Gulf Resources, Inc. (NASDAQ:GURE) ("Gulf Resources," the
"Company," or “we”), a leading manufacturer of bromine, crude salt
and specialty chemical products in China today announced its
audited financial results for the fiscal year ended December 31,
2019.
The past 30 months have been difficult for our company. During
this time, we closed our facilities for rectification, were
impacted by the second most destructive Typhoon in Chinese history,
and had to close our facilities for longer than expected because of
COVID-19. However, all of these difficulties are now largely behind
us and we have optimism about the future.
On September 1, 2017, our company and its competitors received
letters from the government instructing us to close our bromine and
chemical facilities so they could go through rectification to
improve the environment. We were also informed that our chemical
factories would have to be closed and then relocated.
We immediately began the lengthy and complex rectification
program. In September 2018, we were informed that three of our
bromine factories (#3,#4, #11) were too close to where people were
living and would not be allowed to resume production.
On May 29, 2019, the Company received a verbal
notice from the governments in Sichuan Province that the company
needed to obtain project approval for its well located in Daying,
including the natural gas and brine water project, and approvals
for safety production inspection, environmental protection
assessment, and to solve the related land issue. We had to
temporarily halt production at our natural gas well until these
approvals are received.
In August 2019, Typhoon Lekima, the second most destructive
Typhoon to impact China, hit Shandong Province. Lekima dumped 15.22
inches of rain in Weifang city, flooding all of our factories and
salt ponds and causing very significant damage. This forced us to
do more rectification and delayed some of our approvals.
On November 25, 2019, the government of Shouguang City issued a
notice ordering all bromine facilities in Shouguang City to
temporarily stop production from December 16, 2019 to February 10,
2020 for environmental reasons. Winter is a time of the greatest
air pollution in Shouguang City. Fortunately, it is also the
slowest production time for bromine and crude salt.
Subsequently, because of the coronavirus outbreak, the closures
were extended until February 29, 2020.
The company has struggled through this difficult period. In 2019
and 2018, we spent $60,611,949 and $35,954,282 performing
rectification, drilling new wells, upgrading our facilities,
repairing our facilities from the floods, and leasing land.
Below is the highlights of the Company’s plans and business
developments in 2020 and key results for fiscal 2019.
- On March 5, 2020, we received governmental approval to resume
production at bromine Factories No. 1, No. 4, No, 7, and No,
9.
- In the middle of March 2020, we began trial production in
Factories No. 1 and No. 7.
- On April 3, 2020, we began commercial production in Factories
No. 1 and No. 7.
- In middle of April we commenced trial production in Factories
No. 4 and No. 9.
- In May 2020, we expect to commence commercial production in
Factories No. 4 and No. 9.
- We have completed major rectification on our facilities for
Factories No. 2, No. 8, and No. 10, and expect to receive approvals
for Factories No. 2, No. 8, and No. 10 to begin trial production in
the near future.
- During 2019, we spent $60 million on property plant and
equipment. A large percentage of these funds were spent on
performing rectification, drilling new wells, upgrading our
facilities, and repairing our facilities from the floods. This will
enable us to operate more efficiently in the future.
- The chart below has shown that the average price of bromine has
almost doubled in the past 6 years. Given the fact that our smaller
competitors are unable to resume their production, we believe our
products have less competition and strong market
demand. https://www.globenewswire.com/NewsRoom/AttachmentNg/818d90e6-b175-4fdf-9751-81745d226342
- We expect to commence construction on our new chemical factory
in May 2020. We expect this factory will be operational by the end
of the first half of 2021. We expect our new factory will have less
competition and more profitability.
- We continue to work with the town, county, and provincial
governments in Sichuan and believe we will receive all approvals to
restart our natural gas and brine production in Sichuan.
As our bromine factories have commenced
production and the new chemical factory will start construction, we
believe the Company will be positioned to become profitable.
