Gulf Resources, Inc. (Nasdaq: GURE) ("Gulf Resources" or the
"Company"), a leading manufacturer of bromine, crude salt and
specialty chemical products in China, today announced the unaudited
financial results for the second quarter ended June 30, 2018.
Financial Results
Three and Six Months Ended June 30,
2018
For the three months ended June 30, 2018
- Net Revenue was $4,594 compared to $47.5 million in the same
period of the prior year.
- Loss from operations was $6.8 million compared to a profit of
$18.5 million in the same period of the prior year.
- Net loss was $4.8 million compared to a profit of $13.8 million
in the same period of the prior year.
- Loss per share was $0.10*.
For the six months ended June 30, 2018
- Net revenue was $2.3 million compared to $80.3 million in the
same period of the prior year
- Loss from operations was $15.1 million compared to a profit of
$29.3 million in the same period of the prior year
- Net loss was $11.8 million compared to a profit of $21.8
million in the same period of the prior year.
- Cash on hand totaled $215,975,864, ($4.61* per share).
- Net net cash (cash minus all liabilities) totaled $205,264,293
($4.39* per share).
- Shareholders’ Equity equaled $360,132,158 ($7.69* per
share)
- Free cash flow from operations, before the impact of currency
was $10.4 million.
“We are going through the most complex of times,” Mr. Liu
Xiaobin, the CEO stated. “The situation in which we find ourselves
is completely unprecedented. Six of the bromine factories completed
their rectification process within factory areas (i.e. excluding
crude salt field area) , and awaiting for the further measures from
the government. We are awaiting approval on the design for our new
chemical factory. We believe we have solved the problems at our
natural gas well and are getting ready to begin trial production.
Fortunately, we believe that we have sufficient working capital
that will enable us to satisfy the government requirements, build
new facilities, and grow organically . Our focus is the future of
the Company. We understand that bromine and chemical capacity in
China may be reduced, and we believe that as one of the leading
players in the market, we have the ability to make our products
more profitable.”
Bromine
On September 1, 2017, the company received notification from the
government of Yankou County, Shouguang City that production for its
factories should be halted to perform rectification and
improvement. In October 2017, the company and the county
authorities agreed on a plan that would cost $35 million for
rectifications. As of June 30, 2018, the company had spent
$27,048,794 on these rectification and improvement projects. And
the Company expects to spend an additional $40 million in 2018 to
carry out enhancement projects for its extraction wells.
Originally, six bromine factories completed their rectification
process within factory areas (i.e. excluding crude salt field area)
and were approved and scheduled for production commencement by
April 2018 as verbally indicated by the local government
Subsequently, the Shandong Provincial government required the
local government to conduct “four rating and one comprehensive
evaluation” for all of the chemical companies within its
jurisdiction. This has delayed the production commencement schedule
of the six bromine and crude salt factories. As of current date,
the Company has not received any official approval from the
government.
The remaining four bromine and crude salt
factories have a slightly more complex issue that needs to be
resolved. All bromine factories now require paired crude salt pans
to prevent the halogen water resulting from the production process
from flowing into the sea. Four of these bromine factories do not
have a designated crude salt pan where the wastewater could be
channeled. The Company has four alternatives for these four
factories which do not have paired crude salt pans: 1. It can form
partnerships with adjacent bromine facilities that do have crude
salt pans. The nature of these partnerships could take many forms.
At present, the Company is communicating with a third party about
the waste water discharge of the Factory No 10. If an agreement is
reached, the Company will invest RMB7 million to build a new
aqueduct and discharge the waste water to the designated place for
treatment by the designated party. 2. The Company could petition
the government for a zoning change so that additional land for salt
pans could be obtained. The Company believes this might be
difficult but is worth pursuing; 3. The Company could negotiate a
different method of dealing with this issue; or, 4. These factories
could conceivably be forced to close. At the present time, the
Company is also working with the government on these issues and has
not reached any final solution yet.
Subsequently on June 29 2018, the Company
received a formal notice (dated June 25, 2018) jointly issued by
various provincial government agencies in Shandong Province (the
“Notice”) forwarded by the Weifang City Special Operations Leading
Group Office of Safe Production, Transformation and Upgrading of
Chemical Industry. In the Notice, the provincial government
agencies set forth further requirements and procedures covering the
following four aspects for the chemical industrial enterprises:
project approval, planning approval, land use rights approval and
environmental protection assessment approval. Those standards and
procedures apply to all chemical industrial enterprises in Shandong
Province including the Company’s bromine plants that have not
completed project approval procedures, planning approval
procedures, land use rights approval procedures and environmental
protection assessment procedures. The Company believes that
the government will not grant approval to the Company to allow its
bromine and crude salt plants to resume operations until the
Company has fully complied with the aforesaid rules set forth in
the Notice.
