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 six and three months ended June 30, 2022
Gulf Resources is pleased to report a second quarter with
revenues up 41% and earnings per share of $0.37 despite the
interruptions in production caused by COVID-19 circumstances, the
overall weakness in the Chinese economy, the continuing fact that
closures of bromine and crude salt factories No.2, No.8, and No.10
and the delay in opening the new chemical factory.
Bromine pricing has continued to be strong, the average selling
price in the quarter was $7,740. As COVID abates and the Chinese
economy begins to recover, the Company believes demand and pricing
will continue to increase. Given the economics of our bromine
business, this augers well for future profits. With the likelihood
of one or more of our closed facilities maybe open and the future
completion of our chemical factory, our company expects we will
produce strong results in the remainder of 2022 and in future
years.
Financial HighlightsFor the three-month period
ending June 30,2022
- Revenues increased 41% to $15,711,714
- Gross Profit increased 80% to $7,610,594
- Income from operations was $5,109,163 compared to a loss of
($2,382,809)
- Net income was $3,901,794 compared to a loss of
($2,703,220).
- Earnings per share were $0.37 compared to a loss of $0.26.
For the six-month period ending June 30,2022
- Net revenues increased 50% to $24,642,451
- Gross profit increased 126% to $11,991,363
- Income from operations was $5,044,076 compared to a loss of
($5,664,233)
- Net income was $3,781,848 compared to a loss of
($5,205,344)
- Earnings per share were $0.36 compared with a loss per share of
($0.50).
Balance Sheet
- As of June 30, we had cash of $79,115,431.
- Total assets were $298,613,109. Total liabilities were
$23,036,454.
- Shareholders’ Equity was $275,576,655.
- Based on 10,471,924 shares issued and outstanding, book value
for Shareholders’ Equity per share was $26.32*.
For the Three Months Ending June 30, 2022.
Bromine SegmentBromine revenues increased 38%
to $13,893,809. The primary contributor to the higher revenues was
the increase in the selling price of bromine. During the quarter
the average selling price was $7,740 compared to $5,556 in the same
quarter of the previous year. There is always a lag in the average
selling price compared to the market price as the Company fulfills
orders based on when they are received.
During the quarter the Company sold 1,795 tonnes of bromine
slightly below the 1,805 in the previous year. During the second
quarter of 2022, in order to control COVID, the government made a
series of unannounced inspections of our bromine and crude salt
facilities, that caused the Company to shut and then reopen its
facilities. During the second quarter of 2021, there was one full
inspection. The Company believes the inspections in 2022 had a more
significant impact on production than did the inspections in
2021.
The cost of revenues in bromine was $6,865,832 representing an
increase of $1,312,339 from the same quarter of the previous
year.
In this quarter, to comply with new government directives, the
Company separated bromine and crude salt into two separate legal
entities. With this separation, bromine assets increased to $172.1
million from $138.9 million, while crude salt assets shrank to $10
million from $32.8 million. This caused bromine to receive a higher
allocation of expenses than in previous years.
Even with the higher allocation of costs, income from the
bromine segment increased 98.5% to $5,325,541 from $2,682,233.
In the quarter, the Company spent $32,822,927mainly in bromine
wells, aqueducts and the installation of high and low voltage lines
for bromide Wells.
The Company continues to believe it will receive permission to
open one of these factories in 2022 and perhaps try its best effort
to get another in early 2023.
During the quarter, the Company incurred capital expenditures of
$32,822,927 for its bromine segment, which mainly include the cost
for bromine wells, aqueducts and the installation of high and low
voltage lines for bromide Wells. The Company believes these
expenditures may enable it to maintain or slightly increase its
utilization in the bromine segment in future quarters.
On August 3,2022, Albemarle, one of the world’s largest
producers of bromine stated a press release, “Tight market
conditions continue to drive strong demand and favorable pricing”
(https://investors.albemarle.com/news-releases/news-release-details/albemarle-reports-strong-second-quarter-sales-growth-raising).
Gulf Resources believes the same conditions apply to its business
in China.
Crude SaltCrude salt revenues increased 62% to
$1,817,904. There was a 10% increase in production in tonnes and a
47% increase in average selling price. The cost of net revenue
decreased by 9% to $1,235,288, largely as a result of the
reallocation of costs. Crude salt reported income from operations
of $142,968 compared to a loss of $578,435.
