant and equipment 
     (29,169,008) 
     — 
  
    Impairment of property, plant and equipment 
     (6,772,500) 
     — 
  
    Expenditure on water pollution treatment 
     —  
     (46,510,856)
  
    INCOME BEFORE INCOME TAXES 
     (57,287,270) 
     (58,256,662)

    INCOME TAX EXPENSE 
     (1,648,182) 
     (3,538,617)
  
    NET LOSS 
    $(58,935,452) 
    $(61,795,279)

    COMPREHENSIVE INCOME (