Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 68

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 1B
Chunk 68
---
 of the Qinghe Oil Extraction Plant to Bohai
Park. As such, direct labor and factory overhead costs (including depreciation of plant and machinery) amounted $8,880,643 and $9,544,675
for fiscal years 2024 and 2023, which were presented as operating expenses instead of in cost of revenue. The decrease in direct labor
and factory overhead costs was primarily attributable to the factories operation status during the fiscal year 2024 and year 2023, respectively.
These five factories (including No.1,No.4,No.7,No.8 and No.9)were in production during the year 2024.

General and Administrative
Expenses. General and administrative expenses were $5,271,011 for the year ended December 31, 2024, representing an increase of
$1,030,179 (or 24%) as compared to $4,240,832 for the same period in 2023.

41 

Loss from Operations. Operating loss was $21,283,649
for the fiscal year 2024, compared to a loss of $11,890,725 in the same period in 2023.

    Income (loss) from Operations by Segment

    Year ended December 31, 2024 
    Year ended December 31, 2023
  
    Segment: 
      
    % of total 
      
    % of total
  
    Bromine 
    $(17,238,619) 
     83.9% 
    $(10,005,755) 
     90.1%
  
    Crude Salt 
    $(76,694) 
     0.4% 
    $640,309  
     (5.8%)
  
    Chemical Products 
    $(3,028,479) 
     14.7% 
    $(1,653,349) 
     14.9%
  
    Natural Gas 
    $(195,364) 
     1% 
    $(86,284) 
     0.7%
  
    (Loss from operations before corporate costs 
    $(20,539,156) 
     100% 
    $(11,105,079) 
     100%
  
    Corporate costs 
    $(744,493) 
        
    $(785,646) 

    Loss from operations before taxes 
    $(21,283,649) 
        
    $(