ChemicalsRevenues in chemicals were $0. The net
loss was ($475,201) vs. a net loss of ($741,312) in the same period
of the previous year.
During the quarter, COVID restrictions as well as supply chain
issues caused delays in receiving some of the previously ordered
machinery and equipment including the waste water treatment and
solid waste treatment equipment. The Company is working with its
existing suppliers and may identify new suppliers so that it can
complete construction of its factory based on the delivery.
To date, the Company has spent $45,584,344 on its new factory.
It believes the total cost will approximate $69 million. The
Company cannot currently project when construction will be
completed and production will begin, but it does not believe the
delays will impact the cost of the project or the long-term
profitability. The Company will update investors as soon as the
waste- water treatment and solid waste treatment equipment is
delivered.
Natural Gas SegmentThe natural gas segment had
$0 revenues and a net loss of ($61,699) roughly equal to the loss
in the previous year. Pursuant to the Opinions of the Ministry of
Natural Resources on Several Issues in Promoting the Reform of
Mineral Resources Management (Trial) promulgated by the Ministry of
Natural Resources of PRC on January 9, 2020, which came into effect
on May 1, 2020, privately owned enterprises are allowed to
participate in the natural gas production. The Company plans to
proceed with its applications for the natural gas and brine project
approvals with related government departments until the
governmental planning has been finalized.
Other CostsDirect factory and overhead costs
for closed factories were $1,927,297 vs. $1,394,717 in the same
period of the previous year.
Corporate costs declined to $67,987 from $3,193,107. In the
second quarter of 2021, the Company incurred $3,113,140 in charges
for stock grants to management. There were no stock grants in the
second quarter of 2022.
Profit & LossNet income was $3,901,794
compared to a loss of $2,703,220 in the same quarter of the
previous year.
Net income per share was $0.37 compared to a loss of
($0.26).
Foreign Currency Translation AdjustmentFor the
quarter, the Company had a negative foreign translation adjustment
of $16,393,444 versus a positive adjustment of $5,334,236 in the
previous year. This adjustment was caused by an approximate 6.1%
decline of the RMB vs. the USD. The adjustment impacts all balance
sheet translations into U.S. dollars.
Six Months Ending June 30, 2022Net revenues
increased 50% to $24,642,451. Gross profits increased 126% to
$11,991,363. General and administration expenses declined 60% to
$2,799,590. A major factor impacting results in 2021 was the charge
of $3,113,140 for stock grants. Income before taxes was $5,127,164
versus a loss of ($5,592,573). Net income was $3,781,848 vs. a loss
of ($5,205,344). Earnings per share were $0.36 vs. a loss of
($0.50).
In Bromine, revenues increased 48% to $22,019,825. Net selling
prices increased 39%. Costs increased 19% to $10,786,157. Income
from operations increased 376% to $6,674,375 despite the higher
allocation of costs as a result of separating salt from bromine.
The loss from operations in crude salt was $378,953 vs. a loss of
$1,588,020 in the same period of the previous year. Chemical
products lost $988,483 and natural gas lost $88,438 as neither
business had revenues in the six months.
Cash FlowWe generated $18,492,397 in cash flow
from operations versus $7,025,775 in the previous year. We invested
$33,217,987 in our bromine business mainly for bromine wells,
aqueducts and the installation of high and low voltage lines for
bromide Wells. The change in the value of the RMB to the USD caused
a reduction in cash and cash equivalents of ($1,642,327) versus a
credit of $1,912,746 in the previous year.
Balance SheetAs of June 30,2022, we had cash of
$79,115,431. Total assets were $298,613,109. Total liabilities were
$23,036,454., Shareholders’ Equity was $275,576,655. Based on
10,471,924 shares issued and outstanding, book value for
Shareholders’ Equity per share was $26.32* and cash per share was
$7.56*.
Commentary“We are very pleased to have reported
earnings of $0.37 per share in the second quarter despite the
disruptions caused by COVID-19,” Mr. Liu Xiaobin, the CEO of Gulf
Resources stated.
