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 its
unaudited financial results for the third quarter and the 9 months
ended September 30, 2020 and provided a business update for
shareholders.
Company Highlights
- On a year-to-year basis, revenues
increased by 130% to $10,482,185 from $4,548,542.
- On a quarter to quarter basis,
revenues increased by 96%
- Loss from operations of
($2,912,581) in the quarter ended September 30,2020 compared to a
loss of ($13,029,028) in the period previous year and a loss of
($2,244,619) in the second quarter.
- Cash was $95,623,812 ($9.56* per
share).
- Net cash (Cash Minus all
Liabilities) was $81,314,429 ($8.13* per share).
- Book Value was $263,587,240
($26.37* per share).
Third Quarter 2020
In our third quarter 2020, our revenues increased by 130% to
$10,482,185 from $4,548,542 on a year-to-year basis. We had 4
bromine and crude salt factories in operation for the entire
quarter versus 2 in the previous year. On a sequential basis,
revenues increased by 96% as our factories ramped up production.
The Company reported a loss from operations of ($2,912,581)
compared to a loss of $(13,029,028) in the previous year and loss
of ($2,244,619) in the second quarter of 2020.
The Company sustained an operating loss on its chemical factory,
which is under construction, and its natural gas project, which is
temporarily halted. The Company also incurred significant expenses
including depreciation and amortization as well as salaries related
to the remaining three closed bromine and crude salt factories.
Nine Months 2020For the 9 months ended Sept.
30, 2020, revenues increased by 54.8% to $16,399,338 from
$10,596,521 in the same period of 2019. Cost of net revenue was
$12,694,271 or 77.4% vs. $5,430,269 or 51.2% year over year. The
primary factors contributing to the lower margins were the lower
price of bromine in 2020 coupled with additional direct costs and
depreciation and amortization of the newly opened factories. Direct
labor and factory overheads incurred during plant shutdown declined
to $6,886,215 in the current period from $10,653,690 in the same
period in the previous year reflecting the higher number of
factories in operation. The loss from operations was $10,522,799 in
the current period versus $13,690,605 in the same period in the
previous year. The net loss was $8,696,959 in the current period
compared to $18,670,871 in the same period in previous year. The
net loss per share was ($0.91) in the current period compared to a
loss of ($1.98) in the same period in previous year.
Balance sheetDespite of facility closure and
expenditures on new factories, new wells, and new salt ponds, as
well as our new chemical factory, we believe our balance sheet
remains very strong.
At the end of the third quarter, cash was $95,623,812 ($9.56*
per share based on 9,997,477 shares.). Current assets were
$104,682,870 ($10.47* per share). Working capital was $99,779,071
($9.98* per share). Net cash (cash minus all liabilities) was
$81,314,429 ($8.13 *per share), Book value per share was
$263,587,240 ($26.37* per share).
The Company believes that assets are strong and that we do not
need any write-downs for impairments. The Company also believes
that we have enough cash to finish all our construction and build
our business. We currently expect to eventually earn a strong
return on our book value.
Cash Flow The Company had a significant
improvement in cash flow in 2020. For the 9 months in 2020, we had
positive cash flow from operations of $3,258,010 compared to a loss
from operation deficit of $12,320,640 in the previous year. We
spent $9,860,142 on property plant & equipment compared to an
expenditure of $57,317,368 in the previous year.
Segment Results
Bromine and Crude SaltIn the third quarter of
2020, on a year to year basis, revenues from our four operating
bromine and crude salt factories increased to $10,482,185 from
$4,548,542, an increase of 130%. More significantly, on a
quarter-to-quarter basis, our revenues increased by 96%, reflecting
the progress we have made in ramping up of our four factories.
In the third quarter, bromine revenues were $9,181,747 compared
to $4,270,863 in the previous year, an increase of 115%. On a
sequential basis, they increased by 105% compared to the second
quarter of 2020. During the quarter, we sold 2,301 tonnes of
bromine, compared to 1,222 tonnes in the 2nd quarter and 1,022
tonnes in the same quarter of the previous year. During the
quarter, the average price of bromine declined to $3,989.88, an
increase of 9.1% compared to the previous quarter and a decrease of
4.4% compared to the same quarter of 2019.
The bromine business had an operating profit of $1,962,262
compared to a loss of $5,185,484 in the same quarter of the
previous year and a loss of $1,479,084 in the second quarter of
2020. Management is pleased with the progress it is making in its
bromine business.
The price of bromine trends upward. In July 2020, it was 26,650
RMB per tonne. By the end of August 2020, it reached over RMB
29,000 per tonne. By the end of September 2020, it was above RMB
30,000 per tonne. On Nov.12, 2020, it reached RMB 32,278 per tonne.