The Shouguang City Bromine Association, on
behalf of all the bromine plants in Shouguang, has started
discussions with the local government agencies. The local
governmental agencies confirmed the facts that their initial
requirements for the bromine industry did not include the project
approval, the planning approval and the land use rights approval
and that those three additional approvals were new requirements of
the provincial government. We understood from the local
government that it has been coordinating with several government
agencies to solve these three outstanding approval issues in a
timely manner and that all the affected bromine plants are not
allowed to commence production prior to obtaining those
approvals.
The Company is not certain how long the
temporary delay will be due to the issuance and implement of the
Notice. The Company believes that this is another step by the
government to improve the environment. It further believes the goal
of the government is not to close all plants, but rather to codify
the regulations related to project approval, land use, planning
approval and environmental protection assessment approval so that
illegal plants are not able to open in the future and so that
plants close to population centers do not cause serious
environmental damage. In addition, the Company believes that the
Shandong provincial government wants to assure that each of its
regional and county governments has applied the Notice in a
consistent manner.
In addition, to the Company’s knowledge, some of the bromine
factories in China are expected to be closed permanently due to
stricter government policy. With the trend of the depreciation of
RMB and the trade war between US and China, we believe imported
bromine are becoming more expensive. As a result, the Company
anticipates that locally supplied bromine could become more popular
and its price could trend up. The company is optimistic about the
long-term earnings potential in the Company’s bromine and crude
salt.
Chemicals
Gulf Resources has secured from the government,
the land use rights for its chemical plants located at the Bohai
Marine Fine Chemical Industrial Park. It has purchased the land for
$9.7 million and presented completed construction design draft and
other related documents to the local authorities for approval. The
Company expected to receive feedback from the local authorities.
However, the Company does believe there could be a delay for the
approval process given the ongoing rectification and approvals
process for the Company’s other plants.
At the present time, the company plans to begin construction of
the chemical factories in the first quarter of 2019 and complete
the construction during 2019, and begin production at the beginning
of 2020. The Company estimates that the factory will cost
approximately $60 million. Most of budgeted fund is expected to be
used for the building and the equipment in 2019. To the Company’s
knowledge, some of the chemical factories in China could be
permanently closed. With the weaker RMB, potential tariffs, and
less competition, we believe that the Company’s new factories, with
state-of-the-art equipment, should be able to generate more
profits.
Natural Gas
The Company and Xinan Shiyou Daxue (Southwest
Petroleum University) have developed a solution to our technical
drilling problem. The equipment was delivered and installed in July
2018. We are now actively testing the equipment to make sure that
it works and that there are no issues with water or impurities. We
expect to begin trial production in September 2018. We expect to be
at full production around September of 2019.
Pending the results of the trial production, we plan to start
drilling our next well in the second half of 2019. Our
current plans are to drill two wells in 2019. At the present time,
we expect a new well to cost approximately between $3.7 and $4.5
million.
Despite the problems we have encountered, the Company continues
to be very optimistic about the opportunities in natural gas. The
government mandatory policies of replacing coal by natural gas and
electricity as utility source have created energy shortages in
China. Last winter, some factories in northern China were closed
because of shortage of natural gas. The demand for natural gas as a
clean fuel is increasing sharply. We believe we can be a part of
the solution.
“We appreciate the support of our shareholders,” Mr. Liu
Xiaobin, the CEO of Gulf Resources stated. “I do not think anyone
can imagine what a complex and difficult time this has been for our
management team. Every member of our team has been working
diligently and made every effort to meet the new government
requirements. Our focus is to get our bromine factories
operational, build our new chemical factory, and begin producing
natural gas at our first well..”
“We recognize,” Mr. Liu continued, “that our shareholders have
been very patient. We know this is a difficult time for you as
well. We only ask that you understand this is an even more
difficult time for us. We are committed to improving our
communication with our shareholders, so they can follow every step
in our progress of re-opening our facilities. We are also committed
to finding ways of enhancing shareholder value once we have our
businesses back in operation.”
(*These calculations are based on the basic
weighted average number of shares outstanding of 46,803,791 as of
June 30,2018)
Conference Call
Gulf Resources' management will host a conference call on
Monday, August 13, 2018 at 8:30 a.m. Eastern Time to discuss its
financial results for the second quarter ended June 30, 2018.