“With our new wells and other bromine facilities, we should be
able to increase production in the remainder of 2022,” Mr. Miao
Naihui,, the Chief Operating Officer, added, Bromine prices
continue be strong. Our average selling price in the quarter was
$7,740.As COVID abates, we expect increases in demand. The
combination of production and higher pricing should lead to
improvements in profits from operation in the third quarter and
beyond.”
“In addition,” Mr. Miao continued, “we are hopeful one factory
will receive approval to reopen in the near future. Because we have
already made a lot of work to the factory, we expect further
capital expenditures will be mainly within the factory site.
“We are disappointed that COVID and supply chain disruptions
have delayed the opening of our Chemical factory,” stated Mr. Liu,
the CEO, “but once the waste water and solid waste treatment
equipment is delivered, we will update our investors. Based on the
market for pharmaceuticals and their by-products as well as the
market for other chemicals using bromine, we believe our chemical
factory will perform well.”
“We also expect,” Mr. Liu continued, “that we may be able to
produce natural gas and bromine in Sichuan Province.”
“We appreciate the patience of our shareholders,” Mr. Liu
concluded, “While we are not making projections, based on the
current price of bromine, we the expect the remainder of the year
will be profitable.”
(*These calculations are based on the number of shares issued
and outstanding of 10,471,924 shares as of June 30, 2022)
Conference CallGulf Resources management will
host a conference call on Monday, August 15, 2022 at 07:30 PM
Eastern Time to discuss its second quarter 2022 results ended June
30, 2022.
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 Toll Free +1(877)545-0320 five to
ten minutes prior to the scheduled conference call time.
International callers should dial +1(973)-528-0002, and please
reference to “Gulf Resources” or Participant Access Code: 360812
while dial in.The webcasting is also available then, just simply
click on the link
below:http://www.gulfresourcesinc.com/news-28.htmlA replay of the
conference call will be available two hours after the call's
completion and expired by Monday, August 22, 2022. To access the
replay, call +1 (877) 481-4010. International callers should call
+1 (919) 882-2331. The Replay Passcode is 46362.
About Gulf Resources, Inc.Gulf Resources, Inc.
operates through four wholly-owned subsidiaries, Shouguang City
Haoyuan Chemical Company Limited ("SCHC"), ShouguangYuxin Chemical
Industry Co., Limited ("SYCI"), Daying County Haoyuan Chemical
Company Limited (“DCHC”) and Shouguang Hengde Salt Industry Co.
Ltd. (“SHSI”). 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. Through SHSI, the
Company manufactures and sell crude salt. 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.
GULF RESOURCES, INC. |
AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Expressed in U.S. dollars) |
|
|
|
June 30, 2022Unaudited |
|
December 31, 2021 Audited |
Current Assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
79,115,431 |
|
|
$ |
95,767,263 |
|
Accounts receivable |
|
|
9,302,402 |
|
|
|
14,525,807 |
|
Inventories, net |
|
|
571,708 |
|
|
|
691,111 |
|
Prepayments and deposits |
|
|
6,563,364 |
|
|
|
4,450,037 |
|
Other receivable |
|
|
639 |
|
|
|
644 |
|
Total Current Assets |
|
|
95,553,544 |
|
|
|
115,434,862 |
|
Non-Current Assets |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
173,562,592 |
|
|
|
162,657,546 |
|
Finance lease right-of use assets |
|
|
172,814 |
|
|
|
184,824 |
|
Operating lease right-of-use assets |
|
|
8,886,582 |
|
|
|
8,311,127 |
|
