$GURE
GULF RESOURCES, INC.

2024 Q3 Form 10-Q Financial Statement

#000119380524001395 Filed on November 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $2.242M
YoY Change -61.77%
Cost Of Revenue $4.072M
YoY Change -36.08%
Gross Profit -$1.829M
YoY Change 258.68%
Gross Profit Margin -81.58%
Selling, General & Admin $1.016M
YoY Change 30.71%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.570M
YoY Change -4.57%
% of Gross Profit
Operating Expenses $6.824M
YoY Change -16.36%
Operating Profit -$4.582M
YoY Change 99.78%
Interest Expense $21.19K
YoY Change -10.93%
% of Operating Profit
Other Income/Expense, Net -$14.97K
YoY Change -144.08%
Pretax Income -$4.597M
YoY Change 103.45%
Income Tax -$1.104M
% Of Pretax Income
Net Earnings -$3.493M
YoY Change 96.69%
Net Earnings / Revenue -155.77%
Basic Earnings Per Share -$0.33
Diluted Earnings Per Share -$0.33
COMMON SHARES
Basic Shares Outstanding 10.73M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.24M
YoY Change -89.17%
Cash & Equivalents $11.24M
Short-Term Investments
Other Short-Term Assets $8.312M
YoY Change 2.62%
Inventory $427.8K
Prepaid Expenses
Receivables $1.187M
Other Receivables $95.25K
Total Short-Term Assets $21.26M
YoY Change -81.5%
LONG-TERM ASSETS
Property, Plant & Equipment $150.7M
YoY Change 6.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.48M
YoY Change 1.17%
Total Long-Term Assets $172.6M
YoY Change 5.29%
TOTAL ASSETS
Total Short-Term Assets $21.26M
Total Long-Term Assets $172.6M
Total Assets $193.9M
YoY Change -30.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $128.7K
YoY Change -43.86%
Accrued Expenses $15.97M
YoY Change 149.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $201.9K
YoY Change 0.93%
Total Short-Term Liabilities $19.22M
YoY Change 94.72%
LONG-TERM LIABILITIES
Long-Term Debt $1.104M
YoY Change -15.1%
Other Long-Term Liabilities $7.036M
YoY Change 0.52%
Total Long-Term Liabilities $8.140M
YoY Change -1.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.22M
Total Long-Term Liabilities $8.140M
Total Liabilities $27.36M
YoY Change 50.58%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $24.62K
YoY Change 1.01%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.373M
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $166.5M
YoY Change
Total Liabilities & Shareholders Equity $193.9M
YoY Change -30.48%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income -$3.493M
YoY Change 96.69%
Depreciation, Depletion And Amortization $4.570M
YoY Change -4.57%
Cash From Operating Activities $518.7K
YoY Change -145.5%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change
NET CHANGE
Cash From Operating Activities 518.7K
Cash From Investing Activities 0.000
Cash From Financing Activities 0.000
Net Change In Cash 518.7K
YoY Change -103.18%
FREE CASH FLOW
Cash From Operating Activities $518.7K
Capital Expenditures $0.00
Free Cash Flow $518.7K
YoY Change -103.18%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
dei Document Fiscal Period Focus
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dei Entity File Number
EntityFileNumber
001-34499
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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dei Entity Address Address Line1
EntityAddressAddressLine1
Level 11, Vegetable Building
dei Entity Address Address Line2
EntityAddressAddressLine2
Industrial Park of the East City
dei Entity Address City Or Town
EntityAddressCityOrTown
Shouguang City
dei Entity Address Country
EntityAddressCountry
CN
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dei City Area Code
CityAreaCode
+86 (536)
dei Local Phone Number
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567 0008
dei Security12b Title
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Common Stock, $0.0005 par value
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GURE
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-7879513 usd
us-gaap Net Income Loss
NetIncomeLoss
-3015360 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
260723332 usd
us-gaap Net Income Loss
NetIncomeLoss
-40582933 usd
us-gaap Net Income Loss
NetIncomeLoss
-3015360 usd
gure Amortization On Capital Lease
AmortizationOnCapitalLease
70835 usd
gure Amortization On Capital Lease
AmortizationOnCapitalLease
80252 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
14037554 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
15385624 usd
gure Unrealized Gain Loss On Translation Of Inter Company Balances
UnrealizedGainLossOnTranslationOfInterCompanyBalances
-165444 usd
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-3615091 usd
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-1002511 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
659509 usd
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-29169008 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-3677653 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-3132796 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-153371 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-718994 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-171305 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3947311 usd