The upward trends in bromine price may augers well for company
future revenue. (The chart below is from the Sun-Sirs Commodity
Data Group (sunsirs.com).
A photo accompanying this announcement is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/9728e2d8-0787-4174-916c-0aaea2009c64
In the third quarter, crude salt revenues increased to
$1,300,438 from $277,679 in the same period of the previous year,
an increase of 368%. On a sequential basis, crude salt revenues
increased by 49% compared to the second quarter of 2020. The crude
salt business loss was $484,278 in the quarter compared to a loss
of $1,001,988 in the same quarter of the previous year and loss of
$611,472 in the second quarter of 2020.
Factories #2,#8, and
#10We are still waiting for governmental approval for
factories #2, #8, and #10. To our knowledge, the government is
currently completing its planning process for all mining areas
including that for prevention of flood. As a result, we may be
required to make some modifications to our current wells and
aqueducts prior to commencement of operations of these factories to
satisfy the local government's requirements. Nevertheless, the
Company expects to receive approvals for these factories by the
first half of 2021.
ChemicalsThe Company commenced production on
its new chemical facilities located at Bohai Marine Fine Chemical
Industrial Park in June 2020. There are three major structures in
this complex and all are currently under construction. The
construction is expected to take approximately one year, and an
additional six months to complete the equipment installation and
testing. The Company expects to begin trial production at the
beginning of 2022. The entire facility is expected to cost
approximately $60 million. By the end of the third quarter 2020,
the Company had spent $18.5 million (comprising land lease
payments, professional fees related to the design of the factory
and progress payment of the construction costs of the factory
building) of the budget.
Management expects a strong return from this investment. In the
previous two years before the shutdown for rectification, our
chemical business had income from operation before corporate cost
of approximately $25.5 million in year 2016 and $33.0 million in
year 2015, respectively. 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 post photos on its website each quarter so
investors can track the progress of the construction of the
chemical factories.
Natural GasWe continue to be encouraged by the
opportunities to produce natural gas and brine products in Sichuan
Province. As disclosed previously, Petro-China’s discovery of
natural gas in Tianbao Town is close to our current natural gas
well. We believe this discovery could have material positive impact
on the Company and may open significant opportunities for us. The
Company believes that the government will more focus on finalizing
the planning for exploration and exploitation of mineral resources
in this area.In addition, the Company plans 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.
Management Commentary“We are very pleased to
have our operating businesses generating a strong profit,” stated
Liu Xiaobin, the CEO of Gulf Resources. “With the price of bromine
increasing sharply, we should have a strong fourth quarter. We
believe we are not far from returning to profitability and positive
cash flow. We are also confident that we will receive approvals on
our remaining three factories.”
“The construction of our chemical factories is on schedule,” Mr.
Liu continued. “And it may take six months to install and test our
new modern equipment, we believe our chemical factories will have
higher net profit margin.” Mr. Liu continued. “With Petro-China
making one of the largest natural gas discoveries in Chinese
history in the same rural town as our current well situates, we
continue to be optimistic about the opportunities in natural
gas.”
“Now that we have some visibility,” Mr. Liu concluded, “we will
endeavor to improve our communications with our investors. We will
continue updating our company website. We expect to also provide
projections on revenues and profits once all of our businesses have
returned to full operation. We appreciate the patience of our
shareholders and believe we will continue to show significantly
improved results.”
(*These calculations are based on the number of
shares outstanding of 9,997,477
shares as
of September 30, 2020)
Conference Call
Gulf Resources management will host a conference call on Monday,
November 16, 2020 at 08:00 PM Eastern Time to discuss its unaudited
financial results for the third quarter and 9 months 2020 ended
September 30, 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 11/16/2020 23:00 ET - 11/30/2020
23:00 ET. To access the replay, call +1 (877) 481-4010.
International callers should call +1 (919) 882-2331. The Replay
Passcode is 38847.
