Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 552

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 8
Chunk 552
---
 recent accounting pronouncements including the respective expected dates of
adoption and effects on the consolidated financial statements.

Item 7A. Quantitative and Qualitative Disclosures about
Market Risk.

Pursuant to Item 305(e) of Regulation
S-K (§ 229.305(e)), the Company is not required to provide the information required by this Item as it is a “smaller reporting
company,” as defined by Rule 229.10(f)(1).

Item 8. Financial Statements and Supplementary Data

The financial statements and supplementary
data required by this item are included in a separate section of this Report. See “Index to Consolidated Financial Statements”
on Page F-1.

46 

GULF RESOURCES, INC.

AND
SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024 and 2023

C O N T E N T S

    PAGE

    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID #2729)
    F-2

    CONSOLIDATED BALANCE SHEETS
    F-3

    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
    F-4

    CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
    F-5

    CONSOLIDATED STATEMENTS OF CASH FLOWS
    F6 – F-7

    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
    F-8 – F-28

    FINANCIAL STATEMENT SCHEDULE:

    SCHEDULE I – PARENT ONLY FINANCIAL INFORMATION
    S-1 – S-3

F-1 

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of

Gulf
Resources, Inc.

Opinion on the Financial Statements

We have audited the accompanying
consolidated balance sheet of Gulf Resources, Inc. and subsidiaries (collectively the “Company”) as of December 31, 2024,
and the related consolidated statements of comprehensive income (loss), stockholders’ equity, and cash flows for the year ended
December 31, 2024, the related notes, and financial statement schedule (collectively referred to as the “consolidated financial
statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position
of the Company as