Mr. Xiaobin Liu, CEO of Gulf Resources, will be hosting the
call. The Company's management team will be available for investor
questions following the prepared remarks.
To participate in this live conference call, please dial +1
(877) 275-8968 five to ten minutes prior to the scheduled
conference call time. International callers should dial +1 (706)
643-1666. The conference participant pass code
is 4769557.
The webcasting is also available then, just simply click on the
link
below: http://www.gulfresourcesinc.com/events.html
A replay of the conference call will be available two hours
after the call's completion during 08/13/2018 11:30 EDT -
08/28/2018 23:59 EDT. To access the replay, call +1 (855) 859-2056.
International callers should call +1 (404) 537-3406. The conference
ID is 4769557.
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through three wholly-owned
subsidiaries, Shouguang City Haoyuan Chemical Company Limited
("SCHC"), Shouguang Yuxin Chemical Industry Co., Limited ("SYCI"),
and Daying County Haoyuan Chemical Company Limited (“DCHC”). The
company believes that it is one of the largest producers of bromine
in China. Elemental Bromine is used to manufacture a wide variety
of compounds utilized in industry and agriculture. Through SYCI,
the company manufactures chemical products utilized in a variety of
applications, including oil and gas field explorations and
papermaking chemical agents, and materials for human and animal
antibiotics. DCHC was established to further explore and develop
natural gas and brine resources (including bromine and crude salt)
in China. For more information,
visit www.gulfresourcesinc.com.
Forward-Looking Statements
Certain statements in this news release contain forward-looking
information about Gulf Resources and its subsidiaries business and
products within the meaning of Rule 175 under the Securities Act of
1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and
are subject to the safe harbor created by those rules. The actual
results may differ materially depending on a number of risk factors
including, but not limited to, the general economic and business
conditions in the PRC, future product development and production
capabilities, shipments to end customers, market acceptance of new
and existing products, additional competition from existing and new
competitors for bromine and other oilfield and power production
chemicals, changes in technology, the ability to make future
bromine asset purchases, and various other factors beyond its
control. All forward-looking statements are expressly qualified in
their entirety by this Cautionary Statement and the risks factors
detailed in the company's reports filed with the Securities and
Exchange Commission. Gulf Resources undertakes no duty to revise or
update any forward-looking statements to reflect events or
circumstances after the date of this release.
CONTACT: Gulf Resources, Inc.
Web: http://www.gulfresourcesinc.com
Director of
Investor Relations
Helen Xu
(Haiyan Xu)
beishengrong@vip.163.com
|
GULF RESOURCES, INC. |
AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Expressed in U.S. dollars) |
|
|
|
|
|
|
|
|
|
June 30, 2018 Unaudited |
|
|
December 31, 2017 Audited |
|
Current Assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
215,975,864 |
|
|
$ |
208,906,759 |
|
Accounts
receivable |
|
|
4,650,250 |
|
|
|
29,765,884 |
|
Inventories, net |
|
|
181,094 |
|
|
|
1,196,785 |
|
Prepayments and deposits |
|
|
1,456,090 |
|
|
|
1,395,289 |
|
Prepaid land leases |
|
|
773,480 |
|
|
|
246,640 |
|
Other
receivable |
|
|
12,952 |
|
|
|
2,089 |
|
Total
Current Assets |
|
|
223,049,730 |
|
|
|
241,513,446 |
|
Non-Current Assets |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
94,828,982 |
|
|
|
95,114,504 |
|
Property, plant and equipment under capital leases, net |
