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10-Q/A true 2025-03-31 2025 false 001-34499 GULF RESOURCES, INC. NV 13-3637458 Level 11 Vegetable Building Industrial Park of the East City Shouguang City CN 262700 +86 536 567-0008 Common Stock, $0.0005 par value GURE NASDAQ Yes Yes Non-accelerated Filer true false false 1813531 This Amendment No. 1 (the “Amendment”) amends the Quarterly Report on Form 10-Q of Gulf Resources, Inc. (the “Company”) for the fiscal quarter ended March 31, 2025, as filed with the Securities and Exchange Commission on May 13, 2025 (the “Original Filing”). This Amendment is being filed in response to comment letters dated July 21, 2025, September 16, 2025, January 28, 2026, May 20, 2026, August 12, 2026 and September 17, 2026 (collectively, the “SEC Comment Letter”) received from the staff of the SEC and relates to matters discussed in the SEC Comment Letter and in the Company’s responses dated August 28, 2025, November 13, 2025, April 30, 2026 and June 1, 2026. Item 1 of Part I in the Form 10-Q is amended by this Amendment to reflect additional information and revised disclosure requested in the SEC Comment Letter to include a revised Notes 1, 6, 7, 9, 12, 13, 17, 21 and 22 to the consolidated financial statements. Item 1A of Part II in the Form 10-Q are amended by this Amendment to reflect additional information and revised disclosures regarding recent regulatory developments in China, government regulation, risk factors. The financial statements included in the Original Filing should no longer be relied upon because of the errors described above. No other information in the Original Filing was incorrectly presented, and this Amendment should be read in conjunction with the Original Filing. In accordance with Rule 12b-15 of the Securities Exchange Act of 1934, as amended, this Amendment includes new certifications required by Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, as amended, dated as of the filing date of this Amendment. Other than as expressly described above, no changes have been made to the Original Filing. This Amendment does not reflect events occurring after the Original Filing.

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<p id="xdx_801_eus-gaap--BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_zHGsWb1teLEc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(a)</td><td style="font: 10pt Times New Roman, Times, Serif">Basis of Presentation and Consolidation</td></tr></table> The accompanying unaudited consolidated financial statements have been prepared by Gulf Resources, Inc. (“Gulf Resources”), a Nevada corporation and its subsidiaries (collectively, the “Company”). The consolidated financial statements include the accounts of Gulf Resources, Inc. and its wholly-owned subsidiary, Upper Class Group Limited, a company incorporated in the British Virgin Islands, which owns 100% of Hong Kong Jiaxing Industrial Limited, a company incorporated in Hong Kong (“HKJI”). HKJI owns 100% of Shouguang City Haoyuan Chemical Company Limited (“SCHC”) which owns 100% of Shouguang Yuxin Chemical Industry Co., Limited (“SYCI”), Daying County Haoyuan Chemical Company Limited (“DCHC”) and Shouguang Hengde Salt Industry Co. Ltd. (“SHSI”). All material intercompany transactions have been eliminated on consolidation. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(b)</td><td style="font: 10pt Times New Roman, Times, Serif">Going Concern Consideration</td></tr></table> The consolidated financial statements are prepared on the going concern basis, meaning that the enterprise is expected to realize the assets and settle the liabilities through normal business operations. However, the going concern of the enterprise relies on many factors, such as profitable operations, generating operating cash flows, obtaining financing, etc. The Company assesses its liquidity by monitoring cash and cash equivalents, as well as operating and capital expenditure commitments. As of March 31, 2025, the Company had current assets of $17.64 million and current liabilities of $10.47 million. As a result, the surplus was $7.17 million, but it has suffered losses for the three months ended by March 31, 2025. If it is unable to raise additional funds, it may need to take measures such as cutting administrative and operational costs and saving funds. If there are significant doubts regarding the Company’s ability to continue operations, the Company is attempting to alleviate such concerns through measures such as controlling operating expenses, shifting business focus to revenue-generating activities, obtaining authorization from domestic banks and other financial institutions, and seeking equity or debt financing. Additionally, the Company will also obtain financial support commitments from related parties. However, these situations still pose significant doubts regarding the Company’s ability to continue operations. The financial statements do not consider the potential impact on the recoverability of assets, classification, and amounts and classification of liabilities if the Company is unable to continue operations. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(c)</td><td style="font: 10pt Times New Roman, Times, Serif">Nature of the Business</td></tr></table> The Company manufactures and trades bromine through its wholly-owned subsidiary, Shouguang City Haoyuan Chemical Company Limited (“SCHC”) ;manufactures and trades crude salt through its wholly-owned subsidiary, Shouguang Hengde Salt Industry Co. Ltd (“SHSI”); and manufactures chemical products for use in the oil industry, pesticides, paper manufacturing industry and for human and animal antibiotics through its wholly-owned subsidiary, Shouguang Yuxin Chemical Industry Co., Limited (“SYCI”) in the People’s Republic of China (“PRC”). Daying County Haoyuan Chemical Company Limited (“DCHC”) was established to further explore and develop natural gas and brine resources (including bromine and crude salt) in the PRC. DCHC’s business commenced trial operation in January 2019 but suspended production temporarily in May 2019, as required by the government to obtain project approval (see Note 1 (c)(iii)). <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(i)</td><td style="font: 10pt Times New Roman, Times, Serif">Bromine and Crude Salt Segments</td></tr></table> In February 2019, the Company received a notification from the local government of Yangkou County that its Factory No. 1, No. 4, No. 7 and No. 9 passed inspection and could resume operations. In April 2019, Factory No.1, and Factory No.7 resumed operation. On November 25, 2019, the government of Shouguang City issued a notice ordering all bromine facilities in Shouguang City, including the Company’s bromine facilities, including Factory No. 1 and Factory No. 7, to temporarily stop production from December 16, 2019to February 10, 2020. Subsequently, due to the coronavirus outbreak in China, the local government ordered those bromine facilities to postpone the commencement of production. Subsequently, the Company received an approval dated February 27, 2020 issued by the local governmental authority allowing the Company to resume production after the winter temporary closure. Further, the Company received another approval from the Shouguang Yangkou People’s Government dated March 5, 2020 allowing the Company to resume production at its bromine factories No. 1, No. 4, No.7 and No. 9 in order to meet the needs of bromide products for epidemic prevention and control (the “March 2020 Approval”). The Company’s Factories No. 1 and No. 7 commenced trial production in mid-March 2020 and commercial production on April 3, 2020 and its Factories No. 4 and No. 9 commenced commercial production on May6, 2020. The Company received verbal notification from the government regarding Factory No. 8, allowing it to recommence production in August 2022. Factory No. 8 began contributing revenue in the fourth quarter of 2022. The Company is still waiting for governmental approval for Factories No. 2 and No. 10. To our knowledge, the government is currently completing its planning process for all mining areas including that for prevention of flood. As a result, we may be required to make some modifications to our current wells and aqueducts prior to commencement of operations of these factories to satisfy the local government’s requirements. In April 2022, Shouguang Hengde Salt Industry Co. Ltd, our subsidiary, was incorporated in Shandong Province, China, for crude salt production and trading. This subsidiary was created in response to a new government policy that required bromine and crude salt companies to have separate registrations. The creation of this subsidiary and the separation of bromine and crude salt do not impact sales or overall profits. However, the establishment of this subsidiary has resulting in a reallocation of costs between bromine and crude salt. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(ii)</td><td style="font: 10pt Times New Roman, Times, Serif">Chemical Segment</td></tr></table> On November 24, 2017, the Company received a letter from the Government of Yangkou County, Shouguang City notifying the Company to relocate its two chemical production plants located in the second living area of the Qinghe Oil Extraction to the Bohai Marine Fine Chemical Industrial Park (“Bohai Park”). This was because the two plants were located in a residential area and their production activities impacted the living environment of the residents. This was as a result of the country’s effort to improve the development of the chemical industry, manage safe production and curb environmental pollution accidents effectively, and ensure the quality of the living environment of residents. All chemical enterprises which did not comply with the requirements of the safety and environmental protection regulations were ordered to shut down. In December 2017, the Company secured from the government the land use rights for its chemical plants located at the Bohai Park and in June 2018, the Company presented a completed construction design draft and other related documents to the local authorities for approval. In January 2020, the Company received the environmental protection approval by the government of Shouguang City, Shandong Province for the proposed Yuxin Chemical factory. The Company began the construction on its new chemical facilities located at Bohai Marine Fine Chemical Industrial Park in June 2020 and basically completed the civil works by the end of June 2021. On November 15, 2021, the Company announced that due to the supply chain issues as well as the electric restrictions in China, the delivery of some equipment, the equipment installation and testing and beginning trial production at the chemical factory had been delayed. On February 22, 2022, the Company announced that discussions with the government have convinced management that the electricity restrictions are being eased. Accordingly, the Company has contacted its suppliers and expected to have the remainder of the equipment produced and delivered, so the Company can complete installation and begin testing and trial production. The Company estimates this relocation process will cost approximately $69 million in total. The Company incurred relocation costs comprising prepaid land lease, professional fees related to the design of the new chemical factory, purchase of plant and equipment and construction costs and installation costs incurred for the new chemical factory in the amount of $45,584,344 and $45,584,344, which were recorded in the property, plant and equipment in the consolidated balance sheets as of March 31, 2025 and December 31, 2024. The Company suspended the construction in the chemical factory until it decide what products can be produced most profitably. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(iii)</td><td style="font: 10pt Times New Roman, Times, Serif">Natural Gas Segment</td></tr></table> In January 2017, the Company completed the first brine water and natural gas well field construction in Daying located in Sichuan Province, China, and commenced trial production in January 2019. On May 29, 2019, the Company received a verbal notice from the government of Tianbao Town, Daying County, Sichuan Province, whereby the Company is required to obtain project approval for its well located in Daying, including the whole natural gas and brine water project, and approvals for safety production inspection, environmental protection assessment, and to solve the related land issue. Until these approvals have been received, the Company has to temporarily halt trial production at its natural gas well in Daying. In compliance with the Chinese government new policies, the Company is also required to obtain an exploration license and a mining license for bromine and natural gas, respectively. Pursuant to the Opinions of the Ministry of Natural Resources on Several Issues in Promoting the Reform of Mineral Resources Management(Trial) promulgated by the Ministry of Natural Resources of PRC on January 9, 2020, which came into effect on May 1, 2020, privately owned enterprises are allowed to participate in the natural gas production. The Company plans to proceed with its applications for the natural gas and brine project approvals with related government departments until the governmental planning has been finalized. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(d)</td><td style="font: 10pt Times New Roman, Times, Serif">Use of Estimates</td></tr></table> The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and this requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. The most significant accounting estimates with regard to these consolidated financial statements that require the most significant and subjective judgments include, but are not limited to, useful lives of property, plant and equipment,recoverability of long-lived assets, determination of impairment losses, assessment of market value of inventories and provision for inventory obsolescence, allowance for doubtful accounts, recognition and measurement of deferred income taxes, valuation allowance for deferred tax assets, and assumptions used for the valuation of share based payments. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(e)</td><td style="font: 10pt Times New Roman, Times, Serif">Cash and Cash Equivalents</td></tr></table> Cash and cash equivalents consist of all cash balances and highly liquid investments with original maturities of three months or less. Because of short maturity of these investments, the carrying amounts approximate their fair values. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(f)</td><td style="font: 10pt Times New Roman, Times, Serif">Allowance for Doubtful Accounts</td></tr></table> We make estimates of the uncollectability of accounts receivable, especially analyzing accounts receivable and historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms, when evaluating the adequacy of the allowance for doubtful accounts. Credit evaluations are undertaken for all major sale transactions before shipment is authorized. On a quarterly basis, we evaluate aged items in the accounts receivable aging report and provide an allowance in an amount we deem adequate for doubtful accounts. If management were to make different judgments or utilize different estimates, material differences in the amount of our reported operating expenses could result. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(g)</td><td style="font: 10pt Times New Roman, Times, Serif">Concentration of Credit Risk</td></tr></table> The Company is exposed to credit risk in the normal course of business, primarily related to accounts receivable and cash and cash equivalents. Substantially all of the Company’s cash and cash equivalents are maintained with financial institutions in the PRC, namely, Industrial and Commercial Bank of China Limited, China Merchants Bank Company Limited and Sichuan Rural Credit Union, which are not insured or otherwise protected. The Company placed $8,523,045 and $10,075,162 with these institutions as of March 31, 2025 and December 31, 2024, respectively. The Company has not experienced any losses in such accounts in the PRC. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(h)</td><td style="font: 10pt Times New Roman, Times, Serif">Property, Plant and Equipment</td></tr></table> Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. Expenditures for new facilities or equipment, and major expenditures for betterment of existing facilities or equipment are capitalized and depreciated using the straight-line method at rates sufficient to depreciate such costs less 5% residual value over the estimated productive lives. All other ordinary repair and maintenance costs are expensed as incurred. Mineral rights are recorded at cost less accumulated depreciation and any impairment losses. Mineral rights are amortized ratably over the term of the lease, or the equivalent term under the units of production method, whichever is shorter. Construction in process primarily represents direct costs of construction of property, plant and equipment. Costs incurred are capitalized and transferred to property, plant and equipment upon completion and depreciation will commence when the completed assets are placed in service. <p id="xdx_893_ecustom--ScheduleOfPropertyPlantAndEquipmentServiceLifeTableTextblock_zm2gquoikDT4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">The Company’s depreciation and amortization policies on property, plant and equipment, other than mineral rights and construction in process, are as follows: SCHEDULE OF PROPERTY PLANT AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Useful life (in years)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: left">Mineral rights</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: center"> </td><td style="width: 14%; text-align: center">50</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MinimumMember_zbFcg6rLxdnk">8 - <span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MaximumMember_zbpiweMZ8jm7">20</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Plant and machinery (including protective shells, transmission channels and ducts)</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlantAndMachineryMember__srt--RangeAxis__srt--MinimumMember_zW40rFpmcema" title="Useful life (in years)">3 - <span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlantAndMachineryMember__srt--RangeAxis__srt--MaximumMember_zB7EqyJgIxx" title="Useful life (in years)">8</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Motor vehicles</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">5</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Furniture, fixtures and equipment</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"><span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitireFixturesAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_zoLfqRlLVyB8" title="Useful life (in years)">3 - <span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitireFixturesAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_z6gVkwHqIJU4" title="Useful life (in years)">8</td><td style="text-align: left"> </td></tr> </table> Producing oil and gas properties are depreciated on a unit-of-production basis over the proved developed reserves. Common facilities that are built specifically to service production directly attributed to designated oil and gas properties are depreciated based on the proved developed reserves of the respective oil and gas properties on a pro-rata basis. Common facilities that are not built specifically to service identified oil and gas properties are depreciated using the straight-line method over their estimated useful lives. Costs associated with significant development projects are not depreciated until commercial production commences and the reserves related to those costs are excluded from the calculation of depreciation. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(i)</td><td style="font: 10pt Times New Roman, Times, Serif">Asset Retirement Obligation</td></tr></table> The Company follows Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”), which established a uniform methodology for accounting for estimated reclamation and abandonment costs. FASB ASC 410 requires the fair value of a liability for an asset retirement obligation to be recognized in the period in which the legal obligation associated with the retirement of the long-lived asset is incurred. When the liability is initially recorded, the offset is capitalized by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. To settle the liability, the obligation is paid, and to the extent there is a difference between the liability and the amount of cash paid, a gain or loss upon settlement is recorded. Currently, there are no reclamation or abandonment obligations associated with the land being utilized for exploitation by the bromine and crude salt factories. Also, for the two chemical plants that are to be relocated, currently, there are no obligations to restore the land to its original condition. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(j)</td><td style="font: 10pt Times New Roman, Times, Serif">Recoverability of Long-lived Assets</td></tr></table> In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10-35 “Impairment or Disposal of Long-lived Assets”, long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable or that the useful lives of those assets are no longer appropriate. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. The Company determines the existence of such impairment by measuring the expected future cash flows (undiscounted and without interest charges) and comparing such amount to the carrying amount of the assets. An impairment loss, if one exists, is then measured as the amount by which the carrying amount of the asset exceeds the discounted estimated future cash flows. Assets to be disposed of are reported at the lower of the carrying amount or fair value of such assets less costs to sell. Asset impairment charges are recorded to reduce the carrying amount of the long-lived asset that will be sold or disposed of to their estimated fair values. Charges for the asset impairment reduce the carrying amount of the long-lived assets to their estimated salvage value in connection with the decision to dispose of such assets. For the three-month periods ended March 31, 2025 and 2024, the Company determined that there were no events or circumstances indicating possible additional impairment of its long-lived assets. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(k)</td><td style="font: 10pt Times New Roman, Times, Serif">Retirement Benefits</td></tr></table> Pursuant to the relevant laws and regulations in the PRC, the Company participates in a defined contribution retirement plan for its employees arranged by a governmental organization. The Company makes contributions to the retirement plan at the applicable rate based on the employees’ salaries. The required contributions under the retirement plans are charged to the condensed consolidated statement of income on an accrual basis when they are due. The Company’s contributions totaled $173,485 and $123,123 for the three-month periods ended March 31, 2025 and 2024, respectively. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(l)</td><td style="font: 10pt Times New Roman, Times, Serif">Mineral Rights</td></tr></table> The Company follows FASB ASC 805 “Business Combinations” that certain mineral rights are considered tangible assets and that mineral rights should be accounted for based on their substance. Mineral rights are included in property, plant and equipment. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(m)</td><td style="font: 10pt Times New Roman, Times, Serif">Leases</td></tr></table> The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated balance sheets. Finance leases are included in finance lease ROU assets and finance lease liabilities in the consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease and finance lease ROU assets and liabilities are recognized on January 1, 2019, based on the present value of lease payments over the lease term discounted using the rate implicit in the lease. In cases where the implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has elected not to recognize operating lease ROU assets and liabilities arising from short-term lease. Finance leases are initially recorded at the net present value of future minimum lease payments, which include certain lease and non- lease components. Finance leases generally have one of these five attributes: 1) ownership of the underlying asset transfers to the Company at the end of the lease term, 2) the lease agreement contains a purchase option that the Company is reasonably certain to exercise, 3) the lease term represents the major part of the asset’s economic life, 4) the present value of lease payments over the lease term equals or exceeds substantially all of the fair value of the asset, and 5) the underlying asset is so specialized in nature that it provides no alternative use to the lessor after the lease term. Finance Lease Assets are presented separately on the Consolidated Balance Sheets. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(n)</td><td style="font: 10pt Times New Roman, Times, Serif">Reporting Currency and Translation</td></tr></table> The financial statements of the Company’s foreign subsidiaries are measured using the local currency, Renminbi (“RMB”), as the functional currency; whereas the functional currency and reporting currency of the Company is the United States dollar (“USD” or “$”). As such, the Company uses the “current rate method” to translate its PRC operations from RMB into USD, as required under FASB ASC 830 “Foreign Currency Matters”. The assets and liabilities of its PRC operations are translated into USD using the rate of exchange prevailing at the balance sheet date. The capital accounts are translated at the historical rate. Adjustments resulting from the translation of the balance sheets of the Company’s PRC subsidiaries are recorded in stockholders’ equity as part of accumulated other comprehensive income (loss). The statement of comprehensive income (loss) is translated at average rate during the reporting period. Gains or losses resulting from transactions in currencies other than the functional currencies are recognized in net loss for the reporting periods as part of general and administrative expenses. The statement of cash flows is translated at average rate during the reporting period, with the exception of the consideration paid for the acquisition of business which is translated at historical rates. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(o)</td><td style="font: 10pt Times New Roman, Times, Serif">Revenue Recognition</td></tr></table> Net revenue is net of discount and value added tax and comprises the sale of bromine, crude salt and chemical products. Revenue is recognized when the control of the promised goods is transferred to the customers in an amount that reflects the consideration that the Company expects to receive from the customers in exchange for those goods. The acknowledgement of receipt of goods by the customers is when control of the product is deemed to be transferred. Invoicing occurs upon acknowledgement of receipt of the goods by the customers. Customers have no rights to return the goods upon acknowledgement of receipt of goods. Revenue from contracts with customers is disaggregated in Note 17. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(p)</td><td style="font: 10pt Times New Roman, Times, Serif">Basic and Diluted Net Income per Share of Common Stock</td></tr></table> Basic earnings per common stock are based on the weighted average number of shares outstanding during the periods presented. Diluted earnings per share are computed using weighted average number of common stocks plus dilutive common stock equivalents outstanding during the period. Potential common stocks that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive, i.e. the exercise prices of the outstanding stock options were greater than the market price of the common stock. Anti-dilutive common stock equivalents which were excluded from the calculation of number of dilutive common stock equivalents amounted to 0 and 0 shares for the three-month periods ended March 31, 2025 and 2024, respectively. Because the Company reported a net loss for the three-month periods ended March 31, 2025 and 2024, common stock equivalents including stock options and warrants were anti-dilutive, therefore the amounts reported for basic and diluted loss per share were the same. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(q)</td><td style="font: 10pt Times New Roman, Times, Serif">Foreign Operations</td></tr></table> All of the Company’s operations and assets are located in PRC. The Company may be adversely affected by possible political or economic events in this country. The effect of these factors cannot be accurately predicted. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(r)</td><td style="font: 10pt Times New Roman, Times, Serif">Inventories</td></tr></table> Inventories are stated at the lower of cost, determined on a first-in first-out cost basis, or net realizable value. Costs of work-in-progress and finished goods comprise direct materials, direct labor and an attributable portion of manufacturing overhead. Net realizable value is based on estimated selling price less costs to complete and selling expenses. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued (s) Stock-based Compensation Stock-based awards issued to employees are recorded at their fair values estimated at grant date using the Black-Scholes model and the portion that is ultimately expected to vest is recognized as compensation cost over the requisite service period. Consistent with the accounting requirement for employee stock-based awards, nonemployee stock-based awards are measured at the grant-date fair value of the equity instruments that the Company is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. The Company has elected to account for the forfeiture of stock-based awards as they occur. (t) Loss Contingencies The Company accrues for loss contingencies relating to legal matters, including litigation defense costs, claims and other contingent matters, including liquidated damage liabilities, when such liabilities become probable and could be reasonably estimable. Such estimates may be based on advice from third parties or on management’s judgment, as appropriate. Revisions to accruals are reflected in earnings (loss) in the period in which different facts or information become known or circumstances change that affect the Company’s previous assumptions with respect to the likelihood or amount of loss. Amounts paid upon the ultimate resolution of such liabilities may be materially different from previous estimates. (u) Income Tax The Company accounts for income taxes in accordance with the Income Taxes Topic of the FASB ASC, which requires the use of the liability method of accounting for deferred income taxes. Under this method, deferred income taxes are recorded to reflect the tax consequences on future years of temporary differences between the tax basis of assets and liabilities and their reported amounts at each period end. Deferred tax assets and liabilities are measured using tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The deferred income tax effects of a change in tax rates are recognized in the period of enactment. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. The guidance also provides criteria for the recognition, measurement, presentation and disclosures of uncertain tax positions. A tax benefit from an uncertain tax position may be recognized if it is “more likely than not” that the position is sustainable based solely on its technical merits. Interests and penalties associated with unrecognized tax benefits are included within the (benefit from) provision for income tax in the consolidated statement of comprehensive income (loss). (v) New Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The amendments in this Update affect loans, debt securities, trade receivables, and any other financial assets that have the contractual right to receive cash. The ASU requires an entity to recognize expected credit losses rather than incurred losses for financial assets. For public entities, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For the Company which is a smaller reporting company, ASU No. 2019-10 extends the effective dates for two years. The Company had evaluated the effect of the adoption of this standard on the consolidated financial statements and related disclosures. And the Company had adopted this standard beginning January 1, 2024. Recent accounting pronouncements adopted. There were no recent accounting pronouncements adopted during the three months ended March 31, 2025. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The amendments in this Update affect loans, debt securities, trade receivables, and any other financial assets that have the contractual right to receive cash. The ASU requires an entity to recognize expected credit losses rather than incurred losses for financial assets. For public entities, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For the Company which is a smaller reporting company, ASU No. 2019-10 extends the effective dates for two years. The Company is currently evaluating the effect of this on the condensed consolidated financial statements and related disclosure. (w) Fair Value Measurement The Company applies Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures which defines fair value, establishes a framework for measuring fair value and expands financial statement disclosure requirements for fair value measurements. ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. ASC Topic 820 specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows: Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs to the valuation methodology include quoted prices for identical or similar assets and liabilities in active markets or in inactive markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. The carrying amounts of the Company’s financial instruments approximate their fair values because of their short-term nature. The Company’s financial instruments include cash, accounts receivable, amounts due to related parties, other receivables, accounts payable and other current payables. There were no material unrecognized financial assets and liabilities as of March 31, 2025 and December 31, 2024.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(a)</td><td style="font: 10pt Times New Roman, Times, Serif">Basis of Presentation and Consolidation</td></tr></table> The accompanying unaudited consolidated financial statements have been prepared by Gulf Resources, Inc. (“Gulf Resources”), a Nevada corporation and its subsidiaries (collectively, the “Company”). The consolidated financial statements include the accounts of Gulf Resources, Inc. and its wholly-owned subsidiary, Upper Class Group Limited, a company incorporated in the British Virgin Islands, which owns 100% of Hong Kong Jiaxing Industrial Limited, a company incorporated in Hong Kong (“HKJI”). HKJI owns 100% of Shouguang City Haoyuan Chemical Company Limited (“SCHC”) which owns 100% of Shouguang Yuxin Chemical Industry Co., Limited (“SYCI”), Daying County Haoyuan Chemical Company Limited (“DCHC”) and Shouguang Hengde Salt Industry Co. Ltd. (“SHSI”). All material intercompany transactions have been eliminated on consolidation.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(b)</td><td style="font: 10pt Times New Roman, Times, Serif">Going Concern Consideration</td></tr></table> The consolidated financial statements are prepared on the going concern basis, meaning that the enterprise is expected to realize the assets and settle the liabilities through normal business operations. However, the going concern of the enterprise relies on many factors, such as profitable operations, generating operating cash flows, obtaining financing, etc. The Company assesses its liquidity by monitoring cash and cash equivalents, as well as operating and capital expenditure commitments. As of March 31, 2025, the Company had current assets of $17.64 million and current liabilities of $10.47 million. As a result, the surplus was $7.17 million, but it has suffered losses for the three months ended by March 31, 2025. If it is unable to raise additional funds, it may need to take measures such as cutting administrative and operational costs and saving funds. If there are significant doubts regarding the Company’s ability to continue operations, the Company is attempting to alleviate such concerns through measures such as controlling operating expenses, shifting business focus to revenue-generating activities, obtaining authorization from domestic banks and other financial institutions, and seeking equity or debt financing. Additionally, the Company will also obtain financial support commitments from related parties. However, these situations still pose significant doubts regarding the Company’s ability to continue operations. The financial statements do not consider the potential impact on the recoverability of assets, classification, and amounts and classification of liabilities if the Company is unable to continue operations.

17640000

10470000

7170000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(c)</td><td style="font: 10pt Times New Roman, Times, Serif">Nature of the Business</td></tr></table> The Company manufactures and trades bromine through its wholly-owned subsidiary, Shouguang City Haoyuan Chemical Company Limited (“SCHC”) ;manufactures and trades crude salt through its wholly-owned subsidiary, Shouguang Hengde Salt Industry Co. Ltd (“SHSI”); and manufactures chemical products for use in the oil industry, pesticides, paper manufacturing industry and for human and animal antibiotics through its wholly-owned subsidiary, Shouguang Yuxin Chemical Industry Co., Limited (“SYCI”) in the People’s Republic of China (“PRC”). Daying County Haoyuan Chemical Company Limited (“DCHC”) was established to further explore and develop natural gas and brine resources (including bromine and crude salt) in the PRC. DCHC’s business commenced trial operation in January 2019 but suspended production temporarily in May 2019, as required by the government to obtain project approval (see Note 1 (c)(iii)). <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(i)</td><td style="font: 10pt Times New Roman, Times, Serif">Bromine and Crude Salt Segments</td></tr></table> In February 2019, the Company received a notification from the local government of Yangkou County that its Factory No. 1, No. 4, No. 7 and No. 9 passed inspection and could resume operations. In April 2019, Factory No.1, and Factory No.7 resumed operation. On November 25, 2019, the government of Shouguang City issued a notice ordering all bromine facilities in Shouguang City, including the Company’s bromine facilities, including Factory No. 1 and Factory No. 7, to temporarily stop production from December 16, 2019to February 10, 2020. Subsequently, due to the coronavirus outbreak in China, the local government ordered those bromine facilities to postpone the commencement of production. Subsequently, the Company received an approval dated February 27, 2020 issued by the local governmental authority allowing the Company to resume production after the winter temporary closure. Further, the Company received another approval from the Shouguang Yangkou People’s Government dated March 5, 2020 allowing the Company to resume production at its bromine factories No. 1, No. 4, No.7 and No. 9 in order to meet the needs of bromide products for epidemic prevention and control (the “March 2020 Approval”). The Company’s Factories No. 1 and No. 7 commenced trial production in mid-March 2020 and commercial production on April 3, 2020 and its Factories No. 4 and No. 9 commenced commercial production on May6, 2020. The Company received verbal notification from the government regarding Factory No. 8, allowing it to recommence production in August 2022. Factory No. 8 began contributing revenue in the fourth quarter of 2022. The Company is still waiting for governmental approval for Factories No. 2 and No. 10. To our knowledge, the government is currently completing its planning process for all mining areas including that for prevention of flood. As a result, we may be required to make some modifications to our current wells and aqueducts prior to commencement of operations of these factories to satisfy the local government’s requirements. In April 2022, Shouguang Hengde Salt Industry Co. Ltd, our subsidiary, was incorporated in Shandong Province, China, for crude salt production and trading. This subsidiary was created in response to a new government policy that required bromine and crude salt companies to have separate registrations. The creation of this subsidiary and the separation of bromine and crude salt do not impact sales or overall profits. However, the establishment of this subsidiary has resulting in a reallocation of costs between bromine and crude salt. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(ii)</td><td style="font: 10pt Times New Roman, Times, Serif">Chemical Segment</td></tr></table> On November 24, 2017, the Company received a letter from the Government of Yangkou County, Shouguang City notifying the Company to relocate its two chemical production plants located in the second living area of the Qinghe Oil Extraction to the Bohai Marine Fine Chemical Industrial Park (“Bohai Park”). This was because the two plants were located in a residential area and their production activities impacted the living environment of the residents. This was as a result of the country’s effort to improve the development of the chemical industry, manage safe production and curb environmental pollution accidents effectively, and ensure the quality of the living environment of residents. All chemical enterprises which did not comply with the requirements of the safety and environmental protection regulations were ordered to shut down. In December 2017, the Company secured from the government the land use rights for its chemical plants located at the Bohai Park and in June 2018, the Company presented a completed construction design draft and other related documents to the local authorities for approval. In January 2020, the Company received the environmental protection approval by the government of Shouguang City, Shandong Province for the proposed Yuxin Chemical factory. The Company began the construction on its new chemical facilities located at Bohai Marine Fine Chemical Industrial Park in June 2020 and basically completed the civil works by the end of June 2021. On November 15, 2021, the Company announced that due to the supply chain issues as well as the electric restrictions in China, the delivery of some equipment, the equipment installation and testing and beginning trial production at the chemical factory had been delayed. On February 22, 2022, the Company announced that discussions with the government have convinced management that the electricity restrictions are being eased. Accordingly, the Company has contacted its suppliers and expected to have the remainder of the equipment produced and delivered, so the Company can complete installation and begin testing and trial production. The Company estimates this relocation process will cost approximately $69 million in total. The Company incurred relocation costs comprising prepaid land lease, professional fees related to the design of the new chemical factory, purchase of plant and equipment and construction costs and installation costs incurred for the new chemical factory in the amount of $45,584,344 and $45,584,344, which were recorded in the property, plant and equipment in the consolidated balance sheets as of March 31, 2025 and December 31, 2024. The Company suspended the construction in the chemical factory until it decide what products can be produced most profitably. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(iii)</td><td style="font: 10pt Times New Roman, Times, Serif">Natural Gas Segment</td></tr></table> In January 2017, the Company completed the first brine water and natural gas well field construction in Daying located in Sichuan Province, China, and commenced trial production in January 2019. On May 29, 2019, the Company received a verbal notice from the government of Tianbao Town, Daying County, Sichuan Province, whereby the Company is required to obtain project approval for its well located in Daying, including the whole natural gas and brine water project, and approvals for safety production inspection, environmental protection assessment, and to solve the related land issue. Until these approvals have been received, the Company has to temporarily halt trial production at its natural gas well in Daying. In compliance with the Chinese government new policies, the Company is also required to obtain an exploration license and a mining license for bromine and natural gas, respectively. Pursuant to the Opinions of the Ministry of Natural Resources on Several Issues in Promoting the Reform of Mineral Resources Management(Trial) promulgated by the Ministry of Natural Resources of PRC on January 9, 2020, which came into effect on May 1, 2020, privately owned enterprises are allowed to participate in the natural gas production. The Company plans to proceed with its applications for the natural gas and brine project approvals with related government departments until the governmental planning has been finalized. 69000000 45584344 45584344

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(d)</td><td style="font: 10pt Times New Roman, Times, Serif">Use of Estimates</td></tr></table> The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and this requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. The most significant accounting estimates with regard to these consolidated financial statements that require the most significant and subjective judgments include, but are not limited to, useful lives of property, plant and equipment,recoverability of long-lived assets, determination of impairment losses, assessment of market value of inventories and provision for inventory obsolescence, allowance for doubtful accounts, recognition and measurement of deferred income taxes, valuation allowance for deferred tax assets, and assumptions used for the valuation of share based payments. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(e)</td><td style="font: 10pt Times New Roman, Times, Serif">Cash and Cash Equivalents</td></tr></table> Cash and cash equivalents consist of all cash balances and highly liquid investments with original maturities of three months or less. Because of short maturity of these investments, the carrying amounts approximate their fair values.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(f)</td><td style="font: 10pt Times New Roman, Times, Serif">Allowance for Doubtful Accounts</td></tr></table> We make estimates of the uncollectability of accounts receivable, especially analyzing accounts receivable and historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms, when evaluating the adequacy of the allowance for doubtful accounts. Credit evaluations are undertaken for all major sale transactions before shipment is authorized. On a quarterly basis, we evaluate aged items in the accounts receivable aging report and provide an allowance in an amount we deem adequate for doubtful accounts. If management were to make different judgments or utilize different estimates, material differences in the amount of our reported operating expenses could result.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(g)</td><td style="font: 10pt Times New Roman, Times, Serif">Concentration of Credit Risk</td></tr></table> The Company is exposed to credit risk in the normal course of business, primarily related to accounts receivable and cash and cash equivalents. Substantially all of the Company’s cash and cash equivalents are maintained with financial institutions in the PRC, namely, Industrial and Commercial Bank of China Limited, China Merchants Bank Company Limited and Sichuan Rural Credit Union, which are not insured or otherwise protected. The Company placed $8,523,045 and $10,075,162 with these institutions as of March 31, 2025 and December 31, 2024, respectively. The Company has not experienced any losses in such accounts in the PRC. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued

8523045

10075162

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(h)</td><td style="font: 10pt Times New Roman, Times, Serif">Property, Plant and Equipment</td></tr></table> Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. Expenditures for new facilities or equipment, and major expenditures for betterment of existing facilities or equipment are capitalized and depreciated using the straight-line method at rates sufficient to depreciate such costs less 5% residual value over the estimated productive lives. All other ordinary repair and maintenance costs are expensed as incurred. Mineral rights are recorded at cost less accumulated depreciation and any impairment losses. Mineral rights are amortized ratably over the term of the lease, or the equivalent term under the units of production method, whichever is shorter. Construction in process primarily represents direct costs of construction of property, plant and equipment. Costs incurred are capitalized and transferred to property, plant and equipment upon completion and depreciation will commence when the completed assets are placed in service. <p id="xdx_893_ecustom--ScheduleOfPropertyPlantAndEquipmentServiceLifeTableTextblock_zm2gquoikDT4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">The Company’s depreciation and amortization policies on property, plant and equipment, other than mineral rights and construction in process, are as follows: SCHEDULE OF PROPERTY PLANT AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Useful life (in years)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: left">Mineral rights</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: center"> </td><td style="width: 14%; text-align: center">50</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MinimumMember_zbFcg6rLxdnk">8 - <span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MaximumMember_zbpiweMZ8jm7">20</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Plant and machinery (including protective shells, transmission channels and ducts)</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlantAndMachineryMember__srt--RangeAxis__srt--MinimumMember_zW40rFpmcema" title="Useful life (in years)">3 - <span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlantAndMachineryMember__srt--RangeAxis__srt--MaximumMember_zB7EqyJgIxx" title="Useful life (in years)">8</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Motor vehicles</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">5</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Furniture, fixtures and equipment</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"><span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitireFixturesAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_zoLfqRlLVyB8" title="Useful life (in years)">3 - <span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitireFixturesAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_z6gVkwHqIJU4" title="Useful life (in years)">8</td><td style="text-align: left"> </td></tr> </table> Producing oil and gas properties are depreciated on a unit-of-production basis over the proved developed reserves. Common facilities that are built specifically to service production directly attributed to designated oil and gas properties are depreciated based on the proved developed reserves of the respective oil and gas properties on a pro-rata basis. Common facilities that are not built specifically to service identified oil and gas properties are depreciated using the straight-line method over their estimated useful lives. Costs associated with significant development projects are not depreciated until commercial production commences and the reserves related to those costs are excluded from the calculation of depreciation.