us-gaap Increase Decrease In Customer Advances
IncreaseDecreaseInCustomerAdvances
-42545 usd
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
86423 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2685766 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1503845 usd
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-330299 usd
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-229600 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-889641 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
85129 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-293463 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9869612 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
60526213 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
15197648 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-60526213 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-15197648 usd
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
264094 usd
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
267810 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-264094 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-267810 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
97369 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1144609 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-60986401 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4451237 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
72223894 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
108226214 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11237493 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
103774977 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
1013382 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
4930601 usd
us-gaap Interest Paid Net
InterestPaidNet
70835 usd
us-gaap Interest Paid Net
InterestPaidNet
80252 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_849_eus-gaap--UseOfEstimates_zFYBYO31sjg1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)           <span id="xdx_860_zKOC6a0v7N">Use of Estimates</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and this requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. The most significant accounting estimates with regard to these consolidated financial statements that require the most significant and subjective judgments include, but are not limited to, useful lives of property, plant and equipment,recoverability of long-lived assets, determination of impairment losses, assessment of market value of inventories and provision for inventory obsolescence, allowance for doubtful accounts, recognition and measurement of deferred income taxes, valuation allowance for deferred tax assets, and assumptions used for the valuation of share based payments. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
32840 usd
CY2024Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
660458 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
804046 usd
CY2024Q3 gure Less Impairment
LessImpairment
-262452 usd
CY2023Q4 gure Less Impairment
LessImpairment
-259657 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_zJUEdQTICWeg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f)           <span id="xdx_861_zFZc9tG8vIYe">Concentration of Credit Risk</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is exposed to credit risk in the normal course of business, primarily related to accounts receivable and cash and cash equivalents. Substantially all of the Company’s cash and cash equivalents are maintained with financial institutions in the PRC, namely, Industrial and Commercial Bank of China Limited, China Merchants Bank Company Limited and Sichuan Rural Credit Union, which are not insured or otherwise protected. The Company placed $<span id="xdx_901_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20240930_zdM9R1gpg3Nl" title="Cash">11,237,493</span> and $<span id="xdx_90B_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20231231_zh1LnCrV5XQl" title="Cash">72,223,894</span> with these institutions as of September 30, 2024 and December 31, 2023, respectively.  The Company has not experienced any losses in such accounts in the PRC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
11237493 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
72223894 usd
gure Schedule Of Property Plant And Equipment Service Life Table Textblock
ScheduleOfPropertyPlantAndEquipmentServiceLifeTableTextblock
