Gulf Resources, Inc. (Nasdaq: GURE) ("Gulf Resources," “We,” or the
"Company"), a leading manufacturer of bromine, crude salt and
specialty chemical products in China, today announced the unaudited
financial results for the third quarter ended September 30, 2018.
The Company also provided updates on its plans to complete the
rectification and improvement of its bromine factories and crude
salt facilities, construct its new chemical factory, and achieve
profitable operations in natural gas.
Before presenting our financial results we would like to take
the time to review the past year for our shareholders and
employees.
“We cannot imagine a more difficult time for any corporation,
the government in a much needed effort to improve the environment
closed all of our bromine and crude salt factories and forced us to
close and relocate our chemical factory. Then, after we had
completed most of our rectification, we were hit with the worst
typhoon in recent memory. After that, we received a notice from the
government that three of our factories would have to be permanently
closed. At the same time, we were laboring to develop the needed
equipment to separate the impurities so our natural gas project
could begin operations,” said the Company’s CEO, Mr. Xiaobin
Liu.
As a result, we have almost no revenues, except those that came
from selling inventory, and have incurred significant expenses. Not
surprisingly, the price of our stock has been driven down,
impacting all of our shareholders, including the management
team.
We believe our company is still financially strong. We ended the
third quarter with cash of $208,245,940. With 46,803,791 shares
outstanding, our cash per share is $4.45*. Working capital was
$208,558,416. Working capital per share was $4.46*. Net net cash
(cash minus all liabilities) was $203.047,939. Net net cash per
share was $4.34*. Book value per share was $7.08*.
With our strong financial position, we have financial resources
to complete the rectification and improvement of our bromine mines
and crude salt pans, construct our new chemical factory, and expand
our natural gas business.
We know shareholders are frustrated by the lack of good news. We
wish the news could have been better, but we have issued more press
releases this year than any other year to keep our investors fully
informed.
Now, we believe we are becoming cautiously optimistic about the
future. When this series of events started, we had, and still have,
a very large amount of cash. We believe that almost none of our
competitors have a stronger cash position than we have. This cash
position will enable us to spend the money needed to rectify our
bromine and crude salt factories according to the new regulations,
build a new chemical factory, and purchase the equipment needed to
get our natural gas well operational and profitable. We
believe many of our competitors will not be able to do the same.
This means that when our businesses return to operation, the level
of competition may be reduced.
We would now like to detail our plans for each of our business
segments.
Bromine and Crude Salt
While we have no guarantees that the government will approve the
opening of our seven remaining bromine and crude salt factories, we
are optimistic enough to significantly increase our capital
spending on bromine and crude salt factories. Our initial estimate
for rectification was $35 million. As of September 30, we have
spent $28.1 million. We anticipate to spend additional $7 million
in the fourth quarter of 2018.
In addition to the expenditures on rectification, we have
indicated that we expect to spend $8-10 million on repairs and
rebuilding related to the damages from the flood.
We expect also to spend $40 million to drill more than 1,000 new
wells. Roughly more than 2,000 of our older wells are in need of
repair or are producing at less than acceptable levels. These older
wells will be scrapped. The more than 1,000 new wells will allow us
to have more efficient production.
This will be expected to bring the total expenditures in our
bromine and crude to $85 million. We would not be spending this
money if we did not think we could get approvals for these
factories.
Since the end of the third quarter, we have signed 5 contracts
costing $14.61 million including $5.9 million to replace flooded
wells; $2.6 million to repair damaged aqueducts, halogen
reservoirs, and roads; $0.2 million for land for the wastewater
discharge channels of factory # 10; $5.1 million for wastewater
drainage and treatment for factories Number 1, Number 2 and
Subdivision of Factory Number 1; and $0.81 million for wastewater
drainage and treatment for factory #10. As we have indicated, we
would not be signing these contracts if we did not believe that we
will receive approvals to reopen our facilities.
We believe that many of our competitors may not have the
resources to complete the rectification and repair the damages from
the typhoon. At the present time, we believe that some of the
production capacity in market will be permanently removed. Bromine
prices have remained very high. At the moment, they are RMB 35,000
per ton and may continue to go up. The devaluations of the RMB make
imports into China more expensive, which will also benefit our
company. These factors may enable us to earn more than we have had
in recent years in this segment.