|
|
394,180 |
|
|
|
492,238 |
|
Prepaid land leases, net of current portion |
|
|
14,151,767 |
|
|
|
14,477,771 |
|
Deferred tax assets |
|
|
9,408,852 |
|
|
|
6,526,555 |
|
Goodwill |
|
|
29,010,218 |
|
|
|
29,374,909 |
|
Total non-current
assets |
|
|
147,793,999 |
|
|
|
145,985,977 |
|
Total
Assets |
|
$ |
370,843,729 |
|
|
$ |
387,499,423 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
774,134 |
|
|
$ |
1,032,083 |
|
Retention payable |
|
|
643,305 |
|
|
|
956,351 |
|
Capital lease obligation, current portion |
|
|
128,575 |
|
|
|
203,206 |
|
Taxes
payable-current |
|
|
2,049,741 |
|
|
|
1,474,592 |
|
Total
Current Liabilities |
|
|
3,595,755 |
|
|
|
3,666,232 |
|
Non-Current Liabilities |
|
|
|
|
|
|
|
|
Capital lease obligation, net of current portion |
|
|
2,146,816 |
|
|
|
2,303,995 |
|
Taxes
payable-non-current |
|
|
4,969,000 |
|
|
|
4,969,000 |
|
Total
Non-Current Liabilities |
|
|
7,115,816 |
|
|
|
7,272,995 |
|
Total
Liabilities |
|
$ |
10,711,571 |
|
|
$ |
10,939,227 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
|
PREFERRED STOCK; $0.001
par value; 1,000,000 shares authorized; none outstanding |
|
$ |
- |
|
|
$ |
- |
|
COMMON STOCK; $0.0005 par value; 80,000,000 shares authorized;
47,052,940 shares issued and46,803,791 shares outstanding as of
June 30, 2018 and December 31, 2017, respectively |
|
|
23,525 |
|
|
|
23,525 |
|
Treasury stock; 249,149 shares as of June 30, 2018 and December 31,
2017 at cost |
|
|
(554,870 |
) |
|
|
(554,870 |
) |
Additional paid-in capital |
|
|
94,524,608 |
|
|
|
94,524,608 |
|
Retained earnings unappropriated |
|
|
238,380,458 |
|
|
|
250,170,431 |
|
Retained earnings appropriated |
|
|
24,233,544 |
|
|
|
24,233,544 |
|
Accumulated other comprehensive income |
|
|
3,524,893 |
|
|
|
8,162,958 |
|
Total
Stockholders’ Equity |
|
|
360,132,158 |
|
|
|
376,560,196 |
|
Total
Liabilities and Stockholders’ Equity |
|
$ |
370,843,729 |
|
|
$ |
387,499,423 |
|
|
|
|
|
|
|
|
|
|
GULF RESOURCES, INC.AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND
COMPREHENSIVE INCOME (LOSS) |
(Expressed in U.S. dollars) |
(UNAUDITED) |
|
|
|
|
|
|
|
|
|
Three-Month Period Ended June 30, |
|
|
Six-Month Period Ended June 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET REVENUE |
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
4,594 |
|
|
$ |
47,531,989 |
|
|
$ |
2,251,861 |
|
|
$ |
80,320,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
(EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
net revenue |
|
|
(7 |
) |
|
|
(26,931,742 |
) |
|
|
(1,241,816 |
) |
|
|
(47,145,605 |
) |
Sales,
marketing and other operating expenses |
|
|
(21,025 |
) |
|
|
(100,613 |
) |
|
|
(55,999 |
) |
|
|
(176,446 |
) |
Research
and development cost |
|
|
- |
|
|
|
(65,274 |
) |
|
|
- |
|
|
|
(127,172 |
) |
Direct
labor and factory overheads incurred during plant shutdown |
|
|
(5,689,486 |
) |
|
|
- |
|
|
|
(11,385,005 |
) |
|
|
- |
|
General
and administrative expenses |
|
|
(1,125,683 |
) |
|
|
(2,056,943 |
) |
|
|
(4,697,628 |
) |
|
|
(3,785,403 |
) |
Other
operating income |
|
|
- |
|
|
|
105,055 |
|
|
|
- |
|
|
|
209,613 |
|
|
|
|
(6,836,201 |
) |
|
|
(29,049,517 |
) |
|
|
(17,380,448 |
) |
|
|
(51,025,013 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME/(LOSS) FROM
OPERATIONS |
|
|
(6,831,607 |
) |
|
|
18,482,472 |
|
|
|
(15,128,587 |
) |
|
|
29,295,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
(43,185 |
) |
|
|
(42,065 |
) |
|
|
(86,529 |
) |
|
|
(83,976 |
) |
Interest
income |
|
|
178,678 |
|
|
|
132,721 |
|
|
|
348,156 |
|
|
|
258,581 |
|
INCOME/(LOSS) BEFORE
TAXES |
|
|
(6,696,114 |
) |
|
|
18,573,128 |
|
|
|
(14,866,960 |
) |
|
|
29,470,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAXES (EXPENSE)
BENEFIT |
|
|
1,883,241 |
|
|
|
(4,821,450 |
) |
|
|
3,076,987 |
|
