Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 407

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 6
Chunk 407
---
075,865  
    $1,312,950 

Interest expenses from capital lease obligations amounted
to $91,901 and $96,914 for the years ended December 31, 2024 and 2023, respectively, which were charged to the consolidated statement
of comprehensive income (loss).

    F-19 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS

DECEMBER 31, 2024

(Expressed in U.S. dollars)

The components of operating lease liabilities as follows:

    Discount rate 
    December 31, 2024 
    December 31, 2023
  
    Total Operating lease liabilities 
    4.89% 
    $7,433,452  
    $7,998,908 
  
    Less: Current portion 
      
     (491,850) 
     (473,653)
  
    Operating lease liabilities, net of current portion 
      
    $6,941,602  
    $7,525,255 

The weighted average remaining
operating lease term at December 31, 2024 was 17.3 years and the weighted average discounts rate was 4.89%, This discount rates used are
based on the base rate quoted by the People’s Bank of China and vary with the remaining term of the lease. Lease payments for the
years ended December 31, 2024 and 2023, respectively, were $823,608 and $824,572.

Maturities of lease liabilities were as follows:

Lease Liabilities - Finance and Operating
Lease - Schedule of Financing and Operating Lease Maturities

    Finance lease 
    Operating Lease
  
    Payable within: 

    the next 12 months 
    $261,109  
    $821,511 
  
    the next 13 to 24 months 
     261,109  
     825,689 
  
    the next 25 to 36 months 
     261,109  
     833,255 
  
    the next 37 to 48 months 
     261,109  
     837,767 
  
    the next 49 to 60 months 
     261,109  
     845,843 
  
    thereafter 
     261,109  
     8,280,354