In a table titled Income (Loss) from Operations contained in the
press release published at 16:45PM ET on April 8, 2021, titled
“Gulf Resources Announces Fourth Quarter and Full Year 2020
Financial Results, ” the Income (loss) from Operations for the
bromine segment and the crude salt segment for the fourth quarter
was changed to $3,999,802 and $(980,162), respectively. The changes
did not affect the Company’s income (loss) from operations before
corporate costs for the quarter ended December 31, 2020 or for the
year ended December 31, 2020.
Set out below is the corrected press release in its
entirety.
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 financial results for the fourth quarter and full fiscal
year 2020 ended December 31, 2020.
Highlights:
- First profitable quarter in three years
- Positive cash flow from operations
- Strong balance sheet. Large cash reserves
- Rising price of bromine and expected completion of the new
Yuxin Chemical Factory in 2021 supports increasingly optimistic
view of the future.
Fourth Quarter 2020 Financial Results
Despite the facts that our new chemical factory is still under
construction, our trial production at our natural gas well in
Sichuan has to be temporarily halted, only 4 of our 7 bromine and
crude salt factories are open, the government forced the seasonal
closing of all factories from December 25, 2020 to February 19,
2021, and winter is normally the slowest production season of the
year because of the temperature, Gulf Resources was still able to
record the first profitable quarter in the past three years since
the initiation of the original shutdown for rectification and
environmental improvement.
Full Year and 4THQuarter
Results(Expressed in U.S. dollars) |
|
|
2020(A) |
9 Months(B) |
Q4-2020(C) |
|
NET REVENUE |
|
28,207,024 |
|
16,399,338 |
|
11,807,686 |
|
|
|
|
|
|
|
OPERATING EXPENSE |
|
|
|
|
|
Cost of net revenue |
|
19,415,034 |
|
12,694,271 |
|
6,720,763 |
|
Sales, marketing and other operating expenses |
|
42,663 |
|
28,866 |
|
13,797 |
|
Direct labor and factory overheads incurred during plant
shutdown |
|
8,170,390 |
|
6,886,215 |
|
1,284,175 |
|
General and administrative expenses |
|
10,239,943 |
|
7,297,010 |
|
2,942,933 |
|
Other operating expense |
|
22,386 |
|
15,775 |
|
6,611 |
|
Total Expenses |
|
37,890,416 |
|
26,922,137 |
|
10,968,279 |
|
Income (Loss) from
Operations |
|
(9,683,392 |
) |
(10,522,799 |
) |
839,407 |
|
Interest |
|
154,877 |
|
114,089 |
|
40,788 |
|
Income (Loss) Before
Taxes |
|
(9,528,515 |
) |
(10,408,710 |
) |
880,195 |
|
(A) Information represents are audited by
company auditor(B) “The 9 months” represents the
financial results for the nine months ended September 30, 2020 as
filed in the 10-Q on November 16, 2020.(C)
C=A-B
These results also include $1,284,175 of direct labor and
factory overheads incurred during the plant shutdowns in 4th
quarter. If this total is added back to our income, our operating
businesses would earned $2,164,370 during the fourth quarter.
During the 4th quarter, our bromine business,
despite the early closure for Chinese New Year, recorded income
from operations before corporate costs of almost $4 million. Our
chemical business, which is under construction, recorded loss from
operations before corporate costs of $706,359. Our natural gas
business recorded loss from operations before corporate costs of
$53,848, and our crude salt business recorded loss from operations
before corporate costs of $980,162. As we have noted, the winter
season is always a weak season for our crude salt business. It is
difficult to process and mine crude salt when temperatures are too
low.
Income (Loss) from Operations |
Segment: |
|
Fiscal Year 2020 |
9 Months |
Q4 |
Bromine |
|
1,616,542 |
|
(2,383,260 |
) |
3,999,802 |
|
Crude Salt |
|
(3,589,494 |
) |
(2,609,332 |
) |
(980,162 |
) |
Chemical
Products |
|
(2,745,297 |
) |
(2,038,938 |
) |
(706,359 |
) |
Natural Gas |
|
(204,514 |
) |
(150,666 |
) |
(53,848 |
) |
Income (loss) from
operations before corporate costs |
|
(4,922,763 |
) |
(7,182,196 |
) |
2,259,433 |
|
We believe we reached good profitability in our bromine business
during this quarter.
