Gulf Resources Inc

NASDAQ:GUREUnited States

NASDAQ FSI:D. Deficient (Issuer failed to meet continued listing requirements)

Nov 19, 2024

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• *DJ Gulf Resources 3Q Loss/Shr 33c >GURE, from 4:45PM ET on Tuesday Nov 19, 2024 by Dow Jones

  4:45PM ET on Tuesday Nov 19, 2024 by Dow Jones
  Companies Mentioned: GURE

• Gulf Resources Announces Third Quarter and Nine Months 2024 Unaudited Financial Results, from 4:45PM ET on Tuesday Nov 19, 2024 by Dow Jones

  4:45PM ET on Tuesday Nov 19, 2024 by Dow Jones
  Companies Mentioned: GURE
  factory overheads incurred during plant shutdown (1,736,345) (1,007,689) (7,185,537) (4,471,954) General and administrative expenses (1,002,529) (762,884) (2,409,957) (2,266,260) Other operating income (loss) -- -- -- 60,134 ---------- ---------- ----------- ----------- TOTAL OPERATING COSTS AND EXPENSE (6,823,974) (8,158,903) (20,930,621) (27,185,348) ---------- ---------- ----------- ----------- PROFIT (LOSS) FROM OPERATIONS (4,581,609) (2,293,288) (14,998,025) (4,011,944) OTHER INCOME (EXPENSE) Interest expense (21,191) (23,791) (70,835) (81,322) Interest income 6,220 57,758 77,071 201,127 Other expenses (income) -- -- (29,173,011) -- ---------- ---------- ----------- ----------- INCOME(LOSS) BEFORE TAXES (4,596,580) (2,259,321) (44,164,800) (3,892,139) INCOME TAX BENEFIT (EXPENSE) 1,103,697 483,524 3,581,867 876,779 ---------- ---------- ----------- ----------- NET PROFIT (LOSS) $(3,492,883) $(1,775,797) $(40,582,933) $ (3,015,360) ========== ========== =========== =========== COMPREHENSIVE INCOME (LOSS) NET PROFIT (LOSS) $(3,492,883) $(1,775,797) $(40,582,933) $ (3,015,360) OTHER COMPREHENSIVE (LOSS) INCOME - Foreign currency translation adjustments 3,102,876 2,247,978 1,859,755 (7,879,513) ---------- ---------- ----------- ----------- TOTAL COMPREHENSIVE (LOSS) INCOME $ (390,007) $ 472,181 $(38,723,178) $(10,894,873) ========== ========== =========== =========== BASIC AND DILUTED EARNINGS (LOSS) PER SHARE: $ (0.33) $ (0.17) $ (3.78) $ (0.29) BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES: 10,726,924 10,431,924 10,726,924 10,431,924 GULF RESOURCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in U.S. dollars) (UNAUDITED) Nine-Month Period Ended September 30, 2024 2023 ------------- --------------- CASH FLOWS FROM OPERATING ACTIVITIES Net income(loss) $(40,582,933) $ (3,015,360) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Amortization on capital lease 70,835 80,252 Depreciation and amortization 14,037,554 15,385,624 Unrealized translation difference -- 165,444 Deferred tax asset (3,615,091) (1,002,511) Amortization of right-of-use asset 659,509 -- Loss on disposal of equipment 29,169,008 -- Changes in assets and liabilities: Accounts receivable 3,677,653 3,132,796 Inventories 153,371 718,994 Prepayments and deposits 171,305 (3,947,311) Advance from customers (42,545) -- Other receivables (86,423) -- Accounts and Other payable and accrued expenses (2,685,766) (1,503,845) Amount due to related Parties -- -- Taxes payable (330,299) (229,600) Operating lease (889,641) 85,129 ----------- ----------- Net cash (used in) provided by operating activities (293,463) 9,869,612 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (60,526,213) (15,197,648) ----------- ----------- Net cash from investing activities (60,526,213) (15,197,648) ----------- ----------- CASH FLOWS USED IN FINANCING ACTIVITIES Repayment of finance lease obligation (264,094) (267,810) ----------- ----------- Net cash used in financing activities (264,094) (267,810) ----------- ----------- EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 97,369 1,144,609 ----------- ----------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (60,986,401) (4,451,237) CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 72,223,894 108,226,214 ----------- ----------- CASH AND CASH EQUIVALENTS - END OF PERIOD $ 11,237,493 $103,774,977 =========== =========== Periods Ended September 30, --------------------------------- 2024 2023 ---------------- --------------- SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid during the nine-month period ended September 30, 2024 for: Paid for taxes $ 1,013,382 $ 4,930,601 Interest on finance lease obligation $ 70,835 $ 80,252 ============ ============ SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES