Gulf Resources, Inc. Files 2023 10-K
Ticker: GURE · Form: 10-K · Filed: Sep 27, 2024 · CIK: 885462
| Field | Detail |
|---|---|
| Company | Gulf Resources, Inc. (GURE) |
| Form Type | 10-K |
| Filed Date | Sep 27, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.0005, $2.503, $0.14908, $0.14204, $2,550,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-K, annual-report, chemicals
TL;DR
GURE filed its 2023 10-K. All good.
AI Summary
Gulf Resources, Inc. filed its 2023 10-K on September 27, 2024, detailing its operations in the chemicals and allied products sector. The company, incorporated in Nevada, reported its fiscal year ending December 31, 2023. Its principal executive offices are located in Shouguang City, Shandong, China.
Why It Matters
This filing provides investors with a comprehensive overview of Gulf Resources, Inc.'s financial performance and operational status for the fiscal year 2023, crucial for investment decisions.
Risk Assessment
Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific financial or operational risks.
Key Players & Entities
- GULF RESOURCES, INC. (company) — Filer
- 2023 (date) — Fiscal Year End
- September 27, 2024 (date) — Filing Date
- Nevada (location) — State of Incorporation
- Shouguang City, Shandong (location) — Business Address City and State
FAQ
What is Gulf Resources, Inc.'s primary business sector?
Gulf Resources, Inc. operates in the CHEMICALS & ALLIED PRODUCTS sector, with SIC code 2800.
When did Gulf Resources, Inc. change its former name?
The company formerly known as DIVERSIFAX INC changed its name on March 31, 1994.
Where are Gulf Resources, Inc.'s principal executive offices located?
The company's business and mail address is Level 11, Vegetable Building, Industrial Park of the East City, Shouguang City, Shandong, China, ZIP 262700.
What is the SEC file number for Gulf Resources, Inc.'s 10-K filing?
The SEC file number for this 10-K filing is 001-34499.
What is the accession number for this filing?
The accession number for this filing is 0001193805-24-001184.
Filing Stats: 4,590 words · 18 min read · ~15 pages · Grade level 13.1 · Accepted 2024-09-27 16:20:47
Key Financial Figures
- $0.0005 — nge on which registered Common Stock, $0.0005 par value GURE NASDAQ Global Select M
- $2.503 — lion based upon a closing sale price of $2.503 on June 30, 2023. As of September 27,
- $0.14908 — , which had an average exchange rate of $0.14908 and $0.14204 during fiscal years 2022 a
- $0.14204 — n average exchange rate of $0.14908 and $0.14204 during fiscal years 2022 and 2023, resp
- $2,550,000 — etion of the acquisition, a dividend of $2,550,000 was paid to the former stockholders of
- $1.84 — hares"), at the closing market price of $1.84 per Share on the closing date to the fo
- $10.00 — ept the Shares, based on a valuation of $10.00 (restated for the 1-for-5 reverse stock
- $9.20 — ing purposes, the Shares were valued at $9.20 (restated for the 1-for-5 reverse stock
Filing Documents
- e663483_10k-gulf.htm (10-K) — 1526KB
- e663483_ex23-1.htm (EX-23.1) — 3KB
- e663483_ex23-2.htm (EX-23.2) — 2KB
- e663483_ex31-1.htm (EX-31.1) — 11KB
- e663483_ex31-2.htm (EX-31.2) — 11KB
- e663483_ex32-1.htm (EX-32.1) — 5KB
- e663483_ex97-1.htm (EX-97.1) — 25KB
- image_001.jpg (GRAPHIC) — 36KB
- image_002.jpg (GRAPHIC) — 48KB
- image_003.jpg (GRAPHIC) — 40KB
- image_004.jpg (GRAPHIC) — 8KB
- image_005.jpg (GRAPHIC) — 5KB
- image_006.jpg (GRAPHIC) — 2KB
- image_008.jpg (GRAPHIC) — 16KB
- 0001193805-24-001184.txt ( ) — 7477KB
- gure-20231231.xsd (EX-101.SCH) — 62KB
- gure-20231231_cal.xml (EX-101.CAL) — 79KB
- gure-20231231_def.xml (EX-101.DEF) — 161KB
- gure-20231231_lab.xml (EX-101.LAB) — 424KB
- gure-20231231_pre.xml (EX-101.PRE) — 356KB
- e663483_10k-gulf_htm.xml (XML) — 980KB
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations. 30 Item 7A.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk. 40 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 40 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 41 Item 9A.
