Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 466

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 7
Chunk 466
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 components of this decrease of $62,148,732 are reflected below.

Statement of Cash Flows

    Years Ended December 31

    2024 
    2023
  
    Net cash provided by  (used in) operating activities 
    $675,068  
    $(32,751,851)
  
    Net cash used in investing activities 
    $(60,551,488) 
    $— 
  
    Net cash used in financing activities 
    $(249,240) 
    $(267,810)
  
    Effects of exchange rate changes on cash and cash equivalents 
    $(2,023,072) 
    $(2,982,659)
  
    Net decrease in cash and cash equipment 
    $(62,148,732) 
    $(36,002,320)

For the fiscal years 2024 and
2023, we met our working capital and capital investment requirements by using cash flows from operations and cash on hand.

Net Cash Provided by (Used
in) Operating Activities

During the year ended December
31, 2024, cash flow used in operating activities of approximately $0.68 million was mainly due to a net loss of $58.9 million, offset
by a non-cash adjustment related to depreciation and amortization of property, plant and equipment of $18 million, impairment of property,
gain on disposal of equipment of $29 million, plant and equipment of $6.8 million and an increase in account receivable of $4.26 million.

During the year ended
December 31, 2023, cash flow used in operating activities of approximately $32.75 million was mainly due to a net loss of $61.8
million, offset by a non-cash adjustment related to depreciation and amortization of property, plant and equipment of $27.13 million
and an increase in accounts and other payable and accrued expenses of $1.11 million.

Accounts receivable

Cash collections on our accounts
receivable had a major impact on our overall liquidity. The following table presents the aging analysis of our accounts receivable as
of December 31, 2024 and 2023.

    December 31, 2024 
    December 31, 2023

    % of total 
      
    % of total
  
    Aged 1-30 days 
    $419,581  
     74% 
    $2,040,377  
     42%