Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 103

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 1B
Chunk 103
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3
  
    At cost: 

    Mineral rights 
    $2,682,882  
    $2,722,997 
  
    Buildings 
     68,476,868  
     29,863,200 
  
    Plant and machinery 
     143,839,420  
     185,738,906 
  
    Furniture, fixtures and office equipment 
     1,435,090  
     1,456,547 
  
    Motor vehicles 
     124,215  
     126,072 
  
    Construction in process 
     10,155,642  
     10,307,491 
  
    Total 
     226,714,117  
     230,215,213 
  
    Less: Accumulated depreciation and amortization 
     (83,826,560) 
     (108,027,190)
  
    Impairment 
     (6,744,380) 
     — 
  
    Net book value 
    $136,143,177  
    $122,188,023 

The Company has certain
buildings and salt pans erected on parcels of land located in Shouguang, PRC, and such parcels of land are collectively owned by
local townships or the government authority. The Company has not been able to obtain property ownership certificates over these
buildings and salt pans. The aggregate carrying values of these properties situated on parcels of the land are $50,219,026 and
$8,346,742 as at December 31, 2024 and December 31, 2023, respectively.

During the year ended December
31, 2024, depreciation and amortization expense totaled $17,989,747
of which $10,864,807, $6,806,372
and $318,568
were recorded in direct labor and factory overheads incurred cost of net revenue,
during plant shutdown, and administrative expenses respectively.

During the year ended
December 31, 2023, depreciation and amortization expense totaled $27,064,404 of
which $15,626,277, $4,113,962 and
$7,324,165 were
recorded in direct labor and factory overheads incurred cost of net revenue, during
plant shutdown, and administrative expenses respectively.

NOTE 7 – FINANCE LEASE RIGHT-OF-USE ASSETS

Property, plant