As a frame of reference, in 2010, when bromine was priced at
about RMB 19,000, and when we had 9 factories, we earned $60.5
million in our bromine and crude salt segments. This is not a
projection. We are providing this information to demonstrate the
potential leverage in this business.
At the present time, we believe we will complete the
rectification and clean-up by the beginning of the first quarter
2019. While we still need approvals for project approval, planning
approval, land use rights approval and environmental protection
assessment approval, by working closely with the local government,
we think the approvals will come shortly thereafter as long as our
rectification and clean-up meets the new government specifications.
We hope to commence operations in our seven factories by the end of
the first quarter of 2019.
Chemicals
The plans for our new chemical factory are still on
schedule. Our new chemical factory had already received part
of the approvals, we are moving ahead on receiving the rest
approvals for it. We still expect to build our factory in
2019 and commence operations at the beginning of 2020.
The Company’s new factory under plan may be smaller than the
original two factories combined. We may have to discontinue some
products that have higher levels of pollution in their
manufacturing, such as chemicals for paper making, and etc. Our
focus may be on higher margin products that offer more downstream
opportunities for bromine, such as pharmaceutical products. But all
of these plans are subject to government approvals which we believe
are in progress.
While the product volume will be lower than previous peak
levels, we believe the profit margins will be higher, because we
will be focusing on higher margin products and competition may also
be reduced.
Natural Gas-
Our natural gas well is still under testing. After we received
the equipment we ordered, we found that we needed some equipment
adjustments that could assist us in separating impurities,
pressurizing the gas, and removing the water. This equipment has
been adjusted and re-installed. The initial tests have been
positive. The well is firing and the equipment is operating
successfully.
We expect to start test production in the next two weeks. We
will begin trial production most likely before the end of 2018.
Commercial production should commence in early 2019 and ramp up
production volume, depending on the result of trial production and
the underground geography condition.
We believe this well will generate profits in 2019. After six
months of commercial production, we will consider plans for
drilling additional wells depending on the first well operation
results.
Third Quarter
For the three months ending Sept. 30, 2018, net revenues were
$343,080 as compared to net revenues of $23,840,391 in the same
quarter of the previous year. We wrote off $1,397,313 in property,
plant, and equipment. We also wrote off $18,644,473 to demolish the
three factories that are permanently closed. Direct labor and
factory overheads were $5,563,494. General & Administrative
expenses were $1,323,932 as compared to $2,577,305 in the same
quarter of fiscal 2017.
Our loss from operations was $26,798,917 compared to a profit of
$4,835,252 in the same quarter of fiscal 2017. Our net loss before
taxes was $26,674,555 compared to a profit of $4,934,961 in the
same quarter of fiscal 2017. We had a tax benefit of $7,181,521
compared to a tax expense of $1,509,321 in the same quarter of
fiscal 2017.
We had a negative foreign currency translation adjustment of
$14,738,766 compared to a positive adjustment of $8,450,433 in the
prior period. This adjustment was related to the value of the U.S.
dollar Vs. the Chinese RMB.
Our comprehensive loss was $34,231,800 compared to a profit of
$11,876,073 in the same quarter of fiscal 2017. Our loss per share,
both primary and fully diluted was $0.42* compared to a profit of
$0.07* in the same quarter of fiscal 2017.
Nine Months
For the nine months ending September 30, 2018, net revenues were
$2,594,941 as compared to $104,160,873 in the same period of the
previous year. Our loss from operations was $41,927,504 compared to
a profit of $34,130,721 in the same period of the previous year.
Our loss before taxes was $41,541,515 compared to a profit of
$34,405,035 in the same period of the previous year. We had an
income tax benefit of $10,258,508 compared to an expense of
$9,152,597 in the same period of the previous year. Our net loss
was $31,283,007 compared to a profit of $25,252,438 in the same
period of the previous year.
We had a negative foreign currency translation adjustment of
$19,376,831 compared to a positive adjustment of $17,748,942 in the
same period of the previous year.
Our comprehensive net loss was $50,659,838 compared to a profit
of $43,001,380 in the same period of the previous year. Our loss
per share, both primary and fully diluted, was $0.67* compared to
earnings of $0.54* in the same period of the previous year.