<p id="xdx_893_ecustom--ScheduleOfPropertyPlantAndEquipmentServiceLifeTableTextblock_zm2gquoikDT4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">The Company’s depreciation and amortization policies on property, plant and equipment, other than mineral rights and construction in process, are as follows: SCHEDULE OF PROPERTY PLANT AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Useful life (in years)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: left">Mineral rights</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: center"> </td><td style="width: 14%; text-align: center">50</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MinimumMember_zbFcg6rLxdnk">8 - <span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MaximumMember_zbpiweMZ8jm7">20</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Plant and machinery (including protective shells, transmission channels and ducts)</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlantAndMachineryMember__srt--RangeAxis__srt--MinimumMember_zW40rFpmcema" title="Useful life (in years)">3 - <span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlantAndMachineryMember__srt--RangeAxis__srt--MaximumMember_zB7EqyJgIxx" title="Useful life (in years)">8</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Motor vehicles</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">5</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Furniture, fixtures and equipment</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"><span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitireFixturesAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_zoLfqRlLVyB8" title="Useful life (in years)">3 - <span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitireFixturesAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_z6gVkwHqIJU4" title="Useful life (in years)">8</td><td style="text-align: left"> </td></tr> </table>

P50Y

P8Y

P20Y

P3Y

P8Y

P5Y

P3Y

P8Y

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(i)</td><td style="font: 10pt Times New Roman, Times, Serif">Asset Retirement Obligation</td></tr></table> The Company follows Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”), which established a uniform methodology for accounting for estimated reclamation and abandonment costs. FASB ASC 410 requires the fair value of a liability for an asset retirement obligation to be recognized in the period in which the legal obligation associated with the retirement of the long-lived asset is incurred. When the liability is initially recorded, the offset is capitalized by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. To settle the liability, the obligation is paid, and to the extent there is a difference between the liability and the amount of cash paid, a gain or loss upon settlement is recorded. Currently, there are no reclamation or abandonment obligations associated with the land being utilized for exploitation by the bromine and crude salt factories. Also, for the two chemical plants that are to be relocated, currently, there are no obligations to restore the land to its original condition.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(j)</td><td style="font: 10pt Times New Roman, Times, Serif">Recoverability of Long-lived Assets</td></tr></table> In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10-35 “Impairment or Disposal of Long-lived Assets”, long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable or that the useful lives of those assets are no longer appropriate. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. The Company determines the existence of such impairment by measuring the expected future cash flows (undiscounted and without interest charges) and comparing such amount to the carrying amount of the assets. An impairment loss, if one exists, is then measured as the amount by which the carrying amount of the asset exceeds the discounted estimated future cash flows. Assets to be disposed of are reported at the lower of the carrying amount or fair value of such assets less costs to sell. Asset impairment charges are recorded to reduce the carrying amount of the long-lived asset that will be sold or disposed of to their estimated fair values. Charges for the asset impairment reduce the carrying amount of the long-lived assets to their estimated salvage value in connection with the decision to dispose of such assets. For the three-month periods ended March 31, 2025 and 2024, the Company determined that there were no events or circumstances indicating possible additional impairment of its long-lived assets.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(k)</td><td style="font: 10pt Times New Roman, Times, Serif">Retirement Benefits</td></tr></table> Pursuant to the relevant laws and regulations in the PRC, the Company participates in a defined contribution retirement plan for its employees arranged by a governmental organization. The Company makes contributions to the retirement plan at the applicable rate based on the employees’ salaries. The required contributions under the retirement plans are charged to the condensed consolidated statement of income on an accrual basis when they are due. The Company’s contributions totaled $173,485 and $123,123 for the three-month periods ended March 31, 2025 and 2024, respectively.

173485

123123

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(l)</td><td style="font: 10pt Times New Roman, Times, Serif">Mineral Rights</td></tr></table> The Company follows FASB ASC 805 “Business Combinations” that certain mineral rights are considered tangible assets and that mineral rights should be accounted for based on their substance. Mineral rights are included in property, plant and equipment. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(m)</td><td style="font: 10pt Times New Roman, Times, Serif">Leases</td></tr></table> The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated balance sheets. Finance leases are included in finance lease ROU assets and finance lease liabilities in the consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease and finance lease ROU assets and liabilities are recognized on January 1, 2019, based on the present value of lease payments over the lease term discounted using the rate implicit in the lease. In cases where the implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has elected not to recognize operating lease ROU assets and liabilities arising from short-term lease. Finance leases are initially recorded at the net present value of future minimum lease payments, which include certain lease and non- lease components. Finance leases generally have one of these five attributes: 1) ownership of the underlying asset transfers to the Company at the end of the lease term, 2) the lease agreement contains a purchase option that the Company is reasonably certain to exercise, 3) the lease term represents the major part of the asset’s economic life, 4) the present value of lease payments over the lease term equals or exceeds substantially all of the fair value of the asset, and 5) the underlying asset is so specialized in nature that it provides no alternative use to the lessor after the lease term. Finance Lease Assets are presented separately on the Consolidated Balance Sheets.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(n)</td><td style="font: 10pt Times New Roman, Times, Serif">Reporting Currency and Translation</td></tr></table> The financial statements of the Company’s foreign subsidiaries are measured using the local currency, Renminbi (“RMB”), as the functional currency; whereas the functional currency and reporting currency of the Company is the United States dollar (“USD” or “$”). As such, the Company uses the “current rate method” to translate its PRC operations from RMB into USD, as required under FASB ASC 830 “Foreign Currency Matters”. The assets and liabilities of its PRC operations are translated into USD using the rate of exchange prevailing at the balance sheet date. The capital accounts are translated at the historical rate. Adjustments resulting from the translation of the balance sheets of the Company’s PRC subsidiaries are recorded in stockholders’ equity as part of accumulated other comprehensive income (loss). The statement of comprehensive income (loss) is translated at average rate during the reporting period. Gains or losses resulting from transactions in currencies other than the functional currencies are recognized in net loss for the reporting periods as part of general and administrative expenses. The statement of cash flows is translated at average rate during the reporting period, with the exception of the consideration paid for the acquisition of business which is translated at historical rates.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(o)</td><td style="font: 10pt Times New Roman, Times, Serif">Revenue Recognition</td></tr></table> Net revenue is net of discount and value added tax and comprises the sale of bromine, crude salt and chemical products. Revenue is recognized when the control of the promised goods is transferred to the customers in an amount that reflects the consideration that the Company expects to receive from the customers in exchange for those goods. The acknowledgement of receipt of goods by the customers is when control of the product is deemed to be transferred. Invoicing occurs upon acknowledgement of receipt of the goods by the customers. Customers have no rights to return the goods upon acknowledgement of receipt of goods. Revenue from contracts with customers is disaggregated in Note 17.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(p)</td><td style="font: 10pt Times New Roman, Times, Serif">Basic and Diluted Net Income per Share of Common Stock</td></tr></table> Basic earnings per common stock are based on the weighted average number of shares outstanding during the periods presented. Diluted earnings per share are computed using weighted average number of common stocks plus dilutive common stock equivalents outstanding during the period. Potential common stocks that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive, i.e. the exercise prices of the outstanding stock options were greater than the market price of the common stock. Anti-dilutive common stock equivalents which were excluded from the calculation of number of dilutive common stock equivalents amounted to 0 and 0 shares for the three-month periods ended March 31, 2025 and 2024, respectively. Because the Company reported a net loss for the three-month periods ended March 31, 2025 and 2024, common stock equivalents including stock options and warrants were anti-dilutive, therefore the amounts reported for basic and diluted loss per share were the same.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(q)</td><td style="font: 10pt Times New Roman, Times, Serif">Foreign Operations</td></tr></table> All of the Company’s operations and assets are located in PRC. The Company may be adversely affected by possible political or economic events in this country. The effect of these factors cannot be accurately predicted.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(r)</td><td style="font: 10pt Times New Roman, Times, Serif">Inventories</td></tr></table> Inventories are stated at the lower of cost, determined on a first-in first-out cost basis, or net realizable value. Costs of work-in-progress and finished goods comprise direct materials, direct labor and an attributable portion of manufacturing overhead. Net realizable value is based on estimated selling price less costs to complete and selling expenses. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued

(s) Stock-based Compensation Stock-based awards issued to employees are recorded at their fair values estimated at grant date using the Black-Scholes model and the portion that is ultimately expected to vest is recognized as compensation cost over the requisite service period. Consistent with the accounting requirement for employee stock-based awards, nonemployee stock-based awards are measured at the grant-date fair value of the equity instruments that the Company is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. The Company has elected to account for the forfeiture of stock-based awards as they occur.

(t) Loss Contingencies The Company accrues for loss contingencies relating to legal matters, including litigation defense costs, claims and other contingent matters, including liquidated damage liabilities, when such liabilities become probable and could be reasonably estimable. Such estimates may be based on advice from third parties or on management’s judgment, as appropriate. Revisions to accruals are reflected in earnings (loss) in the period in which different facts or information become known or circumstances change that affect the Company’s previous assumptions with respect to the likelihood or amount of loss. Amounts paid upon the ultimate resolution of such liabilities may be materially different from previous estimates.

(u) Income Tax The Company accounts for income taxes in accordance with the Income Taxes Topic of the FASB ASC, which requires the use of the liability method of accounting for deferred income taxes. Under this method, deferred income taxes are recorded to reflect the tax consequences on future years of temporary differences between the tax basis of assets and liabilities and their reported amounts at each period end. Deferred tax assets and liabilities are measured using tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The deferred income tax effects of a change in tax rates are recognized in the period of enactment. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. The guidance also provides criteria for the recognition, measurement, presentation and disclosures of uncertain tax positions. A tax benefit from an uncertain tax position may be recognized if it is “more likely than not” that the position is sustainable based solely on its technical merits. Interests and penalties associated with unrecognized tax benefits are included within the (benefit from) provision for income tax in the consolidated statement of comprehensive income (loss).

(v) New Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The amendments in this Update affect loans, debt securities, trade receivables, and any other financial assets that have the contractual right to receive cash. The ASU requires an entity to recognize expected credit losses rather than incurred losses for financial assets. For public entities, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For the Company which is a smaller reporting company, ASU No. 2019-10 extends the effective dates for two years. The Company had evaluated the effect of the adoption of this standard on the consolidated financial statements and related disclosures. And the Company had adopted this standard beginning January 1, 2024. Recent accounting pronouncements adopted. There were no recent accounting pronouncements adopted during the three months ended March 31, 2025. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The amendments in this Update affect loans, debt securities, trade receivables, and any other financial assets that have the contractual right to receive cash. The ASU requires an entity to recognize expected credit losses rather than incurred losses for financial assets. For public entities, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For the Company which is a smaller reporting company, ASU No. 2019-10 extends the effective dates for two years. The Company is currently evaluating the effect of this on the condensed consolidated financial statements and related disclosure.

(w) Fair Value Measurement The Company applies Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures which defines fair value, establishes a framework for measuring fair value and expands financial statement disclosure requirements for fair value measurements. ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. ASC Topic 820 specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows: Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs to the valuation methodology include quoted prices for identical or similar assets and liabilities in active markets or in inactive markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. The carrying amounts of the Company’s financial instruments approximate their fair values because of their short-term nature. The Company’s financial instruments include cash, accounts receivable, amounts due to related parties, other receivables, accounts payable and other current payables. There were no material unrecognized financial assets and liabilities as of March 31, 2025 and December 31, 2024.

NOTE 2 –ACCOUNTS RECEIVABLE, NET SCHEDULE OF ACCOUNTS RECEIVABLE, NET <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250331_zJkRQkEy21l6" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_zmKosT8vTq59" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr id="xdx_40E_eus-gaap--AccountsReceivableGross_iI_zsJqstT7lkJe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accounts receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,143,976</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">594,234</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_di_zdpE04eOAiYa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Allowance for doubtful debt</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(29,754</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(29,711</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--AccountsReceivableNet_iTI_zk6ruLCfvrz3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Accounts receivable, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,114,222</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">564,523</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The overall accounts receivable balance as of March 31, 2025 increased by $1,549,699 compared to those of December 31, 2024. We have policies in place to ensure that sales are made to customers with an appropriate credit history. We perform ongoing credit evaluations on the financial condition of our customer. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED)

SCHEDULE OF ACCOUNTS RECEIVABLE, NET <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250331_zJkRQkEy21l6" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_zmKosT8vTq59" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr id="xdx_40E_eus-gaap--AccountsReceivableGross_iI_zsJqstT7lkJe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accounts receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,143,976</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">594,234</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_di_zdpE04eOAiYa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Allowance for doubtful debt</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(29,754</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(29,711</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--AccountsReceivableNet_iTI_zk6ruLCfvrz3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Accounts receivable, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,114,222</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">564,523</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2143976

594234

29754

29711

2114222

564523

1549699

NOTE 3 – INVENTORIES, NET Inventories consist of: SCHEDULE OF INVENTORIES NET <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250331_z5NcvrIc4ea" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20241231_z8zossOUkJKi" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40B_eus-gaap--InventoryRawMaterials_iI_maCzsLJ_zVIeAYn4FM0k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Raw materials</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">41,865</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">10,610</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--InventoryFinishedGoodsNetOfReserves_iI_maCzsLJ_ziuToSINgKhb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Finished goods</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">413,194</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,545,521</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--LessImpairment_iI_maCzsLJ_zlKzPnREfhD3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: impairment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,240,760</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--InventoryNet_iTI_mtCzsLJ_z6UMVwx2kQNj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Inventories, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">455,059</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">315,371</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company recorded impairment charges for slow moving inventory in the amounts of $nil and $989,035 for the years ended March 31, 2025 and December 31, 2024.

Inventories consist of: SCHEDULE OF INVENTORIES NET <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250331_z5NcvrIc4ea" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20241231_z8zossOUkJKi" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40B_eus-gaap--InventoryRawMaterials_iI_maCzsLJ_zVIeAYn4FM0k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Raw materials</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">41,865</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">10,610</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--InventoryFinishedGoodsNetOfReserves_iI_maCzsLJ_ziuToSINgKhb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Finished goods</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">413,194</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,545,521</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--LessImpairment_iI_maCzsLJ_zlKzPnREfhD3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: impairment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,240,760</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--InventoryNet_iTI_mtCzsLJ_z6UMVwx2kQNj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Inventories, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">455,059</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">315,371</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

41865

10610

413194

1545521

-1240760

455059

315371

989035

NOTE 4 – PREPAYMENTS AND DEPOSITS, NET Prepayments and deposits consisted of the following: SCHEDULE OF PREPAYMENTS AND DEPOSITS, NET <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250331_zjZ0QOO55P6f" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20241231_zYPUKIndvWB9" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_400_eus-gaap--Supplies_iI_maPEAOAzjpz_zcCnnRnwdFnd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Prepayments and deposits</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,043,985</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,025,110</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--ContractWithCustomerAssetAccumulatedAllowanceForCreditLossCurrent_iNI_di_msPEAOAzjpz_zM5Jpcbgm7b3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Provision for impairment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,650,824</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,648,454</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_mtPEAOAzjpz_zwYjNJDS1U11" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Prepayments and deposits, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,393,161</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,376,656</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of March 31, 2025 , the Company recorded the total prepayments and deposits, and the provision for impairment was $6,393,161.

Prepayments and deposits consisted of the following: SCHEDULE OF PREPAYMENTS AND DEPOSITS, NET <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250331_zjZ0QOO55P6f" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20241231_zYPUKIndvWB9" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_400_eus-gaap--Supplies_iI_maPEAOAzjpz_zcCnnRnwdFnd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Prepayments and deposits</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,043,985</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,025,110</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--ContractWithCustomerAssetAccumulatedAllowanceForCreditLossCurrent_iNI_di_msPEAOAzjpz_zM5Jpcbgm7b3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Provision for impairment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,650,824</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,648,454</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_mtPEAOAzjpz_zwYjNJDS1U11" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Prepayments and deposits, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,393,161</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,376,656</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

8043985

8025110

1650824

1648454

6393161

6376656

6393161

NOTE 5– PREPAID LAND LEASES The Company has the rights to use certain parcels of land located in Shouguang, Shandong , PRC, through lease agreements signed with local townships or the government authority. The production facilities and warehouses of the Company are located on these parcels of land. The lease term ranges from ten ten years to fifty years. Some of the lease contracts were paid in one lump sum upfront and some are paid annually at the beginning of each anniversary date. These leases have no purchase option at the end of the lease term and were classified as operating leases prior to and as of January 1, 2019 when the new lease standard was adopted. Prior to January 2019, the prepaid land lease was amortized on a straight-line basis. As of January 1, 2019, all the leases in which term has commenced and were in use were classified as operating lease right-of-use assets (“ROU”). See Note 8. In December 2017, the Company paid a one lump sum upfront amount of $8,859,000 for a 50-year lease of a parcel of land at Bohai Marine Fine Chemical Industrial Park (“Bohai”) for the new chemical factory under construction. There is no purchase option at the end of the lease term. This was classified as an operating lease prior to and as of January 1, 2019. The land use certificate was issued on October 25, 2019. The lease term expires on August 12, 2069. The amount paid was recorded as prepaid land leases, net of current portion in the consolidated balance sheet as of March 31 2025 and December 31, 2024. As of March 31, 2025, the prepaid land lease increased to $9,217,790 due to an additional amount paid for stamp duty and related land use rights fees. Amortization of this prepaid land lease will commence when the chemical factory is built and placed in service. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED)

P10Y

P50Y

8859000

There is no purchase option at the end of the lease term. This was classified as an operating lease prior to and as of January 1, 2019.

2069-08-12

9217790

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consist of the following: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250331_zAeHY7RACknc" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025 (Restated)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20241231_zNFxkR52r5G" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024 (Restated)</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_ecustom--AtCostAbstract_iB_zac6jxIpVhI5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">At cost:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--MineralPropertiesGross_i01I_maCzHdT_zLXNKEc3Y6td" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Mineral rights</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,686,739</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,682,882</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LeaseholdImprovementsGross_i01I_maCzHdT_zKQ6LhtVvfuh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,512,410</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,507,367</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentOther_i01I_maCzHdT_zVPb9pY20Hz3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Plant and machinery</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">144,046,220</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">143,839,420</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FurnitureAndFixturesGross_i01I_maCzHdT_zycviQMG3Ij7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Furniture, fixtures and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,437,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,435,090</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--VehiclesGross_i01I_maCzHdT_zsx06EJkwmA7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Motor vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">124,394</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">124,215</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ConstructionInProgressGross_i01I_maCzHdT_zOdKdyMfhjq5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Construction in process</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,170,243</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,155,642</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_i01TI_mtCzHdT_maCz1Fc_zuLVvBHyfvP1" style="vertical-align: bottom; background-color: White"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">161,977,159</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">161,744,616</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_i01NI_di_msCz1Fc_za5pBPc6dB5l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: Accumulated depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68,888,425</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(65,569,186</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_ecustom--PropertyPlantAndEquipmentImpairmentCost_i01I_maCz1Fc_zicTyEmJ2Rji" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Impairment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,754,076</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,744,380</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentNet_i01TI_mtCz1Fc_zuO0qTZ9CBZe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Net book value</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">86,334,658</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">89,431,050</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The rollforward of property, plant and equipment, net was as follows: SCHEDULE OF ROLLFORWARD OF PROPERTY, PLANT AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231_z7WLNTIsG7v" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024 (Restated)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DepreciationMember_zwAhCRGh6rLf" style="border-bottom: Black 1pt solid; text-align: center">Depreciation(a)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ForeignCurrencyTranslationMember_zBADTPkgbgk3" style="border-bottom: Black 1pt solid; text-align: center">Foreign currency translation</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250331_znPDjKXwoGPd" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025 (Restated)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">At cost:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--MineralRightsCost_iI_zCQJSpnFDTwe" style="vertical-align: bottom; background-color: White"> <td style="width: 36%; text-align: left">Mineral rights</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$ </td><td style="width: 12%; text-align: right">2,682,882</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$ </td><td style="width: 12%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$ </td><td style="width: 12%; text-align: right">3,857</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$ </td><td style="width: 12%; text-align: right">2,686,739</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--LeaseholdImprovementsCost_iI_zLtlxLvP58dk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,507,367</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,043</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,512,410</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--PlantAndMachineryCost_iI_zSzMC6Rwmvl1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Plant and machinery</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">143,839,420</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">206,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">144,046,220</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--FurnitureFixturesAndOfficeEquipmentCost_iI_zsEGHojomHA2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Furniture, fixtures and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,435,090</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,063</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,437,153</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--MotorVehiclesCost_iI_zZeOLS01IeA6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Motor vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">124,215</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">179</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">124,394</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--ConstructionInProcessCost_iI_z0EY7enDTyq7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Construction in process</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,155,642</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,601</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,170,243</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--TotalCost_iI_zjFqq6JBIhb8" style="vertical-align: bottom; background-color: White"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">161,744,616</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">232,543</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">161,977,159</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--LessAccumulatedDepreciationAndAmortizationCost_iNI_di_zZ6J1JpWS8a9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: Accumulated depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(65,569,186</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,226,127</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(93,112</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68,888,425</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--ImpairmentCost_iI_z9wHP26uIFl7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Impairment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,744,380</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(9,696</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,754,076</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_ecustom--NetBookValueCost_iI_z6KzKY3se9Uf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Net book value</td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">89,431,050</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3,226,127</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">129,735</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">86,334,658</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(a)</td><td style="width: 5pt"></td><td style="text-align: justify">During the three-month period ended March 31, 2025, depreciation and amortization expense totaled $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBST1BFUlRZLCBQTEFOVCBBTkQgRVFVSVBNRU5ULCBORVQgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_90B_eus-gaap--DepreciationDepletionAndAmortization_pp0d_c20250101__20250331_zLkPKo0bL60h">3,226,127 were recorded in direct labor and factory overheads incurred during plant shutdown, cost of revenue, and general & administrative expenses.</td> </tr></table> During the three-month period ended March 31, 2024, depreciation and amortization expense totaled $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBST1BFUlRZLCBQTEFOVCBBTkQgRVFVSVBNRU5ULCBORVQgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_90E_eus-gaap--DepreciationDepletionAndAmortization_pp0d_c20240101__20240331_zj9uI0WpeGz6" title="Depreciation and amortization expense">4,416,261 were recorded in direct labor and factory overheads incurred during plant shutdown, cost of revenue, and general & administrative expenses. See Note 22- Restatement, for discussion regarding the impact of the Restatement.

Property, plant and equipment, net consist of the following: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250331_zAeHY7RACknc" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025 (Restated)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20241231_zNFxkR52r5G" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024 (Restated)</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_ecustom--AtCostAbstract_iB_zac6jxIpVhI5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">At cost:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--MineralPropertiesGross_i01I_maCzHdT_zLXNKEc3Y6td" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Mineral rights</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,686,739</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,682,882</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LeaseholdImprovementsGross_i01I_maCzHdT_zKQ6LhtVvfuh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,512,410</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,507,367</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentOther_i01I_maCzHdT_zVPb9pY20Hz3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Plant and machinery</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">144,046,220</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">143,839,420</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FurnitureAndFixturesGross_i01I_maCzHdT_zycviQMG3Ij7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Furniture, fixtures and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,437,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,435,090</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--VehiclesGross_i01I_maCzHdT_zsx06EJkwmA7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Motor vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">124,394</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">124,215</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ConstructionInProgressGross_i01I_maCzHdT_zOdKdyMfhjq5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Construction in process</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,170,243</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,155,642</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_i01TI_mtCzHdT_maCz1Fc_zuLVvBHyfvP1" style="vertical-align: bottom; background-color: White"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">161,977,159</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">161,744,616</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_i01NI_di_msCz1Fc_za5pBPc6dB5l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: Accumulated depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68,888,425</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(65,569,186</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_ecustom--PropertyPlantAndEquipmentImpairmentCost_i01I_maCz1Fc_zicTyEmJ2Rji" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Impairment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,754,076</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,744,380</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentNet_i01TI_mtCz1Fc_zuO0qTZ9CBZe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Net book value</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">86,334,658</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">89,431,050</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2686739

2682882

3512410

3507367

144046220

143839420

1437153

1435090

124394 124215

10170243

10155642

161977159

161744616

68888425

65569186

-6754076 -6744380

86334658

89431050

The rollforward of property, plant and equipment, net was as follows: SCHEDULE OF ROLLFORWARD OF PROPERTY, PLANT AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231_z7WLNTIsG7v" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024 (Restated)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DepreciationMember_zwAhCRGh6rLf" style="border-bottom: Black 1pt solid; text-align: center">Depreciation(a)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ForeignCurrencyTranslationMember_zBADTPkgbgk3" style="border-bottom: Black 1pt solid; text-align: center">Foreign currency translation</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250331_znPDjKXwoGPd" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025 (Restated)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">At cost:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--MineralRightsCost_iI_zCQJSpnFDTwe" style="vertical-align: bottom; background-color: White"> <td style="width: 36%; text-align: left">Mineral rights</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$ </td><td style="width: 12%; text-align: right">2,682,882</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$ </td><td style="width: 12%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$ </td><td style="width: 12%; text-align: right">3,857</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$ </td><td style="width: 12%; text-align: right">2,686,739</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--LeaseholdImprovementsCost_iI_zLtlxLvP58dk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,507,367</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,043</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,512,410</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--PlantAndMachineryCost_iI_zSzMC6Rwmvl1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Plant and machinery</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">143,839,420</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">206,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">144,046,220</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--FurnitureFixturesAndOfficeEquipmentCost_iI_zsEGHojomHA2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Furniture, fixtures and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,435,090</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,063</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,437,153</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--MotorVehiclesCost_iI_zZeOLS01IeA6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Motor vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">124,215</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">179</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">124,394</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--ConstructionInProcessCost_iI_z0EY7enDTyq7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Construction in process</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,155,642</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,601</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,170,243</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--TotalCost_iI_zjFqq6JBIhb8" style="vertical-align: bottom; background-color: White"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">161,744,616</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">232,543</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">161,977,159</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--LessAccumulatedDepreciationAndAmortizationCost_iNI_di_zZ6J1JpWS8a9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: Accumulated depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(65,569,186</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,226,127</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(93,112</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68,888,425</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--ImpairmentCost_iI_z9wHP26uIFl7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Impairment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,744,380</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(9,696</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,754,076</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_ecustom--NetBookValueCost_iI_z6KzKY3se9Uf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Net book value</td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">89,431,050</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3,226,127</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">129,735</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">86,334,658</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(a)</td><td style="width: 5pt"></td><td style="text-align: justify">During the three-month period ended March 31, 2025, depreciation and amortization expense totaled $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBST1BFUlRZLCBQTEFOVCBBTkQgRVFVSVBNRU5ULCBORVQgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_90B_eus-gaap--DepreciationDepletionAndAmortization_pp0d_c20250101__20250331_zLkPKo0bL60h">3,226,127 were recorded in direct labor and factory overheads incurred during plant shutdown, cost of revenue, and general & administrative expenses.</td> </tr></table> During the three-month period ended March 31, 2024, depreciation and amortization expense totaled $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBST1BFUlRZLCBQTEFOVCBBTkQgRVFVSVBNRU5ULCBORVQgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_90E_eus-gaap--DepreciationDepletionAndAmortization_pp0d_c20240101__20240331_zj9uI0WpeGz6" title="Depreciation and amortization expense">4,416,261 were recorded in direct labor and factory overheads incurred during plant shutdown, cost of revenue, and general & administrative expenses. 2682882 3857 2686739 3507367 5043 3512410 143839420 206800 144046220 1435090 2063 1437153 124215 179 124394 10155642 14601 10170243 161744616 232543 161977159 65569186 3226127 93112 68888425 -6744380 -9696 -6754076 89431050 -3226127 129735 86334658

3226127

4416261

NOTE 7 – FINANCE LEASE RIGHT-OF-USE ASSETS Property, plant and equipment under finance lease, net consist of the following: SCHEDULE OF PROPERTY PLANT AND EQUIPMENT UNDER FINANCE LEASE, NET <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025 (Restated)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024 (Restated)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">At cost:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; width: 60%">Buildings</td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_iI_pp0d_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zPNSA77qNmTg" title="Total">64,490,648</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_iI_pp0d_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zrJbvmTPe0x6" title="Total">64,398,063</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,490,648</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,398,063</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation and amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization_iNI_pp0d_di_c20250331_zFyIcUd56AZ3" title="Less: Accumulated depreciation and amortization">(20,045,864</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization_iNI_pp0d_di_c20241231_zSn7i19juDlk" title="Less: Accumulated depreciation and amortization">(19,242,775</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Net book value</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">44,444,784</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">45,155,288</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The above buildings erected on parcels of land located in Shouguang, PRC, are collectively owned by local townships. The Company has not been able to obtain property ownership certificates over these buildings as the Company could not obtain land use rights certificates on the underlying parcels of land. During the three-month period ended March 31, 2025, depreciation and amortization expense totaled $775,702, were recorded in direct labor and factory overheads incurred during plant shutdown, cost of revenue, and general & administrative expenses. During the three-month period ended March 31, 2024, depreciation and amortization expense totaled $313,941, were recorded in direct labor and factory overheads incurred during plant shutdown, cost of revenue, and general & administrative expenses. See Note 22- Restatement, for discussion regarding the impact of the Restatement. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) Property, plant and equipment under finance lease, net consist of the following: SCHEDULE OF PROPERTY PLANT AND EQUIPMENT UNDER FINANCE LEASE, NET <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025 (Restated)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024 (Restated)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">At cost:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; width: 60%">Buildings</td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_iI_pp0d_c20250331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zPNSA77qNmTg" title="Total">64,490,648</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_iI_pp0d_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zrJbvmTPe0x6" title="Total">64,398,063</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,490,648</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,398,063</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation and amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization_iNI_pp0d_di_c20250331_zFyIcUd56AZ3" title="Less: Accumulated depreciation and amortization">(20,045,864</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization_iNI_pp0d_di_c20241231_zSn7i19juDlk" title="Less: Accumulated depreciation and amortization">(19,242,775</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Net book value</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">44,444,784</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">45,155,288</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

64490648

64398063

64490648

64398063

20045864

19242775

44444784

45155288

775702 313941

NOTE 8 – OPERATING LEASE RIGHT-OF-USE ASSETS The Company has the rights to use certain parcels of land located in Shouguang, the PRC, through lease agreements signed with local townships or the government authority. For parcels of land that are collectively owned by local townships, the Company cannot obtain land use rights certificates. The parcels of land of which the Company cannot obtain land use rights certificates covers a total of approximately 34.95 square kilometers at March 31, 2025. As of March 31, 2025, the total operating lease ROU assets was $6,050,429. The total operating lease cost for the three-month periods ended March 31, 2025 and 2024 was $217,801 and $217,345, respectively.