Controls and Procedures
Controls and Procedures. 41 Item 9B. Other Information. 43 Item 9C Disclosure Regarding Foreign Jurisdiction that Prevent Inspection. 43 PART III 43 Item 10. Directors, Executive Officers and Corporate Governance 43 Item 11.
Executive Compensation
Executive Compensation 49 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 53 Item 13. Certain Relationships and Related Transactions, Director Independence 54 Item 14. Principal Accounting Fees and Services 54 PART IV 55 Item 15. Exhibits and Financial Statement Schedules. 55 Item 16. Form 10-K Summary. 56
SIGNATURES
SIGNATURES 57 i Special Note Regarding Forward Looking Information This report contains forward-looking statements that reflect management's current views and expectations with respect to our business, strategies, future results and events, and financial performance. All statements made in this report other than statements of historical fact, including statements that address operating performance, events or developments that management expects or anticipates will or may occur in the future, including statements related to future reserves, cash flows, revenues, profitability, adequacy of funds from operations, statements expressing general optimism about future operating results and non-historical information, are forward-looking statements. In particular, the words "believe", "expect", "intend", "anticipate", "estimate", "plan", "may", "will", variations of such words and similar expressions identify forward-looking statements, but are not the exclusive means of identifying such forward-looking statements which are based on management's current expectations and projections about future events, are not guarantees of future performance are subject to risks, uncertainties and assumptions. Our actual results, performance or achievements could differ materially from the results expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to such differences include those discussed in this report, particularly under the caption "Risk Factors". Except as required under the federal securities laws, we do not undertake any obligation to update the forward-looking statements in this report. PART I
Business
Item 1. Business. Introduction We manufacture and trade bromine and crude salt, natural gas, manufacture and sell chemical products used in oil and gas field explorations and papermaking chemical agents, and materials for human and animal antibiotics. To date, our products have been sold only within the People's Republic of China. As used in this report, the terms "we," "us," "our," "Company" and "Gulf Resources" refers to Gulf Resources, Inc., a holding company and/or its consolidated wholly-owned subsidiaries, and the terms "ton" and "tons" refers to metric tons, in each case, unless otherwise stated or the context requires otherwise. The functional currency of the Company's operating foreign subsidiaries is the Renminbi ("RMB"), which had an average exchange rate of $0.14908 and $0.14204 during fiscal years 2022 and 2023, respectively, the reporting currency of the Company is the United States dollar ("USD" or
quot;). Our Corporate History and Corporate Structure We (Gulf Resources Inc.) were originally incorporated in Delaware and subsequently re-incorporated in Nevada. From November 1993 through August 2006, we were engaged in the business of owning, leasing and operating coin and debit card pay-per copy photocopy machines, fax machines, microfilm reader-printers and accessory equipment under the name "Diversifax, Inc.". Due to the increased use of internet services, demand for our services declined sharply, and in August 2006, our Board of Directors decided to discontinue our operations. Upper Class Group Limited, incorporated in the British Virgin Islands in July 2006, acquired all the outstanding stock of Shouguang City Haoyuan Chemical Company Limited ("SCHC"), a company incorporated in Shouguang City, Shandong Province, the People's Republic of China (the "PRC"), in May 2005. At the time of the acquisition, members of the family of Mr. Ming Yang, our president and former chief executive officer, owned approximately 63.20% of the outstanding shares of