Gulf Resources, Inc. Files Q3 2024 10-Q
Ticker: GURE · Form: 10-Q · Filed: Nov 19, 2024 · CIK: 885462
| Field | Detail |
|---|---|
| Company | Gulf Resources, Inc. (GURE) |
| Form Type | 10-Q |
| Filed Date | Nov 19, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.0005 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
Related Tickers: GURE
TL;DR
GURE Q3 2024 10-Q filed. Financials updated.
AI Summary
Gulf Resources, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported its financial results for the third quarter and the first nine months of 2024. Specific financial figures for revenue, net income, and assets/liabilities are detailed within the filing.
Why It Matters
This filing provides investors with an update on Gulf Resources, Inc.'s financial performance and position as of the end of the third quarter of 2024, crucial for investment decisions.
Risk Assessment
Risk Level: medium — As a 10-Q filing, it contains detailed financial information that can reveal both opportunities and risks for investors.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the end of the financial period covered by the report.)
- 2024-11-19 — Filing Date (The date the report was officially submitted to the SEC.)
Key Players & Entities
- Gulf Resources, Inc. (company) — Filer of the 10-Q
- 20240930 (date) — End of the reporting period
- 20241119 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the nine months ended September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 19, 2024.
What is the company's Central Index Key (CIK)?
The company's Central Index Key (CIK) is 0000885462.
What is the fiscal year end for Gulf Resources, Inc.?
The fiscal year end for Gulf Resources, Inc. is December 31.
What is the state of incorporation for Gulf Resources, Inc.?
Gulf Resources, Inc. is incorporated in Nevada (NV).
Filing Stats: 4,398 words · 18 min read · ~15 pages · Grade level 15.3 · Accepted 2024-11-19 16:41:58
Key Financial Figures
- $0.0005 — nge on which registered Common Stock, $0.0005 par value GURE NASDAQ Global Select M
Filing Documents
- e663998_10q-gulf.htm (10-Q) — 1205KB
- e663998_ex31-1.htm (EX-31.1) — 9KB
- e663998_ex31-2.htm (EX-31.2) — 9KB
- e663998_ex32-1.htm (EX-32.1) — 5KB
- image_001.jpg (GRAPHIC) — 43KB
- 0001193805-24-001395.txt ( ) — 6360KB
- gure-20240930.xsd (EX-101.SCH) — 53KB
- gure-20240930_cal.xml (EX-101.CAL) — 73KB
- gure-20240930_def.xml (EX-101.DEF) — 121KB
- gure-20240930_lab.xml (EX-101.LAB) — 387KB
- gure-20240930_pre.xml (EX-101.PRE) — 307KB
- e663998_10q-gulf_htm.xml (XML) — 1042KB
– 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 28
– Other Information
Part II – Other Information
Legal Proceedings
Item 1. Legal Proceedings 28
Risk Factors
Item 1A. Risk Factors 29
Unregistered Sale of Equity Securities and Use of Proceeds
Item 2. Unregistered Sale of Equity Securities and Use of Proceeds 29
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 29
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 29
Other Information
Item 5. Other Information 30
Exhibits
Item 6. Exhibits 30
—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) September 30, 2024 Unaudited December 31, 2023 Audited Current Assets Cash $ 11,237,493 $ 72,223,894 Accounts receivable ,net 1,186,880 4,865,696 Inventories, net 427,839 577,229 Prepayments and deposits 8,311,871 8,395,290 Other receivable 95,245 7,482 Total Current Assets 21,259,328 86,069,591 Non-Current Assets Property, plant and equipment, net 150,680,984 122,188,023 Finance lease right-of use assets 80,144 83,115 Operating lease right-of-use assets 6,385,605 6,699,784 Prepaid land leases, net of current portion 9,823,607 9,772,170 Deferred tax assets ,net 5,655,626 1,859,025 Total non-current assets 172,625,966 140,602,117 Total Assets $ 193,885,294 $ 226,671,708 Liabilities and Stockholders' Equity Current Liabilities Accounts payable and accrued expenses $ 15,775,145 $ 8,833,936 Taxes payable-current 145,642 475,630 Advance from customer — 42,705 Amount due to related parties 2,598,765 2,586,658 Finance lease liability, current portion 201,855 172,625 Operating lease liabilities, current portion 498,580 473,653 Total Current Liabilities 19,219,987 12,585,207 Non-Current Liabilities Finance lease liability, net of current portion 1,103,707 1,312,950 Operating lease liabilities, net of current portion 7,036,482 7,525,255 Total Non-Current Liabilities 8,140,189 8,838,205 Total Liabilities $ 27,360,176 $ 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 September 30, 2024 and December 31, 2023, respectively 24,623 24,623 Treasury stock; 285,830 shares as of Septembe