In the 4th Quarter, we generated cash from operations of
$6,047,617 compared to cash used in operations of $2,988,472 in the
previous year, an improvement of $9,036,089 over the results from
the previous year.
As the Chinese economy continues to recover and production has
resumed after the Chinese New Year, the price of bromine has
continued to increase. Based on monthly prices from CEIC Data Group
(ceicdata.com) and spot prices from Sunsirs Commodity Data Group
(sunsirs.com), the price of bromine on April 5, 2021 was RMB 36,222
per ton. This is an increase of 23.5% from Q2 2020, 29.3% from Q3
2020, and 11.4% from Q4 2020.
Bromine
Prices In China |
|
|
Period |
Price |
Change to 4/5/21 |
|
Q2-2020 |
29,333 |
23.5% |
|
Q3-2020 |
28,017 |
29.3% |
|
Q4-2020 |
32,087 |
11.4% |
|
Q1-2021 |
34,493 |
4.8% |
|
4/5/21 |
36,222 |
|
|
|
|
|
|
|
|
|
|
With the current level of bromine prices, we are optimistic
about the future in our bromine segment.
We are working with the local authorities in Shandong Province
to finalize the issues related to our three remaining bromine and
crude salt factories. While we may have to build additional
aqueducts, wells and secure additional land for our salt ponds, we
remain optimistic that we will receive approvals to reopen these
facilities in 2021.
We are also making progress in the construction of our Yuxin
Chemical factory. We expect to have construction completed around
June 2021. We will install the machinery and test the equipment
during the remainder of the year and expect to begin trial
production by the start of 2022. While this new factory will be
smaller than the combined two old factories, the Company expects it
to make higher net profit margin as we plan to focus more on the
higher margin pharmaceutical intermediate products. We are
optimistic by the progress we are making on constructing our new
factories. Management expects to continue to post photos on its
website so investors can track the progress of the construction of
the chemical factories.
We also remain optimistic about the opportunities for our
natural gas and brine business in Sichuan Province. We are working
with the governments of Tianbao Town, Daying County, and Sichuan
Province in China closely, and plan to proceed with its
applications for the natural gas and brine project approvals with
related government departments after the government has finalized
the land and resources planning for Sichuan Province.
Full Year 2020 Financial Results
In 2020, net revenues increased 166% to $28,207,024. Gross
profits increased 70% to $8,791,990. This loss included $8,170,390
of direct labor and factory overheads incurred during the plant
shutdown. G&A expenses declined 23% to $10,239,943. Our loss
from operations declined 58% to $9,683,392. Our net loss declined
67% to $8,420,044. We lost $0.87 per share compared to $2.73 per
share in 2019.
Cash FlowOur cash flow showed significant
improvement. We generated net cash from operations of $9,305,627
compared to net cash used in operations of $15,309,112 in 2019.
During 2020, we purchased $21,719,369 of property, plant, and
equipment. Of this total, $17,914,948 was for our new Yuxin
Chemical factory, $3,157,669 was for our bromine business, and
$646,752 was for our crude salt business.
Capital ExpendituresIn 2020, we spent
$21,719,369 compared to $60,611,949 in 2019 on property, plant and
equipment. This includes major investments in our new Yuxin
Chemical Factory, new bromine and crude salt factories, and newly
drilled wells.
Balance Sheet
Our balance sheet remains strong. At Dec. 31, 2020,
- Cash equaled $94,222,538
- Cash per share equaled $9.43*
- Net cash (cash minus all liabilities) equaled $77,208,993
- Net cash per share equaled $7.72*
- Current assets equaled $107,310,965
- Current liabilities equaled $7,102,300
- Working capital equaled $100,208,665
- [Working capital per share equaled $10.02*
- Shareholders’ equity equaled $277,024,273
- Shareholders’ equity per share equaled $27.71*
With our strong balance sheet, the Company expects to be able to
complete construction of its Yuxin chemical factory, open its
remaining bromine and crude salt facilities, drill new wells,
restore operations in Sichuan province, and acquire more bromine
and downstream chemical facilities.