2019 Financial Results
For 2019, revenues were $10,596,521 compared to
$2,594,941, an increase of 308%. Gross profit was $5,166,252
compared to $1,284,669, an increase of 302%. Direct labor and
factory overheads incurred during plant shutdown were $15,175,280
compared to $21,081,692, an improvement of 28%. In 2018, we write
off $4,004,788 in impairment on prepaid land and $27,966,050 in
goodwill for our chemical plants. In 2019, we did not incur any
write-offs. General & Administrative expenses increased 18% to
$13,272,921. Loss from operations was $23,294,383 compared to
$83,552,531. The loss before taxes was $22,993,058 compared to
$83,051,841. We incurred an income tax expense of $2,806,987
compared to an income tax credit of $13,087,855. Our net loss was
$25,800,045 compared to $69,963,986. In 2019, the company recorded
net loss of $2.71* per share compared to a loss of $7.35* per share
in the previous year.
Operational Results by
Segment
Bromine Segment
Net revenue from our bromine segment increased
to $10,022,027 for the year ended December 31, 2019 compared to $0
for the year ended December 31, 2018. We opened factories #1 and #7
in April 2019, began test production, and then began commercial
production. On August 12, 2019, Thypoon Lekima hit Shandong
Province. Over 15 inches of rain fell in Weifang city. All of our
bromine mines were flooded. We had to close the two factories that
were open and postpone opening other factories while we conducted
repairs.
For the year ended December 31, 2019, the gross
profit margin for our bromine segment was 52%. This was a very
acceptable level of gross margins. In 2016, gross margins in
bromine were 45.6%. In addition, the second largest component to
Costs of Goods Sold was depreciation and amortization. In 2019,
since we only had a few months of operation, the depreciation and
amortization had to be allocated over lower level of sales. Had our
factories and mines remained open for the full year, gross margin
would have been much higher.
Loss from operations from our bromine segment
was $ 15,609,979 for the fiscal year 2019, compared to a loss of
$40,504,752 in the same period in 2018. This loss was impacted by
direct factory labor, since we had to keep our workers employed,
start-up expenses, and clean-up costs from Typhoon Lakima, as well
as overhead from the crude salt segment. Since overhead between the
crude salt and bromine segments is allocated based on sales and
since we had relatively low levels of crude salt sales, more of the
overhead than normal was allocated to the bromine segment.
For the fiscal year 2019, we used approximately
$60 million to acquire property, plant and equipment. Most of these
expenditures were related to our bromine and crude salt segments.
Our expenditures for drilling new wells should enable our mines and
factories to operate more efficiently in the future.
Crude salt segment
Net revenue from our crude salt segment
decreased to $522,758 for the year ended December 31, 2019 compared
$1,981,573 for the same period in 2018. In 2018, all of the revenue
came from selling off crude salt inventory that was produced in
2017. In 2019, we opened two plants in April. Production was
disrupted by Typhoon Lekima in August. The factories were closed in
early December in 2019. As a result, we produced limited capacity
of crude salt in 2019. Loss from operations from our crude salt
segment was $4,446,900 for fiscal year 2019, compared to a loss of
$8,336,305 in the same period in 2018.
Chemical Segment
During 2019, the chemical division had no revenues as the
company awaited government approval of its new factory. The
approval was delayed because of the rectification of other
businesses, the disruption caused by Typhoon Lekima, and the
COVID-19 pandemic. The Company did receive approval in January 2020
and expects to begin construction in May 2020. Operations should
begin in Spring 2021. The company has already incurred relocation
costs of $10,320,017, including prepayment for the land lease.
Total costs for the new chemical factory, including the already
incurred relocation costs, are expected to be $60 million. Loss
from operations from our chemical products segment was $2,823,298
for the fiscal year 2019, compared to a loss of $34,757,750 in the
same period in 2018. $27,966,050 of the loss in 2018 was from a
write-down of goodwill.
Natural gas
segment
For the year ended December 31, 2019, the net revenue for the
natural gas was $51,736. Loss from operations from our natural gas
segment was $188,949 for the fiscal year 2019, compared to a loss
of $204,517 in the same period in 2018. 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. The
company is currently working with officials on the town, county,
and provincial levels to obtain these approvals. The company is
optimistic that these approvals will be received.
Balance Sheet
The company ended 2019 with cash of
$100,301,986. Cash per share was $10.54* based on 9,516,614 shares
issued and outstanding. Current assets were $107,202,708. Property,
plant, and equipment was $137,994,949 up from $82,282,630,
reflecting the investment in new wells and rectification. With its
current cash position, the company has enough cash to build its new
chemical factory, drill more bromine wells, and expand its business
in Sichuan province, and pursue other growth opportunities. Total
assets were $279,250,985.