<p id="xdx_893_ecustom--ScheduleOfPropertyPlantAndEquipmentServiceLifeTableTextblock_zloEcAbvLNmk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s depreciation and amortization policies on property, plant and equipment, other than mineral rights and construction in process, are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B4_zGB9m56MDMU9" style="display: none">Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment Useful Life</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 63%"><p style="margin-top: 0; margin-bottom: 0"><span id="xdx_913_esrt--MinimumMember_zRUZEEdafvv" style="display: none">Minimum</span></p><span id="xdx_914_esrt--MaximumMember_zzkman9Hvwij" style="display: none">Maximum</span></td> <td style="width: 2%"> </td> <td style="border-bottom: black 1pt solid; width: 15%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Useful life</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(in years) </p></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Buildings (including salt pans)</td> <td> </td> <td style="text-align: center"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--BuildingsIncludingSaltPansMember__srt--RangeAxis__srt--MinimumMember_zcJP2xvG2UK2" title="Useful life (in years)">8</span> - <span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--BuildingsIncludingSaltPansMember__srt--RangeAxis__srt--MaximumMember_zqIxu6oWsffa" title="Useful life (in years)">20</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Plant and machinery (including protective shells, transmission channels and ducts)</td> <td> </td> <td style="text-align: center"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlantAndMachineryMember__srt--RangeAxis__srt--MinimumMember_zmEOreOQYDDk" title="Useful life (in years)">3</span> - <span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlantAndMachineryMember__srt--RangeAxis__srt--MaximumMember_zGTDeZRmFBak" title="Useful life (in years)">8</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Motor vehicles <span id="xdx_91D_eus-gaap--VehiclesMember_zU9koemrNXX1" style="display: none">Motor Vehicles</span></td> <td> </td> <td style="text-align: center"><span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_z4m8gWIsnBh" title="Useful life (in years)">5</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Furniture, fixtures and equipment</td> <td> </td> <td style="text-align: center"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitireFixturesAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_zpr8Mft4BZLg" title="Useful life (in years)">3</span> - <span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitireFixturesAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_z3bvDXdD27ye" title="Useful life (in years)">8</span></td></tr> </table>
CY2024Q3 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
99035 usd
CY2023Q3 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
121941 usd
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
322448 usd
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
405664 usd
CY2024Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2024Q3 us-gaap Accounts Receivable Gross
AccountsReceivableGross
1212209 usd
CY2023Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
4890756 usd
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
25329 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
25060 usd
CY2024Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
1186880 usd
CY2023Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
4865696 usd
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-3678816 usd
CY2024Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
29833 usd
CY2024Q3 us-gaap Inventory Net
InventoryNet
427839 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
577229 usd
CY2017Q4 gure Prepaid Lease For Parcel Of Land
PrepaidLeaseForParcelOfLand
9075213 usd
CY2024Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
9442751 usd
CY2024Q3 us-gaap Mineral Properties Gross
MineralPropertiesGross
2752312 usd
CY2023Q4 us-gaap Mineral Properties Gross
MineralPropertiesGross
2722997 usd
CY2024Q3 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
70248967 usd
CY2023Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
29863200 usd
CY2024Q3 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
147561812 usd
CY2023Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
185738906 usd
CY2024Q3 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
1472228 usd
CY2023Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
1456547 usd
CY2024Q3 gure Vehicles Gross
VehiclesGross
127430 usd
CY2023Q4 gure Vehicles Gross
VehiclesGross
126072 usd
CY2024Q3 us-gaap Construction In Progress Gross
ConstructionInProgressGross
10418458 usd
CY2023Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
10307491 usd
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
232581207 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
230215213 usd
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
81900223 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
108027190 usd
CY2024Q3 gure Property Plant And Equipment Impairment Cost
PropertyPlantAndEquipmentImpairmentCost
0 usd
CY2023Q4 gure Property Plant And Equipment Impairment Cost
PropertyPlantAndEquipmentImpairmentCost
0 usd
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
150680984 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
122188023 usd
CY2024Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4522525 usd
CY2024Q3 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
1211694 usd
CY2024Q3 us-gaap Defined Contribution Plan Administrative Expenses
DefinedContributionPlanAdministrativeExpenses
203244 usd
CY2024Q3 gure Cost Of Net Revenue
CostOfNetRevenue
3107587 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
13980751 usd