|
|
(7,643,276 |
) |
NET INCOME/(LOSS) |
|
$ |
(4,812,873 |
) |
|
$ |
13,751,678 |
|
|
$ |
(11,789,973 |
) |
|
$ |
21,826,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
INCOME(LOSS): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME/(LOSS) |
|
$ |
(4,812,873 |
) |
|
$ |
13,751,678 |
|
|
$ |
(11,789,973 |
) |
|
$ |
21,826,798 |
|
OTHER COMPREHENSIVE
INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign
currency translation adjustments |
|
|
(20,586,976 |
) |
|
|
7,261,237 |
|
|
|
(4,638,065 |
) |
|
|
9,298,509 |
|
COMPREHENSIVE
INCOME/(LOSS) |
|
$ |
(25,399,849 |
) |
|
$ |
21,012,915 |
|
|
$ |
(16,428,038 |
) |
|
$ |
31,125,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS (LOSS) PER
SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC |
|
$ |
(0.10 |
) |
|
$ |
0.29 |
|
|
$ |
(0.25 |
) |
|
$ |
0.47 |
|
DILUTED |
|
$ |
(0.10 |
) |
|
$ |
0.29 |
|
|
$ |
(0.25 |
) |
|
$ |
0.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER
OF SHARES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC |
|
|
46,803,791 |
|
|
|
46,793,791 |
|
|
|
46,803,791 |
|
|
|
46,793,791 |
|
DILUTED |
|
|
46,803,791 |
|
|
|
46,796,848 |
|
|
|
46,815,089 |
|
|
|
46,800,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GULF RESOURCES, INC. |
AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Expressed in U.S. dollars) |
(UNAUDITED) |
|
|
|
|
|
|
Six-Month Period Ended June 30, |
|
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
|
|
Net income/(loss) |
|
$ |
(11,789,973 |
) |
|
$ |
21,826,798 |
|
Adjustments to
reconcile net income(loss) to net cash provided by operating
activities: |
|
|
|
|
|
|
|
Interest
on capital lease obligation |
|
|
86,214 |
|
|
|
83,128 |
|
Amortization of prepaid land leases |
|
|
294,676 |
|
|
|
234,307 |
|
Depreciation and amortization |
|
|
9,511,515 |
|
|
|
10,809,289 |
|
Unrealized exchange (gain) loss on inter-company balances |
|
|
(345,086 |
) |
|
|
603,910 |
|
Deferred
tax asset |
|
|
(3,076,986 |
) |
|
|
- |
|
Stock-based compensation expense |
|
|
- |
|
|
|
14,700 |
|
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
Accounts
receivable |
|
|
25,720,587 |
|
|
|
(33,349,844 |
) |
Inventories |
|
|
1,039,959 |
|
|
|
1,165,420 |
|
Prepayments and deposits |
|
|
(61,251 |
) |
|
|
(19,129 |
) |
Other
receivables |
|
|
(11,289 |
) |
|
|
(580 |
) |
Accounts
payable and accrued expenses |
|
|
(256,603 |
) |
|
|
5,582,026 |
|
Retention
payable |
|
|
(312,429 |
) |
|
|
(739,329 |
) |
Taxes
payable |
|
|
592,979 |
|
|
|
3,292,636 |
|
Net cash
provided by operating activities |
|
|
21,392,313 |
|
|
|
9,503,332 |
|
|
|
|
|
|
|
|
|
CASH FLOWS USED IN
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
Additions of prepaid
land leases |
|
|
(693,198 |
) |
|
|
(818,957 |
) |
Purchase of property,
plant and equipment |
|
|
(10,333,721 |
) |
|
|
(59,975 |
) |
Net cash used
in investing activities |
|
|
(11,026,919 |
) |
|
|
(878,932 |
) |
|
|
|
|
|
|
|
|
CASH FLOWS USED IN
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
Repayment of capital
lease obligation |
|
|
(294,295 |
) |
|
|
(273,873 |
) |
Net cash used
in financing activities |
|
|
(294,295 |
) |
|
|
(273,873 |
) |
|
|
|
|
|
|
|
|
EFFECTS OF EXCHANGE
RATE CHANGES ON CASH AND CASH EQUIVALENTS |
|
|
(3,001,994 |
) |
|
|
4,068,173 |
|
NET INCREASE IN CASH
AND CASH EQUIVALENTS |
|
|
7,069,105 |
|
|
|
12,418,700 |
|
CASH AND CASH
EQUIVALENTS - BEGINNING OF PERIOD |
|
|
208,906,759 |
|
|
|
163,884,574 |
|
CASH AND CASH
EQUIVALENTS - END OF PERIOD |
|
$ |
215,975,864 |
|
|
$ |
176,303,274 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE
OF CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash paid during the
periods for: |
|
|
|
|
|
|
|
|
Income
taxes |
|
$ |
- |
|
|
$ |
4,634,040 |
|
|
|
|
|
|
|
|
|
|
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