Current liabilities were $6,306,264. Working
capital was $100,896,444. Working capital per share was $10.60*.
Net net cash (cash minus all liabilities) was $93,995,772. Net net
cash per share was $9.88*. Shareholders’ Equity was $263,107,100.
Shareholders’ equity per share was $27.65*.
Cash Flow
In 2019, net cash used in operating activities
was $15,309,112 compared to net cash provided by operating
activities of $17,340,671 in the previous year. In 2018, the
company collected $30,241,680 in accounts receivable, whereas in
2019, receivables grew by $5,070,180. All outstanding receivables
were collected in the first quarter of 2020.
Additions to property, plant, and equipment were
$60,611,949 compared to $35,273,307. In total, the company has
invested $95,885,256 in property plant, and equipment in the past
two years. The company expects a substantial return on these
investments in coming years.
(*These calculations are
not audited and based on the number of
shares outstanding of 9,516,614 as of
December 30,
2019)
Conference Call
Gulf Resources' management will host a conference call on
Wednesday, April 15, 2020 at 08:30 Eastern Time to discuss its
financial results for the fiscal year 2019 ended December 31,
2019.
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) 407-8031 five to ten minutes prior to the scheduled
conference call time. International callers should dial +1
(201)689-8031, and please reference to “Gulf Resources” while dial
in.
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 04/15/2020 13:00 ET - 04/22/2020
13:00 ET. To access the replay, call +1 (877) 481-4010.
International callers should call +1 (919) 882-2331. The Replay
Passcode is 34130.
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through three wholly-owned
subsidiaries, Shouguang City Haoyuan Chemical Company Limited
("SCHC"), ShouguangYuxin 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 |
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS |
(Expressed
in U.S. dollars) |
|
|
Years Ended December 31, |
|
|
2019 |
|
2018 |
|
|
|
|
|
NET REVENUE |
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
10,596,521 |
|
|
$ |
2,594,941 |
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSE |
|
|
|
|
|
|
|
|
Cost of net revenue |
|
|
(5,430,269 |
) |
|
|
(1,310,272 |
) |
Sales, marketing and other operating expenses |
|
|
(12,434 |
) |
|
|
(66,111 |
) |
Write-off/Impairment on property, plant and equipment |
|
|
— |
|
|
|
(1,397,313 |
) |
Loss on demolition of factory |
|
|
— |
|
|
|
(18,644,473 |
) |
Direct labor and factory overheads incurred during plant
shutdown |
|
|
(15,175,280 |
) |
|
|
(21,081,692 |
) |
Write-off of prepaid land lease |
|
|
— |
|
|
|
(4,004,788 |
) |
Impairment for goodwill |
|
|
— |
|
|
|
(27,966,050 |
) |
General and administrative expenses |
|
|
(13,272,921 |
) |
|
|
(11,268,800 |
) |
Other operating loss |
|
|
— |
|
|
|
(407,973 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(33,890,904 |
) |
|
|
(86,147,472 |
) |
|
|
|
|
|
|
|
|
|
LOSS FROM OPERATIONS |
|
|
(23,294,383 |
) |
|
|
(83,552,531 |
) |
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(145,445 |
) |
|
|
(160,422 |
) |
Interest income |
|
|
446,770 |
|
|
|
661,112 |
|
LOSS BEFORE INCOME TAXES |
|
|
(22,993,058 |
) |
|
|
(83,051,841 |
) |
|
|
|
|
|
|
|
|
|
INCOME TAX (EXPENSE)
BENEFIT |
|
|
(2,806,987 |
) |
|
|
13,087,855 |
|
NET LOSS |
|
$ |
(25,800,045 |
) |
|
$ |
(69,963,986 |
) |
|
|
|
|
|
|
|