us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
5601791 usd
us-gaap Defined Contribution Plan Administrative Expenses
DefinedContributionPlanAdministrativeExpenses
605945 usd
gure Cost Of Net Revenue
CostOfNetRevenue
7773015 usd
CY2023Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4787568 usd
CY2023Q3 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
760400 usd
CY2023Q3 us-gaap Defined Contribution Plan Administrative Expenses
DefinedContributionPlanAdministrativeExpenses
166042 usd
CY2023Q3 gure Cost Of Net Revenue
CostOfNetRevenue
3861126 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
15381658 usd
us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
3502188 usd
us-gaap Defined Contribution Plan Administrative Expenses
DefinedContributionPlanAdministrativeExpenses
765921 usd
gure Cost Of Net Revenue
CostOfNetRevenue
11113549 usd
CY2024Q3 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
213868 usd
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
211590 usd
CY2024Q3 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
133724 usd
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
128475 usd
CY2024Q3 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
80144 usd
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
83115 usd
CY2024Q3 gure Depreciation And Amortization Expense Ppe
DepreciationAndAmortizationExpensePPE
1268 usd
gure Depreciation And Amortization Expense Ppe
DepreciationAndAmortizationExpensePPE
3808 usd
CY2023Q3 gure Depreciation And Amortization Expense Ppe
DepreciationAndAmortizationExpensePPE
1291 usd
gure Depreciation And Amortization Expense Ppe
DepreciationAndAmortizationExpensePPE
3966 usd
CY2024Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6385605 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
659509 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
706033 usd
CY2024Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
128696 usd
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
206984 usd
CY2024Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
215711 usd
CY2023Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
216253 usd
CY2024Q3 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
174253 usd
CY2023Q4 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
172398 usd
CY2023Q4 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
88086 usd
CY2024Q3 gure Accrued Expenseconstruction
AccruedExpenseconstruction
5447458 usd
CY2023Q4 gure Accrued Expenseconstruction
AccruedExpenseconstruction
5389437 usd
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9809027 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2760778 usd
CY2024Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
15775145 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
8833936 usd
CY2024Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
7878182 usd
CY2024Q3 gure Amount Due To Related Party
AmountDueToRelatedParty
2598765 usd
CY2023Q4 gure Amount Due To Related Party
AmountDueToRelatedParty
2586658 usd
gure Taxes Payable Disclosure Textblock
TaxesPayableDisclosureTextblock
<p id="xdx_805_ecustom--TaxesPayableDisclosureTextblock_zd2j1xpQv4e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 10 – <span id="xdx_82F_zEcoG8YASmY9">TAXES PAYABLE</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">  </p> <table cellpadding="0" cellspacing="0" id="xdx_883_ecustom--TaxesPayableDisclosureTableTextBlock_zy4Q8sLEwbF6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Taxes Payable - Schedule of Taxes Payable (Details)"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="3" id="xdx_494_20240930_zHDMuUXy7rJ" style="font-size: 10pt; text-align: center">September 30,</td><td style="font-size: 10pt"> </td> <td colspan="3" id="xdx_494_20231231_z8HbhbhSDVNj" style="font-size: 10pt; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2024</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2023</td></tr> <tr id="xdx_40A_eus-gaap--AccrualForTaxesOtherThanIncomeTaxesCurrent_iI_maCzq5b_zj0R8D0esKQb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; font-size: 10pt; text-align: justify">Land use tax payable</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">19,817</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">24,689</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--ValueAddedTaxAndOtherTaxesPayable_iI_maCzq5b_zBi4848Cetm9" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Value added tax and other taxes payable</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">125,825</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">450,941</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--TaxesPayableCurrent_iTI_mtCzq5b_zTt8nyMB7Vd1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.5pt">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">145,642</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">475,630</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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gure Statutory Common Reserve Funds Description
StatutoryCommonReserveFundsDescription
As at September 30, 2024 GULF RESOURCES 'statutory provident fund stood at $26.67 million.