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
StatementsCertain 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 SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS(Expressed in
U.S. dollars)(UNAUDITED)
|
Three-Month Period Ended September 30, |
|
|
Nine-Month Period Ended September 30, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET REVENUE |
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
$ |
10,482,185 |
|
|
$ |
4,548,542 |
|
|
$ |
16,399,338 |
|
|
$ |
10,596,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
(EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of net revenue |
|
(6,750,055 |
) |
|
|
(2,403,532 |
) |
|
|
(12,694,271 |
) |
|
|
(5,430,269 |
) |
Sales, marketing and other operating expenses |
|
(15,785 |
) |
|
|
(5,821 |
) |
|
|
(28,866 |
) |
|
|
(12,434 |
) |
Direct labor and factory overheads incurred during plant
shutdown |
|
(1,538,193 |
) |
|
|
(3,485,383 |
) |
|
|
(6,886,215 |
) |
|
|
(10,653,690 |
) |
General and administrative expenses |
|
(4,911,970 |
) |
|
|
(5,020,215 |
) |
|
|
(7,297,010 |
) |
|
|
(8,460,733 |
) |
Other operating loss |
|
- |
|
|
|
- |
|
|
|
(15,775 |
) |
|
|
- |
|
|
|
(13,216,003 |
) |
|
|
(10,914,951 |
) |
|
|
(26,922,137 |
) |
|
|
(24,557,126 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM OPERATIONS |
|
(2,733,818 |
) |
|
|
(6,366,409 |
) |
|
|
(10,522,799 |
) |
|
|
(13,960,605 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(32,257 |
) |
|
|
(34,310 |
) |
|
|
(102,573 |
) |
|
|
(111,530 |
) |
Interest income |
|
70,819 |
|
|
|
101,130 |
|
|
|
216,662 |
|
|
|
369,582 |
|
LOSS BEFORE TAXES |
|
(2,695,256 |
) |
|
|
(6,299,589 |
) |
|
|
(10,408,710 |
) |
|
|
(13,702,553 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX BENEFIT
(EXPENSE) |
|
(217,325 |
) |
|
|
(6,729,439 |
) |
|
|
1,711,751 |
|
|
|
(4,968,318 |
) |
NET LOSS |
$ |
(2,912,581 |
) |
|
$ |
(13,029,028 |
) |
|
$ |
(8,696,959 |
) |
|
$ |
(18,670,871 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME
(LOSS): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS |
$ |
(2,912,581 |
) |
|
$ |
(13,029,028 |
) |
|
$ |
(8,696,959 |
) |
|
$ |
(18,670,871 |
) |
OTHER COMPREHENSIVE LOSS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign currency translation adjustments |
|
11,120,339 |
|
|
|
(8,690,103 |
) |
|
|
6,826,849 |
|
|
|
(9,127,344 |
) |
COMPREHENSIVE INCOME
(LOSS) |
$ |
8,207,758 |
|
|
$ |
(21,719,131 |
) |
|
$ |
1,870,110 |
|
|
$ |
(27,798,215 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED |
$ |
(0.30 |
) |
|
$ |
(1.37 |
) |
|
$ |
(0.91 |
) |
|
$ |
(1.98 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF
SHARES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED |
|
9,566,333 |
|
|
|
9,516,614 |
|
|
|
9,533,729 |
|
|
|
9,448,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GULF RESOURCES, INC. |
AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Expressed in U.S. dollars) |
|
|
September 30, 2020Unaudited |
|
December 31, 2019 Audited |
Current Assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
95,623,812 |
|
|
$ |
100,301,986 |
|
Accounts receivable |
|
|
7,328,182 |
|
|
|
4,877,106 |
|
Inventories, net |
|
|
394,233 |
|
|
|
690,087 |
|
Prepayments and deposits |
|
|
1,336,084 |
|
|
|
1,332,970 |
|
Other receivable |
|
|
559 |
|
|
|
559 |
|
Total Current Assets |
|
|
104,682,870 |
|
|
|
107,202,708 |
|
Non-Current Assets |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
136,655,572 |
|
|
|
137,994,949 |
|
Finance lease right-of use assets |
|
|
179,829 |
|
|
|
179,526 |
|
Operating lease right-of –use assets |
|
|
8,630,239 |
|
|
|
8,817,884 |
|
Prepaid land leases, net of current portion |
|
|
9,714,711 |
|
|
|
9,115,276 |
|
Deferred tax assets |
|
|
18,033,402 |
|
|
|
15,940,642 |
|
Total non-current assets |
|
|
173,213,753 |
|
|
|
172,048,277 |
|
Total Assets |
|
$ |
277,896,623 |
|
|
$ |
279,250,985 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Accounts , other payable and accrued expenses |
|
$ |
2,774,663 |
|
|
$ |
1,106,048 |
|
Retention payable |
|
|
- |
|
|
|
3,805,483 |
|
Taxes payable-current |
|
|
1,501,816 |
|
|
|
779,623 |
|
Finance lease liability, current portion |
|
|
175,253 |
|
|
|
198,506 |
|
Operating lease liabilities, current portion |
|
|
452,067 |
|
|
|
416,604 |
|