|
|
COMPREHENSIVE LOSS: |
|
|
|
|
|
|
|
|
NET LOSS |
|
$ |
(25,800,045 |
) |
|
$ |
(69,963,986 |
) |
OTHER COMPREHENSIVE LOSS |
|
|
|
|
|
|
|
|
- Foreign currency translation adjustments |
|
|
(5,013,759 |
) |
|
|
(18,641,006 |
) |
COMPREHENSIVE LOSS |
|
$ |
(30,813,804 |
) |
|
$ |
(88,604,992 |
) |
|
|
|
|
|
|
|
|
|
LOSS PER SHARE: |
|
|
|
|
|
|
|
|
BASIC AND DILUTED |
|
$ |
(2.73 |
) |
|
$ |
(7.45 |
) |
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF
SHARES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED |
|
|
9,465,432 |
|
|
|
9,360,758 |
|
|
|
|
|
|
|
|
|
|
GULF
RESOURCES, INC. |
AND
SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(Expressed
in U.S. dollars) |
|
|
December 31, 2019 |
|
December 31, 2018 |
Current Assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
100,301,986 |
|
|
$ |
178,998,935 |
|
Accounts receivable |
|
|
4,877,106 |
|
|
|
— |
|
Inventories, net |
|
|
690,087 |
|
|
|
— |
|
Prepayments and deposits |
|
|
1,332,970 |
|
|
|
8,096,636 |
|
Prepaid land leases |
|
|
— |
|
|
|
235,459 |
|
Other receivables |
|
|
559 |
|
|
|
12,506 |
|
Total Current Assets |
|
|
107,202,708 |
|
|
|
187,343,536 |
|
Non-Current Assets |
|
|
|
|
|
|
|
|
Property, plant and equipment,
net |
|
|
137,994,949 |
|
|
|
82,282,630 |
|
Finance lease right-of use
assets |
|
|
179,526 |
|
|
|
250,757 |
|
Operating lease right-of –use
assets |
|
|
8,817,884 |
|
|
|
— |
|
Prepaid land leases, net of
current portion |
|
|
9,115,276 |
|
|
|
9,639,009 |
|
Deferred tax assets |
|
|
15,940,642 |
|
|
|
19,030,858 |
|
Total non-current assets |
|
|
172,048,277 |
|
|
|
111,203,254 |
|
Total Assets |
|
$ |
279,250,985 |
|
|
$ |
298,546,790 |
|
Commitment and
Contingencies |
|
|
|
|
|
|
|
|
Liabilities and Stockholders’
Equity |
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Payable and accrued
expenses |
|
$ |
1,106,048 |
|
|
$ |
905,258 |
|
Retention payable |
|
|
3,805,483 |
|
|
|
332,416 |
|
Taxes payable-current |
|
|
779,623 |
|
|
|
1,188,687 |
|
Finance lease liability,
current portion |
|
|
198,506 |
|
|
|
197,480 |
|
Operating lease liabilities,
current portion |
|
|
416,604 |
|
|
|
— |
|
Total Current Liabilities |
|
|
6,306,264 |
|
|
|
2,623,841 |
|
Non-Current Liabilities |
|
|
|
|
|
|
|
|
Finance lease liability, net
of current portion |
|
|
1,905,772 |
|
|
|
2,069,545 |
|
Operating lease liabilities,
net of current portion |
|
|
7,931,849 |
|
|
|
— |
|
Total Non-Current
Liabilities |
|
$ |
9,837,621 |
|
|
$ |
2,069,545 |
|
Total Liabilities |
|
$ |
16,143,885 |
|
|
$ |
4,693,386 |
|
|
|
|
|
|
|
|
|
|
Commitment and
Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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; 9,562,444 and 9,410,588 shares
issued; and 9,516,614 and 9,360,758 shares outstanding as of
December 31, 2019 and December 31, 2018 |
|
$ |
23,904 |
|
|
$ |
23,525 |
|
Treasury stock; 45,830 and
49,830 shares as of December 31, 2019 and December 31, 2018 at
cost |
|
|
(510,329 |
) |
|
|
(554,870 |
) |
Additional paid-in
capital |
|
|
95,043,388 |
|
|
|
95,020,808 |
|
Retained earnings
unappropriated |
|
|
159,808,400 |
|
|
|
185,608,445 |
|
Retained earnings
appropriated |
|
|
24,233,544 |
|
|
|
24,233,544 |
|
Accumulated other
comprehensive loss |
|
|
(15,491,807 |
) |
|
|
(10,478,048 |
) |
Total Stockholders’
Equity |
|
|
263,107,100 |
|
|
|
293,853,404 |
|
Total Liabilities and
Stockholders’ Equity |
|
$ |
279,250,985 |
|
|
$ |
298,546,790 |
|
|