Cash Flow
For the nine months ending Sept. 30, 2018, net cash flow
provided by operating activities was $22,980,662 compared to
$23,477,422 in the same period of the previous year. The major
factors contributing to positive cash flow during a period when our
loss from operating activities was $31,283,007 were depreciation
and amortization ($14,177,727), loss on demolition of factory
($18,644,473), decreased inventories ($1,148,833), and decreased
accounts receivable ($29,847,286).
We invested $12,097,475 in property, plant, and equipment and
payment of land leases.
Balance Sheet
As of Sept. 30, 2018, we had cash of $208,245,940 roughly equal
to our cash of $208,906,759 on December 31, 2017. With 46,803,791
shares outstanding, we ended the quarter with cash per share of
$4.45*.
Current assets were $211,691,569 compared to $241,513,446 on
December 31, 2017. Property, plant, and equipment was $66,868,094
compared to $95,114,504 on December 31, 2017.
Total assets were $336,500,369 compared to $387,499,423 on
December 31, 2017.
Current liabilities were $3,133,153, largely unchanged from the
level at year end on December 31, 2017. Working capital was
$208,558,416. Working capital per share was $4.46*. Total
liabilities were $5,198,011 down slightly from $5,537,227 at year
end on December 31, 2017. Net net cash (cash minus all liabilities)
was $203,047,929. Net net cash per share was $4.34*. Stockholders’
equity was $331,302,358 compared to $381,962,196 at December 31,
2017. Book value per share was $7.08*.
(*These calculations are based on the basic weighted
average number of shares outstanding of 46,803,791)
Conference Call
Gulf Resources' management will host a conference call on
Wednesday, November 14, 2018 at 8:30 am Eastern Time to discuss its
unaudited financial results for the third quarter ended September
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 7692987.
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 11/14/2018 11:30 EDT -
11/29/2018 23:59 EDT. To access the replay, call +1 (855) 859-2056.
International callers should call +1 (404) 537-3406. The conference
ID is 7692987.
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.comDirector
of Investor RelationsHelen Xu (Haiyan
Xu)beishengrong@vip.163.com
|
GULF RESOURCES, INC. |
AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Expressed in U.S. dollars) |
|
|
|
September 30, 2018Unaudited |
|
|
December 31, 2017Audited |
|
Current
Assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
208,245,940 |
|
|
$ |
208,906,759 |
|
Accounts
receivable |
|
|
396,494 |
|
|
|
29,765,884 |
|
Inventories, net |
|
|
65,021 |
|
|
|
1,196,785 |
|
Prepayments and deposits |
|
|
2,454,333 |
|
|
|
1,395,289 |
|
Prepaid land leases |
|
|
517,302 |
|
|
|
246,640 |
|
Other
receivable |
|
|
12,479 |
|
|
|
2,089 |
|
Total
Current Assets |
|
|
211,691,569 |
|
|
|
241,513,446 |
|
Non-Current Assets |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
66,868,094 |
|
|
|
95,114,504 |
|
Property, plant and equipment under capital leases, net |
|
|
313,979 |
|
|
|
492,238 |
|
Prepaid land leases, net of current portion |
|
|
13,580,678 |
|
|
|
14,477,771 |
|
Deferred tax assets |
|
|
16,143,340 |
|
|
|
6,526,555 |
|
Goodwill |
|
|
27,902,709 |
|
|
|
29,374,909 |
|
Total non-current
assets |
|
|
124,808,800 |
|
|
|
145,985,977 |
|
Total
Assets |
|
$ |
336,500,369 |
|
|
$ |
387,499,423 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
797,735 |
|