34.95

6050429

217801

217345

NOTE 9 –PAYABLE AND ACCRUED EXPENSES Payable and accrued expenses consist of the following: SCHEDULE OF PAYABLE AND ACCRUED EXPENSES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250331_zB2cpmaNhrmf" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025 (Restated)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20241231_zCONb1yvEWs2" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024 (Restated)</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_403_eus-gaap--AccountsPayableCurrent_iI_pp0d_maAPAALzZ0x_zkQ7FCQovGCl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accounts payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">390,250</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">30,003</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AccruedSalariesCurrent_iI_pp0d_maAPAALzZ0x_zEuHppmMKf0k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Salary payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">208,604</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">323,655</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OtherEmployeeRelatedLiabilitiesCurrent_iI_pp0d_maAPAALzZ0x_zhiXQCpYTKVj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Social security insurance contribution payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">308,921</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">169,858</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--AccruedExpenseconstruction_iI_pp0d_maAPAALzZ0x_zD75KkxGqtBi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued expense for construction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,337,777</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,310,040</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pp0d_maAPAALzZ0x_zf95U0jJ521k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Accrued expense-others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">622,473</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">611,721</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iTI_pp0d_mtAPAALzZ0x_z9T7T81tJgH2" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,868,025</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,445,277</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> See Note 22- Restatement, for discussion regarding the impact of the Restatement. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED)

Payable and accrued expenses consist of the following: SCHEDULE OF PAYABLE AND ACCRUED EXPENSES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250331_zB2cpmaNhrmf" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025 (Restated)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20241231_zCONb1yvEWs2" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024 (Restated)</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_403_eus-gaap--AccountsPayableCurrent_iI_pp0d_maAPAALzZ0x_zkQ7FCQovGCl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accounts payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">390,250</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">30,003</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AccruedSalariesCurrent_iI_pp0d_maAPAALzZ0x_zEuHppmMKf0k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Salary payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">208,604</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">323,655</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OtherEmployeeRelatedLiabilitiesCurrent_iI_pp0d_maAPAALzZ0x_zhiXQCpYTKVj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Social security insurance contribution payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">308,921</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">169,858</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--AccruedExpenseconstruction_iI_pp0d_maAPAALzZ0x_zD75KkxGqtBi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued expense for construction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,337,777</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,310,040</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pp0d_maAPAALzZ0x_zf95U0jJ521k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Accrued expense-others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">622,473</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">611,721</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iTI_pp0d_mtAPAALzZ0x_z9T7T81tJgH2" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,868,025</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,445,277</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

390250

30003

208604

323655

308921

169858

5337777 5310040

622473

611721

6868025

6445277

NOTE 10 – RELATED PARTY TRANSACTIONS On September 25, 2012, the Company purchased five floors of a commercial building in the PRC, through SYCI, from Shandong Shouguang Vegetable Seed Industry Group Co., Ltd. (the “Seller”) at a cost of approximately $5.7 million in cash, of which Mr. Ming Yang, who was the Chairman of the Company then, had a 99% equity interest in the Seller. During the first quarter of 2018, the Company entered into an agreement with the Seller, a related party, to provide property management services for an annual amount of approximately $86,911 for <span id="xdx_90D_ecustom--TermOfPropertyManagementServicesDescription_c20180101__20180331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SellerMember_zMpwHtZu8fEg" title="Term for property management services">five years from January 1, 2023 to December 31, 2027. The expense associated with this agreement for the three months ended March 31, 2025 and 2024 was approximately $<span id="xdx_90B_ecustom--ExpenseAssociatedWithAgreement_pp0d_c20250101__20250331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SellerMember_zBlffJ5JVCZ2" title="Expense associated with agreement">21,728 and $<span id="xdx_907_ecustom--ExpenseAssociatedWithAgreement_pp0d_c20240101__20240331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SellerMember_zQDvPw26Ky61" title="Expense associated with agreement">21,982. a) Related parties <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid; width: 40%">Name of related parties</td> <td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; width: 58%">Position</td></tr> <tr style="vertical-align: top"> <td>Ming Yang</td> <td> </td> <td>Chairman Of the Board</td></tr> <tr style="vertical-align: top"> <td>XiaoBin Liu</td> <td> </td> <td>Chief Executive Officer</td></tr> <tr style="vertical-align: top"> <td>Min Li</td> <td> </td> <td>Chief Financial Officer</td></tr> <tr style="vertical-align: top"> <td>NaiHui Miao</td> <td> </td> <td>Chief Operating Officer</td></tr> <tr style="vertical-align: top"> <td>Chengdu Dianjinshi Culture media Co., LTD</td> <td> </td> <td>Affiliated with company officers</td></tr> </table> b) SCHEDULE OF RELATED PARTY TRANSACTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center">March 31,</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">December 31,</td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amount due to related parties:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Ming Yang</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_903_ecustom--AmountDueToRelatedParty_iI_pp0d_c20250331__us-gaap--RelatedPartyTransactionAxis__custom--MingYangMember_zCYdH8wqb58i" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Due to related parties">410,940</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_903_ecustom--AmountDueToRelatedParty_iI_pp0d_c20241231__us-gaap--RelatedPartyTransactionAxis__custom--MingYangMember_zo9s2wlbpKu4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Due to related parties">410,350</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">XiaoBin Liu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_ecustom--AmountDueToRelatedParty_iI_pp0d_c20250331__us-gaap--RelatedPartyTransactionAxis__custom--XiaoBinLiuMember_zdzb4RiZULyi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Due to related parties">887,214</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_ecustom--AmountDueToRelatedParty_iI_pp0d_c20241231__us-gaap--RelatedPartyTransactionAxis__custom--XiaoBinLiuMember_zsyCfok2HhO5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Due to related parties">887,214</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Min Li</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_ecustom--AmountDueToRelatedParty_iI_pp0d_c20250331__us-gaap--RelatedPartyTransactionAxis__custom--MinLiMember_zBNMl7SVzvK1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Due to related parties">651,502</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_ecustom--AmountDueToRelatedParty_iI_pp0d_c20241231__us-gaap--RelatedPartyTransactionAxis__custom--MinLiMember_zGj0YCQrCBud" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Due to related parties">636,264</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">NaiHui Miao</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90B_ecustom--AmountDueToRelatedParty_iI_pp0d_c20250331__us-gaap--RelatedPartyTransactionAxis__custom--NaiHuiMiaoMember_zdhCIqduEQCc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Due to related parties">636,766</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_904_ecustom--AmountDueToRelatedParty_iI_pp0d_c20241231__us-gaap--RelatedPartyTransactionAxis__custom--NaiHuiMiaoMember_zODwQms0fd5i" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Due to related parties">650,980</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,586,422</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,584,808</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> c) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Due from related party:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; width: 60%; text-align: left">Chengdu Dianjinshi Culture media Co., LTD</td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">25,076</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">25,040</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,076</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,040</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

5700000

0.99

86911

five years from January 1, 2023 to December 31, 2027 21728 21982

SCHEDULE OF RELATED PARTY TRANSACTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center">March 31,</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">December 31,</td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amount due to related parties:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Ming Yang</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_903_ecustom--AmountDueToRelatedParty_iI_pp0d_c20250331__us-gaap--RelatedPartyTransactionAxis__custom--MingYangMember_zCYdH8wqb58i" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Due to related parties">410,940</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_903_ecustom--AmountDueToRelatedParty_iI_pp0d_c20241231__us-gaap--RelatedPartyTransactionAxis__custom--MingYangMember_zo9s2wlbpKu4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Due to related parties">410,350</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">XiaoBin Liu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_ecustom--AmountDueToRelatedParty_iI_pp0d_c20250331__us-gaap--RelatedPartyTransactionAxis__custom--XiaoBinLiuMember_zdzb4RiZULyi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Due to related parties">887,214</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_ecustom--AmountDueToRelatedParty_iI_pp0d_c20241231__us-gaap--RelatedPartyTransactionAxis__custom--XiaoBinLiuMember_zsyCfok2HhO5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Due to related parties">887,214</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Min Li</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_ecustom--AmountDueToRelatedParty_iI_pp0d_c20250331__us-gaap--RelatedPartyTransactionAxis__custom--MinLiMember_zBNMl7SVzvK1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Due to related parties">651,502</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_ecustom--AmountDueToRelatedParty_iI_pp0d_c20241231__us-gaap--RelatedPartyTransactionAxis__custom--MinLiMember_zGj0YCQrCBud" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Due to related parties">636,264</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">NaiHui Miao</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90B_ecustom--AmountDueToRelatedParty_iI_pp0d_c20250331__us-gaap--RelatedPartyTransactionAxis__custom--NaiHuiMiaoMember_zdhCIqduEQCc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Due to related parties">636,766</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_904_ecustom--AmountDueToRelatedParty_iI_pp0d_c20241231__us-gaap--RelatedPartyTransactionAxis__custom--NaiHuiMiaoMember_zODwQms0fd5i" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Due to related parties">650,980</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,586,422</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,584,808</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> c) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Due from related party:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; width: 60%; text-align: left">Chengdu Dianjinshi Culture media Co., LTD</td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">25,076</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">25,040</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,076</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,040</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

410940 410350 887214 887214 651502 636264 636766 650980 2586422 2584808 25076 25040 25076 25040 NOTE 11 – TAXES PAYABLE SCHEDULE OF TAXES PAYABLE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250331_z8sOAHp3Jfs3" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20241231_zzfdIKMeNcbd" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40E_eus-gaap--AccrualForTaxesOtherThanIncomeTaxesCurrent_iI_pp0d_maTPCzxqx_zziVDUmvJGsc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Land use tax payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,345</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,318</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--ValueAddedTaxAndOtherTaxesPayable_iI_pp0d_maTPCzxqx_zp9PGSCzrwTf" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Value added tax and other taxes payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">257,171</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">94,681</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--TaxesPayableCurrent_iTI_pp0d_mtTPCzxqx_zThlWJA0PNG5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">276,516</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">113,999</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) SCHEDULE OF TAXES PAYABLE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250331_z8sOAHp3Jfs3" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20241231_zzfdIKMeNcbd" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40E_eus-gaap--AccrualForTaxesOtherThanIncomeTaxesCurrent_iI_pp0d_maTPCzxqx_zziVDUmvJGsc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Land use tax payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,345</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,318</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--ValueAddedTaxAndOtherTaxesPayable_iI_pp0d_maTPCzxqx_zp9PGSCzrwTf" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Value added tax and other taxes payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">257,171</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">94,681</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--TaxesPayableCurrent_iTI_pp0d_mtTPCzxqx_zThlWJA0PNG5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">276,516</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">113,999</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

19345

19318

257171 94681

276516

113999

NOTE 12 – LEASE LIABILITIES-FINANCE AND OPERATING LEASE The components of finance lease liabilities were as follows: SCHEDULE OF FINANCE LEASED LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250331_zzHOSSJhsMS3" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025(Restated)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20241231_zC6PlmW6plfg" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024(Restated)</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_409_eus-gaap--FinanceLeaseLiability_iI_maFLLNzXcD_zQqQw52ZI8Ed" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Total finance lease liabilities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">5,376,093</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,432,177</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FinanceLeaseLiabilityCurrent_iNI_di_maFLLNzXcD_z4hC99xsc2yg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(239,771</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,342,293</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_zdKQLkxpErk4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Finance lease liabilities, net of current portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,136,322</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,089,884</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The financing leases include one contract with a lease term from January 1, 2011 to December 31, 2030, and five contracts with the lease term from June 29, 2024 to June 28, 2044. All contracts have a non-cancellable lease period of 20 years, and the Company has the right to preferentially renew the lease contract under the same conditions upon the contact expires. However, the Company will decide whether to renew the lease based on the market operation situation upon the expiration. The components of operating lease liabilities are as follows: SCHEDULE OF OPERATING LEASE LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250331_zW54b7mdTWwe" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20241231_zZirRpEKm9q8" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingLeaseLiability_iI_pp0d_zdAWRnXgo3s2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Total Operating lease liabilities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,308,326</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,433,452</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeaseLiabilityCurrent_iNI_pp0p0_di_zpLz2XIycTfb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(498,483</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(491,850</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pp0d_zMoNDCHlHwNf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Operating lease liabilities, net of current portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,809,843</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,941,602</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The components of lease cost were as follows: SCHEDULE OF LEASE COST <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_497_20250101__20250331_zbShrKo6t2wl" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_493_20240101__20240331_zXLdmEDdu95k" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Three-Month Period Ended March 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025 (Restated)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2024 (Restated)</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_400_ecustom--FinanceLeaseCostAbstract_iB_z7HAyKDYpqKi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease cost:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_i_pp0p" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">- Amortization of right-of-use assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">775,702</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">313,941</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FinanceLeaseInterestPaymentOnLiability_i_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">- Interest on lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,857</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,830</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseCost_i_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Operating lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">217,801</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">217,345</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LeaseCost_i_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease cost</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,054,360</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">556,116</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Maturities of lease liabilities were as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Finance Lease</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Operating Lease</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">the next 12 months</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">261,485</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">631,001</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">the next 13 to 24 months</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">261,485</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">828,555</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">the next 25 to 36 months</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">261,485</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">834,455</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">the next 37 to 48 months</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,955,034</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">840,733</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">the next 49 to 60 months</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">261,485</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">847,059</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">261,485</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,255,269</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,262,459</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">12,237,072</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Amount representing interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(886,366</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,928,746</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Present value of net minimum lease payments</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,376,093</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,308,326</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> A summary of supplemental information related to leases is listed as follows: SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average remaining lease term:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15.9 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16.2 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">19.6 years</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">19.6 years</td><td style="width: 1%; text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted average discount rate:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.62</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.62</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.90</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.90</td><td style="text-align: left">%</td></tr> </table> Supplemental cash flow information related to leases were as follows: SCHEDULE OF CASH FLOW, SUPPLEMENTAL <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49B_20250101__20250331_zUIq6Qn6C5X6" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_497_20240101__20240331_zkFIq2kCEoVh" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Three-Month Period Ended March 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_405_ecustom--CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilitiesAbstract_i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Cash paid for amounts included in measurement of lease liabilities:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeasePayments_i_pp0p" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">-Operating cash flows from operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$ </td><td style="width: 16%; text-align: right">225,321</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$ </td><td style="width: 16%; text-align: right">226,018</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FinanceLeasePrincipalPayments_i_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">-Financing cash flows from finance leases</td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--NoncashInformationOnLeaseLiabilitiesArisingFromObtainingRouAssetsAbstract_i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-cash information on lease liabilities arising from obtaining ROU assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--FinanceLeasesExpense_i_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">-Finance leases</td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseExpense_i_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">-Operating leases</td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> </table> See Note 22- Restatement, for discussion regarding the impact of the Restatement. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) The components of finance lease liabilities were as follows: SCHEDULE OF FINANCE LEASED LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250331_zzHOSSJhsMS3" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025(Restated)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20241231_zC6PlmW6plfg" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024(Restated)</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_409_eus-gaap--FinanceLeaseLiability_iI_maFLLNzXcD_zQqQw52ZI8Ed" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Total finance lease liabilities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">5,376,093</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,432,177</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FinanceLeaseLiabilityCurrent_iNI_di_maFLLNzXcD_z4hC99xsc2yg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(239,771</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,342,293</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_zdKQLkxpErk4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Finance lease liabilities, net of current portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,136,322</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,089,884</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

5376093

8432177

239771

3342293

5136322

5089884

The components of operating lease liabilities are as follows: SCHEDULE OF OPERATING LEASE LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250331_zW54b7mdTWwe" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20241231_zZirRpEKm9q8" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingLeaseLiability_iI_pp0d_zdAWRnXgo3s2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Total Operating lease liabilities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,308,326</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,433,452</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeaseLiabilityCurrent_iNI_pp0p0_di_zpLz2XIycTfb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(498,483</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(491,850</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pp0d_zMoNDCHlHwNf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Operating lease liabilities, net of current portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,809,843</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,941,602</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

7308326

7433452

498483

491850

6809843

6941602

The components of lease cost were as follows: SCHEDULE OF LEASE COST <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_497_20250101__20250331_zbShrKo6t2wl" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_493_20240101__20240331_zXLdmEDdu95k" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Three-Month Period Ended March 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025 (Restated)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2024 (Restated)</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_400_ecustom--FinanceLeaseCostAbstract_iB_z7HAyKDYpqKi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease cost:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_i_pp0p" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">- Amortization of right-of-use assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">775,702</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">313,941</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FinanceLeaseInterestPaymentOnLiability_i_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">- Interest on lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,857</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,830</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseCost_i_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Operating lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">217,801</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">217,345</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LeaseCost_i_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease cost</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,054,360</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">556,116</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

775702

313941

60857

24830

217801

217345

1054360

556116

Maturities of lease liabilities were as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Finance Lease</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Operating Lease</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">the next 12 months</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">261,485</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">631,001</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">the next 13 to 24 months</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">261,485</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">828,555</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">the next 25 to 36 months</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">261,485</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">834,455</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">the next 37 to 48 months</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,955,034</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">840,733</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">the next 49 to 60 months</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">261,485</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">847,059</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">261,485</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,255,269</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,262,459</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">12,237,072</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Amount representing interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(886,366</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,928,746</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Present value of net minimum lease payments</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,376,093</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,308,326</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

261485

631001

261485

828555

261485

834455

4955034

840733

261485

847059

261485

8255269

6262459

12237072

886366

4928746

5376093

7308326

A summary of supplemental information related to leases is listed as follows: SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average remaining lease term:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15.9 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16.2 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">19.6 years</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">19.6 years</td><td style="width: 1%; text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted average discount rate:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.62</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.62</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.90</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.90</td><td style="text-align: left">%</td></tr> </table>

P15Y10M24D

P16Y2M12D

P19Y7M6D

0.0462

0.0490

Supplemental cash flow information related to leases were as follows: SCHEDULE OF CASH FLOW, SUPPLEMENTAL <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49B_20250101__20250331_zUIq6Qn6C5X6" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_497_20240101__20240331_zkFIq2kCEoVh" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Three-Month Period Ended March 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_405_ecustom--CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilitiesAbstract_i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Cash paid for amounts included in measurement of lease liabilities:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeasePayments_i_pp0p" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">-Operating cash flows from operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$ </td><td style="width: 16%; text-align: right">225,321</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$ </td><td style="width: 16%; text-align: right">226,018</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FinanceLeasePrincipalPayments_i_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">-Financing cash flows from finance leases</td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--NoncashInformationOnLeaseLiabilitiesArisingFromObtainingRouAssetsAbstract_i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-cash information on lease liabilities arising from obtaining ROU assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--FinanceLeasesExpense_i_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">-Finance leases</td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseExpense_i_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">-Operating leases</td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> </table>

225321

226018

NOTE 13 – EQUITY Stock Issued For The Acquisition In June 2024, SHSI entered into crude salt field acquisition agreements with five sellers. On February 28, 2025 (“closing date”), the transactions as contemplated by the acquisition agreements were closed. On the closing date, the Company issued an aggregate of 2,059,694 (post reverse share split <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesReverseStockSplits_pid_c20250228__20250228__us-gaap--TypeOfArrangementAxis__custom--AcquisitionAgreementsMember_zG8XFR6c70ab" title="Shares issued reverse stock splits">205,969 shares) shares of its common stock to the sellers at an agreed price of $1.50 per share, pursuant to the acquisition agreements. Reverse Stock Split and Authorized Shares On October 27, 2025, the Company completed a 1-for-10 reverse stock split of the Company’s common stock, such that for each ten shares outstanding prior to the stock split there was one share outstanding after the reverse stock split. All shares of common stock referenced in this report have been adjusted to reflect the stock split figures. Restricted Shares A restricted stock award (“RSA”) is an award of common stocks 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 of <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20250101__20250131__us-gaap--PlanNameAxis__custom--OmnibusEquityIncentivePlan2019Member_zjJNt4ehpOH3" title="Restricted shares, issued">295,000 (post reverse share split <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20250101__20250131__us-gaap--PlanNameAxis__custom--TwoThousandNineteenOmnibusIncentivePlanMember__us-gaap--AwardTypeAxis__custom--PostReverseShareSplitMember_zwFOy3gafdv3">29,500 shares) restricted 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 $<span id="xdx_90D_ecustom--FairValueOnGrantDateOfRestrictedShares_pp0d_c20240101__20241231__us-gaap--PlanNameAxis__custom--OmnibusEquityIncentivePlan2019Member_z4uBmUn5UWNl" title="Fair value of restricted shares issued on grant date">194,700 which 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, <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20250101__20250331__us-gaap--PlanNameAxis__custom--OmnibusEquityIncentivePlan2019Member_zudnM9fATNme" title="Restricted shares, issued">265,000 (post reverse share split <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20250321__20250321__us-gaap--PlanNameAxis__custom--TwoThousandNineteenOmnibusIncentivePlanMember__us-gaap--AwardTypeAxis__custom--PostReverseShareSplitMember_zrVxAWgrUBp7">26,500 shares) restricted shares of common stock on March 21, 2025 to a consultant, the Company’s directors, officers and an employee as compensation for services rendered for the current year. 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 $<span id="xdx_90E_ecustom--FairValueOnGrantDateOfRestrictedShares_pp0d_c20250101__20250331__us-gaap--PlanNameAxis__custom--OmnibusEquityIncentivePlan2019Member_zqUxxtE80lB2" title="Fair value of restricted shares issued on grant date">196,100 which was expensed in full during the three months period ended March 31, 2025. Retained Earnings – Appropriated In accordance with the relevant PRC regulations and the PRC subsidiaries’ Articles of Association, the Company’s PRC subsidiaries are required to allocate its profit after tax to the following reserve. Statutory Reserve SCHC, SYCI, SHSI and DCHC are required each year to transfer at least 10% of the profit after tax as reported under the PRC statutory financial statements to the Statutory Common Reserve Funds until the balance reaches 50% of the registered share capital. This reserve can be used to make up any loss incurred or to increase share capital. Except for the reduction of losses incurred, any other application should not result in this reserve balance falling below 25% of the registered capital. As of March 31, 2025, the Company’s statutory provident fund stood at $26.67 million. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED)

2059694

205969

1.50

1-for-10

295000

29500

194700

265000

26500

196100 SCHC, SYCI, SHSI and DCHC are required each year to transfer at least 10% of the profit after tax as reported under the PRC statutory financial statements to the Statutory Common Reserve Funds until the balance reaches 50% of the registered share capital. This reserve can be used to make up any loss incurred or to increase share capital. Except for the reduction of losses incurred, any other application should not result in this reserve balance falling below 25% of the registered capital. As of March 31, 2025, the Company’s statutory provident fund stood at $26.67 million.

NOTE 14 – TREASURY STOCK As of March 31, 2025 and December 31, 2024, the number of treasury stock of the Company was 28,583 and 28,583, respectively.

28583

NOTE 15 – STOCK-BASED COMPENSATION Pursuant to the Company’s 2019 Omnibus Equity Incentive Plan adopted and approved in 2019 (“2019 Plan”), awards under the 2019 Plan is limited in the aggregate to <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20191231__us-gaap--PlanNameAxis__custom--OmnibusEquityIncentivePlan2025Member_zsgHyrr42cbb" title="Awards, number of shares authorized">2,068,398 shares of our common stock, inclusive of the awards that were previously issued and outstanding under the Company’s 2007 Equity Incentive Plan, as amended (the “2007 Plan”). Upon adoption and approval of the 2019 Plan, the 2007 Plan was frozen, no new awards will be granted under the 2007 Plan, and outstanding awards under the 2007 Plan will continue to be governed by the terms and condition of the 2007 Plan and applicable award agreement. As of March 31, 2025, the number of shares of the Company’s common stock available for grant of stock options and issuance under the 2019 Plan was <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20250331__us-gaap--PlanNameAxis__custom--OmnibusEquityIncentivePlan2025Member_zLB6mlcmgkEa" title="Shares available for grant">1,801 shares. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The risk free rate is based on the yield-to-maturity in continuous compounding of the US Government Bonds with the time-to-maturity similar to the expected tenor of the option granted, volatility is based on the annualized historical stock price volatility of the Company, and the expected life is based on the historical option exercise pattern. For the three months ended March 31, 2025 and 2024, total compensation costs for options issued recorded in the consolidated statement of comprehensive income (loss) were $0. There were no related tax benefits as a full valuation allowance was recorded in the three months ended March 31, 2025 and 2024. <p id="xdx_89E_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_gL3SOSBCSOATT-FGIOL_zUkALVWOQWU9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following table summarizes all Company stock option transactions between January 1, 2025 and March 31, 2025. SCHEDULE OF STOCK OPTION ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: left">Number of Option and Warrants Outstanding and exercisable </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted- Average Exercise price of Option and Warrants </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Range of Exercise Price per Common Stock</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Balance, January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20250101__20250331_zIsIQV40Bsw9" title="Number of option and warrants outstanding and exercisable">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"> —</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"> —</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted during the period</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20250101__20250331_zD5Ty489f326" title="Weighted-average exercise price of option and warrants, granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercised during the period</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20250101__20250331_zUL4Yfn6ROGg" title="Weighted-average exercise price of option and warrants, exercised">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Expired during the period</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_c20250101__20250331_zozGIy1T7c1j" title="Weighted-average exercise price of option and warrants, expired">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance, March 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20250101__20250331_zKLOpK6upfP2" title="Number of option and warrants outstanding and exercisable">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20250101__20250331_zkvCETQJxDCf" title="Weighted-average exercise price of options and warrants">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Stock Options and Warrants Outstanding and Exercisable <div id="xdx_C07_gL3SOSBCSOATT-FGIOL_ze5lpP4snN2h"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: left"> Outstanding at March 31, 2025 </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Range of Exercise Prices</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Remaining Contractual Life (Years)</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Outstanding and exercisable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20250331_zJmK7BeF7rfh" title="Range of exercise prices, outstanding and exercisable">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> </table> </div> All options exercisable and outstanding at March 31, 2025 are fully vested. As of March 31, 2025 there was no unrecognized compensation cost related to outstanding stock options, The aggregate intrinsic value of options outstanding and exercisable as of March 31, 2025 and 2024 was $<span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iI_dxL_c20250331_zZj8jiYlPLO8" title="Aggregate intrinsic value of options outstanding and exercisable::XDX::-"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iI_dxL_c20240331_zoXBVI2hSs0e" title="Aggregate intrinsic value of options outstanding and exercisable::XDX::-">0. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED)

2068398

1801

<p id="xdx_89E_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_gL3SOSBCSOATT-FGIOL_zUkALVWOQWU9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following table summarizes all Company stock option transactions between January 1, 2025 and March 31, 2025. SCHEDULE OF STOCK OPTION ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: left">Number of Option and Warrants Outstanding and exercisable </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted- Average Exercise price of Option and Warrants </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Range of Exercise Price per Common Stock</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Balance, January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20250101__20250331_zIsIQV40Bsw9" title="Number of option and warrants outstanding and exercisable">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"> —</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"> —</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted during the period</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20250101__20250331_zD5Ty489f326" title="Weighted-average exercise price of option and warrants, granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercised during the period</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20250101__20250331_zUL4Yfn6ROGg" title="Weighted-average exercise price of option and warrants, exercised">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$ </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Expired during the period</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_c20250101__20250331_zozGIy1T7c1j" title="Weighted-average exercise price of option and warrants, expired">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance, March 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20250101__20250331_zKLOpK6upfP2" title="Number of option and warrants outstanding and exercisable">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20250101__20250331_zkvCETQJxDCf" title="Weighted-average exercise price of options and warrants">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: left"> Outstanding at March 31, 2025 </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Range of Exercise Prices</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Remaining Contractual Life (Years)</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Outstanding and exercisable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20250331_zJmK7BeF7rfh" title="Range of exercise prices, outstanding and exercisable">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> </table>

NOTE 16 – INCOME TAXES The Company utilizes the asset and liability method of accounting for income taxes in accordance with FASB ASC 740-10. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. (a) United States (“US”) Gulf Resources, Inc. may be subject to the United States of America Tax laws at a tax rate of 21%. No provision for the US federal income taxes has been made as the Company had no US taxable income for the three-month periods ended March 31, 2025 and 2024, and management believes that its earnings are permanently invested in the PRC. (b) British Virgin Islands (“BVI”) Upper Class Group Limited, a subsidiary of Gulf Resources, Inc., was incorporated in the BVI and, under the current laws of the BVI, it is not subject to tax on income or capital gain in the BVI. Upper Class Group Limited did not generate assessable profit for the three- month periods ended March 31, 2025 and 2024. (c) Hong Kong HKJI, a subsidiary of Upper Class Group Limited, was incorporated in Hong Kong and is subject to Hong Kong taxation on its activities conducted in Hong Kong and income arising in or derived from Hong Kong. No provision for income tax has been made as it has no taxable income for the three-month periods ended March 31, 2025 and 2024. The applicable statutory tax rates for the three- month periods ended March 31, 2025 and 2024 are 16.5%. There is no dividend withholding tax in Hong Kong. (d) PRC Enterprise income tax (“EIT”) for SCHC, SYCI, SHSI and DCHC in the PRC is charged at 25% of the assessable profits. The operating subsidiaries SCHC, SYCI, DCHC, and SHSI are wholly foreign-owned enterprises (“FIE”) incorporated in the PRC and are subject to PRC Local Income Tax Law. The PRC tax losses may be carried forward to be utilized against future taxable profit for ten years for High-tech enterprises and small and medium-sized enterprises of science and technology and for five years for other companies. Tax losses of the operating subsidiaries of the Company may be carried forward for five years. On February 22, 2008, the Ministry of Finance (“MOF”) and the State Administration of Taxation (“SAT”) jointly issued Cai Shui [2008] Circular 1 (“Circular 1”). According to Article 4 of Circular 1, distributions of accumulated profits earned by a FIE prior to January 1, 2008 to foreign investor(s) in 2008 will be exempted from withholding tax (“WHT”) while distribution of the profit earned by an FIE after January 1, 2008 to its foreign investor(s) shall be subject to WHT at 5% effective tax rate. As of March 31, 2025 and December 31, 2024, the accumulated distributable earnings under the Generally Accepted Accounting Principles (“GAAP”) of PRC that are subject to WHT are $<span id="xdx_908_ecustom--AccumulatedDistributedEarningsSubjectToWithholdingTax_iI_c20250331__srt--StatementGeographicalAxis__country--CN_z9zuVq3YRCk6" title="Accumulated distributable earnings subject to withholding tax">35,315,678 and $<span id="xdx_90C_ecustom--AccumulatedDistributedEarningsSubjectToWithholdingTax_iI_c20241231__srt--StatementGeographicalAxis__country--CN_zWjlZIWjRKD" title="Accumulated distributable earnings subject to withholding tax">40,524,183, respectively. Since the Company intends to reinvest its earnings to further expand its businesses in mainland China, its foreign invested enterprises do not intend to declare dividends to their immediate foreign holding companies in the foreseeable future. Accordingly, as of March 31, 2025 and December 31, 2024, the Company has not recorded any WHT on the cumulative amount of distributable retained earnings of its foreign invested enterprises that are subject to WHT in China. As of March 31, 2025 and December 31, 2024, the unrecognized WHT are $816,956 and $1,078,743, respectively. The Company’s income tax returns are subject to the various tax authorities’ examination. The federal, state and local authorities of the United States may examine the Company’s income tax returns filed in the United States for three years from the date of filing. The Company’s US income tax returns since 2017 are currently subject to examination. Inland Revenue Department of Hong Kong (“IRD”) may examine the Company’s income tax returns filed in Hong Kong for seven years from date of filing. For the years 2012 through 2019, HKJI did not report any taxable income. It did not file any income tax returns during these years except for 2014 and 2018. For companies which do not have taxable income, IRD typically issues notification to companies requiring them to file income tax returns once in every four years. The tax returns for 2014 and 2018 are currently subject to examination. The components of the provision for income tax benefit (expense) from continuing operations are: SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE BENEFIT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20250331_zB3acfF8oEl3" style="text-align: center">2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20240101__20240331_zoDZOLpCNqIe" style="text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Three-Month Period Ended March 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_402_eus-gaap--CurrentIncomeTaxExpenseBenefit_iN_pp0d_di_maITEBzPBK_zIbfGpEz2afi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Current taxes – PRC</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredOtherTaxExpenseBenefit_iN_pp0d_maITEBzPBK_z39vpS8V2ok7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; width: 60%; text-align: justify">Deferred tax – PRC entities</td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">—</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">(1,270,060</td><td style="padding-bottom: 1pt; width: 1%; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxExpenseBenefit_iT_pp0d_mtITEBzPBK_z4f7euHFfZvk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: justify">Total Income tax (expenses) benefits</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,270,060</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 16 – INCOME TAXES – Continued Significant components of the Company’s deferred tax assets and liabilities at March 31, 2025 and December 31, 2024 are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250331_zC23ZiUR8TOa" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20241231_zJ8d69r9Gf28" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxLiabilities_iI_zsY3MDmVaJL8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsNetAbstract_iB_zb0Yia9EIeX2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther_i01I_maDTAGzaXK_zjH7Tym90z1f" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Exploration costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1,734,410</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1,731,920</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsOther_i01I_maDTAGzaXK_znS7MvRDU8fb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">420,144</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">729,731</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLosses_i01I_maDTAGzaXK_z2nqgUauFna8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Impairment of property plant and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,688,519</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,686,095</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DeferredTaxAssetsPRCTaxLosses_i01I_maDTAGzaXK_znKYFYWHGMOl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">PRC tax losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,455,188</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,125,871</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsDomestic_i01I_maDTAGzaXK_zFJJAkmuYTDe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">US federal net operating loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,720,637</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,661,464</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsGross_i01TI_mtDTAGzaXK_maDTALNzBWw_zlVP4SRRAjsa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,018,898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,935,081</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsValuationAllowance_i01NI_di_msDTALNzBWw_zjzfaTS9Q1U" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(16,018,898</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(14,935,081</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsLiabilitiesNet_i01BI_mtDTALNzBWw_zTPC0axetM45" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax asset</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Deferred tax assets consist of future reversals of existing taxable temporary differences and adequate future taxable income, exclusive of reversing deductible temporary differences. As of March 31, 2025 and 2024, valuation allowances were mainly provided against deferred tax assets caused by exploration costs and net operating loss where it was determined it was more likely than not that the benefits of the deferred tax assets will not be realized due to their continuous losses. The increase in valuation allowance for the three-month period ended March 31, 2025 is $1,083,817. The increase in valuation allowance for the three-month period ended March 31, 2024 is $14,473. There were no unrecognized tax benefits and accrual for uncertain tax positions as of March 31, 2025 and December 31, 2024 and no amounts accrued for penalties and interest for the three months ended March 31, 2025 and 2024.

