Company: GURE
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001193805-25-001184
Chunk: 24

Company: GULF RESOURCES, INC.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 24
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    Motor vehicles 
     124,733  
     124,215 
  
    Construction in process 
     47,554,695  
     10,155,642 
  
    Total 
     225,796,437  
     226,714,117 
  
    Less: Accumulated depreciation and amortization 
     (90,329,386) 
     (83,826,560)
  
     Impairment 
     (6,772,500) 
     (6,744,380)
  
    Net book value 
    $128,694,551  
    $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 $48,765,141 and $50,219,026 as at June 30, 2025 and December 31, 2024,
respectively. 

During the three-month period ended June 30, 2025,
depreciation and amortization expense totaled $3,989,399, of which $430,283, $197,636 and $3,361,480 were recorded in direct
labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue. During the six-month period
ended June 30, 2025, depreciation and amortization expense totaled $7,988,425, of which $2,900,054, $981,108 and $4,107,263 were recorded
in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue.

During the three-month period ended June 30, 2024,
depreciation and amortization expense totaled $4,728,984 of which $1,283,308, $201,197 and $3,244,479 were recorded in direct labor and
factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue. During the six-month period ended June
30, 2024, depreciation and amortization expense totaled $9,458,227, of which $4,390,097, $402,701 and $