Commentary
Mr. Xiaobin Liu, the CEO of Gulf Resources stated. “We are very
pleased to have delivered a profitable quarter to our shareholders.
The last three years have been very long and painful. The process
of improving the environment and protecting the people of China is
extremely complex. At the time our factories were first closed, we
also did not expect the destruction we saw from TyhoonLekima, the
most destructive typhoon to hit China.”
“Now,” Mr. Liu further stated, “most of the problems are behind
us. We have 4 bromine and crude salt factories in operation. The
price of bromine is nearing historic highs. We expect the price of
bromine to remain high because demand is increasing, especially
with COVID, and there are lesser competitors. As we have noted,
many of the smaller companies did not have the capital to complete
rectification. We also expect to receive the approvals for these
bromine and salt factories in the second half of 2021. However,
there is no assurance that we will be able to obtain the approvals
necessary to operate those factories from the government.”
“Construction on our new chemical factory is on schedule,” Mr.
Liu added. “We expect this factory will make higher net profit
margin as we plan to focus more on the higher margin pharmaceutical
intermediate products. As with Yuxin Chemical Factory, many
chemical factories have been permanently closed, with less
competition, more demand, and new equipment, we are very excited
about the opportunities in chemicals. We are also committed to our
natural gas and brine project in Sichuan, Petro-China has made one
of the largest natural gas discoveries in Chinese history in the
same town as our well. The Company plans to proceed with its
applications for the natural gas and brine project approvals with
related government departments after the governmental planning has
been finalized.”
“I would like to thank our management, our employees, and our
shareholders for their patience during this extremely trying
period,” Mr. Liu continued. “In September 2017, I could not have
understood how many different problems we would have to address.
Now, however, we have excellent visibility towards the future, and
what we see is very exciting. We believe we are in a position to
produce earnings for our company once all our facilities are back
in operation.”
“Finally,” Mr. Liu concluded. “We are working hard to respond to
the requests of our shareholders. We have updated our website and
will continue to make improvements. We appreciate you support and
hope to have continuing positive news.
(*These calculations are based on the number of
shares outstanding of 9,997,477 shares as
of December 31, 2020)
Conference Call
Gulf Resources management will host a conference call on Friday,
April 9, 2021 at 08:00 AM EDT to discuss financial results for
fourth quarter and full year 2020.
Mr. Xiaobin Liu, CEO of Gulf Resources, will be hosting the
call. The Company 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 04/09/202111:00 ET -
04/16/202111:00 ET. To access the replay, call +1 (877) 481-4010.
International callers should call +1 (919) 882-2331. The Replay
Passcode is 40701.
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, the risks associated with the COVID-19
pandemic outbreak, 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 BALANCE SHEETS |
|
(Expressed in U.S. dollars) |
|
|
|
December 31, 2020 |
|
December 31, 2019 |
Current Assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
94,222,538 |
|
|
$ |
100,301,986 |
|
Accounts receivable |
|
|
6,521,798 |
|
|
|
4,877,106 |
|
Inventories, net |
|
|
419,609 |
|
|
|
690,087 |
|
Prepayments and deposits |
|
|
6,146,461 |
|
|
|
1,332,970 |
|
Prepaid land leases |
|
|
— |
|
|
|
— |
|
Other receivables |
|
|
559 |
|
|
|
559 |
|
Total Current Assets |
|
|
107,310,965 |
|
|
|
107,202,708 |
|
Non-Current Assets |
|
|
|
|
|
|
|
|
Property, plant and equipment,
net |
|
|
148,947,689 |
|
|
|
137,994,949 |
|
Finance lease right-of use
assets |
|
|
186,272 |
|
|
|
179,526 |