0.21

0.165

0.25

35315678 40524183 816956 1078743

The components of the provision for income tax benefit (expense) from continuing operations are: SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE BENEFIT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20250331_zB3acfF8oEl3" style="text-align: center">2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20240101__20240331_zoDZOLpCNqIe" style="text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Three-Month Period Ended March 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_402_eus-gaap--CurrentIncomeTaxExpenseBenefit_iN_pp0d_di_maITEBzPBK_zIbfGpEz2afi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Current taxes – PRC</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredOtherTaxExpenseBenefit_iN_pp0d_maITEBzPBK_z39vpS8V2ok7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; width: 60%; text-align: justify">Deferred tax – PRC entities</td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">—</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">(1,270,060</td><td style="padding-bottom: 1pt; width: 1%; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxExpenseBenefit_iT_pp0d_mtITEBzPBK_z4f7euHFfZvk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: justify">Total Income tax (expenses) benefits</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,270,060</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

-1270060

Significant components of the Company’s deferred tax assets and liabilities at March 31, 2025 and December 31, 2024 are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250331_zC23ZiUR8TOa" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20241231_zJ8d69r9Gf28" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxLiabilities_iI_zsY3MDmVaJL8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsNetAbstract_iB_zb0Yia9EIeX2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther_i01I_maDTAGzaXK_zjH7Tym90z1f" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Exploration costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1,734,410</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1,731,920</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsOther_i01I_maDTAGzaXK_znS7MvRDU8fb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">420,144</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">729,731</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLosses_i01I_maDTAGzaXK_z2nqgUauFna8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Impairment of property plant and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,688,519</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,686,095</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DeferredTaxAssetsPRCTaxLosses_i01I_maDTAGzaXK_znKYFYWHGMOl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">PRC tax losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,455,188</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,125,871</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsDomestic_i01I_maDTAGzaXK_zFJJAkmuYTDe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">US federal net operating loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,720,637</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,661,464</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsGross_i01TI_mtDTAGzaXK_maDTALNzBWw_zlVP4SRRAjsa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,018,898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,935,081</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsValuationAllowance_i01NI_di_msDTALNzBWw_zjzfaTS9Q1U" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(16,018,898</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(14,935,081</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsLiabilitiesNet_i01BI_mtDTALNzBWw_zTPC0axetM45" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax asset</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1734410

1731920

420144

729731

1688519

1686095

10455188 9125871

1720637

1661464

16018898

14935081

16018898

14935081

1083817

14473

NOTE 17 – BUSINESS SEGMENTS ASC 280, Disclosures about Segments, of an Enterprise and Related Information, establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise engaging in business activities from which they may earn revenues and incurred expenses, and about which separate financial information is available that is evaluated regularly by the chief operating decision-marker, or decision-making group( the “CODM”), in deciding how to allocate resources and assessing performance. The Company’s Chief Executive Officer (Mr. Xiaobin Liu) is determined as the CODM of the Company, Mr Liu measures the performance of each segment based on metrics of revenue and profit before taxes from operations and uses these results to evaluate the performance of, and to allocate resources to each of the segments. The Company has organized operations into four different business segments: (1) bromine, (2) crude salt, (3) chemical products, (4) natural gas. The Company has four reportable segments: bromine, crude salt, chemical products and natural gas. The reportable segments are consistent with how management views the markets served by the Company and the financial information that is reviewed by its chief operating decision maker. An 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 (income) 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. SCHEDULE OF SEGMENT REPORTING BY SEGMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Three-Month Period Ended March 31, 2025 (Restated) Operating Segment</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember_zu1a2tw9fDpk" style="border-bottom: Black 1pt solid; text-align: center">Bromine *</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_494_20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember_zKF0HIGPwEB8" style="border-bottom: Black 1pt solid; text-align: center">Crude Salt *</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_498_20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember_zOqC47JKf7Tg" style="border-bottom: Black 1pt solid; text-align: center">Chemical Products</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_495_20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--NaturalGasMember_zF9cqFoChgb8" style="border-bottom: Black 1pt solid; text-align: center">Natural Gas</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_49B_20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zS28INurSdDa" style="border-bottom: Black 1pt solid; text-align: center">Segment Total</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_49C_20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--CorporateNonSegmentMember_z94VuurgvFz2" style="border-bottom: Black 1pt solid; text-align: center">Corporate</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_499_20250101__20250331_zbRFqkv9ecg8" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40F_eus-gaap--Revenues_zDptuAb161v" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 37%; text-align: left">Net revenue (external customers)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">1,481,869</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">122,578</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">1,604,447</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">1,604,447</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--NetRevenueIntersegment_d0_z7DYoAHYypo6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net revenue (intersegment)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingIncomeLoss_i_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss from operations before income expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,374,506</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(587,809</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(361,892</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(44,844</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,369,051</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(281,836</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,650,887</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxExpenseBenefit_iN_di_zLyfFTdp6745" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income tax (expense) benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_zX3ELAjRKkJh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss from operations after income taxes (expense) benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,374,506</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(587,809</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(361,892</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(44,844</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,369,051</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(281,836</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,650,887</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--Assets_iI_c20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember_znnQjSSaj8Ph" style="text-align: right" title="Total assets">79,776,369</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--Assets_iI_c20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember_zdpoPYlkGoad" style="text-align: right" title="Total assets">45,042,635</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--Assets_iI_c20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember_zUurFr44YBC4" style="text-align: right" title="Total assets">38,250,664</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--Assets_iI_c20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--NaturalGasMember_zYN4BNFKv4bk" style="text-align: right" title="Total assets">929,031</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--Assets_iI_c20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zDPmEW2wp8ck" style="text-align: right" title="Total assets">163,998,699</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--Assets_iI_c20250331__srt--ConsolidationItemsAxis__us-gaap--CorporateNonSegmentMember_zOxT66qNcyli" style="text-align: right" title="Total assets">93,640</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--Assets_iI_c20250331_zyg5luMfTIb1" style="text-align: right" title="Total assets">164,092,339</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--DepreciationAndAmortization_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember_zUjpNOwLdcP5" style="text-align: right" title="Depreciation and amortization">3,261,892</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--DepreciationAndAmortization_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember_zLtjxNn4QyGk" style="text-align: right" title="Depreciation and amortization">639,289</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--DepreciationAndAmortization_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember_zptEDUPkC5Ci" style="text-align: right" title="Depreciation and amortization">70,926</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--DepreciationAndAmortization_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--NaturalGasMember_z6lopk1Qih84" style="text-align: right" title="Depreciation and amortization">32,962</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--DepreciationAndAmortization_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zuaznvG2tkQk" style="text-align: right" title="Depreciation and amortization">4,005,069</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--DepreciationAndAmortization_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--CorporateNonSegmentMember_zqLTovf8JUVj" style="text-align: right" title="Depreciation and amortization">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--DepreciationAndAmortization_c20250101__20250331_zEFQNDQ3l3Tk" style="text-align: right" title="Depreciation and amortization">4,005,069</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--SegmentExpenditureAdditionToLongLivedAssets_zMir4kwTw2lj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Capital expenditures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Three-Month Period Ended March 31, 2024</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember_zblGXzix72Db" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Bromine *</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember_zDWzX4o8E846" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Crude Salt *</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember_zjXECR31PJ8e" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Chemical Products</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--NaturalGasMember_zu171Xm5fbJf" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Natural Gas</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zapzpxXvM1o5" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Segment Total</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--CorporateNonSegmentMember_znMrkCOvjxZh" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Corporate</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240101__20240331_ze8dk8nsi95c" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--Revenues_z1f9WOx2q25d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 37%; text-align: left">Net revenue (external customers)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">1,146,197</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">116,671</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">44,194</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">1,307,062</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">1,307,062</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--NetRevenueIntersegment_d0_zQ4ZxZRb5z9a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net revenue (intersegment)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingIncomeLoss_zirKOids4pTh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss from operations before income expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,782,815</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(75,092</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(314,824</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(27,709</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,200,440</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68,979</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,269,419</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--IncomeTaxExpenseBenefit_iN_pp0d_di_zFsquRxpR9c3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income tax (expense) benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,198,071</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,989</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,270,060</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,270,060</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_z8UuWaYH1wG3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss from operations after income taxes (expense) benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,584,744</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(75,092</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(242,835</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(27,709</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,930,380</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68,979</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,999,359</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--Assets_iI_c20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember_za7S0MqCm33g" style="text-align: right" title="Total assets">100,370,933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--Assets_iI_c20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember_zdlgu7uvk11f" style="text-align: right" title="Total assets">11,517,576</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--Assets_iI_c20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember_zWWJmxwZh5l4" style="text-align: right" title="Total assets">107,776,242</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--Assets_iI_c20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--NaturalGasMember_zvJzP900aZYk" style="text-align: right" title="Total assets">1,912,377</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--Assets_iI_c20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zpyrsTpT3KWl" style="text-align: right" title="Total assets">221,577,128</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--Assets_iI_c20240331__srt--ConsolidationItemsAxis__us-gaap--CorporateNonSegmentMember_ztAMTTXeIeE7" style="text-align: right" title="Total assets">250,287</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--Assets_iI_c20240331_z3Gg8Ame8zI7" style="text-align: right" title="Total assets">221,827,415</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--DepreciationAndAmortization_c20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember_zGUxTI5WRh2e" style="text-align: right" title="Depreciation and amortization">4,449,468</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--DepreciationAndAmortization_c20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember_z9fLyaHY8Stg" style="text-align: right" title="Depreciation and amortization">181,891</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--DepreciationAndAmortization_c20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember_zpvJRO7vxheh" style="text-align: right" title="Depreciation and amortization">68,357</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--DepreciationAndAmortization_c20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--NaturalGasMember_zu8ZAqgxL6Fi" style="text-align: right" title="Depreciation and amortization">33,759</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--DepreciationAndAmortization_c20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zEBmUPTCfUWg" style="text-align: right" title="Depreciation and amortization">4,733,475</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--DepreciationAndAmortization_c20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--CorporateNonSegmentMember_zwhKkAzASXtg" style="text-align: right" title="Depreciation and amortization">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--DepreciationAndAmortization_c20240101__20240331_zjfCnTCCeWTh" style="text-align: right" title="Depreciation and amortization">4,733,475</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--SegmentExpenditureAdditionToLongLivedAssets_zgLCjaBqTeDl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Capital expenditures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F04_zk7Tbl1Y3c91" style="width: 15pt; text-align: right">*</td><td style="text-align: justify">Certain common production overheads, operating and administrative expenses and asset items (mainly cash and certain office equipment) of bromine and crude salt segments in SCHC were split by reference to the average selling price and production volume of the respective segment.</td> </tr></table> GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 17 – BUSINESS SEGMENTS – Continued SCHEDULE OF SEGMENT COST <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Reconciliations</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250101__20250331_z9P8oMb465L9" style="border-bottom: Black 1pt solid; text-align: center">2025(Restated)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240101__20240331_znpUq0yUJxX7" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Three-Month Period Ended March 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Reconciliations</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025(Restated)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_403_ecustom--SegmentOperatingIncomeLoss_zRJTBg6jvk3a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Total segment operating loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(4,369,051</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(5,200,440</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_402_ecustom--SegmentCorporateCosts_iN_di_zmBSNuJHmHi6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Corporate costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(281,836</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68,979</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_ecustom--UnrealizedGainLossOnTranslationOfInterCompanyBalances_zhILKP1KLOz1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Unrealized gain (loss) on translation of intercompany balance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingIncomeLoss_zG7PjqaNe1u4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loss from operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,650,887</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,269,419</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--OtherOperatingIncomeExpenseNet_zJVVqCm1vbm7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other income, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(19,293</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,227</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_zGR1zRjVsPRd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Loss before taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,670,180</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,262,192</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> The following table shows the major customers (10% or more) for the three-month period ended March 31, 2025. SCHEDULE OF REVENUE BY MAJOR CUSTOMERS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Number</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Customer</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Bromine (000’s)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Crude Salt (000’s)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Chemical Products (000’s)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Total Revenue (000’s)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Percentage of Total Revenue (%)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 8%; text-align: center">1</td><td style="width: 2%"> </td> <td style="width: 40%; text-align: left">Shandong Morui Chemical Company Limited</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_904_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember_zw3mwcGfDHtf" title="Revenues">196</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_90B_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember_zjMAB8neDAJb" title="Revenues">58</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_90D_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember_zsBbzom0zmO3" title="Revenues">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_900_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--TotalRevenueMember__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember_zm9XmJW67Z28" title="Revenues">254</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_z9PZ2IuDatic" title="Percentage of total revenues">15.8</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2</td><td> </td> <td style="text-align: left">Shandong Brother Technology Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember_zBidaZ0ivPUl" title="Revenues">193</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember_zfqXp5D0mFq9" title="Revenues">36</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember_zxAXi7AfuzRb" title="Revenues">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--TotalRevenueMember__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember_zvyp4mq7uMm8" title="Revenues">229</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zSC6oZaz4BVk" title="Percentage of total revenues">14.3</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">3</td><td> </td> <td style="text-align: left">Shouguang Weidong Chemical Company Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember_zGLG0FUGIbBd" title="Revenues">197</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember_zZYkWf6Y8Jrj" title="Revenues">28</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember_z5lQOBaJhhFi" title="Revenues">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--TotalRevenueMember__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember_zsoBrekgKGKl" title="Revenues">225</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zfPpsFcDOAM2" title="Percentage of total revenues">14.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">4</td><td> </td> <td style="text-align: left">Shandong Shouguangshen Runfa Marine Chemical Company Limited</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_903_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember__srt--MajorCustomersAxis__custom--ShandongShouguangShenrunfaMarineChemicalCompanyLimitedMember_zJbGex6deRs4" title="Revenues">195</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_903_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember__srt--MajorCustomersAxis__custom--ShandongShouguangShenrunfaMarineChemicalCompanyLimitedMember_zbeC01FgeOsh" title="Revenues">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_902_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember__srt--MajorCustomersAxis__custom--ShandongShouguangShenrunfaMarineChemicalCompanyLimitedMember_zPLPW8iAzLVj" title="Revenues">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_905_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--TotalRevenueMember__srt--MajorCustomersAxis__custom--ShandongShouguangShenrunfaMarineChemicalCompanyLimitedMember_zwNPYwer4rBb" title="Revenues">195</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--ShandongShouguangShenrunfaMarineChemicalCompanyLimitedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zLSX95OLZQL4" title="Percentage of total revenues">12.1</td><td style="text-align: left">%</td></tr> </table> The following table shows the major customers (10% or more) for the three-month period ended March 31, 2024. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Number</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Customer</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Bromine (000’s)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Crude Salt (000’s)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Chemical Products (000’s)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Total Revenue (000’s)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Percentage of Total Revenue (%)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 8%; text-align: center">1</td><td style="width: 2%"> </td> <td style="width: 40%; text-align: left">Shandong Morui Chemical Company Limited</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_90A_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember_z4JWckPXzE8a" title="Revenues">134</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_901_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember_zeC960lkWB52" title="Revenues">63</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_90B_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember_z1N4IrBV8gl4" title="Revenues">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_902_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--TotalRevenueMember__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember_zkg0yAcukBt5" title="Revenues">197</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20240101__20240331__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_z2BjHa5DCCN5" title="Percentage of total revenues">15.1</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2</td><td> </td> <td style="text-align: left">Shouguang Weidong Chemical Company Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember_zVOWhi2lU4Yi" title="Revenues">135</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember_zZ0B4WGW4NKg" title="Revenues">26</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember_zTCnnVjO8T0a" title="Revenues">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--TotalRevenueMember__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember_zKpl1eGAPSSk" title="Revenues">161</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20240101__20240331__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zzs8Gl6TgdB7" title="Percentage of total revenues">12.3</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">3</td><td> </td> <td style="text-align: left">Shandong Brother Technology Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember_zvQGSHkKaQL6" title="Revenues">133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember_zb1HAgWxBFjk" title="Revenues">28</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember_z5G9RwRxzl3h" title="Revenues">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--TotalRevenueMember__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember_zVWAumD3gWnf" title="Revenues">161</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20240101__20240331__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_z7SUwzA4WzDe" title="Percentage of total revenues">12.3</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">4</td><td> </td> <td style="text-align: left">Shandong Shouguangshen Runfa Marine Chemical Company Limited</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_907_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember__srt--MajorCustomersAxis__custom--ShandongShouguangShenrunfaMarineChemicalCompanyLimitedMember_zgxlryPydsga" title="Revenues">135</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_902_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember__srt--MajorCustomersAxis__custom--ShandongShouguangShenrunfaMarineChemicalCompanyLimitedMember_zD0SjVTeOcHb" title="Revenues">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_902_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember_zlMJ9VaqI2n8" title="Revenues">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--TotalRevenueMember__srt--MajorCustomersAxis__custom--ShandongShouguangShenrunfaMarineChemicalCompanyLimitedMember_zpEhkzNlzUed" title="Revenues">135</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20240101__20240331__srt--MajorCustomersAxis__custom--ShandongShouguangShenrunfaMarineChemicalCompanyLimitedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_z6iAtPR1a6Ii" title="Percentage of total revenues">10.3</td><td style="text-align: left">%</td></tr> </table>

SCHEDULE OF SEGMENT REPORTING BY SEGMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Three-Month Period Ended March 31, 2025 (Restated) Operating Segment</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember_zu1a2tw9fDpk" style="border-bottom: Black 1pt solid; text-align: center">Bromine *</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_494_20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember_zKF0HIGPwEB8" style="border-bottom: Black 1pt solid; text-align: center">Crude Salt *</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_498_20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember_zOqC47JKf7Tg" style="border-bottom: Black 1pt solid; text-align: center">Chemical Products</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_495_20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--NaturalGasMember_zF9cqFoChgb8" style="border-bottom: Black 1pt solid; text-align: center">Natural Gas</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_49B_20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zS28INurSdDa" style="border-bottom: Black 1pt solid; text-align: center">Segment Total</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_49C_20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--CorporateNonSegmentMember_z94VuurgvFz2" style="border-bottom: Black 1pt solid; text-align: center">Corporate</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_499_20250101__20250331_zbRFqkv9ecg8" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40F_eus-gaap--Revenues_zDptuAb161v" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 37%; text-align: left">Net revenue (external customers)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">1,481,869</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">122,578</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">1,604,447</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">1,604,447</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--NetRevenueIntersegment_d0_z7DYoAHYypo6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net revenue (intersegment)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingIncomeLoss_i_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss from operations before income expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,374,506</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(587,809</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(361,892</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(44,844</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,369,051</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(281,836</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,650,887</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxExpenseBenefit_iN_di_zLyfFTdp6745" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income tax (expense) benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_zX3ELAjRKkJh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss from operations after income taxes (expense) benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,374,506</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(587,809</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(361,892</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(44,844</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,369,051</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(281,836</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,650,887</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--Assets_iI_c20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember_znnQjSSaj8Ph" style="text-align: right" title="Total assets">79,776,369</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--Assets_iI_c20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember_zdpoPYlkGoad" style="text-align: right" title="Total assets">45,042,635</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--Assets_iI_c20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember_zUurFr44YBC4" style="text-align: right" title="Total assets">38,250,664</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--Assets_iI_c20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--NaturalGasMember_zYN4BNFKv4bk" style="text-align: right" title="Total assets">929,031</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--Assets_iI_c20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zDPmEW2wp8ck" style="text-align: right" title="Total assets">163,998,699</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--Assets_iI_c20250331__srt--ConsolidationItemsAxis__us-gaap--CorporateNonSegmentMember_zOxT66qNcyli" style="text-align: right" title="Total assets">93,640</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--Assets_iI_c20250331_zyg5luMfTIb1" style="text-align: right" title="Total assets">164,092,339</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--DepreciationAndAmortization_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember_zUjpNOwLdcP5" style="text-align: right" title="Depreciation and amortization">3,261,892</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--DepreciationAndAmortization_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember_zLtjxNn4QyGk" style="text-align: right" title="Depreciation and amortization">639,289</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--DepreciationAndAmortization_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember_zptEDUPkC5Ci" style="text-align: right" title="Depreciation and amortization">70,926</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--DepreciationAndAmortization_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--NaturalGasMember_z6lopk1Qih84" style="text-align: right" title="Depreciation and amortization">32,962</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--DepreciationAndAmortization_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zuaznvG2tkQk" style="text-align: right" title="Depreciation and amortization">4,005,069</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--DepreciationAndAmortization_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--CorporateNonSegmentMember_zqLTovf8JUVj" style="text-align: right" title="Depreciation and amortization">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--DepreciationAndAmortization_c20250101__20250331_zEFQNDQ3l3Tk" style="text-align: right" title="Depreciation and amortization">4,005,069</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--SegmentExpenditureAdditionToLongLivedAssets_zMir4kwTw2lj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Capital expenditures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Three-Month Period Ended March 31, 2024</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember_zblGXzix72Db" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Bromine *</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember_zDWzX4o8E846" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Crude Salt *</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember_zjXECR31PJ8e" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Chemical Products</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--NaturalGasMember_zu171Xm5fbJf" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Natural Gas</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zapzpxXvM1o5" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Segment Total</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--CorporateNonSegmentMember_znMrkCOvjxZh" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Corporate</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240101__20240331_ze8dk8nsi95c" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--Revenues_z1f9WOx2q25d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 37%; text-align: left">Net revenue (external customers)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">1,146,197</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">116,671</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">44,194</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">1,307,062</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">1,307,062</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--NetRevenueIntersegment_d0_zQ4ZxZRb5z9a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net revenue (intersegment)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingIncomeLoss_zirKOids4pTh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss from operations before income expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,782,815</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(75,092</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(314,824</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(27,709</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,200,440</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68,979</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,269,419</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--IncomeTaxExpenseBenefit_iN_pp0d_di_zFsquRxpR9c3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income tax (expense) benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,198,071</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,989</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,270,060</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,270,060</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_z8UuWaYH1wG3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss from operations after income taxes (expense) benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,584,744</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(75,092</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(242,835</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(27,709</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,930,380</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68,979</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,999,359</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--Assets_iI_c20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember_za7S0MqCm33g" style="text-align: right" title="Total assets">100,370,933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--Assets_iI_c20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember_zdlgu7uvk11f" style="text-align: right" title="Total assets">11,517,576</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--Assets_iI_c20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember_zWWJmxwZh5l4" style="text-align: right" title="Total assets">107,776,242</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--Assets_iI_c20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--NaturalGasMember_zvJzP900aZYk" style="text-align: right" title="Total assets">1,912,377</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--Assets_iI_c20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zpyrsTpT3KWl" style="text-align: right" title="Total assets">221,577,128</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--Assets_iI_c20240331__srt--ConsolidationItemsAxis__us-gaap--CorporateNonSegmentMember_ztAMTTXeIeE7" style="text-align: right" title="Total assets">250,287</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--Assets_iI_c20240331_z3Gg8Ame8zI7" style="text-align: right" title="Total assets">221,827,415</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--DepreciationAndAmortization_c20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember_zGUxTI5WRh2e" style="text-align: right" title="Depreciation and amortization">4,449,468</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--DepreciationAndAmortization_c20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember_z9fLyaHY8Stg" style="text-align: right" title="Depreciation and amortization">181,891</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--DepreciationAndAmortization_c20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember_zpvJRO7vxheh" style="text-align: right" title="Depreciation and amortization">68,357</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--DepreciationAndAmortization_c20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__us-gaap--StatementBusinessSegmentsAxis__custom--NaturalGasMember_zu8ZAqgxL6Fi" style="text-align: right" title="Depreciation and amortization">33,759</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--DepreciationAndAmortization_c20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zEBmUPTCfUWg" style="text-align: right" title="Depreciation and amortization">4,733,475</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--DepreciationAndAmortization_c20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--CorporateNonSegmentMember_zwhKkAzASXtg" style="text-align: right" title="Depreciation and amortization">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--DepreciationAndAmortization_c20240101__20240331_zjfCnTCCeWTh" style="text-align: right" title="Depreciation and amortization">4,733,475</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--SegmentExpenditureAdditionToLongLivedAssets_zgLCjaBqTeDl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Capital expenditures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F04_zk7Tbl1Y3c91" style="width: 15pt; text-align: right">*</td><td style="text-align: justify">Certain common production overheads, operating and administrative expenses and asset items (mainly cash and certain office equipment) of bromine and crude salt segments in SCHC were split by reference to the average selling price and production volume of the respective segment.</td> </tr></table>

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1604447

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33759

4733475

SCHEDULE OF SEGMENT COST <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Reconciliations</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250101__20250331_z9P8oMb465L9" style="border-bottom: Black 1pt solid; text-align: center">2025(Restated)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240101__20240331_znpUq0yUJxX7" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Three-Month Period Ended March 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Reconciliations</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025(Restated)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_403_ecustom--SegmentOperatingIncomeLoss_zRJTBg6jvk3a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Total segment operating loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(4,369,051</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(5,200,440</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_402_ecustom--SegmentCorporateCosts_iN_di_zmBSNuJHmHi6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Corporate costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(281,836</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68,979</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_ecustom--UnrealizedGainLossOnTranslationOfInterCompanyBalances_zhILKP1KLOz1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Unrealized gain (loss) on translation of intercompany balance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingIncomeLoss_zG7PjqaNe1u4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loss from operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,650,887</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,269,419</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--OtherOperatingIncomeExpenseNet_zJVVqCm1vbm7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other income, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(19,293</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,227</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_zGR1zRjVsPRd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Loss before taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,670,180</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,262,192</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> -4369051 -5200440 281836 68979

-4650887

-5269419

-19293

7227

-4670180

-5262192

The following table shows the major customers (10% or more) for the three-month period ended March 31, 2025. SCHEDULE OF REVENUE BY MAJOR CUSTOMERS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Number</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Customer</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Bromine (000’s)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Crude Salt (000’s)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Chemical Products (000’s)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Total Revenue (000’s)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Percentage of Total Revenue (%)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 8%; text-align: center">1</td><td style="width: 2%"> </td> <td style="width: 40%; text-align: left">Shandong Morui Chemical Company Limited</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_904_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember_zw3mwcGfDHtf" title="Revenues">196</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_90B_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember_zjMAB8neDAJb" title="Revenues">58</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_90D_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember_zsBbzom0zmO3" title="Revenues">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_900_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--TotalRevenueMember__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember_zm9XmJW67Z28" title="Revenues">254</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_z9PZ2IuDatic" title="Percentage of total revenues">15.8</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2</td><td> </td> <td style="text-align: left">Shandong Brother Technology Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember_zBidaZ0ivPUl" title="Revenues">193</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember_zfqXp5D0mFq9" title="Revenues">36</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember_zxAXi7AfuzRb" title="Revenues">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--TotalRevenueMember__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember_zvyp4mq7uMm8" title="Revenues">229</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zSC6oZaz4BVk" title="Percentage of total revenues">14.3</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">3</td><td> </td> <td style="text-align: left">Shouguang Weidong Chemical Company Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember_zGLG0FUGIbBd" title="Revenues">197</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember_zZYkWf6Y8Jrj" title="Revenues">28</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember_z5lQOBaJhhFi" title="Revenues">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--TotalRevenueMember__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember_zsoBrekgKGKl" title="Revenues">225</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zfPpsFcDOAM2" title="Percentage of total revenues">14.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">4</td><td> </td> <td style="text-align: left">Shandong Shouguangshen Runfa Marine Chemical Company Limited</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_903_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember__srt--MajorCustomersAxis__custom--ShandongShouguangShenrunfaMarineChemicalCompanyLimitedMember_zJbGex6deRs4" title="Revenues">195</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_903_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember__srt--MajorCustomersAxis__custom--ShandongShouguangShenrunfaMarineChemicalCompanyLimitedMember_zbeC01FgeOsh" title="Revenues">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_902_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember__srt--MajorCustomersAxis__custom--ShandongShouguangShenrunfaMarineChemicalCompanyLimitedMember_zPLPW8iAzLVj" title="Revenues">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_905_eus-gaap--Revenues_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--TotalRevenueMember__srt--MajorCustomersAxis__custom--ShandongShouguangShenrunfaMarineChemicalCompanyLimitedMember_zwNPYwer4rBb" title="Revenues">195</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--ShandongShouguangShenrunfaMarineChemicalCompanyLimitedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zLSX95OLZQL4" title="Percentage of total revenues">12.1</td><td style="text-align: left">%</td></tr> </table> The following table shows the major customers (10% or more) for the three-month period ended March 31, 2024. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Number</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Customer</td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Bromine (000’s)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Crude Salt (000’s)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Chemical Products (000’s)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Total Revenue (000’s)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Percentage of Total Revenue (%)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 8%; text-align: center">1</td><td style="width: 2%"> </td> <td style="width: 40%; text-align: left">Shandong Morui Chemical Company Limited</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_90A_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember_z4JWckPXzE8a" title="Revenues">134</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_901_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember_zeC960lkWB52" title="Revenues">63</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_90B_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember_z1N4IrBV8gl4" title="Revenues">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_902_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--TotalRevenueMember__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember_zkg0yAcukBt5" title="Revenues">197</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20240101__20240331__srt--MajorCustomersAxis__custom--ShandongMoruiChemicalCompanyLimitedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_z2BjHa5DCCN5" title="Percentage of total revenues">15.1</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2</td><td> </td> <td style="text-align: left">Shouguang Weidong Chemical Company Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember_zVOWhi2lU4Yi" title="Revenues">135</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember_zZ0B4WGW4NKg" title="Revenues">26</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember_zTCnnVjO8T0a" title="Revenues">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--TotalRevenueMember__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember_zKpl1eGAPSSk" title="Revenues">161</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20240101__20240331__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zzs8Gl6TgdB7" title="Percentage of total revenues">12.3</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">3</td><td> </td> <td style="text-align: left">Shandong Brother Technology Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember_zvQGSHkKaQL6" title="Revenues">133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember_zb1HAgWxBFjk" title="Revenues">28</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember_z5G9RwRxzl3h" title="Revenues">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--TotalRevenueMember__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember_zVWAumD3gWnf" title="Revenues">161</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20240101__20240331__srt--MajorCustomersAxis__custom--ShandongBrotherTechnologyLimitedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_z7SUwzA4WzDe" title="Percentage of total revenues">12.3</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">4</td><td> </td> <td style="text-align: left">Shandong Shouguangshen Runfa Marine Chemical Company Limited</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_907_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--BromineMember__srt--MajorCustomersAxis__custom--ShandongShouguangShenrunfaMarineChemicalCompanyLimitedMember_zgxlryPydsga" title="Revenues">135</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_902_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--CrudeSaltMember__srt--MajorCustomersAxis__custom--ShandongShouguangShenrunfaMarineChemicalCompanyLimitedMember_zD0SjVTeOcHb" title="Revenues">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_902_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--ChemicalProductsMember__srt--MajorCustomersAxis__custom--ShouguangWeidongChemicalCompanyLimitedMember_zlMJ9VaqI2n8" title="Revenues">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--Revenues_pn3n3_c20240101__20240331__us-gaap--StatementBusinessSegmentsAxis__custom--TotalRevenueMember__srt--MajorCustomersAxis__custom--ShandongShouguangShenrunfaMarineChemicalCompanyLimitedMember_zpEhkzNlzUed" title="Revenues">135</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20240101__20240331__srt--MajorCustomersAxis__custom--ShandongShouguangShenrunfaMarineChemicalCompanyLimitedMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_z6iAtPR1a6Ii" title="Percentage of total revenues">10.3</td><td style="text-align: left">%</td></tr> </table>

196000

58000

254000

0.158

193000

36000

229000

0.143

197000

28000

225000

0.140

195000

0.121

134000

63000

197000

0.151

135000

26000

161000

0.123

133000

28000

161000

0.123

135000

0.103

NOTE 18 – CUSTOMER CONCENTRATION During the three-month period ended March 31, 2025, the Company sold <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20250101__20250331__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--ProductOrServiceAxis__us-gaap--ProductMember_zngvDLFOO6J" title="Percent of products sold to top five customers">62.4% of its products to its top five customers. As of March 31, 2025, amounts due from these customers were $<span id="xdx_908_ecustom--AmountsDueFromMajorCustomers_iI_pp0d_c20250331__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--ProductOrServiceAxis__us-gaap--ProductMember_zkSUz31rqfEh" title="Amounts due from major customers">1,462,756. During the three-month period ended March 31, 2024, the Company sold <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20240101__20240331__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--ProductOrServiceAxis__us-gaap--ProductMember_zGprvFAIxZFi" title="Percent of products sold to top five customers">55% of its products to its top five customers. As of March 31, 2024, amounts due from these customers were $<span id="xdx_90D_ecustom--AmountsDueFromMajorCustomers_iI_pp0d_c20240331__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--ProductOrServiceAxis__us-gaap--ProductMember_zxOr7M4mkwZb" title="Amounts due from major customers">2,803,534. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED)

0.624

1462756

0.55

2803534 NOTE 19 – MAJOR SUPPLIERS During the three-month period ended March 31, 2025, the Company purchased <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20250101__20250331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zED9n00WKMZ4" title="Percent of materials purchased">100% of its raw materials from its top three suppliers. As of March 31, 2025, amounts due to those suppliers were $<span id="xdx_90D_ecustom--AmountDueToMajorSuppliers_iI_pp0d_c20250331__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--ConcentrationOfProductsBoughtMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zsc5mOOF7MBe" title="Amount due to major suppliers">390,250. During the three-month period ended March 31, 2024, the Company purchased <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20240101__20240331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zPe3LcLSg47a" title="Percent of materials purchased">100% of its raw materials from its top three suppliers. As of March 31, 2024, amounts due to those suppliers were $<span id="xdx_904_ecustom--AmountDueToMajorSuppliers_iI_pp0d_c20240331__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--ConcentrationOfProductsBoughtMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zRHasZOGGIL9" title="Amount due to major suppliers">207,431.