|
$ |
1,032,083 |
|
Retention payable |
|
|
618,745 |
|
|
|
956,351 |
|
Capital lease obligation, current portion |
|
|
160,350 |
|
|
|
203,206 |
|
Taxes
payable-current |
|
|
1,556,323 |
|
|
|
1,041,592 |
|
Total
Current Liabilities |
|
|
3,133,153 |
|
|
|
3,233,232 |
|
Non-Current Liabilities |
|
|
|
|
|
|
|
|
Capital lease obligation, net of current portion |
|
|
2,064,858 |
|
|
|
2,303,995 |
|
Total
Non-Current Liabilities |
|
|
2,064,858 |
|
|
|
2,303,995 |
|
Total
Liabilities |
|
$ |
5,198,011 |
|
|
$ |
5,537,227 |
|
|
|
|
|
|
|
|
|
|
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
and 46,803,791 shares outstanding as of September 30, 2018 and
December 31, 2017, respectively |
|
|
23,525 |
|
|
|
23,525 |
|
Treasury stock; 249,149
shares as of September 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 |
|
|
224,289,424 |
|
|
|
255,572,431 |
|
Retained earnings appropriated |
|
|
24,233,544 |
|
|
|
24,233,544 |
|
Accumulated other comprehensive income/(loss) |
|
|
(11,213,873 |
) |
|
|
8,162,958 |
|
Total
Stockholders’ Equity |
|
|
331,302,358 |
|
|
|
381,962,196 |
|
Total
Liabilities and Stockholders’ Equity |
|
$ |
336,500,369 |
|
|
$ |
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 EndedSeptember 30, |
|
Nine-Month Period EndedSeptember 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET REVENUE |
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
343,080 |
|
|
$ |
23,840,391 |
|
|
$ |
2,594,941 |
|
|
$ |
104,160,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
(EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
net revenue |
|
|
(68,456 |
) |
|
|
(14,518,439 |
) |
|
|
(1,310,272 |
) |
|
|
(61,664,044 |
) |
Sales,
marketing and other operating expenses |
|
|
(10,112 |
) |
|
|
(65,599 |
) |
|
|
(66,111 |
) |
|
|
(242,045 |
) |
Research
and development cost |
|
|
- |
|
|
|
(42,074 |
) |
|
|
- |
|
|
|
(169,246 |
) |
Write-off/Impairment on property, plant and equipment |
|
|
(1,397,313 |
) |
|
|
- |
|
|
|
(1,397,313 |
) |
|
|
- |
|
Loss on
demolition of factory |
|
|
(18,644,473 |
) |
|
|
- |
|
|
|
(18,644,473 |
) |
|
|
- |
|
Direct
labor and factory overheads incurred during plant shutdown |
|
|
(5,563,494 |
) |
|
|
(1,873,722 |
) |
|
|
(16,948,499 |
) |
|
|
(1,873,722 |
) |
General
and administrative expenses |
|
|
(1,323,933 |
) |
|
|
(2,577,305 |
) |
|
|
(6,021,561 |
) |
|
|
(6,362,708 |
) |
Other
operating income (loss) |
|
|
(134,216 |
) |
|
|
72,000 |
|
|
|
(134,216 |
) |
|
|
281,613 |
|
|
|
|
(27,141,997 |
) |
|
|
(19,005,139 |
) |
|
|
(44,522,445 |
) |
|
|
(70,030,152 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME/(LOSS) FROM
OPERATIONS |
|
|
(26,798,917 |
) |
|
|
4,835,252 |
|
|
|
(41,927,504 |
) |
|
|
34,130,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
(37,220 |
) |
|
|
(40,092 |
) |
|
|
(123,749 |
) |
|
|
(124,068 |
) |
Interest
income |
|
|
161,582 |
|
|
|
139,801 |
|
|
|
509,738 |
|
|
|
398,382 |
|
INCOME/(LOSS) BEFORE
TAXES |
|
|
(26,674,555 |
) |
|
|
4,934,961 |
|
|
|
(41,541,515 |
) |
|
|
34,405,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAXES (EXPENSE)
BENEFIT |
|
|
7,181,521 |
|
|
|
(1,509,321 |
) |
|
|
10,258,508 |
|
|
|
(9,152,597 |
) |
NET INCOME/(LOSS) |
|
$ |
(19,493,034 |
) |
|
$ |
3,425,640 |
|
|
$ |
(31,283,007 |
) |
|
$ |
25,252,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
INCOME/(LOSS): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME/(LOSS) |
|
$ |
(19,493,034 |
) |
|
$ |
3,425,640 |
|