GULF RESOURCES, INC. |
AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Expressed in U.S. dollars) |
|
|
Years Ended December 31, |
|
|
2019 |
|
2018 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(25,800,045 |
) |
|
$ |
(69,963,986 |
) |
Adjustments to reconcile net
income to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
|
|
Interest on capital lease obligation |
|
|
144,881 |
|
|
|
159,839 |
|
Amortization of prepaid land leases |
|
|
— |
|
|
|
761,713 |
|
Depreciation and amortization |
|
|
14,060,927 |
|
|
|
17,443,318 |
|
Allowance for obsolete
and slow-moving inventories |
|
|
— |
|
|
|
21,248 |
|
Write-off / Impairment loss on property, plant and equipment |
|
|
— |
|
|
|
1,397,313 |
|
Write-off of Prepaid land lease |
|
|
— |
|
|
|
4,004,788 |
|
Loss on demolition of factories |
|
|
— |
|
|
|
18,644,473 |
|
Impairment for goodwill |
|
|
— |
|
|
|
27,966,050 |
|
Unrealized translation difference |
|
|
(421,657 |
) |
|
|
(1,315,454 |
) |
Deferred tax asset |
|
|
2,746,770 |
|
|
|
(13,087,855 |
) |
Stock-based compensation expense-options |
|
|
45,900 |
|
|
|
496,200 |
|
Shares issued from treasury stock for services |
|
|
21,600 |
|
|
|
— |
|
Changes in assets and
liabilities |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(5,070,180 |
) |
|
|
30,241,680 |
|
Other receivables |
|
|
11,794 |
|
|
|
(11,289 |
) |
Inventories |
|
|
(700,476 |
) |
|
|
1,192,262 |
|
Prepayment and deposits |
|
|
14,166 |
|
|
|
(81,469 |
) |
Payable and accrued expenses |
|
|
(102,963 |
) |
|
|
(106,163 |
) |
Retention payable |
|
|
— |
|
|
|
(597,991 |
) |
Taxes payable |
|
|
(374,575 |
) |
|
|
175,994 |
|
Operating lease |
|
|
114,746 |
|
|
|
— |
|
Net cash (used in) provided by operating
activities |
|
|
(15,309,112 |
) |
|
|
17,340,671 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
Additions of prepaid land
leases |
|
|
— |
|
|
|
(680,975 |
) |
Purchase of property, plant
and equipment |
|
|
(60,611,949 |
) |
|
|
(35,273,307 |
) |
Net cash used in
investing activities |
|
|
(60,611,949 |
) |
|
|
(35,954,282 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
Repayment of finance lease
obligation |
|
|
(275,509 |
) |
|
|
(294,295 |
) |
Net cash used in
financing activities |
|
|
(275,509 |
) |
|
|
(294,295 |
) |
|
|
|
|
|
|
|
|
|
EFFECTS OF EXCHANGE RATE
CHANGES ON CASH AND CASH EQUIVALENTS |
|
|
(2,500,379 |
) |
|
|
(10,999,918 |
) |
NET DECREASE IN CASH AND CASH
EQUIVALENTS |
|
|
(78,696,949 |
) |
|
|
(29,907,824 |
) |
CASH AND CASH EQUIVALENTS -
BEGINNING OF YEAR |
|
|
178,998,935 |
|
|
|
208,906,759 |
|
CASH AND CASH EQUIVALENTS -
END OF YEAR |
|
$ |
100,301,986 |
|
|
$ |
178,998,935 |
|
|
GULF RESOURCES,
INC. |
AND
SUBSIDIARIES |
CONSOLIDATED
STATEMENTS OF CASH FLOWS (CONTINUED) |
(Expressed in U.S.
dollars) |
|
|
Years Ended December 31, |
|
|
2019 |
|
2018 |
SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION |
|
|
|
|
Cash paid during the year for: |
|
|
|
|
|
|
|
|
Income taxes |
|
$ |
— |
|
|
$ |
— |
|
Operating right-of-use assets
obtained in exchange for lease obligations |
|
$ |
8,241,818 |
|
|
$ |
— |
|
SUPPLEMENTAL DISCLOSURE OF
NON-CASH INVESTING AND FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Purchase of Property, plant
and equipment included in Retention payable |
|
$ |
3,515,132 |
|
|
$ |
— |
|
Par value of common stock
issued upon cashless exercise of options |
|
$ |
379 |
|
|
$ |
— |
|
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