Gulf Resources, Inc. Files Q1 2024 10-Q
Ticker: GURE · Form: 10-Q · Filed: Oct 11, 2024 · CIK: 885462
| Field | Detail |
|---|---|
| Company | Gulf Resources, Inc. (GURE) |
| Form Type | 10-Q |
| Filed Date | Oct 11, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.0005 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, chemicals
TL;DR
Gulf Resources filed its Q1 2024 10-Q. Financials are in.
AI Summary
Gulf Resources, Inc. filed its 10-Q for the period ending March 31, 2024. The company, based in Shouguang City, Shandong, China, operates in the Chemicals & Allied Products sector. The filing provides financial data for the first quarter of 2024 and comparative periods.
Why It Matters
This filing provides investors with an update on Gulf Resources' financial performance and position for the first quarter of 2024, crucial for assessing the company's operational health and future prospects.
Risk Assessment
Risk Level: medium — As a company operating in the chemical sector and filing quarterly reports, there are inherent risks associated with financial performance and market conditions.
Key Numbers
- 2024 Q1 — Reporting Period (First quarter of 2024 financial data)
- 2023-12-31 — Prior Year End (Comparative balance sheet data)
- 2022-12-31 — Year Before Prior Year End (Comparative balance sheet data)
Key Players & Entities
- GULF RESOURCES, INC. (company) — Filer
- SHOUGUANG CITY, SHANDONG (location) — Business Address
- 20240331 (date) — Period of Report
- 20241011 (date) — Filing Date
FAQ
What is the primary business of Gulf Resources, Inc.?
Gulf Resources, Inc. operates in the Chemicals & Allied Products sector, SIC code 2800.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending March 31, 2024 (2024 Q1).
Where is Gulf Resources, Inc. headquartered?
Gulf Resources, Inc. is located at Level 11, Vegetable Building, Industrial Park of the East City, Shouguang City, Shandong, China.
What is the SEC file number for Gulf Resources, Inc.?
The SEC file number for Gulf Resources, Inc. is 001-34499.
When was the company formerly known as Diversifax Inc.?
The company was formerly known as Diversifax Inc. until March 31, 1994.
Filing Stats: 4,382 words · 18 min read · ~15 pages · Grade level 14.3 · Accepted 2024-10-11 16:30:44
Key Financial Figures
- $0.0005 — nge on which registered Common Stock, $0.0005 par value GURE NASDAQ Global Select M
Filing Documents
- e663948_10q-gulf.htm (10-Q) — 968KB
- e663948_ex31-1.htm (EX-31.1) — 12KB
- e663948_ex31-2.htm (EX-31.2) — 11KB
- e663948_ex32-1.htm (EX-32.1) — 6KB
- image_001.jpg (GRAPHIC) — 47KB
- 0001193805-24-001240.txt ( ) — 5799KB
- gure-20240331.xsd (EX-101.SCH) — 53KB
- gure-20240331_cal.xml (EX-101.CAL) — 72KB
- gure-20240331_def.xml (EX-101.DEF) — 123KB
- gure-20240331_lab.xml (EX-101.LAB) — 381KB
- gure-20240331_pre.xml (EX-101.PRE) — 304KB
- e663948_10q-gulf_htm.xml (XML) — 861KB
– Financial Information
Part I – Financial Information
Financial Statements
Item 1. Financial Statements 1
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 27
Controls and Procedures
Item 4. Controls and Procedures 27
– Other Information
Part II – Other Information
Legal Proceedings
Item 1. Legal Proceedings 28
Risk Factors
Item 1A. Risk Factors 28
Unregistered Shares of Equity Securities and Use of Proceeds
Item 2. Unregistered Shares of Equity Securities and Use of Proceeds 28
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 28
Mine Safety Disclosure
Item 4. Mine Safety Disclosure 28
Other Information
Item 5. Other Information 28
Exhibits
Item 6. Exhibits 28
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements GULF RESOURCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Expressed in U.S. dollars) March 31, 2024 (Unaudited) December 31, 2023 (Audited) Current Assets Cash $ 70,761,796 $ 72,223,894 Accounts receivable, net 5,260,054 4,865,696 Inventories, net 634,127 577,229 Prepayments and deposits 8,425,376 8,395,290 Other receivable 8,244 7,482 Total Current Assets 85,089,597 86,069,591 Non-Current Assets Property, plant and equipment, net 117,237,390 122,188,023 Finance lease right-of use assets 81,692 83,115 Operating lease right-of-use assets 6,560,963 6,699,784 Prepaid land leases, net of current portion 9,751,590 9,772,170 Deferred tax assets, net 3,106,183 1,859,025 Total non-current assets 136,737,818 140,602,117 Total Assets $ 221,827,415 $ 226,671,708 Liabilities and Stockholders' Equity Current Liabilities Accounts payable and accrued expenses $ 8,800,428 $ 8,833,936 Taxes payable-current 216,747 475,630 Advance from customer 6,369 42,705 Amount due to related parties 2,584,668 2,586,658 Finance lease liability, current portion 175,208 172,625 Operating lease liabilities, current portion 478,808 473,653 Total Current Liabilities 12,262,228 12,585,207 Non-Current Liabilities Finance lease liability, net of current portion 1,332,594 1,312,950 Operating lease liabilities, net of current portion 7,370,296 7,525,255 Total Non-Current Liabilities 8,702,890 8,838,205 Total Liabilities $ 20,965,118 $ 21,423,412 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; 11,012,754 shares issued; and 10,726,924 shares outstanding as of March 31, 2024 and December 31, 2023 24,623 24,623 Treasury stock; 285,830 shares as of March 31, 2024 and