|
$ |
(31,283,007 |
) |
|
$ |
25,252,438 |
|
OTHER COMPREHENSIVE
INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign
currency translation adjustments |
|
|
(14,738,766 |
) |
|
|
8,450,433 |
|
|
|
(19,376,831 |
) |
|
|
17,748,942 |
|
COMPREHENSIVE
INCOME/(LOSS) |
|
$ |
(34,231,800 |
) |
|
$ |
11,876,073 |
|
|
$ |
(50,659,838 |
) |
|
$ |
43,001,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS (LOSS) PER
SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC |
|
$ |
(0.42 |
) |
|
$ |
0.07 |
|
|
$ |
(0.67 |
) |
|
$ |
0.54 |
|
DILUTED |
|
$ |
(0.42 |
) |
|
$ |
0.07 |
|
|
$ |
(0.67 |
) |
|
$ |
0.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER
OF SHARES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC |
|
|
46,803,791 |
|
|
|
46,794,443 |
|
|
|
46,803,791 |
|
|
|
46,794,011 |
|
DILUTED |
|
|
46,803,791 |
|
|
|
46,897,995 |
|
|
|
46,803,791 |
|
|
|
46,833,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GULF RESOURCES, INC. |
AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Expressed in U.S. dollars) |
(UNAUDITED) |
|
|
|
Nine-Month Period Ended September 30, |
|
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
|
|
Net income/(loss) |
|
$ |
(31,283,007 |
) |
|
$ |
25,252,438 |
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities: |
|
|
|
|
|
|
|
Interest
on capital lease obligation |
|
|
123,352 |
|
|
|
123,795 |
|
Amortization of prepaid land leases |
|
|
546,767 |
|
|
|
717,969 |
|
Depreciation and amortization |
|
|
14,177,727 |
|
|
|
16,042,003 |
|
Write-off/Impairment loss on property, plant and equipment |
|
|
1,397,313 |
|
|
|
- |
|
Loss on
demolition of factory |
|
|
18,644,473 |
|
|
|
- |
|
Unrealized translation difference |
|
|
(1,374,315 |
) |
|
|
1,140,363 |
|
Stock-based compensation expense-options |
|
|
- |
|
|
|
357,700 |
|
Shares
issued from treasury stock for services |
|
|
- |
|
|
|
17,800 |
|
Deferred
tax asset |
|
|
(10,258,506 |
) |
|
|
- |
|
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
Accounts
receivable |
|
|
29,847,286 |
|
|
|
(16,557,825 |
) |
Inventories |
|
|
1,148,833 |
|
|
|
3,668,582 |
|
Prepayments and deposits |
|
|
4,944 |
|
|
|
(9,126 |
) |
Other
receivable |
|
|
(11,289 |
) |
|
|
(580 |
) |
Accounts
payable and accrued expenses |
|
|
(211,728 |
) |
|
|
(4,866,247 |
) |
Retention
payable |
|
|
(312,429 |
) |
|
|
(739,329 |
) |
Taxes
payable |
|
|
541,241 |
|
|
|
(1,670,121 |
) |
Net cash
provided by operating activities |
|
|
22,980,662 |
|
|
|
23,477,422 |
|
|
|
|
|
|
|
|
|
CASH FLOWS USED IN
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
Payment of land
leases |
|
|
(684,627 |
) |
|
|
(859,219 |
) |
Purchase of property,
plant and equipment |
|
|
(11,412,848 |
) |
|
|
(623,735 |
) |
Net cash used
in investing activities |
|
|
(12,097,475 |
) |
|
|
(1,482,954 |
) |
|
|
|
|
|
|
|
|
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 |
|
|
(11,249,711 |
) |
|
|
7,780,517 |
|
NET INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS |
|
|
(660,819 |
) |
|
|
29,501,112 |
|
CASH AND CASH
EQUIVALENTS - BEGINNING OF PERIOD |
|
|
208,906,759 |
|
|
|
163,884,574 |
|
CASH AND CASH
EQUIVALENTS - END OF PERIOD |
|
$ |
208,245,940 |
|
|
$ |
193,385,686 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE
OF CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash paid during the
periods for: |
|
|
|
|
|
|
|
|
Income taxes |
|
$ |
- |
|
|
$ |
9,590,640 |
|
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