Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 465

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 7
Chunk 465
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,364
for the fiscal year 2024, compared to a loss of $86,284 in the same period in 2023.

Other (Expense)/Income, Net. Other
income, net, which represent bank interest income, net of finance lease interest expense and $50,470 of non-operating expenses was
$62,113 for the fiscal year 2024, representing a decrease of $207,032 (or approximately 143% as compared to the preceding year.

Loss on disposal of property, plant and equipment.
Loss on disposal of property, plant and equipment was $29,169,008 in the fiscal year 2024. In June 2024, considered the bromide
well and transmission channel have been in use for many years, the Company conducted a site inspection and found that some wells and channels
were seriously damaged by water seepage which in turn required write-off or new construction, and the write-off amount is $29,169,008.

Impairment of Property, plant and equipment. Impairment
of property, plant and equipment was $6,772,500 in the fiscal year 2024. In December 2024, due to the delayed completion of some machinery
and equipment of Yuxin Chemical's new plant resulting from the impact of the current market environment, our company hired professional
evaluators to perform impairment test on these assets. The latter determined impairment was $6,772,500.

Net Loss. Net loss was $58,935,452 for the
fiscal year 2024, compared to net loss of $61,795,279 in the preceding year.

Net Loss Per Share

For the fiscal year 2024, net loss per share was $5.49 compared
to net loss per share of $5.92 in the preceding year. There were 10,726,924 shares outstanding compared to 10,726,924 shares.

Foreign Currency Translation
Adjustment

For the fiscal year 2024, the Company
had a negative foreign currency translation adjustment of $2,800,874 versus a negative adjustment of $5,025,980 in the previous year.
This adjustment impacts all balance sheet translations into U.S. dollars.

42 

LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2024, cash and cash equivalents were
$10,075,162 as compared to $72,223,894 as of December 31, 2023. The