Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 511

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 7A
Chunk 511
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 ended
December 31, 2024 and 2023.

There were no change in unrecognized tax benefits during
the years ended December 31, 2024 and 2023.

    F-23 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS

DECEMBER 31, 2024

(Expressed in U.S. dollars)

NOTE 18 – BUSINESS SEGMENTS

Operating segment’s performance
is primarily evaluated based on segment operating income, which excludes share-based compensation expense, certain corporate costs and
other income not associated with the operations of the segment. These corporate costs are separately stated below and also include costs
that are related to functional areas such as accounting, treasury, information technology, legal, human resources, and internal audit.
The Company believes that segment operating income, as defined above, is an appropriate measure for evaluating the operating performance
of its segments. All the customers are located in PRC.

    Year Ended December 31, 2024
                                                                                                                                                                                                    Operating Segment 
    Bromine* 
    Crude Salt* 
    Chemical Products 
    Natural Gas 
    Segment Total 
    Corporate Corporate 
    Total
  
    Net revenue (external customers) 
    $5,549,815  
    $2,049,988  
    $—  
    $61,207  
    $7,661,010  
    $—  
    $7,661,010 
  
    Net revenue (intersegment) 
     —  
     —  
     —  
     —  
     —  
     —  
     — 
  
    Loss from operations before income tax expense 
     (17,238,619) 
     (76,694) 
     (3,028,479) 
     (195,364) 
     (20,539,156) 
     (744,493) 
     (21,283,649)
  
    Income tax (expense) benefit 
     (1,632,978) 
     (15,204) 
     —  
     —  
     (1,648,182) 
     —  
     (1,648,182)
  
    Loss from operations after income tax (expense) benefit 
     (18,871,597