390250

207431

NOTE 20 – LOSS CONTINGENCIES On or about August 3, 2018, written decisions of administration penalty captioned Shou Guo Tu Zi Fa Gao Zi [2018] No. 291, Shou Guo Tu Zi Fa Gao Zi [2018] No. 292, Shou Guo Tu Zi Fa Gao Zi [2018] No. 293, Shou Guo Tu Zi Fa Gao Zi [2018] No. 294, Shou Guo Tu Zi Fa Gao Zi [2018] No. 295 and Shou Guo Tu Zi Fa Gao Zi [2018] No. 296 (together, the “Written Decisions”) were served on Shouguang City Haoyuan Chemical Company Limited (“SCHC”) by Shouguang City Natural Resources and Planning Bureau (the “Bureau”), naming SCHC as respondent respectively thereof. The Decisions challenged the land use of Factory nos. 2, 9, 7, 4, 8 and 10, respectively, and alleged, among other things, that SCHC had illegally occupied and used the land in the total area of approximately 52,674 square meter, on which Factory nos. 2, 9, 7, 4, 8 and 10 were built, respectively. The Written Decisions ordered SCHC, among other things, to return the land subject to the Written Decisions to its respective legal owner, restore the land to its original state, and demolish or confiscate all the buildings and facilities thereon and pay monetary penalty of approximately RMB 1.3 million ($184,000) in the aggregate. Each of the Written Decisions shall be executed within 15 days upon serving on SCHC. Additional interest penalty shall be imposed at a daily rate of 3% in the event that SCHC does not make the monetary penalty payment in a timely manner. Subsequently, the Bureau filed enforcement actions to the People’s Court of Shouguang City, Shandong Province (the “Court”), naming SCHC as enforcement respondent and alleged, among other things, that SCHC failed to perform its obligations under each of the Written Decisions within the specified timeframe. The enforcement proceedings sought court orders to enforce the Written Decisions. On May 5, 2019, written decisions of administrative ruling captioned (2019) Lu 0783 Xing Shen No. 384, (2019) Lu 0783 Xing Shen No. 385, (2019) Lu 0783 Xing Shen No. 389, (2019) Lu 0783 Xing Shen No. 390, (2019) Lu 0783 Xing Shen No. 393, and (2019) Lu 0783 Xing Shen No. 394, respectively (together, the “Court Rulings”) were made by the Court in favor of the Bureau. The Court orders, among other relief, to enforce each of the Written Decisions, to return each subject land to its legal owners and demolish or confiscate the buildings and facilities thereon and restore the land to its original state within 10 days from the service of the Court Rulings on SCHC. The Court Rulings became enforceable immediately upon service on SCHC on May 5, 2019. In the last twenty years, to the Company’s knowledge, there were no government regulations requiring bromine manufacturers to obtain land use and planning approval document. As such, the Company believes most of the bromine manufacturers in Shouguang City do not have land use and planning approval documents and lease their land parcels from the village associations. They are facing the same issues in connection with land use and planning as the Company. To the Company’s knowledge, the local government has submitted its plan to solve the issues to higher authority and are waiting for approval from the higher authority. The Company is in the process of resolving the issues in connection with SCHC’s land use and planning diligently. The Company has been in discussions closely with the local government authorities with the help from Shouguang City Bromine Association to seek reliefs and, based on verbal confirmation by local government authorities, believes the administrative penalties imposed by the Bureau according to the Written Decisions are being re-assessed by local government authorities and may be revoked. Pursuant to a Written Application dated October 28, 2019 addressed to the Court by the Bureau, the Bureau withdrew its application for the enforcement proceedings regarding the administrative penalty imposed on Factory No. 7, Factory No. 8 and Factory No.10. Pursuant to a written decisions of administrative ruling captioned (2019) Lu 0783 Xing Shen No. 389 Zhi Yi, dated November 25, 2020, the Court orders to terminate the enforcement of the case captioned (2019) Lu 0783 Xing Shen No. 389. Production of Factory No. 7 was allowed to resume in April 2019. The Company received a notification from the Shouguang City Government in February 2019 informing the Company that Factory No. 1, No.4, No. 7 and No. 9 have passed inspection and were approved to resume operation. In addition, on August 28, 2019, the People’s Government of Shandong Province, issued a regulation titled “Investment Project Management Requirements of Chemical Companies in Shandong Province” permitting the construction of facilities on existing sites or infrastructure of bromine manufacturing and other chemical industry-related types of projects (clause 11 of section 3). The Company believes that the goal of the government is to standardize and regulate the industry and not to demolish the facilities or penalize the manufacturers. As of the date of this report, the Company has not been notified by the local government that it will take any measure to enforce the administrative penalties. Based on information known to date, the Company believes that it is remote that the Written Decisions or Court Rulings will be enforced within the expected timeframe and a material penalty or costs and expenses against the Company will result. However, there can be no assurance that there will not be any further enforcement action, the occurrence of which may result in further liabilities, penalties and operational disruption. In view of the above facts and circumstances, the Company believes that it is not necessary to accrue for any estimated losses or impairment as of March 31, 2025. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED)

On or about August 3, 2018, written decisions of administration penalty captioned Shou Guo Tu Zi Fa Gao Zi [2018] No. 291, Shou Guo Tu Zi Fa Gao Zi [2018] No. 292, Shou Guo Tu Zi Fa Gao Zi [2018] No. 293, Shou Guo Tu Zi Fa Gao Zi [2018] No. 294, Shou Guo Tu Zi Fa Gao Zi [2018] No. 295 and Shou Guo Tu Zi Fa Gao Zi [2018] No. 296 (together, the “Written Decisions”) were served on Shouguang City Haoyuan Chemical Company Limited (“SCHC”) by Shouguang City Natural Resources and Planning Bureau (the “Bureau”), naming SCHC as respondent respectively thereof. The Decisions challenged the land use of Factory nos. 2, 9, 7, 4, 8 and 10, respectively, and alleged, among other things, that SCHC had illegally occupied and used the land in the total area of approximately 52,674 square meter, on which Factory nos. 2, 9, 7, 4, 8 and 10 were built, respectively. The Written Decisions ordered SCHC, among other things, to return the land subject to the Written Decisions to its respective legal owner, restore the land to its original state, and demolish or confiscate all the buildings and facilities thereon and pay monetary penalty of approximately RMB 1.3 million ($184,000) in the aggregate. Each of the Written Decisions shall be executed within 15 days upon serving on SCHC. Additional interest penalty shall be imposed at a daily rate of 3% in the event that SCHC does not make the monetary penalty payment in a timely manner. Subsequently, the Bureau filed enforcement actions to the People’s Court of Shouguang City, Shandong Province (the “Court”), naming SCHC as enforcement respondent and alleged, among other things, that SCHC failed to perform its obligations under each of the Written Decisions within the specified timeframe. The enforcement proceedings sought court orders to enforce the Written Decisions. On May 5, 2019, written decisions of administrative ruling captioned (2019) Lu 0783 Xing Shen No. 384, (2019) Lu 0783 Xing Shen No. 385, (2019) Lu 0783 Xing Shen No. 389, (2019) Lu 0783 Xing Shen No. 390, (2019) Lu 0783 Xing Shen No. 393, and (2019) Lu 0783 Xing Shen No. 394, respectively (together, the “Court Rulings”) were made by the Court in favor of the Bureau. The Court orders, among other relief, to enforce each of the Written Decisions, to return each subject land to its legal owners and demolish or confiscate the buildings and facilities thereon and restore the land to its original state within 10 days from the service of the Court Rulings on SCHC. The Court Rulings became enforceable immediately upon service on SCHC on May 5, 2019.

NOTE 21 - SUBSEQUENT EVENT The Company evaluated subsequent events through the date on which these condensed consolidated financial statements were available to be issued. On May 6, 2025, the Company was notified by the Listing Qualifications Staff of The Nasdaq Stock Market LLC that the Staff granted the Company’s request to transfer the listing of its common stock, par value $0.0005 per share, from The Nasdaq Global Select Market tier to The Nasdaq Capital Market tier. On October 27, 2025, our shares began trading on the Nasdaq Capital Market under the same symbol “GURE”. On July 3, 2025, the Company filed a shelf registration statement covering up to $<span id="xdx_906_eus-gaap--SaleOfStockConsiderationReceivedPerTransaction_c20250703__20250703__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_ziGhPvvITSp7" title="Covering value"><span id="xdx_900_eus-gaap--SaleOfStockConsiderationReceivedPerTransaction_c20250703__20250703__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zvKNAhC0jpMl" title="Covering value"><span id="xdx_90C_eus-gaap--SaleOfStockConsiderationReceivedPerTransaction_c20250703__20250703__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z7rtS3f2jKU8" title="Covering value">10,000,000 of common stock, preferred stock, and warrants, individually or in combination. The registration statement provides that any future offerings will be made pursuant to applicable prospectus supplements, which will set forth the specific terms of each offering and the manner of sale. Effective on October 27, 2025, the Company completed a 1-for-10 reverse stock split of our common stock, such that for each ten shares outstanding prior to the stock split there was one share outstanding after the reverse stock split. All shares of common stock referenced in this report have been adjusted to reflect the stock split figures. On October 27, 2025, our shares began trading on the NASDAQ Global Select Market under the new CUSIP # 40251W507. On November 4, 2025, the Company received a delist determination letter from Nasdaq staff stating that the Company had not regained compliance with the minimum bid price requirement by the November 3, 2025, deadline and that its securities would be scheduled for delisting from The Nasdaq Capital Market on November 11, 2025. The Company subsequently effected a one-for-ten reverse stock split on October 27, 2025, and filed an appeal with the Nasdaq Hearings Panel on November 7, 2025, and expects that these actions will enable it to regain compliance with Listing Rule 5550(a)(2) and continue trading on The Nasdaq Capital Market under the symbol “GURE” . On November 12, 2025, the Company issued a press release providing certain updates on its hearing process with the Nasdaq Hearings Panel. The Company has received a hearing notification letter from Nasdaq scheduling an oral hearing for December 9, 2025. As of Monday, November 10, 2025, the Company’s common stock had maintained a closing bid price at or above $1.00 for more than ten consecutive trading days. In light of the above and in accordance with the instructions provided by the hearing notification letter, the Company has submitted a request to cancel the hearing, subject to the Company’s Listing Analyst review and confirmation. On December 1, 2025, the Company received a letter from The Nasdaq Stock Market, LLC stating that the Company had regained compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2). Consequently, the hearing before the Hearings Panel scheduled to take place on December 9, 2025, has been cancelled. The Company’s securities will continue to be listed and traded on The Nasdaq Stock Market. On December 2, 2025, the Company issued a press release announcing that it has regained compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market.  GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 21 - SUBSEQUENT EVENT – Continued On December 10, 2025, Shouguang City Haoyuan Chemical Company Limited (the “Seller”), a company incorporated in the PRC and an indirect wholly owned subsidiary of the Company, entered into an equity transfer agreement (the “SPA”) with Shandong Rongyuan Pharmaceutical Co., Ltd. (the “Purchaser”) and Shouguang Yuxin Chemical Industry Co., Limited (the “Target Company”).Pursuant to the SPA, the Seller agreed to sell, and the Purchaser agreed to purchase, <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20251210__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ShandongRongyuanPharmaceuticalCoLtdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zHJJE8ixkpZ9" title="Equity interest rate">100% of the equity interests in the Target Company for an aggregate consideration of RMB <span id="xdx_905_eus-gaap--EquityMethodInvestmentAggregateCost_iI_pn5n6_uRMB_c20251210__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ShandongRongyuanPharmaceuticalCoLtdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zRicmUc7wTJd" title="Aggregate consideration cost">21.2 million (payable in instalments through 2028), subject to the terms and conditions set forth in the SPA (“Sale”). The Company’s board of directors (“Board”) reviewed the terms of the SPA, including the consideration, conditions and payment arrangements. The Board affirmed the Seller’s entry into the SPA and affirmed that the SPA and the transaction thereunder are fair to, and in the best interests of, the Company and its shareholders as a whole. On December 18, 2025, the Company announced that it had received the notification from the Shouguang Municipal People’s Government Office (the “Government of Shouguang City”) dated on December 15, 2025. To comply with the notice issued by the Government of Shouguang City, the Company expects to temporarily suspend the relevant operations in Shouguang City during the aforementioned period. On March 2, 2026, the Company announced that its relevant operations in Shouguang City had been resumed in compliance with the Notice. On January 9, 2026, the Company filed a registration statement on Form S-8 (the “Registration Statement”) is filed by the Registrant for the purpose of registering (i) <span id="xdx_904_eus-gaap--CommonStockSharesIssued_iI_pid_c20260109__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ShandongRongyuanPharmaceuticalCoLtdMember__srt--StatementScenarioAxis__srt--ScenarioForecastMember__us-gaap--AwardTypeAxis__custom--TwoThousandNinteenStockIncentivePlanMember_zHmPk0c9hVy5" title="Common stock, shares issued">103,378 common stocks of the Company, par value <span id="xdx_90F_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20260109__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ShandongRongyuanPharmaceuticalCoLtdMember__srt--StatementScenarioAxis__srt--ScenarioForecastMember__us-gaap--AwardTypeAxis__custom--TwoThousandNinteenStockIncentivePlanMember_z4HoulI4unCj" title="Common stock, par value">0.0005 per share (the “Common Stocks”) issued under the Company’s 2019 Stock Incentive Plan (the “2019 Plan”), after giving effect of the <span id="xdx_904_eus-gaap--StockholdersEquityReverseStockSplit_c20260109__20260109__srt--StatementScenarioAxis__srt--ScenarioForecastMember__us-gaap--AwardTypeAxis__custom--TwoThousandNinteenStockIncentivePlanMember_zpJwa3HJh7E6" title="Reverse stock split">10-to-1 reserve stock split as previously announced on Form 8-K filed with SEC on October 22, 2025 and (ii) <span id="xdx_90F_eus-gaap--CommonStockSharesIssued_iI_pid_c20260109__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ShandongRongyuanPharmaceuticalCoLtdMember__srt--StatementScenarioAxis__srt--ScenarioForecastMember__us-gaap--AwardTypeAxis__custom--TwoThousandTwentyFiveStockIncentivePlanMember_zaXbaDQDxM48" title="Common stock, shares issued">200,000 Common Stocks issuable pursuant to the Company’s 2025 Stock incentive plan (the “2025 Plan”). Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the “Securities Act”), this registration statement also covers an indeterminate number of additional shares which may be offered and issued to prevent dilution from share splits, share dividends or similar transactions as provided in the Plan. Any common stocks covered by an award granted under the Plan (or portion of an award) that terminates, expires, lapses or repurchased for any reason will be deemed not to have been issued for purposes of determining the maximum aggregate number of common stocks that may be issued under the Plan. <span id="xdx_90F_eus-gaap--SaleOfStockDescriptionOfTransaction_c20260126__20260126__srt--StatementScenarioAxis__srt--ScenarioForecastMember__us-gaap--TypeOfArrangementAxis__custom--PrivatePlacementAgreementsMember_zQqcifXNPHO9" title="Sale of stock description of transaction">On January 26, 2026, March 5, 2026, March 19, 2026 and March 28, 2026, respectively, the Company entered into equity financing agreements (individually the “Private Placement Agreement”; collectively the “Private Placement Agreements”), with four individual investors (individually the “Private Placement Purchaser”; collectively “Private Placement Purchasers”), pursuant to which the Company agreed to issue new shares of common stock to such investors that in aggregate accounted for approximately 18% of the total shares issued and outstanding of the Company as of December 31, 2025. The purchase price per share under the Private Placement Agreement dated January 26, 2026, was set at 90% of the average closing price of the Company’s common stock for the five trading days prior to the date of such agreement, while the purchase prices under the Private Placement Agreements executed in March 2026 were set at 85% of, or 15% off, the closing price of the Company’s common stock on the trading day immediately preceding the respective agreement dates, as quoted on the Nasdaq Stock Market. On June 25, 2026, Company received a written notice from Nasdaq (the “Extension Letter”) stating that it had accepted the Company’s plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”). Nasdaq granted the Company a plan period to regain compliance with the Rule. Unless otherwise defined herein, capitalized terms used in this current report on Form 8-K have the meanings given to them in the Previous Announcements (as defined below). (I) As previously reported in the current report on Forms 8-K (the “Previous Announcements”) filed on April 27, 2026 and May 29, 2026 with the Securities Exchange Commission by the Company, the Company announced that it received delinquency notifications from Nasdaq on April 23, 2026 and May 26, 2026 (the “Deficiency Letters”), due to the Company’s non-compliance with the Rule as a result of the Company’s failure to timely file its annual report on Form 10-K (the “Form 10-K”) for the period ended December 31, 2025 and its quarterly report on Form 10-Q for the period ended March 31, 2026 (the “Form 10-Q” and together with the “Form 10-K”, the “Delinquent Reports”), respectively. As of the date of this Form 8-K, the Company remains delinquent in filing its Delinquent Reports. (II) The Company submitted a plan to the Nasdaq Listing Qualification (the “Staff”) to regain compliance (the “Compliance Plan”) with the Nasdaq Requirements on June 17, 2026. Under the Extension Letter, the Company is required to file its delinquent Form 10-K and Form 10-Q by the applicable extended deadline to evidence compliance with the relevant Nasdaq requirements.The Extension Letter further provides that if the Company fails to evidence compliance upon filing the Delinquent Reports, Staff will notify the Company that its securities will be subject to delisting. (III)The previously received Deficiency Letters and the Extension Letter have no immediate effect on the listing or trading of the Company’s common stock on Nasdaq, subject to the Company’s continued compliance with the other applicable listing requirements. (IV)The Company is committed to taking the actions set forth in the plan and intends to use all reasonable efforts to regain compliance with the initiatives and conditions set forth in the Compliance Plan within the plan period. However, there is no assurance that the Company will be successful in regaining compliance with the Nasdaq Requirements within the planned period. Because the Company had not filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, Nasdaq notified the Company on August 28, 2026 that the Company had incurred an additional delinquency under Nasdaq Listing Rule 5250(c)(1) (the “Rule”). On August 28, 2026, the Company submitted an updated compliance plan to Nasdaq requesting additional time to file this Quarterly Report. On September 2, 2026, Nasdaq granted the Company an additional exception period and required the Company to file this Quarterly Report on or before October 12, 2026. Nasdaq stated that, if the Company failed to file this Quarterly Report by that date, Nasdaq Staff may provide written notification that the Company’s securities are subject to delisting. The Company may have the right to appeal a delisting determination to a Nasdaq Hearings Panel. There were no other subsequent events requiring recognition or disclosure in these condensed consolidated financial statements.

0.0005

10000000

1-for-10

21200000

103378

0.0005

10-to-1

200000

On January 26, 2026, March 5, 2026, March 19, 2026 and March 28, 2026, respectively, the Company entered into equity financing agreements (individually the “Private Placement Agreement”; collectively the “Private Placement Agreements”), with four individual investors (individually the “Private Placement Purchaser”; collectively “Private Placement Purchasers”), pursuant to which the Company agreed to issue new shares of common stock to such investors that in aggregate accounted for approximately 18% of the total shares issued and outstanding of the Company as of December 31, 2025. The purchase price per share under the Private Placement Agreement dated January 26, 2026, was set at 90% of the average closing price of the Company’s common stock for the five trading days prior to the date of such agreement, while the purchase prices under the Private Placement Agreements executed in March 2026 were set at 85% of, or 15% off, the closing price of the Company’s common stock on the trading day immediately preceding the respective agreement dates, as quoted on the Nasdaq Stock Market.

