Company: RETO
Filing Date: 2025-09-15
Form Type: F-1
Source: 0001213900-25-087644
Chunk: 85

Company: ReTo Eco-Solutions, Inc.
Filing Date: 2025-09-15
Form: F-1
Chunk 85
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 $ |       37,579 |   |

Depreciation expense was $, $ and nil for the years ended
December 31, 2024, 2023 and 2022, respectively.

NOTE 10 – INTANGIBLE ASSETS, NET

Intangible assets, net, consisted of the following:

|                                     |     |   |        As of 
 December 31, 
         2024 |   |     |   |        As of 
 December 31, 
         2023 |   |
|:------------------------------------|:----|:--|-------------:|:--|:----|:--|-------------:|:--|
| Concession right on forest land (i) |     | $ |    7,671,969 |   |     | $ |            - |   |
| Software                            |     |   |              |   |     |   |          395 |   |
| Total                               |     |   |    7,671,969 |   |     |   |            - |   |
| Less: Accumulated amortization      |     |   |      (17,202 | ) |     |   |         (263 | ) |
| Intangible assets, net              |     | $ |    7,654,767 |   |     | $ |          132 |   |

| (i) | On December 3, 2024, the Company acquired a concession right on forest                                                                
 land from a third party for consideration of $7,671,969. The concession right with a finite useful life of 37 years gives the Company 
 rights to operate in the designated forests in the PRC.                                                                               |

Amortization expense was $, $ and nil for the years ended
December 31, 2024, 2023 and 2022, respectively.

Estimated future amortization expense is as follows:

| Twelve months ending December 31, |     | Amortization 
 expense      |           |
|:----------------------------------|:----|:-------------|----------:|
| 2025                              |     | $            |   206,421 |
| 2026                              |     |              |   206,421 |
| 2027                              |     |              |   206,421 |
| 2028                              |     |              |   206,421 |
| 2029                              |     |              |   206,421 |
| There