Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 467

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 7
Chunk 467
---
    Aged 31-60 days 
     144,942  
     26% 
     2,460,233  
     51%
  
    Aged 61-90 days 
     —  
     —  
     365,086  
     7%
  
    Aged 91-120 days 
     —  
     —  
     —  
     — 
  
    Aged 121-150 days 
     —  
     —  
     —  
     — 
  
    Aged 151-180 days 
     —  
     —  
     —  
     — 
  
    Aged 181-210 days 
     —  
     —  
     —  
     — 
  
    Aged 211-240 days 
     —  
     —  
     —  
     — 
  
    Total 
    $564,523  
     100% 
    $4,865,696  
     100%

The overall accounts receivable
balance as of December 31, 2024 decreased by $4,301,173, compared to those of December 31, 2023. The decrease was mainly due to the decrease
in the amount of accounts receivable in the current period as a result of the decrease in sales revenue. We have policies in place to
ensure that sales are made to customers with an appropriate credit history. We perform ongoing credit evaluation on the financial condition
of our customers.

43 

Inventory

Our inventory consists of the following:

    December 31, 2024 
    December 31, 2023

    % of total 
      
    % of total
  
    Raw materials 
    $10,610  
     3% 
    $32,840  
     5%
  
    Finished goods 
     304,761  
     97% 
     544,389  
     95%
  
    Total 
    $315,371  
     100% 
    $577,229  
     100%

The net inventory level as of
December 31, 2024 decreased by $261,858, as compared to the net inventory level as of December 31, 2023, one of the main reasons for the
re