NOTE 22 –RESTATEMENT The Company restates its previously released unaudited condensed consolidated financial statements for the three months ended March 31, 2025, and incorporate them into the 2025 Quarterly Report “10-Q Form Report” (the “Restatement”). This restatement is due to the discovery of errors related to the reclassification of buildings without property ownership certificates in fixed assets. As the Company does not have property ownership certificates, the acquisition of the 20-year usage rights for this land, buildings, and salt pan conforms to the definition of a lease as stated in ASC 842. The Company revised the financial statements and accounted for these usage rights as leases in accordance with the provisions of ASC 842. GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 22 –RESTATEMENT – Continued The effects of the restatement on the consolidated balance sheet as of December 31, 2024, are summarized in the following table: SCHEDULE OF RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_498_20241231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zXxbflRHX405" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49D_20241231__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zorR41o5vWsl" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td> <td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_490_20241231_zn9BL0t56Bz" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="12" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">As Previously Reported</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid"> Restatement</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Note</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid"> As Restated</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40B_eus-gaap--AssetsCurrentAbstract_iB_zgHYTrySA9j5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--Cash_iI_zM2Hm2hFeyEe" style="vertical-align: bottom; background-color: White"> <td style="width: 38%">Cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">10,075,162</td><td style="width: 2%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">—</td><td style="width: 2%; text-align: left"> </td><td style="width: 1%"> </td> <td style="text-align: center; width: 12%"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">10,075,162</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccountsReceivableNetCurrent_iI_zyVttBa6vjb3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">564,523</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">564,523</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InventoryNet_iI_zcfmaTbg8IHb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Inventories, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">315,371</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">315,371</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_z8WpKrURIYB5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepayments and deposits, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,376,656</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,376,656</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--AmountDueFromRelatedParties_iI_z1RlMBBOefnk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amount due from related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,040</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,040</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AccountsAndOtherReceivablesNetCurrent_iI_zzvsYt9uqih4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other receivables</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">94,074</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">94,074</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AssetsCurrent_iI_zrSd4rN2Qb14" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,450,826</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,450,826</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AssetsNoncurrentAbstract_iB_z2CI5t867v3e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-Current Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentNet_iI_zrPZscb9VWD1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property, plant and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">136,143,177</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(46,712,127</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(b)</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">89,431,050</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--FinanceLeaseRightOfUseAsset_iI_zjJehS9OGnfh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">76,868</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45,078,420</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(b)</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">45,155,288</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OperatingLeaseRightOfUseAsset_iI_zOIO535HAlj3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating lease right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,169,855</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,169,855</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PrepaidExpenseOtherNoncurrent_iI_zJjqS4fKQ1Fe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid land leases, net of current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,615,269</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,615,269</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredIncomeTaxAssetsNet_iI_zFJLjETBaoOk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Deferred tax assets, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AssetsNoncurrent_iI_z6VdZQ8f4zB4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total non-current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">152,005,169</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,633,707</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150,371,462</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--Assets_iI_zHPHpBBH1EZh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">169,455,995</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,633,707</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">167,822,288</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zDYrYYjCuLR7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Liabilities and Stockholders’ Equity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LiabilitiesCurrentAbstract_iB_zJuEicyItYK" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--ShortTermBorrowings_iI_zDTCCTfgTb0d" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Short-term bank borrowing</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td> <td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iI_zlZqiES5MEmk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts payable and accrued expenses</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14,323,458</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,878,181</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(c)</td> <td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,445,277</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TaxesPayableCurrent_iI_zqBWt35Tkwfb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Taxes payable-current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,999</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,999</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--AmountDueToRelatedParty_iI_z0GauOykPTr1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amount due to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,584,808</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,584,808</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--FinanceLeaseLiabilityCurrent_iI_zODgwRTsnjB9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease liabilities, current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">217,743</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,124,550</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(c)</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,342,293</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseLiabilityCurrent_iI_zQ0z9oJ0Svqe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Operating lease liabilities, current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">491,850</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">491,850</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LiabilitiesCurrent_iI_z4B6O2yzKXUd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total current liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,731,858</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,753,631</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,978,227</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LiabilitiesNoncurrentAbstract_iB_zaYvdmBPRzL6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-Current Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_zOY6yPhd5zQ3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease liabilities, net of current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,075,865</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,014,019</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(c)</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,089,884</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_zTuqZpuMx0rb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Operating lease liabilities, net of current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,941,602</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,941,602</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LongTermLoansPayable_iI_zubkx4jpe8L1" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; text-align: left; padding-bottom: 1pt">Long-term bank borrowing</td><td style="display: none; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; display: none; text-align: left"> </td><td style="border-bottom: Black 1pt solid; display: none; text-align: right"> </td><td style="display: none; padding-bottom: 1pt; text-align: left"> </td><td style="display: none; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; display: none; text-align: left"> </td><td style="border-bottom: Black 1pt solid; display: none; text-align: right"> </td><td style="display: none; padding-bottom: 1pt; text-align: left"> </td><td style="display: none; padding-bottom: 1pt"> </td> <td style="display: none; text-align: center"> </td> <td style="display: none"> </td> <td style="border-bottom: Black 1pt solid; display: none; text-align: left"> </td><td style="border-bottom: Black 1pt solid; display: none; text-align: right"> </td><td style="display: none; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LiabilitiesNoncurrent_iI_zPJwYNah3SRi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total non-current liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,017,467</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,014,019</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,031,486</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Liabilities_iI_zNJfVcabGm2f" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total Liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25,749,325</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(739,612</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25,009,713</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--CommitmentsAndContingencies_iI_zBiyibvuvOY4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Commitment and Contingencies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--StockholdersEquityAbstract_iB_zxbbhHywpfW7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stockholders’ Equity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PreferredStockValue_iI_z054adq4GPgi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">PREFERRED STOCK; $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90C_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20241231_z1bp6o5s7Tki" title="Preferred stock, par value">0.001 par value; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_907_eus-gaap--PreferredStockSharesAuthorized_iI_c20241231_zECxcT5tk5N7" title="Preferred stock, shares authorized">1,000,000 shares authorized; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_eus-gaap--PreferredStockSharesOutstanding_iI_dn_c20241231_zBEpQ4i3rjK3" title="Preferred stock, shares outstanding">none outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CommonStockValue_iI_zsu9rVnDPzzj" style="vertical-align: bottom; background-color: White"> <td>COMMON STOCK; $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_907_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20241231_zggaV0pQOg83" title="Common stock, par value">0.0005 par value; 80,000,000 shares authorized; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--CommonStockSharesIssued_iI_c20241231_zuEwoZUvfHc5" title="Common stock, shares issued">1,120,145 shares issued; and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--CommonStockSharesOutstanding_iI_c20241231_z2wXFFaw7kMc" title="Common stock, shares outstanding">1,091,562 shares outstanding as of December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,623</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(24,063</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(a)</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">560</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TreasuryStockValue_iNI_di_zn0UEu0sXaQb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Treasury stock; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_900_eus-gaap--TreasuryStockCommonShares_iI_c20241231_z2jwHxaRSxK8" title="Treasury stock, shares">28,583 shares as of December 31, 2024 at cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,372,673</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,372,673</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--AdditionalPaidInCapital_iI_zEYd62EY3Mwc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additional paid-in capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,688,262</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,063</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(a)</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,712,325</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherAdditionalCapital_iI_zlWV9QhVHCN" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Share to be issued</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">194,700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">194,700</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RetainedEarningsUnappropriated_iI_zOkUAA16hvoe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Retained earnings unappropriated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,358,804</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(964,920</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(d)</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,393,884</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RetainedEarningsAppropriated_iI_z7SBhUsWIM74" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Retained earnings appropriated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,667,097</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,667,097</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_iI_zzUWS9KTrdwb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accumulated other comprehensive loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(20,854,143</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">70,825</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center">(e)</td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(20,783,318</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--StockholdersEquity_iI_pp0d_zA0wJWVNunx4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total Stockholders’ Equity</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">143,706,670</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(894,095</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">142,812,575</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LiabilitiesAndStockholdersEquity_iI_pp0d_zKuevUxJWd52" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Liabilities and Stockholders’ Equity</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">169,455,995</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,633,707</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">167,822,288</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 22 –RESTATEMENT – Continued The effects of the restatement on the consolidated balance sheet as of March 31, 2025 are summarized in the following table: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_497_20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z6ZC8059sg13" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_495_20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zyz1Ozjk0ozk" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td> <td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49E_20250331_zSM3LuIITbLk" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="12" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">March 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">As Previously Reported</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Restatement</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Note</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">As Restated</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--AssetsCurrentAbstract_iB_zrTNQHAUIo0k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--Cash_iI_zPsfDqZWawK2" style="vertical-align: bottom; background-color: White"> <td style="width: 44%">Cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,523,045</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="text-align: center; width: 12%"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,523,045</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccountsReceivableNetCurrent_iI_zIMdlyZ5W9s9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,114,222</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,114,222</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InventoryNet_iI_zxcCGRNDaU9l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Inventories, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">455,059</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">455,059</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_zRAjnmlzanpf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepayments and deposits, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,393,161</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,393,161</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--AmountDueFromRelatedParties_iI_zRr0XZJKcZX1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amount due from related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,076</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,076</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AccountsAndOtherReceivablesNetCurrent_iI_zNCsKlU6i6A2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Other receivables</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">126,050</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">126,050</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AssetsCurrent_iI_zmbVC72fFf1l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,636,613</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,636,613</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AssetsNoncurrentAbstract_iB_zaWfWKwLahej" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-Current Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentNet_iI_zTLnakaGuzG9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property, plant and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">132,341,321</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(46,006,663</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(b)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,334,658</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--FinanceLeaseRightOfUseAsset_iI_z9CRMD0rmDt5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75,721</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,369,063</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(b)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,444,784</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OperatingLeaseRightOfUseAsset_iI_zUStt7nMGfwj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating lease right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,050,429</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,050,429</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PrepaidExpenseOtherNoncurrent_iI_zs8bQoLg3437" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid land leases, net of current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,625,855</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,625,855</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredIncomeTaxAssetsNet_iI_zXGCYBnY0H83" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Deferred tax assets, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AssetsNoncurrent_iI_za311R7oJ6L5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Total non-current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">148,093,326</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,637,600</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">146,455,726</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--Assets_iI_z6A2e1PZyDpg" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left">Total Assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">165,729,939</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,637,600</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">164,092,339</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zRFzXsTVi4t9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Liabilities and Stockholders’ Equity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LiabilitiesCurrentAbstract_iB_zGSrJccpvVVi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iI_zmHk9RKdSvrj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts payable and accrued expenses</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,656,665</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,788,640</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(c)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,868,025</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TaxesPayableCurrent_iI_zknBU0OkY6Ph" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Taxes payable-current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">276,516</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">276,516</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--AmountDueToRelatedParty_iI_zn4B7K9u3b2h" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amount due to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,586,422</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,586,422</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--FinanceLeaseLiabilityCurrent_iI_zlVLjVJU8Le5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease liabilities, current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">239,771</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">239,771</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseLiabilityCurrent_iI_znWnpjzbE013" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Operating lease liabilities, current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">498,483</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">498,483</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LiabilitiesCurrent_iI_zaSy7hCVDut" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Total current liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,257,857</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,788,640</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,469,217</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LiabilitiesNoncurrentAbstract_iB_zgrTNZQqJrb9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-Current Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_zDu40JjJ0uNf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease liabilities, net of current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,077,412</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,058,910</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(c)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,136,322</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_ziRI9KkSMJBi" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Operating lease liabilities, net of current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,809,843</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,809,843</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LiabilitiesNoncurrent_iI_zbTATn8tkDGi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Total non-current liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,887,255</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,058,910</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,946,165</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Liabilities_iI_zJWwDtB7zSac" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Total Liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">23,145,112</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(729,730</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">22,415,382</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--CommitmentsAndContingencies_iI_zABv3YAhiio7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Commitment and Contingencies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--StockholdersEquityAbstract_iB_zSqxmGoLhT0j" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stockholders’ Equity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PreferredStockValue_iI_zZhhiPezXzNc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">PREFERRED STOCK; $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_909_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20250331_z4WDIXcRCNSf" title="Preferred stock, par value">0.001 par value; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--PreferredStockSharesAuthorized_iI_c20250331_zfhYuuzadOe9" title="Preferred stock, shares authorized">1,000,000 shares authorized; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_eus-gaap--PreferredStockSharesOutstanding_iI_dn_c20250331_zBUoz0qGS8U" title="Preferred stock, shares outstanding">none outstanding</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CommonStockValue_iI_zbJusqTEVey" style="vertical-align: bottom; background-color: White"> <td>COMMON STOCK; $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_909_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20250331_zV4nQQblEF76" title="Common stock, par value">0.0005 par value; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_901_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20250331_zN57987dksMa" title="Common stock, shares authorized">80,000,000 shares authorized; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--CommonStockSharesIssued_iI_c20250331_zlngETkqC1lh" title="Common stock, shares issued">1,382,114 shares issued; and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90F_eus-gaap--CommonStockSharesOutstanding_iI_c20250331_zcbCwHmhVhll" title="Common stock, shares outstanding">1,353,531 shares outstanding as of March 31, 2025</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: right">25,934</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: right">(25,243</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="text-align: center">(a)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: right">691</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TreasuryStockValue_iNI_di_zpHN5iqcipR" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Treasury stock; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90F_eus-gaap--TreasuryStockCommonShares_iI_c20250331_zEi8ihjuSxAe" title="Treasury stock, shares">28,583 shares as of March 31, 2025 at cost</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: right">(1,372,673)</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: right">(1,372,673)</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AdditionalPaidInCapital_iI_zOqpL9DDD0v5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additional paid-in capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">105,167,292</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">105,192,535</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--RetainedEarningsUnappropriated_iI_zoR18fat5qtc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Retained earnings unappropriated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,729,304</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,005,600</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(d)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,723,704</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RetainedEarningsAppropriated_iI_zbIE28gqZste" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Retained earnings appropriated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,667,097</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,667,097</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_iI_zLQuA6LhsTL3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Accumulated other comprehensive loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(20,632,127</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">97,730</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center">(e)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(20,534,397</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--StockholdersEquity_iI_pp0d_zMjFu9nuuee5" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Total Stockholders’ Equity</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">142,584,827</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(907,870</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">141,676,957</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LiabilitiesAndStockholdersEquity_iI_pp0d_zNUYsfc7eRAk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Total Liabilities and Stockholders’ Equity</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">165,729,939</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,637,600</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">164,092,339</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The following descriptions of the restatement adjustments to the balance sheet excludes a description of adjustments previously identified and concluded as immaterial that were also corrected as part of the restatement. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(a)</td><td style="width: 5pt"></td><td style="text-align: justify">The change in common stock and additional paid-in capital is due to the Company’s <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--StockholdersEquityReverseStockSplit_c20251001__20251027_zEJGrj9UXqjh" title="Reverse stock split">1-for-10 reverse stock split on October 27, 2025.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(b)</td><td style="width: 5pt"></td><td style="text-align: justify">As of December 31, 2024, in the fixed assets, the original value of the buildings subject to reclassification amounted to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_eus-gaap--BuildingsAndImprovementsGross_iI_c20241231__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zKu8xfJwFNHh">68,476,868. The Company reclassified them based on their acquisition methods. The self-built portion was reclassified as “leasehold improvements” in the property, plant and equipment, with an original value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--LeaseholdImprovementsGross_iI_c20241231__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zOpznGYC4UMh">3,507,367. The leased portion was reclassified as finance lease right-of-use assets, with an original value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization_iI_c20241231__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zxfbyHtgfigj">64,189,590, accumulated amortization of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iI_c20241231__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zKwVCLqyAt4f">19,111,170, and a net value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_c20241231__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zD9aK0Vo8BSi" title="Net value">45,078,720.</td> </tr></table> As of March 31, 2025, in the fixed assets, the original value of the buildings subject to reclassification amounted to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--BuildingsAndImprovementsGross_iI_c20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zl5LmYBVl0Fa" title="Fixed assets buildings">68,575,318. The Company reclassified them based on their acquisition methods. The self-built portion was reclassified as “leasehold improvements” in the property, plant and equipment, with an original value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_907_eus-gaap--LeaseholdImprovementsGross_iI_c20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zThPD3UNTPs8" title="Leasehold improvements">3,512,410. The leased portion was reclassified as finance lease right-of-use assets, with an original value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization_iI_c20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_z5uod8uG6X9i" title="Finance lease right-of use assets">64,281,876, accumulated amortization of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iI_c20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zoMyeUIEPhq5" title="Accumulated amortization">19,912,813, and a net value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_c20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zduM5FeT1rT1" title="Net value">44,369,063. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(c)</td><td style="width: 5pt"></td><td style="text-align: justify">As of December 31, 2024, the amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90F_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_iI_c20241231__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zjPwyAwk777c">7,878,181 in accounts payable and accrued expenses was reclassified as finance lease liability relating to the salt pans. The reclassified amount of finance lease liabilities including the current portion of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--FinanceLeaseLiabilityCurrent_iI_c20241231__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zNBfSPCSpI3i">3,124,550 and the non-current portion of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_c20241231__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_z8QDHQ4fMYOd">4,014,019.</td> </tr></table> As of March 31, 2025, the amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_902_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_iI_c20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zh2r4s4nfOlh" title="Accounts payable and accrued expenses">4,769,747 in accounts payable and accrued expenses was reclassified as finance lease liability relating to the salt pans. The reclassified amount of finance lease liabilities including the non-current portion of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90B_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_c20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zztBUamBqnue" title="Finance lease liabilities noncurrent">4,058,910. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(d)</td><td style="width: 5pt"></td><td style="text-align: justify">Regarding the decrease in retained earnings unappropriated, the main reasons was the increase in expenses. The increase in expenses is mainly due to the reclassification of the financial lease right-of-use asset. Previously, depreciation was calculated after deducting 5% residual value from the fixed assets, but now there is no residual value for amortization of finance lease right-of-use asset calculation.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(e)</td><td style="width: 5pt"></td><td style="text-align: justify">The change in the accumulated other comprehensive loss represents the foreign currency translation differences in the financial statements.</td> </tr></table> GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 22 –RESTATEMENT – Continued The effects of the restatement on the consolidated statement of operations income (loss) for the three months ended March 31, 2024, are summarized in the following table: SCHEDULE OF STATEMENT OF OPERATIONS INCOME (LOSS) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_492_20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zDiLjRUSxsyi" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_498_20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zUGKZQ1Whh96" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49C_20240101__20240331_zcX3KcOd5lQ7" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="12" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">March 31, 2024</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">As Previously Reported</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> Restatement</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Note</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> As Restated</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr id="xdx_403_eus-gaap--Revenues_ze3dOTTEMUe9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">NET REVENUE</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,307,062</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 12%; text-align: center"></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,307,062</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingExpensesAbstract_iB_znftdE3Y8wt8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">OPERATING COSTS AND EXPENSE</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--RevenueExpense_iN_di_z2kOILPybPuh" style="vertical-align: bottom; background-color: White"> <td>Cost of revenues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,119,845</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,119,845</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--SellingAndMarketingExpense_iN_di_zN4UwBN0P5pk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sales and marketing expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,491</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,491</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_ecustom--DirectLaborAndFactoryOverheadsIncurredDuringPlanShutdown_iN_di_zt5l2L5jclu8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Direct labor and factory overheads incurred during plant shutdown</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,734,689</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,734,689</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--GeneralAndAdministrativeExpense_iN_di_z2qDvMfsvEX8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">General and administrative expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(717,456</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(717,456</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--OperatingExpenses_iN_di_zZRUVFgIioz4" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">TOTAL OPERATING COSTS AND EXPENSE</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,576,481</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,576,481</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingIncomeLoss_z09gBZ3RWCC1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">LOSS FROM OPERATIONS</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,269,419</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,269,419</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--NonoperatingIncomeExpenseAbstract_iB_z8Nm3pcnBrOg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">OTHER INCOME (EXPENSE)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InterestExpense_iN_di_z77oDvJxlWB" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(24,830</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(24,830</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--InvestmentIncomeInterest_zdoJFv0ajY95" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,060</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,060</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OtherNonoperatingIncomeExpense_zUCqwgOkK0yi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Other expense, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,003</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,003</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--NonoperatingIncomeExpense_zCzgPT2BU3sa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">TOTAL OTHER INCOME, NET</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,227</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,227</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_zuOesfUWpB1i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">LOSS BEFORE INCOME TAXES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,262,192</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,262,192</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxExpenseBenefit_iN_di_z2R2kpnXaog3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">INCOME TAX EXPENSE</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,270,060</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,270,060</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NetIncomeLoss_zAz8Z7OJY9U2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">NET LOSS</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3,992,132</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3,992,132</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--ComprehensiveIncomeNetOfTaxAbstract_iB_zSpm39WOPFTc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">COMPREHENSIVE LOSS:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--NetIncomeLoss_zwLMzIZnh8E7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">NET LOSS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3,992,132</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3,992,132</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_iB_zJPhZMvaMw4g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">OTHER COMPREHENSIVE (LOSS) INCOME</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_zbqrudTIMuj9" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">- Foreign currency translation adjustments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(393,867</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(393,867</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--ComprehensiveIncomeNetOfTax_zuUJLP5JQWr2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">TOTAL COMPREHENSIVE LOSS</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,385,999</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,385,999</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">BASIC AND DILUTED LOSS PER SHARE:</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_901_eus-gaap--EarningsPerShareDiluted_c20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zn2YpQFE6TGk" title="DILUTED LOSS PER SHARE">(0.37</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_90C_eus-gaap--EarningsPerShareDiluted_c20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGMp_zc4jAYNPGpWg" title="DILUTED LOSS PER SHARE">(3.29</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(c)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_90D_eus-gaap--EarningsPerShareDiluted_c20240101__20240331_zHVp11Q8dZCh" title="DILUTED LOSS PER SHARE">(3.66</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES:</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfSharesIssuedBasic_c20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zXehieBJ42rd" title="BASIC WEIGHTED AVERAGE NUMBER OF SHARES"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_908_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zAWrFWrT0Y0j" title="DILUTED WEIGHTED AVERAGE NUMBER OF SHARES">10,726,924</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfSharesIssuedBasic_c20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGMp_zoAZ3Zw3LQ14" title="BASIC WEIGHTED AVERAGE NUMBER OF SHARES"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_907_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGMp_zURRL00LpK4i" title="DILUTED WEIGHTED AVERAGE NUMBER OF SHARES">(9,635,362</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center"> (c)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_90C_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20240101__20240331_zHE81k25gfik" title="DILUTED WEIGHTED AVERAGE NUMBER OF SHARES">1,091,562</td><td style="text-align: left"> </td></tr> </table> GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 22 –RESTATEMENT – Continued The effects of the restatement on the consolidated statement of operations income (loss) for the three months ended March 31, 2025, are summarized in the following table: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49F_20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zxyiE6JgDa0f" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_492_20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zyNek6qETSI5" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49B_20250101__20250331_zR9nTyrXiEvi" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="12" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">March 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">As Previously Reported</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> Restatement</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> Note</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> As Restated</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr id="xdx_403_eus-gaap--Revenues_zxrFo6CLNjo4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">NET REVENUE</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,604,447</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="text-align: center; width: 12%"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,604,447</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingExpensesAbstract_iB_zZUdsC5lj5f9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">OPERATING COSTS AND EXPENSE</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--RevenueExpense_iN_di_zOrs1Dvtl8cg" style="vertical-align: bottom; background-color: White"> <td>Cost of revenues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,594,270</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,194</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,597,464</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--SellingAndMarketingExpense_iN_di_zJ9RCfTyaVb7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sales and marketing expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,053</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,053</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_ecustom--DirectLaborAndFactoryOverheadsIncurredDuringPlanShutdown_iN_di_zAGmU1uQ3tT1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Direct labor and factory overheads incurred during plant shutdown</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,225,808</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,225,808</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--GeneralAndAdministrativeExpense_iN_di_ziZpPEvQa1Rk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">General and administrative expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,389,523</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(37,486</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center">(a)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,427,009</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--OperatingExpenses_iN_di_zwCZXVydFrP8" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">TOTAL OPERATING COSTS AND EXPENSE</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,214,654</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(40,680</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,255,334</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingIncomeLoss_zPRiwFYSXhC3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">LOSS FROM OPERATIONS</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,610,207</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(40,680</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,650,887</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--NonoperatingIncomeExpenseAbstract_iB_z9u6JXzZbq29" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">OTHER INCOME (EXPENSE)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InterestExpense_iN_di_zS0lyn85iuBc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(21,722</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"></td><td> </td> <td style="text-align: center"></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(21,722</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--InvestmentIncomeInterest_zQCTspwYMlu" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Interest income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,429</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,429</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--NonoperatingIncomeExpense_zhkZ7JCPVZ8f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">TOTAL OTHER INCOME, NET</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,293</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,293</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_zYgrrxSqgf66" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">LOSS BEFORE INCOME TAXES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,629,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(40,680</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,670,180</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxExpenseBenefit_iN_di_zoP5JIHnnAy8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">INCOME TAX EXPENSE</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NetIncomeLoss_zGTXYRaOW6sh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left">NET LOSS</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,629,500</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(40,680</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,670,180</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--ComprehensiveIncomeNetOfTaxAbstract_iB_zkiAeDoF7qjc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">COMPREHENSIVE LOSS:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--NetIncomeLoss_zLt1tJhe7M4h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">NET LOSS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,629,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(40,680</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,670,180</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_iB_zneiP3xixaIk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">OTHER COMPREHENSIVE (LOSS) INCOME</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_zsqbGTx7Oded" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">- Foreign currency translation adjustments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">222,016</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">26,905</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center">(b)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">248,921</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ComprehensiveIncomeNetOfTax_zxjnK5gDU04a" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left">TOTAL COMPREHENSIVE LOSS</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,407,484</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(13,775</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,421,259</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">BASIC AND DILUTED LOSS PER SHARE</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_908_eus-gaap--EarningsPerShareDiluted_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zF3ZYYZmAYpf" title="DILUTED LOSS PER SHARE">(0.40</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_90F_eus-gaap--EarningsPerShareDiluted_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGMp_zttrzeGBMqxh" title="DILUTED LOSS PER SHARE">(3.53</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(c)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_90D_eus-gaap--EarningsPerShareDiluted_c20250101__20250331_zmqPe9Ryws48" title="DILUTED LOSS PER SHARE">(3.93</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--WeightedAverageNumberOfSharesIssuedBasic_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zysWY0PqYX37" title="BASIC WEIGHTED AVERAGE NUMBER OF SHARES"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_90C_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zBMHjRJthSg7" title="DILUTED WEIGHTED AVERAGE NUMBER OF SHARES">11,685,431</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfSharesIssuedBasic_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGMp_zKNL9EjxYxf5" title="BASIC WEIGHTED AVERAGE NUMBER OF SHARES"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_90D_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGMp_zkj3HO8SpTA" title="DILUTED WEIGHTED AVERAGE NUMBER OF SHARES">(10,498,018</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center"> (c)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_903_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20250101__20250331_z5wo9UUqZykc" title="DILUTED WEIGHTED AVERAGE NUMBER OF SHARES">1,187,413</td><td style="text-align: left"> </td></tr> </table> The following descriptions of the restatement adjustments to the statement of operations exclude a description of adjustments previously identified and concluded as immaterial they were also corrected as part of the restatement. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(a)</td><td style="width: 5pt"></td><td style="text-align: justify">The increase in cost of revenue and general and administrative expenses were due to the reclassification of finance lease right-of-use asset. Previously, depreciation was calculated after deducting 5% residual value from the fixed assets, but now there is no residual value for amortization of finance lease right-of-use asset calculation.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(b)</td><td style="width: 5pt"></td><td style="text-align: justify">The change in the accumulated other comprehensive loss represents the foreign currency translation differences in the financial statements.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(c)</td><td style="width: 5pt"></td><td style="text-align: justify">The change in basic and diluted loss per share is due to the Company’s <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_906_eus-gaap--StockholdersEquityReverseStockSplit_c20251001__20251027_zMm8QpfFrGu4">1-for-10 reverse stock split on October 27, 2025.</td> </tr></table> GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 22 –RESTATEMENT – Continued The effects of the restatement on the consolidated statement of stockholders’ deficit for the three months ended March 31, 2024 are summarized in the following table: SCHEDULE OF CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; display: none; text-align: center">Reference</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; display: none; text-align: center">issued</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; display: none; text-align: center">outstanding</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; display: none; text-align: center">stock</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4BA_us-gaap--StatementEquityComponentsAxis_us-gaap--CommonStockMember_zWktgBlv5lKc" style="border-bottom: Black 1pt solid; display: none; text-align: center">Amount</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4BC_us-gaap--StatementEquityComponentsAxis_us-gaap--TreasuryStockCommonMember_zmms5dfr6kK8" style="border-bottom: Black 1pt solid; display: none; text-align: center">stock</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td id="xdx_4B7_us-gaap--StatementEquityComponentsAxis_us-gaap--OtherAdditionalCapitalMember_zbjSPiWeybEb" style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4B0_us-gaap--StatementEquityComponentsAxis_us-gaap--AdditionalPaidInCapitalMember_z9Uyt3jhbrDe" style="border-bottom: Black 1pt solid; display: none; text-align: center">capital</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4BE_us-gaap--StatementEquityComponentsAxis_us-gaap--RetainedEarningsUnappropriatedMember_zHnRIOj0XyS" style="border-bottom: Black 1pt solid; display: none; text-align: center">unappropriated</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4BE_us-gaap--StatementEquityComponentsAxis_custom--AppropriatedRetainedEarningsMember_zVmk2g5il7ee" style="border-bottom: Black 1pt solid; display: none; text-align: center">appropriated</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4BC_us-gaap--StatementEquityComponentsAxis_us-gaap--AccumulatedOtherComprehensiveIncomeMember_zx6AiBsc2sOg" style="border-bottom: Black 1pt solid; display: none; text-align: center">Income(loss)</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4B0_zWKvW8SEEHld" style="border-bottom: Black 1pt solid; display: none; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center">Common stock</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"></td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Restatement</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number of shares</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number of shares</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> Number of treasury</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Treasury</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> Additional paid-in</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> Retained earnings</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> Retained earnings</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> Accumulated other comprehensive</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Reference</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">issued</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">outstanding</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">stock</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">stock</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">capital</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">unappropriated</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">appropriated</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Income(loss)</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">THREE MONTHS ENDED MARCH 31, 2024 (As Previously Reported)</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr id="xdx_437_c20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_eus-gaap--StockholdersEquity_iS_zgMK65Wlyjof" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; width: 34%; text-align: left">BALANCE AT DECEMBER 31, 2023</td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 3%; text-align: center"> </td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--SharesIssued_iS_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z85W2kfimch6" style="border-bottom: Black 2.5pt double; width: 3%; text-align: right" title="Balance, shares">11,012,754</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--CommonStockSharesOutstanding_iS_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zuvtsRQGE55l" style="border-bottom: Black 2.5pt double; width: 3%; text-align: right" title="Balance, shares">10,726,924</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--TreasuryStockCommonShares_iS_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zjiY7VGkAaZe" style="border-bottom: Black 2.5pt double; width: 3%; text-align: right" title="Balance, shares">285,830</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 3%; text-align: right">24,623</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 3%; text-align: right">(1,372,673</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left">)</td><td style="padding-bottom: 2.5pt; width: 1%"> -</td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 3%; text-align: right">101,688,262</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"></td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 3%; text-align: right">96,294,256</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 3%; text-align: right">26,667,097</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 3%; text-align: right">(18,053,269</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left">)</td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 3%; text-align: right">205,248,296</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_hsrt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zZiUDKrZdzpe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Currency translation adjustment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(393,867</td><td style="text-align: left">) </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(393,867</td><td style="text-align: left">) </td></tr> <tr id="xdx_407_eus-gaap--NetIncomeLoss_hsrt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zHByDx4grP5b" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Net loss for three months ended March 31, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt">-</td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,992,132</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,992,132</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_439_c20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_eus-gaap--StockholdersEquity_iE_zJQBihpUazH4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">BALANCE AT MARCH 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--SharesIssued_iE_c20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zIYZlhlALXif" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">11,012,754</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--CommonStockSharesOutstanding_iE_c20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zaMvkpa17zK" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">10,726,924</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--TreasuryStockCommonShares_iE_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zSnEWCSXAsbe" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">285,830</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,623</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,372,673</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">-</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">101,688,262</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">92,302,124</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,667,097</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(18,447,136</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">200,862,297</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">THREE MONTHS ENDED MARCH 31, 2024 (Restatement Impact)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_438_c20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_eus-gaap--StockholdersEquity_iS_zsbXtUyTedJ1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">BALANCE AT DECEMBER 31, 2023</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: center">(a)</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--SharesIssued_iS_c20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGEp_zn8Hsbt8Bxre" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(9,892,609</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--CommonStockSharesOutstanding_iS_c20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGEp_zNrrx9DV8oG4" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(9,635,362</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--TreasuryStockCommonShares_iS_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGEp_z5WjKm2uZ0U6" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(257,247</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(24,063</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt">-</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,063</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_hsrt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zMIkFycdykP1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Currency translation adjustment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLoss_hsrt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zw6nzelADqA8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Net loss for three months ended March 31, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> —</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt">-</td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_434_c20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_eus-gaap--StockholdersEquity_iE_zSO6MLP6b2te" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left">BALANCE AT MARCH 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: center">(a)</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--SharesIssued_iE_c20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGEp_z9ZPcl20g9n3" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(9,892,609</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--CommonStockSharesOutstanding_iE_c20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGEp_zJRYZe4dsDU" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(9,635,362</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--TreasuryStockCommonShares_iE_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGEp_zaFKiWsVXFLh" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(257,247</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(24,063</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt">-</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,063</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">THREE MONTHS ENDED MARCH 31, 2024 (As Restated)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_435_c20240101__20240331_eus-gaap--StockholdersEquity_iS_zvvGa0NkJ1M2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">BALANCE AT DECEMBER 31, 2023</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--SharesIssued_iS_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zUXEbegbHEXd" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">1,120,145</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--CommonStockSharesOutstanding_iS_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zX33QlMT43x7" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">1,091,562</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--TreasuryStockCommonShares_iS_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zX3x8uNQDF09" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">28,583</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">560</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,372,673</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">-</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">101,712,325</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">96,294,256</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,667,097</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(18,053,269</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">205,248,296</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_zHiNoxzz8Hug" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Currency translation adjustment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(393,867</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(393,867</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--NetIncomeLoss_z60wA7Yua5Lf" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Net loss for three months ended March 31, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt">-</td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,992,132</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,992,132</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_43C_c20240101__20240331_eus-gaap--StockholdersEquity_iE_zTFKvFxNkjp1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">BALANCE AT MARCH 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--SharesIssued_iE_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zhVNGfUwA7Z4" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">1,120,145</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--CommonStockSharesOutstanding_iE_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zmH99MV3U8Re" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">1,091,562</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--TreasuryStockCommonShares_iE_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zFvrFbI5LOfg" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">28,583</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">560</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,372,673</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">-</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">101,712,325</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">92,302,124</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,667,097</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(18,447,136</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">200,862,297</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 22 –RESTATEMENT – Continued The effects of the restatement on the consolidated statement of stockholders’ deficit for the three months ended March 31, 2025 are summarized in the following table: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; display: none; text-align: center">Reference</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; display: none; text-align: center">issued</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; display: none; text-align: center">outstanding</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; display: none; text-align: center">stock</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4B3_us-gaap--StatementEquityComponentsAxis_us-gaap--CommonStockMember_zDjANUXeu7V9" style="border-bottom: Black 1pt solid; display: none; text-align: center">Amount</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4B5_us-gaap--StatementEquityComponentsAxis_us-gaap--TreasuryStockCommonMember_z4mXrpOntQ96" style="border-bottom: Black 1pt solid; display: none; text-align: center">stock</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4BA_us-gaap--StatementEquityComponentsAxis_us-gaap--OtherAdditionalCapitalMember_zivrQEUnHPte" style="border-bottom: Black 1pt solid; display: none; text-align: center">issued</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4BC_us-gaap--StatementEquityComponentsAxis_us-gaap--AdditionalPaidInCapitalMember_z1gaaq7RyTU3" style="border-bottom: Black 1pt solid; display: none; text-align: center">capital</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4B0_us-gaap--StatementEquityComponentsAxis_us-gaap--RetainedEarningsUnappropriatedMember_zygOhZ32z5Gf" style="border-bottom: Black 1pt solid; display: none; text-align: center">unappropriated</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4BC_us-gaap--StatementEquityComponentsAxis_custom--AppropriatedRetainedEarningsMember_z22M5evBWFN" style="border-bottom: Black 1pt solid; display: none; text-align: center">appropriated</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4B8_us-gaap--StatementEquityComponentsAxis_us-gaap--AccumulatedOtherComprehensiveIncomeMember_ztJ66s3sKCnf" style="border-bottom: Black 1pt solid; display: none; text-align: center">Income(loss)</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4B9_zx4cwLCtD62i" style="border-bottom: Black 1pt solid; display: none; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"></td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center">Common stock</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"></td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"></td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"></td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Accumulated</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center">Restatement</td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">of shares</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">of shares</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">of treasury</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Treasury</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Share to be</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Additional paid-in</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Retained earnings</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Retained earnings</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">other comprehensive</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Reference</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">issued</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">outstanding</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">stock</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">stock</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">issued</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">capital</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">unappropriated</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">appropriated</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Income(loss)</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>THREE MONTHS ENDED MARCH 31, 2025 (As Previously Reported)</td><td> </td> <td style="text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_43B_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_eus-gaap--StockholdersEquity_iS_zFdnWNmRqI22" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; width: 7%">BALANCE AT DECEMBER 31, 2024</td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="padding-bottom: 2.5pt; text-align: center; width: 7%"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--SharesIssued_iS_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zGO5836VzPpe" style="border-bottom: Black 2.5pt double; width: 5%; text-align: right" title="Balance, shares">11,012,754</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--CommonStockSharesOutstanding_iS_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zbgOcwG8QjK1" style="border-bottom: Black 2.5pt double; width: 5%; text-align: right" title="Balance, shares">10,726,924</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--TreasuryStockCommonShares_iS_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zsgB4DCFimuj" style="border-bottom: Black 2.5pt double; width: 5%; text-align: right" title="Balance, shares">285,830</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 5%; text-align: right">24,623</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 5%; text-align: right">(1,372,673</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left">)</td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 5%; text-align: right">194,700</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 5%; text-align: right">101,688,262</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 5%; text-align: right">37,358,804</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 4%; text-align: right">26,667,097</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 4%; text-align: right">(20,854,143</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left">)</td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 4%; text-align: right">143,706,670</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardGross_hsrt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_ziqPk7HhUvfe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Restricted shares to be issued for service</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zfy3PirJOJFc" style="text-align: right" title="Restricted shares to be issued for service, shares">2,619,694</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zB4QpA8JxKic" style="text-align: right" title="Restricted shares to be issued for service, shares">2,619,694</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,311</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(194,700</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,479,030</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,285,641</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--StockIssuedDuringPeriodValuePurchaseOfAssets_hsrt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zTNN3ILxmVNl" style="vertical-align: bottom; background-color: White"> <td>Acquisition of assets</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_hsrt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zKGdhNpaJ3w6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Currency translation adjustment</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">222,016</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">222,016</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLoss_hsrt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zmsAlYTpYhfg" style="vertical-align: bottom; background-color: White"> <td>Net loss for three months ended March 31, 2025</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,629,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,629,500</td><td style="text-align: left">)</td></tr> <tr id="xdx_439_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_eus-gaap--StockholdersEquity_iE_zjBU23dtXLa6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">BALANCE AT MARCH 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--SharesIssued_iE_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zcw0slkTudC6" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">13,632,448</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--CommonStockSharesOutstanding_iE_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zI1E5Wei4mAi" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">13,346,618</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--TreasuryStockCommonShares_iE_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zaTM5FGMFAp4" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">285,830</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,934</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,372,673</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">105,167,292</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32,729,304</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,667,097</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(20,632,127</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">142,584,827</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>THREE MONTHS ENDED MARCH 31, 2025 (Restatement Impact)</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43C_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_eus-gaap--StockholdersEquity_iS_zWw2KPf6u4C8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">BALANCE AT DECEMBER 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center">(a)(b)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--SharesIssued_iS_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGEpKGIp_zmXppG9IRPgg" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(9,892,609</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--CommonStockSharesOutstanding_iS_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGEpKGIp_zYSQWBgMy5Cd" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(9,635,362</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--TreasuryStockCommonShares_iS_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGEpKGIp_ztGhwE2ylEv2" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(257,247</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(24,063</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,063</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(964,920</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">70,825</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(894,095</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardGross_hsrt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zpQ1UoWEEwK9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted shares to be issued for service</td><td> </td> <td style="text-align: center">(d)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGQp_zrSGjEguAfB4" style="text-align: right" title="Restricted shares to be issued for service, service">(2,563,694</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGQp_z8zIe4GIPUS3" style="text-align: right" title="Restricted shares to be issued for service, service">(2,563,694</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,283</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> —</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,088,258</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,089,541</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--StockIssuedDuringPeriodValuePurchaseOfAssets_hsrt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zzURLCUr2Le" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Acquisition of assets</td><td> </td> <td style="text-align: center">(d)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--StockIssuedDuringPeriodSharesPurchaseOfAssets_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGQp_z8DQoYu9xIa7" style="text-align: right" title="Acquisition of assets, shares">205,969</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--StockIssuedDuringPeriodSharesPurchaseOfAssets_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGQp_zacPnRuhzZNl" style="text-align: right" title="Acquisition of assets, shares">205,969</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,089,438</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,089,541</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_hsrt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zT3nuoP0Hfrj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Currency translation adjustment</td><td> </td> <td style="text-align: center">(c)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,905</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,905</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NetIncomeLoss_hsrt--RestatementAxis__srt--RestatementAdjustmentMember_zq4MYvLjzxif" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Net loss for three months ended March 31, 2025</td><td> </td> <td style="text-align: center">(b)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(40,680</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(40,680</td><td style="text-align: left">)</td></tr> <tr id="xdx_43B_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_eus-gaap--StockholdersEquity_iE_za1BMjD8TdVd" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">BALANCE AT MARCH 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center">(a)(b)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--SharesIssued_iE_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGEpKGIp_zhwgfzFXNfdj" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(12,250,334</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--CommonStockSharesOutstanding_iE_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGEpKGIp_z9Kj4S9uwPEj" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(11,993,087</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--TreasuryStockCommonShares_iE_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGEpKGIp_zw5WcYTaVV5" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(257,247</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(25,243</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,243</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,005,600</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">97,730</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(907,870</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>THREE MONTHS ENDED MARCH 31, 2025 (As Restated)</td><td> </td> <td style="text-align: center"></td><td> </td> <td style="text-align: left"> </td><td style="text-align: left"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: left"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: left"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td style="text-align: right"></td><td style="text-align: left"></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td style="text-align: right"></td><td style="text-align: left"></td><td> </td> <td style="text-align: left"></td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr id="xdx_433_c20250101__20250331_eus-gaap--StockholdersEquity_iS_z2qOWCdgGds6" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">BALANCE AT DECEMBER 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--CommonStockSharesIssued_iS_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zvSbXGvjrhT6" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">1,120,145</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--CommonStockSharesOutstanding_iS_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zRNoV1uYlawc" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">1,091,562</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--TreasuryStockCommonShares_iS_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zvMfkzDoHuIf" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">28,583</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right"> 560</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right"> (1,372,673</td><td style="padding-bottom: 2.5pt; text-align: left">) </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right"> 194,700</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right"> 101,712,325</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right"> 36,393,884</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right"> 26,667,097</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"> (20,783,318</td><td style="padding-bottom: 2.5pt; text-align: left">) </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">142,812,575</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardGross_zLDqjiGfhXm1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Restricted shares to be issued for service</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zyXLz8Sm4d67" style="text-align: right" title="Restricted shares to be issued for service, shares">56,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zJCFzPXMPNn3" style="text-align: right" title="Restricted shares to be issued for service, shares">56,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(194,700</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">390,772</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">196,100</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--StockIssuedDuringPeriodValuePurchaseOfAssets_zGzHtLkM6Aqh" style="vertical-align: bottom; background-color: White"> <td>Acquisition of assets</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--StockIssuedDuringPeriodSharesPurchaseOfAssets_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zLVLUVNL3bj8" style="text-align: right" title="Acquisition of assets, shares">205,969</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--StockIssuedDuringPeriodSharesPurchaseOfAssets_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zelTWKMtdmd9" style="text-align: right" title="Acquisition of assets, shares">205,969</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,089,438</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,089,541</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_zSnHRiG5nAF3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Currency translation adjustment</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">248,921</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">248,921</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--NetIncomeLoss_zudXOqFVaCX2" style="vertical-align: bottom; background-color: White"> <td>Net loss for three months ended March 31, 2025</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,670,180</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,670,180</td><td style="text-align: left">)</td></tr> <tr id="xdx_434_c20250101__20250331_eus-gaap--StockholdersEquity_iE_zJuyf4hV0Tw6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">BALANCE AT MARCH 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--SharesIssued_iE_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zDKufs6tHdE6" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">1,382,114</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--CommonStockSharesOutstanding_iE_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zapwCYqyXUa8" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">1,353,531</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--TreasuryStockCommonShares_iE_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_z8Zbpr4jY7M4" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">28,583</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">691</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,372,673</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">105,192,535</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">31,723,704</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,667,097</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(20,534,397</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">141,676,957</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The following descriptions of the restatement adjustments to the consolidated statement of stockholders’ deficit excludes a description of adjustments previously identified and concluded as immaterial the were also corrected as part of the restatement. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(a)</td><td style="width: 5pt"></td><td style="text-align: justify">The change in common stock and additional paid-in capital is due to the Company’s <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlNPTElEQVRFRCBTVEFURU1FTlQgT0YgU1RPQ0tIT0xERVJTJyBERUZJQ0lUIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_eus-gaap--StockholdersEquityReverseStockSplit_c20251001__20251027_z5dFIQQmsSU4">1-for-10 reverse stock split on October 27, 2025.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(b)</td><td style="width: 5pt"></td><td style="text-align: justify">Regarding the decrease in retained earnings unappropriated, the main reason was that cost of revenue and general and administrative expenses increased. The increase of expenses was due to the reclassification of finance lease right-of-use asset. Previously, depreciation was calculated after deducting 5% residual value from the fixed assets, but now there is no residual value for amortization of finance lease right-of-use asset calculation.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(c)</td><td style="width: 5pt"></td><td style="text-align: justify">The change in the accumulated other comprehensive loss represents the foreign currency translation differences in the financial statements.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(d)</td><td style="width: 5pt"></td><td style="text-align: justify">The amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlNPTElEQVRFRCBTVEFURU1FTlQgT0YgU1RPQ0tIT0xERVJTJyBERUZJQ0lUIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--StockIssuedDuringPeriodValuePurchaseOfAssets_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zKn99WJiSAg" title="Acquisition of assets">3,089,541 originally classified as restricted shares to be issued for service was reclassified to acquisition of assets, as the shares were issued in connection with the asset acquisition.</td> </tr></table> GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 22 –RESTATEMENT – Continued The effects of the restatement on the consolidated statement of cash flows for the three months ended March 31, 2024, are summarized in the following table: SCHEDULE OF CONSOLIDATED STATEMENT OF CASH FLOWS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_498_20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_znSaxZWWk9i1" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49C_20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_z7vY49vyvfI4" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_490_20240101__20240331_zaQefPYz9AQk" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="12" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As Previously Reported</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Restatement</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Note</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As Restated</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesAbstract_iB_zC9JXgqzq1Da" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">CASH FLOWS FROM OPERATING ACTIVITIES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--NetIncomeLoss_zk8gebyAoEmd" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(3,992,132</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="text-align: center; width: 12%"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(3,992,132</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_iB_z38TFYWACSL5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjustments to reconcile net income to net cash provided by (used in) operating activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--InterestOnCapitalLeaseObligation_zZTAMqUfjft7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Amortization on capital lease</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,830</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,830</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Depreciation_z16DzZA3PZN1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,733,475</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(313,941</td><td style="text-align: left">)</td><td> </td> <td id="xdx_F24_zRf2Hi6DdMXc" style="text-align: center">(a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,419,534</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ShareBasedCompensation_zNqkq0wpitq5" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; padding-left: 10pt; text-align: left">Stock-based compensation expense</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredIncomeTaxesAndTaxCredits_z3WDbT8RN2xd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Deferred tax asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,270,060</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,270,060</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseRightOfUseAssetAmortizationExpense_z65gmaqmqMSf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Amortization of operating lease right-of-use asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">217,345</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> —</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">217,345</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_ze4FFRkGca9l" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Amortization of finance lease right-of-use asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">313,941</td><td style="text-align: left"> </td><td> </td> <td id="xdx_F27_z9SDaSKgCIui" style="text-align: center">(a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">313,941</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--AccruedInterestReceivable_iN_di_zM9SsaOorNhd" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; padding-left: 10pt; text-align: left">Accrued interest receivable</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_iB_zR5HIpVHBWRg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Changes in assets and liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInAccountsReceivable_iN_di_zpTfZcV4TTSb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(402,545</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(402,545</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--IncreaseDecreaseInInventories_iN_di_zISOzd8u97lf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(57,859</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(57,859</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_iN_di_zEGG9xoe1ZMf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Prepayment and deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(44,903</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(44,903</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_zbb7Fuz4Oty2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Advance from customers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(36,222</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(36,222</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--IncreaseDecreaseInOtherReceivables_iN_di_zQTN8BqtXc63" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(774</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(774</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_zlORvCYLXNGe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Accounts and other payable and accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17,847</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17,847</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--IncreaseDecreaseInAccruedTaxesPayable_zmtkkPyAxsn5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Taxes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(257,766</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(257,766</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_z3eZuADyMAEc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left">Lease liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(226,018</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(226,018</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i_pp0p" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">Net cash used in operating activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,330,476</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,330,476</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_z2SBYIZ5xczj" style="vertical-align: bottom; background-color: White"> <td>CASH FLOWS FROM INVESTING ACTIVITIES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--LoansToThirdParties_iN_di_z2dT2k66mIud" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none">Loans to third parties</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--NetCashProvidedByUsedInInvestingActivities_iT_zgajb4HwjIb9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Net cash used in investing activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_z837FpKybhp5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">CASH FLOWS FROM FINANCING ACTIVITIES</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ProceedsFromIssuanceOfLongTermDebt_zteCrsJNNlj1" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none">Proceeds from long-term borrowing</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ProceedsFromShortTermDebt_zaKRrXeaImue" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none">Proceeds from short-term borrowing</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--NetCashProvidedByUsedInFinancingActivities_iT_z2GtGaBLJXak" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Net cash used in financing activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_zByH8v2lO0Ra" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(131,622</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(131,622</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_zfjwVwrkNhF2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">NET DECREASE IN CASH AND CASH EQUIVALENTS</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,462,098</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,462,098</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iS_zDqxMzNPYzbl" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">72,223,894</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">72,223,894</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iE_zmVwU6RWkhtl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">CASH AND CASH EQUIVALENTS - END OF YEAR</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">70,761,796</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">70,761,796</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49A_20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zjep8O5FsdMj" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49B_20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zTpkcvuINhbh" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49E_20240101__20240331_zGWpMNlkIxu" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="12" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">March 31, 2024</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">As Previously Reported</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Restatement</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Note</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">As Restated</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--SupplementalCashFlowInformationAbstract_iB_zmweTgZd7Rd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 12%; text-align: right"></td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--IncomeTaxesPaidNetAbstract_iB_zF1SUEp9Kse7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0pt; text-align: left">Cash paid during the year for:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--IncomeTaxesPaid_zUOwKjTZNMyj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Paid for taxes</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">481,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">481,153</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--InterestPaidNet_zlDRZ6XSQYi" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Interest paid</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">24,830</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">24,830</td><td style="text-align: left"> </td></tr> </table> GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 22 –RESTATEMENT – Continued The effects of the restatement on the consolidated statement of cash flows for the three months ended March 31, 2025, are summarized in the following table: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49D_20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zbVSeooKQ2Ik" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49D_20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zqgnNH3Yaw3i" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_499_20250101__20250331_zZ2hDc5mB539" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="12" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">As Previously Reported</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Restatement</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Note</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">As Restated</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesAbstract_iB_zvkSnuHSanhi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">CASH FLOWS FROM OPERATING ACTIVITIES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--NetIncomeLoss_z64mRoU3e3Bj" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(4,629,500</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">(40,680</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td id="xdx_F2D_z3KcADqDMCw2" style="width: 12%; text-align: center">(b)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(4,670,180</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_iB_zqfr20pxSyD3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjustments to reconcile net income to net cash provided by (used in) operating activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--InterestOnCapitalLeaseObligation_zRTWIiWyoP33" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Amortization on capital lease</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,722</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,135</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,857</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Depreciation_zHQXEYXJdy4a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,003,524</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(774,157</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,229,367</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ShareBasedCompensation_zb5WCMVWl7R5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Stock-based compensation expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">196,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">196,100</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseRightOfUseAssetAmortizationExpense_zZoatcLQzrN3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Amortization of operating lease right-of-use asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">217,801</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">217,801</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_zPTKcaHnjpbh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Amortization of finance lease right-of-use asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">775,702</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">775,702</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_iB_znOFzbBy4ufi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; text-align: left">Changes in assets and liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInAccountsReceivable_iN_di_zya8J0yFNKTe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,549,443</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,549,443</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--IncreaseDecreaseInInventories_iN_di_z73055Uyxr34" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(139,285</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(139,285</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_iN_di_z3qeiSFiUI75" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Prepayment and deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,340</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,340</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--IncreaseDecreaseInOtherReceivables_iN_di_zKsxtBT1FsS4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(31,987</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(31,987</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_zmPlDuMmhcf8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accounts and other payable and accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">401,190</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">401,190</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--IncreaseDecreaseInAccruedTaxesPayable_zQWdjrBTyoMl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Taxes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">162,411</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">162,411</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_zMr8waSdkEra" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left">Lease liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(225,321</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(225,321</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--NetCashProvidedByUsedInOperatingActivities_zDMvOUIcFQEj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">Net cash used in operating activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,580,128</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"></td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,580,128</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zUrnV7uttWDe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--NetCashProvidedByUsedInInvestingActivities_iT_zR7Ixh23qWpc" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">Net cash used in investing activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_z2MIt3Ms7yIf" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--NetCashProvidedByUsedInFinancingActivities_iT_zZqC0e3lMh6a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">Net cash used in financing activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_zgPHo9xOOH3a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">28,011</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">28,011</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_zsr4ZLcY0Qd1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">NET DECREASE IN CASH AND CASH EQUIVALENTS</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,552,117</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,552,117</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iS_zway3mRnj2Mc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,075,162</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,075,162</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iE_zrgZc2jrUX89" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left">CASH AND CASH EQUIVALENTS - END OF YEAR</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,523,045</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,523,045</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_495_20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zpL5GOvzzRel" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49B_20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_z7MmuuM6gxi8" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_490_20250101__20250331_zKIV1cDhbx34" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="12" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">March 31, 2025</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">As Previously</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Reported</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Restatement</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Note</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">As Restated</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr id="xdx_403_eus-gaap--SupplementalCashFlowInformationAbstract_iB_z4wQdekvU28l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--IncomeTaxesPaidNetAbstract_iB_z3fdhXW1Npf1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash paid during the year for:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--IncomeTaxesPaid_zOYUuEafWrsh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 44%; text-align: left">Paid for taxes</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">77,386</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 12%; text-align: center"></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">77,386</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--InterestPaidNet_zbBCl8E9ch99" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Interest paid</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">21,722</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,135</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(a)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">60,857</td><td style="text-align: left"> </td></tr> </table> GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 22 –RESTATEMENT – Continued SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES The following descriptions of the restatement adjustments to the statement of cash flows excludes a description of adjustments previously identified and concluded as immaterial that were also corrected as part of the restatement. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(a)</td><td style="width: 5pt"></td><td style="text-align: justify">This restatement is due to the reclassification of buildings without property ownership certificates in fixed assets. The Company reclassified them based on their acquisition methods. The self-built portion was reclassified as “leasehold improvements” in the property, plant and equipment. The leased portion was reclassified as finance lease right-of-use assets.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(b)</td><td style="width: 5pt"></td><td style="text-align: justify">Regarding the increase in net loss, the main reason was that cost of revenue and general and administrative expenses increased. The increase in expenses was due to the reclassification of finance lease right-of-use asset. Previously, depreciation was calculated after deducting 5% residual value from the fixed assets, but now there is no residual value for amortization of finance lease right-of-use asset calculation.</td> </tr></table>

