Company: GURE
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001193805-25-000638
Chunk: 19

Company: GULF RESOURCES, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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822,692  
  the next 13 to 24 months                           261,485                               828,555  
  the next 25 to 36 months                           261,485                               834,455  
  the next 37 to 48 months                           261,485                               840,733  
  the next 49 to 60 months                           261,485                               847,059  
  thereafter                                         261,485                             8,063,578  
  Total                                            1,568,910                            12,237,072  
  Less: Amount representing interest               ( 251,727                           ( 4,928,746  
  Present value of net minimum lease payments      1,317,183      $                      7,308,326  

NOTE 13 - EQUITY

Restricted Shares

A restricted stock award (“ RSA”) is
an award of common shares that is subject to certain restrictions during a specified period. Restricted stock awards are independent of
option grants and are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot
transfer the shares before the restricted shares vest. Shares of nonvested restricted stock have the same voting rights as common stock,
are entitled to receive dividends and other distributions thereon and are considered to be currently issued and outstanding. The Company
expenses the cost of the restricted stock awards, which is determined to be the fair market value of the shares at the date of grant,
straight-line over the period during which the restrictions lapse. For these purposes, the fair market value of the restricted stock is
determined based on the closing price of the Company's common stock on the grant date.

The Company granted an aggregate of295,000restricted
shares of common stock in January 2025 to a consultant, the Company's directors, officers, and an employee as compensation for services
rendered for the year ended December 31, 2024. The restricted shares award were granted under the 2019 Omnibus Equity Incentive Plan and
vested immediately. The fair value of the award on the date of grant was $194,700which was expensed in full during the year ended December
31, 2024.

During the three months ended March 31,
2025, the Company granted in the aggregate,265,000restricted
shares of common stock on March 21, 2025 to a consultant, the company's directors, officers and an employee as compensation for services rendered