|
Operating lease right-of –use
assets |
|
|
8,868,661 |
|
|
|
8,817,884 |
|
Prepaid land leases, net of
current portion |
|
|
10,134,004 |
|
|
|
9,115,276 |
|
Deferred tax assets |
|
|
18,590,227 |
|
|
|
15,940,642 |
|
Total non-current assets |
|
|
186,726,853 |
|
|
|
172,048,277 |
|
Total Assets |
|
$ |
294,037,818 |
|
|
$ |
279,250,985 |
|
Commitment and
Contingencies |
|
|
|
|
|
|
|
|
Liabilities and Stockholders’
Equity |
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Payable and accrued
expenses |
|
$ |
5,081,701 |
|
|
$ |
1,106,048 |
|
Retention payable |
|
|
- |
|
|
|
3,805,483 |
|
Taxes payable-current |
|
|
1,326,179 |
|
|
|
779,623 |
|
Finance lease liability,
current portion |
|
|
217,070 |
|
|
|
198,506 |
|
Operating lease liabilities,
current portion |
|
|
477,350 |
|
|
|
416,604 |
|
Total Current Liabilities |
|
|
7,102,300 |
|
|
|
6,306,264 |
|
Non-Current Liabilities |
|
|
|
|
|
|
|
|
Finance lease liability, net
of current portion |
|
|
1,888,903 |
|
|
|
1,905,772 |
|
Operating lease liabilities,
net of current portion |
|
|
8,022,342 |
|
|
|
7,931,849 |
|
Total Non-Current
Liabilities |
|
|
9,911,245 |
|
|
|
9,837,621 |
|
Total Liabilities |
|
|
17,013,545 |
|
|
|
16,143,885 |
|
|
|
|
|
|
|
|
|
|
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; 10,043,307and 9,563,257 shares
issued; and 9,997,477 and 9,517,427 shares outstanding as of
December 31, 2020 and December 31, 2019 |
|
|
24,139 |
|
|
|
23,904 |
|
Treasury stock; 45,830 and
45,830 shares as of December 31, 2020 and December 31,
2019 at cost |
|
|
(510,329 |
) |
|
|
(510,329 |
) |
Additional paid-in
capital |
|
|
97,435,316 |
|
|
|
95,043,388 |
|
Retained earnings
unappropriated |
|
|
151,388,356 |
|
|
|
159,808,400 |
|
Retained earnings
appropriated |
|
|
24,233,544 |
|
|
|
24,233,544 |
|
Accumulated other
comprehensive income (loss) |
|
|
4,453,247 |
|
|
|
(15,491,807 |
) |
Total Stockholders’
Equity |
|
|
277,024,273 |
|
|
|
263,107,100 |
|
Total Liabilities and
Stockholders’ Equity |
|
$ |
294,037,818 |
|
|
$ |
279,250,985 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of
these consolidated financial statements.
GULF RESOURCES, INC. |
AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
(Expressed in U.S. dollars) |
|
|
Years Ended December 31, |
|
|
2020 |
|
2019 |
|
|
|
|
|
NET REVENUE |
|
$ |
28,207,024 |
|
|
$ |
10,596,521 |
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSE |
|
|
|
|
|
|
|
|
Cost of net revenue |
|
|
(19,415,034 |
) |
|
|
(5,430,269 |
) |
Sales, marketing and other operating expenses |
|
|
(42,663 |
) |
|
|
(12,434 |
) |
Direct labor and factory overheads incurred during plant
shutdown |
|
|
(8,170,390 |
) |
|
|
(15,175,280 |
) |
General and administrative expenses |
|
|
(10,239,943 |
) |
|
|
(13,272,921 |
) |
Other operating expense |
|
|
(22,386 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
(37,890,416 |
) |
|
|
(33,890,904 |
) |
|
|
|
|
|
|
|
|
|
LOSS FROM OPERATIONS |
|
|
(9,683,392 |
) |
|
|
(23,294,383 |
) |
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(136,430 |
) |
|
|
(145,445 |
) |
Interest income |
|
|
291,307 |
|
|
|
446,770 |
|
LOSS BEFORE INCOME TAXES |
|
|
(9,528,515 |
) |
|
|
(22,993,058 |
) |
|
|
|
|
|
|
|
|
|
INCOME TAX (EXPENSE)
BENEFIT |
|
|
1,108,471 |
|
|
|
(2,806,987 |
) |
NET LOSS |
|
$ |
(8,420,044 |
) |
|
$ |
(25,800,045 |
) |
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME
(LOSS): |
|
|
|
|
|
|
|
|
NET LOSS |
|
$ |
(8,420,044 |
) |
|
$ |
(25,800,045 |
) |
OTHER COMPREHENSIVE INCOME
(LOSS) |
|
|
|
|
|
|
|
|
- Foreign currency translation adjustments |
|
|
19,945,054 |
|
|
|
(5,013,759 |
) |
COMPREHENSIVE INCOME
(LOSS) |
|
$ |
11,525,010 |
|
|
$ |
(30,813,804 |
) |
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED LOSS PER
SHARE |
|
$ |
(0.87 |
) |
|
$ |
(2.73 |
) |
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED WEIGHTED
AVERAGE NUMBER OF SHARES: |
|
|
9,650,619 |
|
|
|
9,465,432 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of
these consolidated financial statements.