The effects of the restatement on the consolidated balance sheet as of December 31, 2024, are summarized in the following table: SCHEDULE OF RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_498_20241231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zXxbflRHX405" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49D_20241231__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zorR41o5vWsl" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td> <td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_490_20241231_zn9BL0t56Bz" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="12" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">As Previously Reported</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid"> Restatement</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Note</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid"> As Restated</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40B_eus-gaap--AssetsCurrentAbstract_iB_zgHYTrySA9j5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--Cash_iI_zM2Hm2hFeyEe" style="vertical-align: bottom; background-color: White"> <td style="width: 38%">Cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">10,075,162</td><td style="width: 2%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">—</td><td style="width: 2%; text-align: left"> </td><td style="width: 1%"> </td> <td style="text-align: center; width: 12%"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">10,075,162</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccountsReceivableNetCurrent_iI_zyVttBa6vjb3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">564,523</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">564,523</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InventoryNet_iI_zcfmaTbg8IHb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Inventories, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">315,371</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">315,371</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_z8WpKrURIYB5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepayments and deposits, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,376,656</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,376,656</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--AmountDueFromRelatedParties_iI_z1RlMBBOefnk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amount due from related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,040</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,040</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AccountsAndOtherReceivablesNetCurrent_iI_zzvsYt9uqih4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other receivables</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">94,074</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">94,074</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AssetsCurrent_iI_zrSd4rN2Qb14" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,450,826</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,450,826</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AssetsNoncurrentAbstract_iB_z2CI5t867v3e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-Current Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentNet_iI_zrPZscb9VWD1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property, plant and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">136,143,177</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(46,712,127</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(b)</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">89,431,050</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--FinanceLeaseRightOfUseAsset_iI_zjJehS9OGnfh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">76,868</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45,078,420</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(b)</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">45,155,288</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OperatingLeaseRightOfUseAsset_iI_zOIO535HAlj3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating lease right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,169,855</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,169,855</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PrepaidExpenseOtherNoncurrent_iI_zJjqS4fKQ1Fe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid land leases, net of current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,615,269</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,615,269</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredIncomeTaxAssetsNet_iI_zFJLjETBaoOk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Deferred tax assets, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AssetsNoncurrent_iI_z6VdZQ8f4zB4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total non-current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">152,005,169</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,633,707</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150,371,462</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--Assets_iI_zHPHpBBH1EZh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">169,455,995</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,633,707</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">167,822,288</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zDYrYYjCuLR7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Liabilities and Stockholders’ Equity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LiabilitiesCurrentAbstract_iB_zJuEicyItYK" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--ShortTermBorrowings_iI_zDTCCTfgTb0d" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Short-term bank borrowing</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td> <td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iI_zlZqiES5MEmk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts payable and accrued expenses</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14,323,458</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,878,181</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(c)</td> <td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,445,277</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TaxesPayableCurrent_iI_zqBWt35Tkwfb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Taxes payable-current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,999</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,999</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--AmountDueToRelatedParty_iI_z0GauOykPTr1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amount due to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,584,808</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,584,808</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--FinanceLeaseLiabilityCurrent_iI_zODgwRTsnjB9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease liabilities, current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">217,743</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,124,550</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(c)</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,342,293</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseLiabilityCurrent_iI_zQ0z9oJ0Svqe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Operating lease liabilities, current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">491,850</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">491,850</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LiabilitiesCurrent_iI_z4B6O2yzKXUd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total current liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,731,858</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,753,631</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,978,227</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LiabilitiesNoncurrentAbstract_iB_zaYvdmBPRzL6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-Current Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_zOY6yPhd5zQ3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease liabilities, net of current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,075,865</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,014,019</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(c)</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,089,884</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_zTuqZpuMx0rb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Operating lease liabilities, net of current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,941,602</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,941,602</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LongTermLoansPayable_iI_zubkx4jpe8L1" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; text-align: left; padding-bottom: 1pt">Long-term bank borrowing</td><td style="display: none; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; display: none; text-align: left"> </td><td style="border-bottom: Black 1pt solid; display: none; text-align: right"> </td><td style="display: none; padding-bottom: 1pt; text-align: left"> </td><td style="display: none; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; display: none; text-align: left"> </td><td style="border-bottom: Black 1pt solid; display: none; text-align: right"> </td><td style="display: none; padding-bottom: 1pt; text-align: left"> </td><td style="display: none; padding-bottom: 1pt"> </td> <td style="display: none; text-align: center"> </td> <td style="display: none"> </td> <td style="border-bottom: Black 1pt solid; display: none; text-align: left"> </td><td style="border-bottom: Black 1pt solid; display: none; text-align: right"> </td><td style="display: none; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LiabilitiesNoncurrent_iI_zPJwYNah3SRi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total non-current liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,017,467</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,014,019</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,031,486</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Liabilities_iI_zNJfVcabGm2f" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total Liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25,749,325</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(739,612</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25,009,713</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--CommitmentsAndContingencies_iI_zBiyibvuvOY4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Commitment and Contingencies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--StockholdersEquityAbstract_iB_zxbbhHywpfW7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stockholders’ Equity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PreferredStockValue_iI_z054adq4GPgi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">PREFERRED STOCK; $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90C_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20241231_z1bp6o5s7Tki" title="Preferred stock, par value">0.001 par value; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_907_eus-gaap--PreferredStockSharesAuthorized_iI_c20241231_zECxcT5tk5N7" title="Preferred stock, shares authorized">1,000,000 shares authorized; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_eus-gaap--PreferredStockSharesOutstanding_iI_dn_c20241231_zBEpQ4i3rjK3" title="Preferred stock, shares outstanding">none outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CommonStockValue_iI_zsu9rVnDPzzj" style="vertical-align: bottom; background-color: White"> <td>COMMON STOCK; $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_907_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20241231_zggaV0pQOg83" title="Common stock, par value">0.0005 par value; 80,000,000 shares authorized; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--CommonStockSharesIssued_iI_c20241231_zuEwoZUvfHc5" title="Common stock, shares issued">1,120,145 shares issued; and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--CommonStockSharesOutstanding_iI_c20241231_z2wXFFaw7kMc" title="Common stock, shares outstanding">1,091,562 shares outstanding as of December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,623</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(24,063</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(a)</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">560</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TreasuryStockValue_iNI_di_zn0UEu0sXaQb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Treasury stock; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_900_eus-gaap--TreasuryStockCommonShares_iI_c20241231_z2jwHxaRSxK8" title="Treasury stock, shares">28,583 shares as of December 31, 2024 at cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,372,673</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,372,673</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--AdditionalPaidInCapital_iI_zEYd62EY3Mwc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additional paid-in capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,688,262</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,063</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(a)</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,712,325</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherAdditionalCapital_iI_zlWV9QhVHCN" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Share to be issued</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">194,700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">194,700</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RetainedEarningsUnappropriated_iI_zOkUAA16hvoe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Retained earnings unappropriated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,358,804</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(964,920</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(d)</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,393,884</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RetainedEarningsAppropriated_iI_z7SBhUsWIM74" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Retained earnings appropriated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,667,097</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,667,097</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_iI_zzUWS9KTrdwb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accumulated other comprehensive loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(20,854,143</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">70,825</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center">(e)</td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(20,783,318</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--StockholdersEquity_iI_pp0d_zA0wJWVNunx4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total Stockholders’ Equity</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">143,706,670</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(894,095</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">142,812,575</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LiabilitiesAndStockholdersEquity_iI_pp0d_zKuevUxJWd52" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Liabilities and Stockholders’ Equity</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">169,455,995</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,633,707</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">167,822,288</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 22 –RESTATEMENT – Continued The effects of the restatement on the consolidated balance sheet as of March 31, 2025 are summarized in the following table: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_497_20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z6ZC8059sg13" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_495_20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zyz1Ozjk0ozk" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td> <td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49E_20250331_zSM3LuIITbLk" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="12" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">March 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">As Previously Reported</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Restatement</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Note</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">As Restated</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--AssetsCurrentAbstract_iB_zrTNQHAUIo0k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--Cash_iI_zPsfDqZWawK2" style="vertical-align: bottom; background-color: White"> <td style="width: 44%">Cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,523,045</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="text-align: center; width: 12%"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,523,045</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccountsReceivableNetCurrent_iI_zIMdlyZ5W9s9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,114,222</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,114,222</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InventoryNet_iI_zxcCGRNDaU9l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Inventories, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">455,059</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">455,059</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_zRAjnmlzanpf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepayments and deposits, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,393,161</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,393,161</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--AmountDueFromRelatedParties_iI_zRr0XZJKcZX1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amount due from related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,076</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,076</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AccountsAndOtherReceivablesNetCurrent_iI_zNCsKlU6i6A2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Other receivables</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">126,050</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">126,050</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AssetsCurrent_iI_zmbVC72fFf1l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,636,613</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,636,613</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AssetsNoncurrentAbstract_iB_zaWfWKwLahej" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-Current Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentNet_iI_zTLnakaGuzG9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property, plant and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">132,341,321</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(46,006,663</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(b)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,334,658</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--FinanceLeaseRightOfUseAsset_iI_z9CRMD0rmDt5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75,721</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,369,063</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(b)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,444,784</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OperatingLeaseRightOfUseAsset_iI_zUStt7nMGfwj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating lease right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,050,429</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,050,429</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PrepaidExpenseOtherNoncurrent_iI_zs8bQoLg3437" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid land leases, net of current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,625,855</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,625,855</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredIncomeTaxAssetsNet_iI_zXGCYBnY0H83" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Deferred tax assets, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AssetsNoncurrent_iI_za311R7oJ6L5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Total non-current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">148,093,326</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,637,600</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">146,455,726</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--Assets_iI_z6A2e1PZyDpg" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left">Total Assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">165,729,939</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,637,600</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">164,092,339</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zRFzXsTVi4t9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Liabilities and Stockholders’ Equity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LiabilitiesCurrentAbstract_iB_zGSrJccpvVVi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iI_zmHk9RKdSvrj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts payable and accrued expenses</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,656,665</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,788,640</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(c)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,868,025</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TaxesPayableCurrent_iI_zknBU0OkY6Ph" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Taxes payable-current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">276,516</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">276,516</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--AmountDueToRelatedParty_iI_zn4B7K9u3b2h" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amount due to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,586,422</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,586,422</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--FinanceLeaseLiabilityCurrent_iI_zlVLjVJU8Le5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease liabilities, current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">239,771</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">239,771</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseLiabilityCurrent_iI_znWnpjzbE013" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Operating lease liabilities, current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">498,483</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">498,483</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LiabilitiesCurrent_iI_zaSy7hCVDut" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Total current liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,257,857</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,788,640</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,469,217</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LiabilitiesNoncurrentAbstract_iB_zgrTNZQqJrb9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-Current Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_zDu40JjJ0uNf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease liabilities, net of current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,077,412</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,058,910</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(c)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,136,322</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_ziRI9KkSMJBi" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Operating lease liabilities, net of current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,809,843</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,809,843</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LiabilitiesNoncurrent_iI_zbTATn8tkDGi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Total non-current liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,887,255</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,058,910</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,946,165</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Liabilities_iI_zJWwDtB7zSac" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Total Liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">23,145,112</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(729,730</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">22,415,382</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--CommitmentsAndContingencies_iI_zABv3YAhiio7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Commitment and Contingencies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--StockholdersEquityAbstract_iB_zSqxmGoLhT0j" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stockholders’ Equity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PreferredStockValue_iI_zZhhiPezXzNc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">PREFERRED STOCK; $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_909_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20250331_z4WDIXcRCNSf" title="Preferred stock, par value">0.001 par value; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--PreferredStockSharesAuthorized_iI_c20250331_zfhYuuzadOe9" title="Preferred stock, shares authorized">1,000,000 shares authorized; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_eus-gaap--PreferredStockSharesOutstanding_iI_dn_c20250331_zBUoz0qGS8U" title="Preferred stock, shares outstanding">none outstanding</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CommonStockValue_iI_zbJusqTEVey" style="vertical-align: bottom; background-color: White"> <td>COMMON STOCK; $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_909_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20250331_zV4nQQblEF76" title="Common stock, par value">0.0005 par value; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_901_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20250331_zN57987dksMa" title="Common stock, shares authorized">80,000,000 shares authorized; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--CommonStockSharesIssued_iI_c20250331_zlngETkqC1lh" title="Common stock, shares issued">1,382,114 shares issued; and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90F_eus-gaap--CommonStockSharesOutstanding_iI_c20250331_zcbCwHmhVhll" title="Common stock, shares outstanding">1,353,531 shares outstanding as of March 31, 2025</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: right">25,934</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: right">(25,243</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="text-align: center">(a)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: right">691</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--TreasuryStockValue_iNI_di_zpHN5iqcipR" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Treasury stock; <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90F_eus-gaap--TreasuryStockCommonShares_iI_c20250331_zEi8ihjuSxAe" title="Treasury stock, shares">28,583 shares as of March 31, 2025 at cost</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: right">(1,372,673)</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="text-align: right">(1,372,673)</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AdditionalPaidInCapital_iI_zOqpL9DDD0v5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additional paid-in capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">105,167,292</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">105,192,535</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--RetainedEarningsUnappropriated_iI_zoR18fat5qtc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Retained earnings unappropriated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,729,304</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,005,600</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(d)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,723,704</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RetainedEarningsAppropriated_iI_zbIE28gqZste" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Retained earnings appropriated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,667,097</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,667,097</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_iI_zLQuA6LhsTL3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Accumulated other comprehensive loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(20,632,127</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">97,730</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center">(e)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(20,534,397</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--StockholdersEquity_iI_pp0d_zMjFu9nuuee5" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Total Stockholders’ Equity</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">142,584,827</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(907,870</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">141,676,957</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LiabilitiesAndStockholdersEquity_iI_pp0d_zNUYsfc7eRAk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Total Liabilities and Stockholders’ Equity</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">165,729,939</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,637,600</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">164,092,339</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The following descriptions of the restatement adjustments to the balance sheet excludes a description of adjustments previously identified and concluded as immaterial that were also corrected as part of the restatement. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(a)</td><td style="width: 5pt"></td><td style="text-align: justify">The change in common stock and additional paid-in capital is due to the Company’s <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--StockholdersEquityReverseStockSplit_c20251001__20251027_zEJGrj9UXqjh" title="Reverse stock split">1-for-10 reverse stock split on October 27, 2025.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(b)</td><td style="width: 5pt"></td><td style="text-align: justify">As of December 31, 2024, in the fixed assets, the original value of the buildings subject to reclassification amounted to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_eus-gaap--BuildingsAndImprovementsGross_iI_c20241231__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zKu8xfJwFNHh">68,476,868. The Company reclassified them based on their acquisition methods. The self-built portion was reclassified as “leasehold improvements” in the property, plant and equipment, with an original value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--LeaseholdImprovementsGross_iI_c20241231__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zOpznGYC4UMh">3,507,367. The leased portion was reclassified as finance lease right-of-use assets, with an original value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization_iI_c20241231__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zxfbyHtgfigj">64,189,590, accumulated amortization of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iI_c20241231__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zKwVCLqyAt4f">19,111,170, and a net value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_c20241231__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zD9aK0Vo8BSi" title="Net value">45,078,720.</td> </tr></table> As of March 31, 2025, in the fixed assets, the original value of the buildings subject to reclassification amounted to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--BuildingsAndImprovementsGross_iI_c20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zl5LmYBVl0Fa" title="Fixed assets buildings">68,575,318. The Company reclassified them based on their acquisition methods. The self-built portion was reclassified as “leasehold improvements” in the property, plant and equipment, with an original value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_907_eus-gaap--LeaseholdImprovementsGross_iI_c20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zThPD3UNTPs8" title="Leasehold improvements">3,512,410. The leased portion was reclassified as finance lease right-of-use assets, with an original value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization_iI_c20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_z5uod8uG6X9i" title="Finance lease right-of use assets">64,281,876, accumulated amortization of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iI_c20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zoMyeUIEPhq5" title="Accumulated amortization">19,912,813, and a net value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_c20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zduM5FeT1rT1" title="Net value">44,369,063. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(c)</td><td style="width: 5pt"></td><td style="text-align: justify">As of December 31, 2024, the amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90F_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_iI_c20241231__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zjPwyAwk777c">7,878,181 in accounts payable and accrued expenses was reclassified as finance lease liability relating to the salt pans. The reclassified amount of finance lease liabilities including the current portion of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--FinanceLeaseLiabilityCurrent_iI_c20241231__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zNBfSPCSpI3i">3,124,550 and the non-current portion of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_c20241231__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_z8QDHQ4fMYOd">4,014,019.</td> </tr></table> As of March 31, 2025, the amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_902_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_iI_c20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zh2r4s4nfOlh" title="Accounts payable and accrued expenses">4,769,747 in accounts payable and accrued expenses was reclassified as finance lease liability relating to the salt pans. The reclassified amount of finance lease liabilities including the non-current portion of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFU1RBVEVNRU5UIE9GIFBSRVZJT1VTTFkgSVNTVUVEIEZJTkFOQ0lBTCBTVEFURU1FTlRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90B_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_c20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zztBUamBqnue" title="Finance lease liabilities noncurrent">4,058,910. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(d)</td><td style="width: 5pt"></td><td style="text-align: justify">Regarding the decrease in retained earnings unappropriated, the main reasons was the increase in expenses. The increase in expenses is mainly due to the reclassification of the financial lease right-of-use asset. Previously, depreciation was calculated after deducting 5% residual value from the fixed assets, but now there is no residual value for amortization of finance lease right-of-use asset calculation.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(e)</td><td style="width: 5pt"></td><td style="text-align: justify">The change in the accumulated other comprehensive loss represents the foreign currency translation differences in the financial statements.</td> </tr></table>

10075162

564523

315371

6376656

25040 25040

94074

17450826

136143177

-46712127

89431050

76868

45078420

45155288

6169855

9615269

152005169

-1633707

150371462

169455995

-1633707

167822288

14323458

-7878181

6445277

113999

2584808 2584808

217743

3124550

3342293

491850

17731858

-4753631

12978227

1075865

4014019

5089884

6941602

8017467

4014019

12031486

25749325

-739612

25009713

0.001

1000000

0.0005

80000000

1120145

1091562

24623

-24063

560

28583

1372673

101688262

24063

101712325

194700

37358804

-964920

36393884

26667097

-20854143

70825

-20783318

143706670

-894095

142812575

169455995

-1633707

167822288

8523045

2114222

455059

6393161

25076 25076

126050

17636613

132341321

-46006663

86334658

75721

44369063

44444784

6050429

9625855

148093326

-1637600

146455726

165729939

-1637600

164092339

11656665

-4788640

6868025

276516

2586422 2586422

239771

498483

15257857

-4788640

10469217

1077412

4058910

5136322

6809843

7887255

4058910

11946165

23145112

-729730

22415382

0.001

1000000

0.0005

80000000

1382114

1353531

25934

-25243

691

28583

1372673

105167292

25243

105192535

32729304

-1005600

31723704

26667097

-20632127

97730

-20534397

142584827

-907870

141676957

165729939

-1637600

164092339

1-for-10

68476868

3507367

64189590

19111170

45078720

68575318

3512410

64281876

19912813

44369063

7878181

3124550

4014019

4769747

4058910

The effects of the restatement on the consolidated statement of operations income (loss) for the three months ended March 31, 2024, are summarized in the following table: SCHEDULE OF STATEMENT OF OPERATIONS INCOME (LOSS) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_492_20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zDiLjRUSxsyi" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_498_20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zUGKZQ1Whh96" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49C_20240101__20240331_zcX3KcOd5lQ7" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="12" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">March 31, 2024</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">As Previously Reported</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> Restatement</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Note</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> As Restated</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr id="xdx_403_eus-gaap--Revenues_ze3dOTTEMUe9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">NET REVENUE</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,307,062</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 12%; text-align: center"></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,307,062</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingExpensesAbstract_iB_znftdE3Y8wt8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">OPERATING COSTS AND EXPENSE</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--RevenueExpense_iN_di_z2kOILPybPuh" style="vertical-align: bottom; background-color: White"> <td>Cost of revenues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,119,845</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,119,845</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--SellingAndMarketingExpense_iN_di_zN4UwBN0P5pk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sales and marketing expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,491</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,491</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_ecustom--DirectLaborAndFactoryOverheadsIncurredDuringPlanShutdown_iN_di_zt5l2L5jclu8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Direct labor and factory overheads incurred during plant shutdown</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,734,689</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,734,689</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--GeneralAndAdministrativeExpense_iN_di_z2qDvMfsvEX8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">General and administrative expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(717,456</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(717,456</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--OperatingExpenses_iN_di_zZRUVFgIioz4" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">TOTAL OPERATING COSTS AND EXPENSE</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,576,481</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,576,481</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingIncomeLoss_z09gBZ3RWCC1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">LOSS FROM OPERATIONS</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,269,419</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,269,419</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--NonoperatingIncomeExpenseAbstract_iB_z8Nm3pcnBrOg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">OTHER INCOME (EXPENSE)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InterestExpense_iN_di_z77oDvJxlWB" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(24,830</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(24,830</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--InvestmentIncomeInterest_zdoJFv0ajY95" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,060</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,060</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OtherNonoperatingIncomeExpense_zUCqwgOkK0yi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Other expense, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,003</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,003</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--NonoperatingIncomeExpense_zCzgPT2BU3sa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">TOTAL OTHER INCOME, NET</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,227</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,227</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_zuOesfUWpB1i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">LOSS BEFORE INCOME TAXES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,262,192</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,262,192</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxExpenseBenefit_iN_di_z2R2kpnXaog3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">INCOME TAX EXPENSE</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,270,060</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,270,060</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NetIncomeLoss_zAz8Z7OJY9U2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">NET LOSS</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3,992,132</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3,992,132</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--ComprehensiveIncomeNetOfTaxAbstract_iB_zSpm39WOPFTc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">COMPREHENSIVE LOSS:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--NetIncomeLoss_zwLMzIZnh8E7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">NET LOSS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3,992,132</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3,992,132</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_iB_zJPhZMvaMw4g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">OTHER COMPREHENSIVE (LOSS) INCOME</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_zbqrudTIMuj9" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">- Foreign currency translation adjustments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(393,867</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(393,867</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--ComprehensiveIncomeNetOfTax_zuUJLP5JQWr2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">TOTAL COMPREHENSIVE LOSS</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,385,999</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,385,999</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">BASIC AND DILUTED LOSS PER SHARE:</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_901_eus-gaap--EarningsPerShareDiluted_c20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zn2YpQFE6TGk" title="DILUTED LOSS PER SHARE">(0.37</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_90C_eus-gaap--EarningsPerShareDiluted_c20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGMp_zc4jAYNPGpWg" title="DILUTED LOSS PER SHARE">(3.29</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(c)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_90D_eus-gaap--EarningsPerShareDiluted_c20240101__20240331_zHVp11Q8dZCh" title="DILUTED LOSS PER SHARE">(3.66</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES:</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfSharesIssuedBasic_c20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zXehieBJ42rd" title="BASIC WEIGHTED AVERAGE NUMBER OF SHARES"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_908_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zAWrFWrT0Y0j" title="DILUTED WEIGHTED AVERAGE NUMBER OF SHARES">10,726,924</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfSharesIssuedBasic_c20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGMp_zoAZ3Zw3LQ14" title="BASIC WEIGHTED AVERAGE NUMBER OF SHARES"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_907_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGMp_zURRL00LpK4i" title="DILUTED WEIGHTED AVERAGE NUMBER OF SHARES">(9,635,362</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center"> (c)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_90C_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20240101__20240331_zHE81k25gfik" title="DILUTED WEIGHTED AVERAGE NUMBER OF SHARES">1,091,562</td><td style="text-align: left"> </td></tr> </table> GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 22 –RESTATEMENT – Continued The effects of the restatement on the consolidated statement of operations income (loss) for the three months ended March 31, 2025, are summarized in the following table: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49F_20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zxyiE6JgDa0f" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_492_20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zyNek6qETSI5" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49B_20250101__20250331_zR9nTyrXiEvi" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="12" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">March 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">As Previously Reported</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> Restatement</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> Note</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> As Restated</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr id="xdx_403_eus-gaap--Revenues_zxrFo6CLNjo4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">NET REVENUE</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,604,447</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="text-align: center; width: 12%"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,604,447</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingExpensesAbstract_iB_zZUdsC5lj5f9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">OPERATING COSTS AND EXPENSE</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--RevenueExpense_iN_di_zOrs1Dvtl8cg" style="vertical-align: bottom; background-color: White"> <td>Cost of revenues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,594,270</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,194</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,597,464</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--SellingAndMarketingExpense_iN_di_zJ9RCfTyaVb7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sales and marketing expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,053</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,053</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_ecustom--DirectLaborAndFactoryOverheadsIncurredDuringPlanShutdown_iN_di_zAGmU1uQ3tT1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Direct labor and factory overheads incurred during plant shutdown</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,225,808</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,225,808</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--GeneralAndAdministrativeExpense_iN_di_ziZpPEvQa1Rk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">General and administrative expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,389,523</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(37,486</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center">(a)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,427,009</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--OperatingExpenses_iN_di_zwCZXVydFrP8" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">TOTAL OPERATING COSTS AND EXPENSE</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,214,654</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(40,680</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,255,334</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingIncomeLoss_zPRiwFYSXhC3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">LOSS FROM OPERATIONS</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,610,207</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(40,680</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,650,887</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--NonoperatingIncomeExpenseAbstract_iB_z9u6JXzZbq29" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">OTHER INCOME (EXPENSE)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InterestExpense_iN_di_zS0lyn85iuBc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(21,722</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"></td><td> </td> <td style="text-align: center"></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(21,722</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--InvestmentIncomeInterest_zQCTspwYMlu" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Interest income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,429</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,429</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--NonoperatingIncomeExpense_zhkZ7JCPVZ8f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">TOTAL OTHER INCOME, NET</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,293</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,293</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_zYgrrxSqgf66" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">LOSS BEFORE INCOME TAXES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,629,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(40,680</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,670,180</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxExpenseBenefit_iN_di_zoP5JIHnnAy8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">INCOME TAX EXPENSE</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NetIncomeLoss_zGTXYRaOW6sh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left">NET LOSS</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,629,500</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(40,680</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,670,180</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--ComprehensiveIncomeNetOfTaxAbstract_iB_zkiAeDoF7qjc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">COMPREHENSIVE LOSS:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--NetIncomeLoss_zLt1tJhe7M4h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">NET LOSS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,629,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(40,680</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,670,180</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_iB_zneiP3xixaIk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">OTHER COMPREHENSIVE (LOSS) INCOME</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_zsqbGTx7Oded" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">- Foreign currency translation adjustments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">222,016</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">26,905</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center">(b)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">248,921</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ComprehensiveIncomeNetOfTax_zxjnK5gDU04a" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left">TOTAL COMPREHENSIVE LOSS</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,407,484</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(13,775</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,421,259</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">BASIC AND DILUTED LOSS PER SHARE</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_908_eus-gaap--EarningsPerShareDiluted_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zF3ZYYZmAYpf" title="DILUTED LOSS PER SHARE">(0.40</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_90F_eus-gaap--EarningsPerShareDiluted_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGMp_zttrzeGBMqxh" title="DILUTED LOSS PER SHARE">(3.53</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(c)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_90D_eus-gaap--EarningsPerShareDiluted_c20250101__20250331_zmqPe9Ryws48" title="DILUTED LOSS PER SHARE">(3.93</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--WeightedAverageNumberOfSharesIssuedBasic_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zysWY0PqYX37" title="BASIC WEIGHTED AVERAGE NUMBER OF SHARES"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_90C_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zBMHjRJthSg7" title="DILUTED WEIGHTED AVERAGE NUMBER OF SHARES">11,685,431</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfSharesIssuedBasic_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGMp_zKNL9EjxYxf5" title="BASIC WEIGHTED AVERAGE NUMBER OF SHARES"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_90D_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGMp_zkj3HO8SpTA" title="DILUTED WEIGHTED AVERAGE NUMBER OF SHARES">(10,498,018</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center"> (c)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpAA__" id="xdx_903_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20250101__20250331_z5wo9UUqZykc" title="DILUTED WEIGHTED AVERAGE NUMBER OF SHARES">1,187,413</td><td style="text-align: left"> </td></tr> </table> The following descriptions of the restatement adjustments to the statement of operations exclude a description of adjustments previously identified and concluded as immaterial they were also corrected as part of the restatement. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(a)</td><td style="width: 5pt"></td><td style="text-align: justify">The increase in cost of revenue and general and administrative expenses were due to the reclassification of finance lease right-of-use asset. Previously, depreciation was calculated after deducting 5% residual value from the fixed assets, but now there is no residual value for amortization of finance lease right-of-use asset calculation.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(b)</td><td style="width: 5pt"></td><td style="text-align: justify">The change in the accumulated other comprehensive loss represents the foreign currency translation differences in the financial statements.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(c)</td><td style="width: 5pt"></td><td style="text-align: justify">The change in basic and diluted loss per share is due to the Company’s <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNUQVRFTUVOVCBPRiBPUEVSQVRJT05TIElOQ09NRSAoTE9TUykgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_906_eus-gaap--StockholdersEquityReverseStockSplit_c20251001__20251027_zMm8QpfFrGu4">1-for-10 reverse stock split on October 27, 2025.</td> </tr></table>