Prepaid land leases, net of current portion |
|
|
9,862,218 |
|
|
|
10,368,469 |
|
Deferred tax assets |
|
|
10,575,359 |
|
|
|
12,900,034 |
|
Total non-current assets |
|
|
203,059,565 |
|
|
|
194,422,000 |
|
Total Assets |
|
$ |
298,613,109 |
|
|
$ |
309,856,862 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Payable and accrued expenses |
|
$ |
11,004,823 |
|
|
$ |
10,530,776 |
|
Taxes payable-current |
|
|
209,817 |
|
|
|
775,708 |
|
Amount due to a related party |
|
|
1,786,519 |
|
|
|
1,849,044 |
|
Finance lease liability, current portion |
|
|
165,016 |
|
|
|
227,429 |
|
Operating lease liabilities, current portion |
|
|
440,845 |
|
|
|
506,579 |
|
Total Current Liabilities |
|
|
13,607,020 |
|
|
|
13,889,536 |
|
Non-Current Liabilities |
|
|
|
|
|
|
|
|
Finance lease liability, net of current portion |
|
|
1,516,899 |
|
|
|
1,770,526 |
|
Operating lease liabilities, net of current portion |
|
|
7,912,535 |
|
|
|
7,557,583 |
|
Total Non-Current Liabilities |
|
|
9,429,434 |
|
|
|
9,328,109 |
|
Total Liabilities |
|
$ |
23,036,454 |
|
|
$ |
23,217,645 |
|
|
|
|
|
|
|
|
|
|
Commitment and Loss 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; 10,517,754 shares issued; and
10,471,924 shares outstanding as of June 30, 2022 and December 31,
2021, respectively |
|
|
24,376 |
|
|
|
24,376 |
|
Treasury stock; 45,830 and 45,830 shares as of June 30, 2022 and
December 31, 2021 at cost |
|
|
(510,329 |
) |
|
|
(510,329 |
) |
Additional paid-in capital |
|
|
100,569,159 |
|
|
|
100,569,159 |
|
Retained earnings unappropriated |
|
|
154,245,486 |
|
|
|
150,463,638 |
|
Retained earnings appropriated |
|
|
24,233,544 |
|
|
|
24,233,544 |
|
Accumulated other comprehensive loss |
|
|
(2,985,581 |
) |
|
|
11,858,829 |
|
Total Stockholders’ Equity |
|
|
275,576,655 |
|
|
|
286,639,217 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
298,613,109 |
|
|
$ |
309,856,862 |
|
|
|
|
|
|
|
|
|
|
GULF RESOURCES, INC. |
AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE
LOSS |
(Expressed in U.S. dollars) |
(UNAUDITED) |
|
|
|
Three-Month Period Ended June 30, |
|
Six-Month Period Ended June 30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
NET REVENUE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
15,711,714 |
|
|
$ |
11,148,008 |
|
|
$ |
24,642,451 |
|
|
$ |
16,407,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
(EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of net revenue |
|
|
(8,101,120 |
) |
|
|
(6,915,774 |
) |
|
|
(12,651,088 |
) |
|
|
(11,097,163 |
) |
Sales, marketing and other operating expenses |
|
|
(17,045 |
) |
|
|
(15,625 |
) |
|
|
(27,405 |
) |
|
|
(25,170 |
) |
Direct labor and factory overheads incurred during plant
shutdown |
|
|
(1,927,297 |
) |
|
|
(1,394,717 |
) |
|
|
(4,111,888 |
) |
|
|
(4,008,200 |
) |
General and administrative expenses |
|
|
(557,089 |
) |
|
|
(5,204,701 |
) |
|
|
(2,799,590 |
) |
|
|
(6,940,951 |
) |
Other operating expense |
|
|
— |
|
|
|
— |
|
|
|
(8,404 |
) |
|
|
— |
|
|
|
|
(10,602,551 |
) |
|
|
(13,530,817 |
) |
|
|
(19,598,375 |
) |
|
|
(22,071,484 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT (LOSS) FROM
OPERATIONS |
|
|
5,109,163 |
|
|
|
(2,382,809 |
) |
|
|
5,044,076 |
|
|
|
(5,664,233 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(32,296 |
) |
|
|
(39,368 |
) |
|
|
(66,988 |
) |
|
|
(76,230 |
) |
Interest income |
|
|
74,548 |
|
|
|
75,437 |
|
|
|
150,076 |
|
|
|
147,890 |
|
Income (Loss) BEFORE
TAXES |
|
|
5,151,415 |
|
|
|
(2,346,740 |
) |
|
|
5,127,164 |
|
|
|
(5,592,573 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX |
|
|
(1,249,621 |
) |
|
|
(356,480 |
) |
|
|
(1,345,316 |
) |
|
|
387,229 |
|
NET PROFIT (LOSS) |
|
$ |
3,901,794 |