GULF RESOURCES, INC. |
AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Expressed in U.S. dollars) |
|
|
Years Ended December 31, |
|
|
2020 |
|
2019 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(8,420,044 |
) |
|
$ |
(25,800,045 |
) |
Adjustments to reconcile net
income to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
|
|
Interest on capital lease obligation |
|
|
135,936 |
|
|
|
144,881 |
|
Depreciation and amortization |
|
|
15,987,860 |
|
|
|
14,060,927 |
|
Unrealized translation difference |
|
|
1,832,026 |
|
|
|
(421,657 |
) |
Deferred tax asset |
|
|
(1,108,471 |
) |
|
|
2,746,770 |
|
Stock-based compensation expense |
|
|
2,392,163 |
|
|
|
45,900 |
|
Shares issued from treasury stock for services |
|
|
— |
|
|
|
21,600 |
|
Changes in assets and
liabilities |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(1,161,704 |
) |
|
|
(5,070,180 |
) |
Other receivables |
|
|
— |
|
|
|
11,794 |
|
Inventories |
|
|
292,101 |
|
|
|
(700,476 |
) |
Prepayment and deposits |
|
|
(6,925 |
) |
|
|
14,166 |
|
Accounts and Other payable and accrued expenses |
|
|
342,790 |
|
|
|
(102,963 |
) |
Taxes payable |
|
|
(449,915 |
) |
|
|
(374,575 |
) |
Prepaid land leases |
|
|
(372,259 |
) |
|
|
— |
|
Operating lease |
|
|
(157,931 |
) |
|
|
114,746 |
|
Net cash provided by (used in) operating
activities |
|
|
9,305,627 |
|
|
|
(15,309,112 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
Purchase of property, plant
and equipment |
|
|
(21,719,369 |
) |
|
|
(60,611,949 |
) |
Net cash used in
investing activities |
|
|
(21,719,369 |
) |
|
|
(60,611,949 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
Repayment of finance lease
obligation |
|
|
(264,976 |
) |
|
|
(275,509 |
) |
Net cash used in
financing activities |
|
|
(264,976 |
) |
|
|
(275,509 |
) |
|
|
|
|
|
|
|
|
|
EFFECTS OF EXCHANGE RATE
CHANGES ON CASH AND CASH EQUIVALENTS |
|
|
6,599,270 |
|
|
|
(2,500,379 |
) |
NET DECREASE IN CASH AND CASH
EQUIVALENTS |
|
|
(6,079,448 |
) |
|
|
(78,696,949 |
) |
CASH AND CASH EQUIVALENTS -
BEGINNING OF YEAR |
|
|
100,301,986 |
|
|
|
178,998,935 |
|
CASH AND CASH EQUIVALENTS -
END OF YEAR |
|
$ |
94,222,538 |
|
|
$ |
100,301,986 |
|
|
|
|
|
|
|
|
|
|
GULF RESOURCES, INC. |
AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) |
(Expressed in U.S. dollars) |
|
|
Years Ended December 31, |
|
|
2020 |
|
2019 |
SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION |
|
|
|
|
Cash paid during the year for: |
|
|
|
|
|
|
|
|
Income taxes |
|
$ |
— |
|
|
$ |
— |
|
Interest on finance lease
obligation |
|
$ |
136,774 |
|
|
$ |
149,286 |
|
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 Payable andaccrued expenses |
|
$ |
3,537,644 |
|
|
$ |
3,515,132 |
|
Par value of common stock
issued upon cashless exercise of options |
|
$ |
— |
|
|
$ |
379 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of
these consolidated financial statements.
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