1307062

2119845 2119845

4491

3734689 3734689

717456

6576481

-5269419

24830

36060

-4003

7227

-5262192

-1270060

-3992132

-393867

-4385999

-0.37

-3.29

-3.66

10726924

-9635362

1091562

1604447

1594270 3194 1597464

5053

3225808 3225808

1389523

37486

1427009

6214654

40680

6255334

-4610207

-40680

-4650887

21722

2429

-19293

-4629500

-40680

-4670180

-4629500

-40680

-4670180

-4629500

-40680

-4670180

222016

26905

248921

-4407484

-13775

-4421259

-0.40

-3.53

-3.93

11685431

-10498018

1187413

1-for-10

The effects of the restatement on the consolidated statement of stockholders’ deficit for the three months ended March 31, 2024 are summarized in the following table: SCHEDULE OF CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; display: none; text-align: center">Reference</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; display: none; text-align: center">issued</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; display: none; text-align: center">outstanding</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; display: none; text-align: center">stock</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4BA_us-gaap--StatementEquityComponentsAxis_us-gaap--CommonStockMember_zWktgBlv5lKc" style="border-bottom: Black 1pt solid; display: none; text-align: center">Amount</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4BC_us-gaap--StatementEquityComponentsAxis_us-gaap--TreasuryStockCommonMember_zmms5dfr6kK8" style="border-bottom: Black 1pt solid; display: none; text-align: center">stock</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td id="xdx_4B7_us-gaap--StatementEquityComponentsAxis_us-gaap--OtherAdditionalCapitalMember_zbjSPiWeybEb" style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4B0_us-gaap--StatementEquityComponentsAxis_us-gaap--AdditionalPaidInCapitalMember_z9Uyt3jhbrDe" style="border-bottom: Black 1pt solid; display: none; text-align: center">capital</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4BE_us-gaap--StatementEquityComponentsAxis_us-gaap--RetainedEarningsUnappropriatedMember_zHnRIOj0XyS" style="border-bottom: Black 1pt solid; display: none; text-align: center">unappropriated</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4BE_us-gaap--StatementEquityComponentsAxis_custom--AppropriatedRetainedEarningsMember_zVmk2g5il7ee" style="border-bottom: Black 1pt solid; display: none; text-align: center">appropriated</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4BC_us-gaap--StatementEquityComponentsAxis_us-gaap--AccumulatedOtherComprehensiveIncomeMember_zx6AiBsc2sOg" style="border-bottom: Black 1pt solid; display: none; text-align: center">Income(loss)</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4B0_zWKvW8SEEHld" style="border-bottom: Black 1pt solid; display: none; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center">Common stock</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"></td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Restatement</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number of shares</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number of shares</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> Number of treasury</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Treasury</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> Additional paid-in</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> Retained earnings</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> Retained earnings</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> Accumulated other comprehensive</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Reference</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">issued</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">outstanding</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">stock</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">stock</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">capital</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">unappropriated</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">appropriated</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Income(loss)</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">THREE MONTHS ENDED MARCH 31, 2024 (As Previously Reported)</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr id="xdx_437_c20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_eus-gaap--StockholdersEquity_iS_zgMK65Wlyjof" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; width: 34%; text-align: left">BALANCE AT DECEMBER 31, 2023</td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 3%; text-align: center"> </td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--SharesIssued_iS_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z85W2kfimch6" style="border-bottom: Black 2.5pt double; width: 3%; text-align: right" title="Balance, shares">11,012,754</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--CommonStockSharesOutstanding_iS_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zuvtsRQGE55l" style="border-bottom: Black 2.5pt double; width: 3%; text-align: right" title="Balance, shares">10,726,924</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--TreasuryStockCommonShares_iS_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zjiY7VGkAaZe" style="border-bottom: Black 2.5pt double; width: 3%; text-align: right" title="Balance, shares">285,830</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 3%; text-align: right">24,623</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 3%; text-align: right">(1,372,673</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left">)</td><td style="padding-bottom: 2.5pt; width: 1%"> -</td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 3%; text-align: right">101,688,262</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"></td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 3%; text-align: right">96,294,256</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 3%; text-align: right">26,667,097</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 3%; text-align: right">(18,053,269</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left">)</td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 3%; text-align: right">205,248,296</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_hsrt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zZiUDKrZdzpe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Currency translation adjustment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(393,867</td><td style="text-align: left">) </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(393,867</td><td style="text-align: left">) </td></tr> <tr id="xdx_407_eus-gaap--NetIncomeLoss_hsrt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zHByDx4grP5b" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Net loss for three months ended March 31, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt">-</td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,992,132</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,992,132</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_439_c20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_eus-gaap--StockholdersEquity_iE_zJQBihpUazH4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">BALANCE AT MARCH 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--SharesIssued_iE_c20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zIYZlhlALXif" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">11,012,754</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--CommonStockSharesOutstanding_iE_c20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zaMvkpa17zK" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">10,726,924</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--TreasuryStockCommonShares_iE_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zSnEWCSXAsbe" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">285,830</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,623</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,372,673</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">-</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">101,688,262</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">92,302,124</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,667,097</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(18,447,136</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">200,862,297</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">THREE MONTHS ENDED MARCH 31, 2024 (Restatement Impact)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_438_c20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_eus-gaap--StockholdersEquity_iS_zsbXtUyTedJ1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">BALANCE AT DECEMBER 31, 2023</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: center">(a)</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--SharesIssued_iS_c20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGEp_zn8Hsbt8Bxre" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(9,892,609</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--CommonStockSharesOutstanding_iS_c20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGEp_zNrrx9DV8oG4" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(9,635,362</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--TreasuryStockCommonShares_iS_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGEp_z5WjKm2uZ0U6" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(257,247</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(24,063</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt">-</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,063</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_hsrt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zMIkFycdykP1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Currency translation adjustment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLoss_hsrt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zw6nzelADqA8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Net loss for three months ended March 31, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> —</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt">-</td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_434_c20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_eus-gaap--StockholdersEquity_iE_zSO6MLP6b2te" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left">BALANCE AT MARCH 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: center">(a)</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--SharesIssued_iE_c20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGEp_z9ZPcl20g9n3" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(9,892,609</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--CommonStockSharesOutstanding_iE_c20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGEp_zJRYZe4dsDU" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(9,635,362</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--TreasuryStockCommonShares_iE_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGEp_zaFKiWsVXFLh" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(257,247</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(24,063</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt">-</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,063</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">THREE MONTHS ENDED MARCH 31, 2024 (As Restated)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_435_c20240101__20240331_eus-gaap--StockholdersEquity_iS_zvvGa0NkJ1M2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">BALANCE AT DECEMBER 31, 2023</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--SharesIssued_iS_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zUXEbegbHEXd" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">1,120,145</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--CommonStockSharesOutstanding_iS_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zX33QlMT43x7" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">1,091,562</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--TreasuryStockCommonShares_iS_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zX3x8uNQDF09" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">28,583</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">560</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,372,673</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">-</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">101,712,325</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">96,294,256</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,667,097</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(18,053,269</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">205,248,296</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_zHiNoxzz8Hug" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Currency translation adjustment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(393,867</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(393,867</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--NetIncomeLoss_z60wA7Yua5Lf" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Net loss for three months ended March 31, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt">-</td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,992,132</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,992,132</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_43C_c20240101__20240331_eus-gaap--StockholdersEquity_iE_zTFKvFxNkjp1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">BALANCE AT MARCH 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--SharesIssued_iE_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zhVNGfUwA7Z4" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">1,120,145</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--CommonStockSharesOutstanding_iE_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zmH99MV3U8Re" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">1,091,562</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--TreasuryStockCommonShares_iE_c20240101__20240331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zFvrFbI5LOfg" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">28,583</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">560</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,372,673</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">-</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">101,712,325</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">92,302,124</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,667,097</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(18,447,136</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">200,862,297</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 22 –RESTATEMENT – Continued The effects of the restatement on the consolidated statement of stockholders’ deficit for the three months ended March 31, 2025 are summarized in the following table: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; display: none; text-align: center">Reference</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; display: none; text-align: center">issued</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; display: none; text-align: center">outstanding</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; display: none; text-align: center">stock</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4B3_us-gaap--StatementEquityComponentsAxis_us-gaap--CommonStockMember_zDjANUXeu7V9" style="border-bottom: Black 1pt solid; display: none; text-align: center">Amount</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4B5_us-gaap--StatementEquityComponentsAxis_us-gaap--TreasuryStockCommonMember_z4mXrpOntQ96" style="border-bottom: Black 1pt solid; display: none; text-align: center">stock</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4BA_us-gaap--StatementEquityComponentsAxis_us-gaap--OtherAdditionalCapitalMember_zivrQEUnHPte" style="border-bottom: Black 1pt solid; display: none; text-align: center">issued</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4BC_us-gaap--StatementEquityComponentsAxis_us-gaap--AdditionalPaidInCapitalMember_z1gaaq7RyTU3" style="border-bottom: Black 1pt solid; display: none; text-align: center">capital</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4B0_us-gaap--StatementEquityComponentsAxis_us-gaap--RetainedEarningsUnappropriatedMember_zygOhZ32z5Gf" style="border-bottom: Black 1pt solid; display: none; text-align: center">unappropriated</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4BC_us-gaap--StatementEquityComponentsAxis_custom--AppropriatedRetainedEarningsMember_z22M5evBWFN" style="border-bottom: Black 1pt solid; display: none; text-align: center">appropriated</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4B8_us-gaap--StatementEquityComponentsAxis_us-gaap--AccumulatedOtherComprehensiveIncomeMember_ztJ66s3sKCnf" style="border-bottom: Black 1pt solid; display: none; text-align: center">Income(loss)</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" id="xdx_4B9_zx4cwLCtD62i" style="border-bottom: Black 1pt solid; display: none; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"></td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center">Common stock</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"></td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"></td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"></td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Accumulated</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center">Restatement</td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">of shares</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">of shares</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">of treasury</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Treasury</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Share to be</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Additional paid-in</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Retained earnings</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Retained earnings</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">other comprehensive</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Reference</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">issued</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">outstanding</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">stock</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">stock</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">issued</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">capital</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">unappropriated</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">appropriated</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Income(loss)</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>THREE MONTHS ENDED MARCH 31, 2025 (As Previously Reported)</td><td> </td> <td style="text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_43B_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_eus-gaap--StockholdersEquity_iS_zFdnWNmRqI22" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; width: 7%">BALANCE AT DECEMBER 31, 2024</td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="padding-bottom: 2.5pt; text-align: center; width: 7%"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--SharesIssued_iS_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zGO5836VzPpe" style="border-bottom: Black 2.5pt double; width: 5%; text-align: right" title="Balance, shares">11,012,754</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--CommonStockSharesOutstanding_iS_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zbgOcwG8QjK1" style="border-bottom: Black 2.5pt double; width: 5%; text-align: right" title="Balance, shares">10,726,924</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--TreasuryStockCommonShares_iS_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zsgB4DCFimuj" style="border-bottom: Black 2.5pt double; width: 5%; text-align: right" title="Balance, shares">285,830</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 5%; text-align: right">24,623</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 5%; text-align: right">(1,372,673</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left">)</td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 5%; text-align: right">194,700</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 5%; text-align: right">101,688,262</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 5%; text-align: right">37,358,804</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 4%; text-align: right">26,667,097</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 4%; text-align: right">(20,854,143</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left">)</td><td style="padding-bottom: 2.5pt; width: 1%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 4%; text-align: right">143,706,670</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardGross_hsrt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_ziqPk7HhUvfe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Restricted shares to be issued for service</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zfy3PirJOJFc" style="text-align: right" title="Restricted shares to be issued for service, shares">2,619,694</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zB4QpA8JxKic" style="text-align: right" title="Restricted shares to be issued for service, shares">2,619,694</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,311</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(194,700</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,479,030</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,285,641</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--StockIssuedDuringPeriodValuePurchaseOfAssets_hsrt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zTNN3ILxmVNl" style="vertical-align: bottom; background-color: White"> <td>Acquisition of assets</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_hsrt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zKGdhNpaJ3w6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Currency translation adjustment</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">222,016</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">222,016</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLoss_hsrt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zmsAlYTpYhfg" style="vertical-align: bottom; background-color: White"> <td>Net loss for three months ended March 31, 2025</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,629,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,629,500</td><td style="text-align: left">)</td></tr> <tr id="xdx_439_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_eus-gaap--StockholdersEquity_iE_zjBU23dtXLa6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">BALANCE AT MARCH 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--SharesIssued_iE_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zcw0slkTudC6" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">13,632,448</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--CommonStockSharesOutstanding_iE_c20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zI1E5Wei4mAi" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">13,346,618</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--TreasuryStockCommonShares_iE_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zaTM5FGMFAp4" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">285,830</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,934</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,372,673</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">105,167,292</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32,729,304</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,667,097</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(20,632,127</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">142,584,827</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>THREE MONTHS ENDED MARCH 31, 2025 (Restatement Impact)</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43C_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_eus-gaap--StockholdersEquity_iS_zWw2KPf6u4C8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">BALANCE AT DECEMBER 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center">(a)(b)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--SharesIssued_iS_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGEpKGIp_zmXppG9IRPgg" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(9,892,609</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--CommonStockSharesOutstanding_iS_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGEpKGIp_zYSQWBgMy5Cd" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(9,635,362</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--TreasuryStockCommonShares_iS_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGEpKGIp_ztGhwE2ylEv2" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(257,247</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(24,063</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,063</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(964,920</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">70,825</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(894,095</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardGross_hsrt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zpQ1UoWEEwK9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted shares to be issued for service</td><td> </td> <td style="text-align: center">(d)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGQp_zrSGjEguAfB4" style="text-align: right" title="Restricted shares to be issued for service, service">(2,563,694</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGQp_z8zIe4GIPUS3" style="text-align: right" title="Restricted shares to be issued for service, service">(2,563,694</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,283</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> —</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,088,258</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,089,541</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--StockIssuedDuringPeriodValuePurchaseOfAssets_hsrt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zzURLCUr2Le" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Acquisition of assets</td><td> </td> <td style="text-align: center">(d)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--StockIssuedDuringPeriodSharesPurchaseOfAssets_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGQp_z8DQoYu9xIa7" style="text-align: right" title="Acquisition of assets, shares">205,969</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--StockIssuedDuringPeriodSharesPurchaseOfAssets_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGQp_zacPnRuhzZNl" style="text-align: right" title="Acquisition of assets, shares">205,969</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,089,438</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,089,541</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_hsrt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zT3nuoP0Hfrj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Currency translation adjustment</td><td> </td> <td style="text-align: center">(c)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,905</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,905</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NetIncomeLoss_hsrt--RestatementAxis__srt--RestatementAdjustmentMember_zq4MYvLjzxif" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Net loss for three months ended March 31, 2025</td><td> </td> <td style="text-align: center">(b)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(40,680</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(40,680</td><td style="text-align: left">)</td></tr> <tr id="xdx_43B_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_eus-gaap--StockholdersEquity_iE_za1BMjD8TdVd" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">BALANCE AT MARCH 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center">(a)(b)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--SharesIssued_iE_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGEpKGIp_zhwgfzFXNfdj" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(12,250,334</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--CommonStockSharesOutstanding_iE_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGEpKGIp_z9Kj4S9uwPEj" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(11,993,087</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--TreasuryStockCommonShares_iE_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_fKGEpKGIp_zw5WcYTaVV5" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">(257,247</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(25,243</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,243</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,005,600</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">97,730</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(907,870</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>THREE MONTHS ENDED MARCH 31, 2025 (As Restated)</td><td> </td> <td style="text-align: center"></td><td> </td> <td style="text-align: left"> </td><td style="text-align: left"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: left"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: left"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td style="text-align: right"></td><td style="text-align: left"></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td style="text-align: right"></td><td style="text-align: left"></td><td> </td> <td style="text-align: left"></td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr id="xdx_433_c20250101__20250331_eus-gaap--StockholdersEquity_iS_z2qOWCdgGds6" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">BALANCE AT DECEMBER 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--CommonStockSharesIssued_iS_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zvSbXGvjrhT6" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">1,120,145</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--CommonStockSharesOutstanding_iS_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zRNoV1uYlawc" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">1,091,562</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--TreasuryStockCommonShares_iS_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zvMfkzDoHuIf" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">28,583</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right"> 560</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right"> (1,372,673</td><td style="padding-bottom: 2.5pt; text-align: left">) </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right"> 194,700</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right"> 101,712,325</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right"> 36,393,884</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right"> 26,667,097</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"> (20,783,318</td><td style="padding-bottom: 2.5pt; text-align: left">) </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$ </td><td style="border-bottom: Black 2.5pt double; text-align: right">142,812,575</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardGross_zLDqjiGfhXm1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Restricted shares to be issued for service</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zyXLz8Sm4d67" style="text-align: right" title="Restricted shares to be issued for service, shares">56,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zJCFzPXMPNn3" style="text-align: right" title="Restricted shares to be issued for service, shares">56,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(194,700</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">390,772</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">196,100</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--StockIssuedDuringPeriodValuePurchaseOfAssets_zGzHtLkM6Aqh" style="vertical-align: bottom; background-color: White"> <td>Acquisition of assets</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--StockIssuedDuringPeriodSharesPurchaseOfAssets_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zLVLUVNL3bj8" style="text-align: right" title="Acquisition of assets, shares">205,969</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--StockIssuedDuringPeriodSharesPurchaseOfAssets_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zelTWKMtdmd9" style="text-align: right" title="Acquisition of assets, shares">205,969</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,089,438</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,089,541</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_zSnHRiG5nAF3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Currency translation adjustment</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">248,921</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">248,921</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--NetIncomeLoss_zudXOqFVaCX2" style="vertical-align: bottom; background-color: White"> <td>Net loss for three months ended March 31, 2025</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,670,180</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,670,180</td><td style="text-align: left">)</td></tr> <tr id="xdx_434_c20250101__20250331_eus-gaap--StockholdersEquity_iE_zJuyf4hV0Tw6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">BALANCE AT MARCH 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--SharesIssued_iE_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zDKufs6tHdE6" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">1,382,114</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--CommonStockSharesOutstanding_iE_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zapwCYqyXUa8" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">1,353,531</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--TreasuryStockCommonShares_iE_c20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_z8Zbpr4jY7M4" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, shares">28,583</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">691</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,372,673</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">105,192,535</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">31,723,704</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,667,097</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(20,534,397</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">141,676,957</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The following descriptions of the restatement adjustments to the consolidated statement of stockholders’ deficit excludes a description of adjustments previously identified and concluded as immaterial the were also corrected as part of the restatement. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(a)</td><td style="width: 5pt"></td><td style="text-align: justify">The change in common stock and additional paid-in capital is due to the Company’s <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlNPTElEQVRFRCBTVEFURU1FTlQgT0YgU1RPQ0tIT0xERVJTJyBERUZJQ0lUIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_eus-gaap--StockholdersEquityReverseStockSplit_c20251001__20251027_z5dFIQQmsSU4">1-for-10 reverse stock split on October 27, 2025.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(b)</td><td style="width: 5pt"></td><td style="text-align: justify">Regarding the decrease in retained earnings unappropriated, the main reason was that cost of revenue and general and administrative expenses increased. The increase of expenses was due to the reclassification of finance lease right-of-use asset. Previously, depreciation was calculated after deducting 5% residual value from the fixed assets, but now there is no residual value for amortization of finance lease right-of-use asset calculation.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(c)</td><td style="width: 5pt"></td><td style="text-align: justify">The change in the accumulated other comprehensive loss represents the foreign currency translation differences in the financial statements.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(d)</td><td style="width: 5pt"></td><td style="text-align: justify">The amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlNPTElEQVRFRCBTVEFURU1FTlQgT0YgU1RPQ0tIT0xERVJTJyBERUZJQ0lUIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--StockIssuedDuringPeriodValuePurchaseOfAssets_c20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zKn99WJiSAg" title="Acquisition of assets">3,089,541 originally classified as restricted shares to be issued for service was reclassified to acquisition of assets, as the shares were issued in connection with the asset acquisition.</td> </tr></table>

11012754

10726924

285830

24623

-1372673

101688262

96294256

26667097

-18053269

205248296

-393867

-3992132

11012754

10726924

285830

24623

-1372673

101688262

92302124

26667097

-18447136

200862297

-9892609

-9635362

-257247

-24063

24063

-9892609

-9635362

-257247

-24063

24063

1120145

1091562

28583

560

-1372673

101712325

96294256

26667097

-18053269

205248296

-393867

-3992132

1120145

1091562

28583

560

-1372673

101712325

92302124

26667097

-18447136

200862297

11012754

10726924

285830

24623

-1372673

194700

101688262

37358804

26667097

-20854143

143706670

2619694

1311

-194700

3479030

3285641

222016

-4629500

13632448

13346618

285830

25934

-1372673

105167292

32729304

26667097

-20632127

142584827

-9892609

-9635362

-257247

-24063

24063

-964920

70825

-894095

-2563694

-1283

-3088258

-3089541

205969

103

3089438

3089541

26905

-40680

-12250334

-11993087

-257247

-25243

25243

-1005600

97730

-907870

1120145

1091562

28583

560

-1372673

194700

101712325

36393884

26667097

-20783318

142812575

56000

-194700

390772

196100

205969

103

3089438

3089541

248921

-4670180

1382114

1353531

28583

691

-1372673

105192535

31723704

26667097

-20534397

141676957

1-for-10

3089541

The effects of the restatement on the consolidated statement of cash flows for the three months ended March 31, 2024, are summarized in the following table: SCHEDULE OF CONSOLIDATED STATEMENT OF CASH FLOWS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_498_20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_znSaxZWWk9i1" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49C_20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_z7vY49vyvfI4" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_490_20240101__20240331_zaQefPYz9AQk" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="12" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As Previously Reported</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Restatement</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Note</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As Restated</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesAbstract_iB_zC9JXgqzq1Da" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">CASH FLOWS FROM OPERATING ACTIVITIES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--NetIncomeLoss_zk8gebyAoEmd" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(3,992,132</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="text-align: center; width: 12%"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(3,992,132</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_iB_z38TFYWACSL5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjustments to reconcile net income to net cash provided by (used in) operating activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--InterestOnCapitalLeaseObligation_zZTAMqUfjft7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Amortization on capital lease</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,830</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,830</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Depreciation_z16DzZA3PZN1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,733,475</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(313,941</td><td style="text-align: left">)</td><td> </td> <td id="xdx_F24_zRf2Hi6DdMXc" style="text-align: center">(a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,419,534</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ShareBasedCompensation_zNqkq0wpitq5" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; padding-left: 10pt; text-align: left">Stock-based compensation expense</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredIncomeTaxesAndTaxCredits_z3WDbT8RN2xd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Deferred tax asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,270,060</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,270,060</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseRightOfUseAssetAmortizationExpense_z65gmaqmqMSf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Amortization of operating lease right-of-use asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">217,345</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> —</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">217,345</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_ze4FFRkGca9l" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Amortization of finance lease right-of-use asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">313,941</td><td style="text-align: left"> </td><td> </td> <td id="xdx_F27_z9SDaSKgCIui" style="text-align: center">(a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">313,941</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--AccruedInterestReceivable_iN_di_zM9SsaOorNhd" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; padding-left: 10pt; text-align: left">Accrued interest receivable</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_iB_zR5HIpVHBWRg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Changes in assets and liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInAccountsReceivable_iN_di_zpTfZcV4TTSb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(402,545</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(402,545</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--IncreaseDecreaseInInventories_iN_di_zISOzd8u97lf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(57,859</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(57,859</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_iN_di_zEGG9xoe1ZMf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Prepayment and deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(44,903</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(44,903</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_zbb7Fuz4Oty2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Advance from customers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(36,222</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(36,222</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--IncreaseDecreaseInOtherReceivables_iN_di_zQTN8BqtXc63" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(774</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(774</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_zlORvCYLXNGe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Accounts and other payable and accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17,847</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17,847</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--IncreaseDecreaseInAccruedTaxesPayable_zmtkkPyAxsn5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Taxes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(257,766</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(257,766</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_z3eZuADyMAEc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left">Lease liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(226,018</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(226,018</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i_pp0p" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">Net cash used in operating activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,330,476</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,330,476</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_z2SBYIZ5xczj" style="vertical-align: bottom; background-color: White"> <td>CASH FLOWS FROM INVESTING ACTIVITIES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--LoansToThirdParties_iN_di_z2dT2k66mIud" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none">Loans to third parties</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--NetCashProvidedByUsedInInvestingActivities_iT_zgajb4HwjIb9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Net cash used in investing activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_z837FpKybhp5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">CASH FLOWS FROM FINANCING ACTIVITIES</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ProceedsFromIssuanceOfLongTermDebt_zteCrsJNNlj1" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none">Proceeds from long-term borrowing</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ProceedsFromShortTermDebt_zaKRrXeaImue" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none">Proceeds from short-term borrowing</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--NetCashProvidedByUsedInFinancingActivities_iT_z2GtGaBLJXak" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Net cash used in financing activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_zByH8v2lO0Ra" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(131,622</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(131,622</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_zfjwVwrkNhF2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">NET DECREASE IN CASH AND CASH EQUIVALENTS</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,462,098</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,462,098</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iS_zDqxMzNPYzbl" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">72,223,894</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">72,223,894</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iE_zmVwU6RWkhtl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">CASH AND CASH EQUIVALENTS - END OF YEAR</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">70,761,796</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">70,761,796</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49A_20240101__20240331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zjep8O5FsdMj" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49B_20240101__20240331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zTpkcvuINhbh" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49E_20240101__20240331_zGWpMNlkIxu" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="12" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">March 31, 2024</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">As Previously Reported</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Restatement</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Note</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">As Restated</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--SupplementalCashFlowInformationAbstract_iB_zmweTgZd7Rd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 12%; text-align: right"></td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--IncomeTaxesPaidNetAbstract_iB_zF1SUEp9Kse7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0pt; text-align: left">Cash paid during the year for:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--IncomeTaxesPaid_zUOwKjTZNMyj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Paid for taxes</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">481,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">481,153</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--InterestPaidNet_zlDRZ6XSQYi" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Interest paid</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">24,830</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">24,830</td><td style="text-align: left"> </td></tr> </table> GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 22 –RESTATEMENT – Continued The effects of the restatement on the consolidated statement of cash flows for the three months ended March 31, 2025, are summarized in the following table: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49D_20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zbVSeooKQ2Ik" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49D_20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zqgnNH3Yaw3i" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_499_20250101__20250331_zZ2hDc5mB539" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="12" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">As Previously Reported</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Restatement</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Note</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">As Restated</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesAbstract_iB_zvkSnuHSanhi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">CASH FLOWS FROM OPERATING ACTIVITIES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--NetIncomeLoss_z64mRoU3e3Bj" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(4,629,500</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">(40,680</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td id="xdx_F2D_z3KcADqDMCw2" style="width: 12%; text-align: center">(b)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(4,670,180</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_iB_zqfr20pxSyD3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjustments to reconcile net income to net cash provided by (used in) operating activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--InterestOnCapitalLeaseObligation_zRTWIiWyoP33" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Amortization on capital lease</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,722</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,135</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,857</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Depreciation_zHQXEYXJdy4a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,003,524</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(774,157</td><td style="text-align: left">)</td><td> </td> <td style="text-align: center">(a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,229,367</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ShareBasedCompensation_zb5WCMVWl7R5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Stock-based compensation expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">196,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">196,100</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseRightOfUseAssetAmortizationExpense_zZoatcLQzrN3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Amortization of operating lease right-of-use asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">217,801</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">217,801</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_zPTKcaHnjpbh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Amortization of finance lease right-of-use asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">775,702</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">775,702</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_iB_znOFzbBy4ufi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; text-align: left">Changes in assets and liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInAccountsReceivable_iN_di_zya8J0yFNKTe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,549,443</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,549,443</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--IncreaseDecreaseInInventories_iN_di_z73055Uyxr34" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(139,285</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(139,285</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_iN_di_z3qeiSFiUI75" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Prepayment and deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,340</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,340</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--IncreaseDecreaseInOtherReceivables_iN_di_zKsxtBT1FsS4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(31,987</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(31,987</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_zmPlDuMmhcf8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accounts and other payable and accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">401,190</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">401,190</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--IncreaseDecreaseInAccruedTaxesPayable_zQWdjrBTyoMl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Taxes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">162,411</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">162,411</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_zMr8waSdkEra" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left">Lease liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(225,321</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(225,321</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--NetCashProvidedByUsedInOperatingActivities_zDMvOUIcFQEj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">Net cash used in operating activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,580,128</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"></td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,580,128</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zUrnV7uttWDe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--NetCashProvidedByUsedInInvestingActivities_iT_zR7Ixh23qWpc" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">Net cash used in investing activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_z2MIt3Ms7yIf" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--NetCashProvidedByUsedInFinancingActivities_iT_zZqC0e3lMh6a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">Net cash used in financing activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_zgPHo9xOOH3a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">28,011</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">28,011</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_zsr4ZLcY0Qd1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">NET DECREASE IN CASH AND CASH EQUIVALENTS</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,552,117</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,552,117</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iS_zway3mRnj2Mc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,075,162</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,075,162</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iE_zrgZc2jrUX89" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left">CASH AND CASH EQUIVALENTS - END OF YEAR</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,523,045</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,523,045</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_495_20250101__20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zpL5GOvzzRel" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49B_20250101__20250331__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_z7MmuuM6gxi8" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: center"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_490_20250101__20250331_zKIV1cDhbx34" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="12" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">March 31, 2025</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">As Previously</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Reported</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Restatement</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Note</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">As Restated</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr id="xdx_403_eus-gaap--SupplementalCashFlowInformationAbstract_iB_z4wQdekvU28l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--IncomeTaxesPaidNetAbstract_iB_z3fdhXW1Npf1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash paid during the year for:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--IncomeTaxesPaid_zOYUuEafWrsh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 44%; text-align: left">Paid for taxes</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">77,386</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 12%; text-align: center"></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">77,386</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--InterestPaidNet_zbBCl8E9ch99" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Interest paid</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">21,722</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,135</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(a)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">60,857</td><td style="text-align: left"> </td></tr> </table> GULF RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Expressed in U.S. dollars) (UNAUDITED) NOTE 22 –RESTATEMENT – Continued SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES The following descriptions of the restatement adjustments to the statement of cash flows excludes a description of adjustments previously identified and concluded as immaterial that were also corrected as part of the restatement. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(a)</td><td style="width: 5pt"></td><td style="text-align: justify">This restatement is due to the reclassification of buildings without property ownership certificates in fixed assets. The Company reclassified them based on their acquisition methods. The self-built portion was reclassified as “leasehold improvements” in the property, plant and equipment. The leased portion was reclassified as finance lease right-of-use assets.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(b)</td><td style="width: 5pt"></td><td style="text-align: justify">Regarding the increase in net loss, the main reason was that cost of revenue and general and administrative expenses increased. The increase in expenses was due to the reclassification of finance lease right-of-use asset. Previously, depreciation was calculated after deducting 5% residual value from the fixed assets, but now there is no residual value for amortization of finance lease right-of-use asset calculation.</td> </tr></table>

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false false false false The shares and per share data are presented on a retroactive basis to reflect the stock split.