|
|
$ |
(2,703,220 |
) |
|
$ |
3,781,848 |
|
|
$ |
(5,205,344 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE Profit
(LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET Profit (LOSS) |
|
$ |
3,901,794 |
|
|
$ |
(2,703,220 |
) |
|
$ |
3,781,848 |
|
|
$ |
(5,205,344 |
) |
- Foreign currency translation adjustments |
|
|
(16,393,444 |
) |
|
|
5,334,236 |
|
|
|
(14,844,410 |
) |
|
|
3,149,546 |
|
COMPREHENSIVE Profit
(LOSS) |
|
$ |
(12,491,650 |
) |
|
$ |
2,631,016 |
|
|
$ |
(11,062,562 |
) |
|
$ |
(2,055,798 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (LOSS) PER
SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED |
|
$ |
0.37 |
|
|
$ |
(0.26 |
) |
|
$ |
0.36 |
|
|
$ |
(0.50 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF
SHARES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED |
|
|
10,471,924 |
|
|
|
10,469,477 |
|
|
|
10,471,924 |
|
|
|
10,469,477 |
|
GULF RESOURCES, INC. |
AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Expressed in U.S. dollars) |
(UNAUDITED) |
|
|
|
Six-Month Period Ended June 30, |
|
|
2022 |
|
2021 |
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ |
3,781,848 |
|
|
$ |
(5,205,344 |
) |
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
Interest on finance lease obligation |
|
|
69,696 |
|
|
|
71,197 |
|
Depreciation and amortization |
|
|
10,275,874 |
|
|
|
8,224,864 |
|
Unrealized exchange gain on translation of inter-company
balances |
|
|
38,248 |
|
|
|
594,150 |
|
Deferred tax asset |
|
|
1,249,763 |
|
|
|
(387,230 |
) |
Common stock issued for services |
|
|
— |
|
|
|
3,134,080 |
|
Issuance of stock options to employee |
|
|
— |
|
|
|
— |
|
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
4,683,856 |
|
|
|
1,839,939 |
|
Inventories |
|
|
94,412 |
|
|
|
(252,995 |
) |
Prepayments and deposits |
|
|
(2,790,331 |
) |
|
|
(98,992 |
) |
Other receivables |
|
|
— |
|
|
|
— |
|
Accounts and Other payable and accrued expenses |
|
|
2,219,224 |
|
|
|
(785,889 |
) |
Retention payable |
|
|
— |
|
|
|
— |
|
Taxes payable |
|
|
(56,516 |
) |
|
|
190,892 |
|
Prepaid land leases |
|
|
— |
|
|
|
— |
|
Operating lease |
|
|
(1,073,677 |
) |
|
|
(298,897 |
) |
Net cash provided by
(used in) by operating activities |
|
|
18,492,397 |
|
|
|
7,025,775 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS USED IN INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
Purchase of property, plant
and equipment |
|
|
(33,217,987 |
) |
|
|
(5,806,435 |
) |
Net cash used in
investing activities |
|
|
(33,217,987 |
) |
|
|
(5,806,435 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS USED IN FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
Repayment of finance lease
obligation |
|
|
(283,915 |
) |
|
|
(296,597 |
) |
Net cash used in
financing activities |
|
|
(283,915 |
) |
|
|
(296,597 |
) |
|
|
|
|
|
|
|
|
|
EFFECTS OF EXCHANGE RATE
CHANGES ON CASH AND CASH EQUIVALENTS |
|
|
(1,642,327 |
) |
|
|
1,912,746 |
|
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS |
|
|
(16,651,832 |
) |
|
|
2,835,489 |
|
CASH AND CASH EQUIVALENTS -
BEGINNING OF PERIOD |
|
|
95,767,263 |
|
|
|
94,222,538 |
|
CASH AND CASH EQUIVALENTS -
END OF PERIOD |
|
$ |
79,115,431 |
|
|
$ |
97,058,027 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash paid during the periods
for: |
|
|
|
|
|
|
|
|
Income taxes |
|
$ |
— |
|
|
$ |
— |
|
Operating right-of-use assets
obtained in exchange for lease obligations |
|
$ |
— |
|
|
$ |
— |
|
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
CONTACT: Gulf Resources, Inc.
Web: http://www.gulfresourcesinc.com
Director of Investor Relations
Helen Xu (Haiyan Xu)
beishengrong@vip.163.com
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