Total Current Liabilities |
|
|
4,903,799 |
|
|
|
6,306,264 |
|
Non-Current Liabilities |
|
|
|
|
|
|
|
|
Finance lease liability, net of current portion |
|
|
1,809,777 |
|
|
|
1,905,772 |
|
Operating lease liabilities, net of current portion |
|
|
7,595,807 |
|
|
|
7,931,849 |
|
Total Non-Current Liabilities |
|
|
9,405,584 |
|
|
|
9,837,621 |
|
Total Liabilities |
|
$ |
14,309,383 |
|
|
$ |
16,143,885 |
|
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; 10,043,307 and 9,563,257
shares issued; and 9,997,477 and 9,517,427 shares outstanding as of
September 30, 2020 and December 31, 2019, respectively |
|
|
24,139 |
|
|
|
23,904 |
|
Treasury stock; 45,830 and 45,830 shares as ofSeptember 30, 2020
and December 31, 2019 at cost |
|
|
(510,329 |
) |
|
|
(510,329 |
) |
Additional paid-in capital |
|
|
97,393,403 |
|
|
|
95,043,388 |
|
Retained earnings unappropriated |
|
|
151,111,441 |
|
|
|
159,808,400 |
|
Retained earnings appropriated |
|
|
24,233,544 |
|
|
|
24,233,544 |
|
Accumulated other comprehensive loss |
|
|
(8,664,958 |
) |
|
|
(15,491,807 |
) |
Total Stockholders’ Equity |
|
|
263,587,240 |
|
|
|
263,107,100 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
277,896,623 |
|
|
$ |
279,250,985 |
|
|
|
|
|
|
|
|
|
|
GULF RESOURCES, INC. |
AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Expressed in U.S. dollars) |
(UNAUDITED) |
|
|
Nine -Month Period Ended September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES |
|
|
|
|
|
|
Net loss |
|
$ |
(8,696,959 |
) |
|
$ |
(18,670,871 |
) |
Adjustments to reconcile net
loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
Interest on finance lease obligation |
|
|
102,220 |
|
|
|
111,020 |
|
Depreciation and amortization |
|
|
11,907,702 |
|
|
|
10,599,011 |
|
Unrealized exchange gain on translation of inter-company
balances |
|
|
648,331 |
|
|
|
(778,420 |
) |
Deferred tax asset |
|
|
(1,712,229 |
) |
|
|
4,968,318 |
|
Issuance of restricted shares for services |
|
|
2,350,250 |
|
|
|
21,600 |
|
Issuance of stock options to employee |
|
|
— |
|
|
|
45,900 |
|
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
|
(2,273,999 |
) |
|
|
(9,962,625 |
) |
Inventories |
|
|
300,136 |
|
|
|
(700,476 |
) |
Prepayments and deposits |
|
|
36,012 |
|
|
|
(28,577 |
) |
Other receivables |
|
|
— |
|
|
|
11,794 |
|
Accounts and Other payable and accrued expenses |
|
|
371,284 |
|
|
|
2,708,456 |
|
Retention payable |
|
|
— |
|
|
|
- |
|
Taxes payable |
|
|
716,371 |
|
|
|
(437,560 |
) |
Prepaid land leases |
|
|
(372,259 |
) |
|
|
- |
|
Operating lease |
|
|
(118,850 |
) |
|
|
(208,210 |
) |
Net cash
provided by (used in) by operating
activities |
|
|
3,258,010 |
|
|
|
(12,320,640 |
) |
|
|
|
|
|
|
|
|
CASH FLOWS USED IN INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
Purchase of property, plant
and equipment |
|
|
(9,860,142 |
) |
|
|
(57,317,368 |
) |
Net cash used in
investing activities |
|
|
(9,860,142 |
) |
|
|
(57,317,368 |
) |
|
|
|
|
|
|
|
|
CASH FLOWS USED IN FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
Repayment of finance lease
obligation |
|
|
(264,976 |
) |
|
|
(275,506 |
) |
Net cash used in
financing activities |
|
|
(264,976 |
) |
|
|
(275,506 |
) |
|
|
|
|
|
|
|
|
EFFECTS OF EXCHANGE RATE
CHANGES ON CASH AND CASH EQUIVALENTS |
|
|
2,188,934 |
|
|
|
(3,866,852 |
) |
NET DECREASE IN CASH AND CASH
EQUIVALENTS |
|
|
(4,678,174 |
) |
|
|
(73,780,366 |
) |
CASH AND CASH EQUIVALENTS -
BEGINNING OF PERIOD |
|
|
100,301,986 |
|
|
|
178,998,935 |
|
CASH AND CASH EQUIVALENTS -
END OF PERIOD |
|
$ |
95,623,812 |
|
|
$ |
105,218,569 |
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
— |
|
|
$ |
8,241,818 |
|
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
Purchase of Property, plant and equipment included in Payable and
other accrued expense and Retention payable |
|
$ |
1,251,136 |
|
|
$ |
7,116,066 |
|
Par value of common stock issued upon cashless exercise of
options |
|
$ |
- |
|
|
$ |
379 |
|
Par value of restricted shares issued for services |
|
$ |
235 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
Gulf Resources (NASDAQ:GURE)
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From Apr 2024 to May 2024
Gulf Resources (NASDAQ:GURE)
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From May 2023 to May 2024