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us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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gure Major Suppliers Disclosure Textblock
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<p id="xdx_80B_ecustom--MajorSuppliersDisclosureTextblock_zxGBfGtICY8d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 19 – <span id="xdx_826_zihiM49goJe6">MAJOR SUPPLIERS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_916_eus-gaap--ProductConcentrationRiskMember_ziDfYpwvECh" style="display: none">Product Concentration</span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_911_eus-gaap--CostOfGoodsProductLineMember_zX6VgTZa9qe7" style="display: none">Cost of Goods</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the nine-month period ended September 30, 2024 the Company purchased <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20240101__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z1ncQx2rtfxd" title="Percent of materials purchased">100</span>% of its raw materials from its top four suppliers.  As of September 30, 2024, amounts due to those suppliers were $<span id="xdx_909_ecustom--AmountDueToMajorSuppliers_iI_c20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--ConcentrationOfProductsBoughtMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z7MlPL6noBV9" title="Amount due to major suppliers">127,698</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the nine-month period ended September 30, 2023 the Company purchased <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zpZd4KYKb6Uk" title="Percent of materials purchased">100</span>% of its raw materials from its top five suppliers.  As of September 30, 2023, amounts due to those suppliers were $<span id="xdx_902_ecustom--AmountDueToMajorSuppliers_iI_c20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--ConcentrationOfProductsBoughtMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zCUU5TImzEal" title="Amount due to major suppliers">229,260</span>.<span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p id="xdx_808_eus-gaap--LossContingencyDisclosures_zmW6M6fs45T4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 20 – <span id="xdx_82D_z6ZIRVeQrx0c">LOSS CONTINGENCIES</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_913_eus-gaap--SettledLitigationMember_zr5h3jSxCuZ8" style="display: none">Settled Litigation</span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90D_eus-gaap--LossContingencySettlementAgreementTerms_c20180801__20180831__us-gaap--LitigationStatusAxis__us-gaap--SettledLitigationMember_zAkwycsSzVF5">On or about August 3, 2018, written decisions of administration penalty captioned Shou Guo Tu Zi Fa Gao Zi [2018] No. 291, Shou Guo Tu Zi Fa Gao Zi [2018] No. 292, Shou Guo Tu Zi Fa Gao Zi [2018] No. 293, Shou Guo Tu Zi Fa Gao Zi [2018] No. 294, Shou Guo Tu Zi Fa Gao Zi [2018] No. 295 and Shou Guo Tu Zi Fa Gao Zi [2018] No. 296 (together, the “Written Decisions”) were served on Shouguang City Haoyuan Chemical Company Limited (“SCHC”) by Shouguang City Natural Resources and Planning Bureau (the “Bureau”), naming SCHC as respondent respectively thereof. The Decisions challenged the land use of Factory nos. 2, 9, 7, 4, 8 and 10, respectively, and alleged, among other things, that SCHC had illegally occupied and used the land in the total area of approximately 52,674 square meter, on which Factory nos. 2, 9, 7, 4, 8 and 10 were built, respectively. The Written Decisions ordered SCHC, among other things, to return the land subject to the Written Decisions to its respective legal owner, restore the land to its original state, and demolish or confiscate all the buildings and facilities thereon and pay monetary penalty of approximately RMB 1.3 million ($184,000) in the aggregate. Each of the Written Decisions shall be executed within 15 days upon serving on SCHC. Additional interest penalty shall be imposed at a daily rate of 3% in the event that SCHC does not make the monetary penalty payment in a timely manner. Subsequently, the Bureau filed enforcement actions to the People’s Court of Shouguang City, Shandong Province (the “Court”), naming SCHC as enforcement respondent and alleged, among other things, that SCHC failed to perform its obligations under each of the Written Decisions within the specified timeframe. The enforcement proceedings sought court orders to enforce the Written Decisions. On May 5, 2019, written decisions of administrative ruling captioned (2019) Lu 0783 Xing Shen No. 384, (2019) Lu 0783 Xing Shen No. 385, (2019) Lu 0783 Xing Shen No. 389, (2019) Lu 0783 Xing Shen No. 390, (2019) Lu 0783 Xing Shen No. 393, and (2019) Lu 0783 Xing Shen No. 394, respectively (together, the “Court Rulings”) were made by the Court in favor of the Bureau. The Court orders, among other relief, to enforce each of the Written Decisions, to return each subject land to its legal owners and demolish or confiscate the buildings and facilities thereon and restore the land to its original state within 10 days from the service of the Court Rulings on SCHC. The Court Rulings became enforceable immediately upon service on SCHC on May 5, 2019.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the last twenty years, to the Company’s knowledge, there were no government regulations requiring bromine manufacturers to obtain land use and planning approval document. As such, the Company believes most of the bromine manufacturers in Shouguang City do not have land use and planning approval documents and lease their land parcels from the village associations. They are facing the same issues in connection with land use and planning as the Company. To the Company’s knowledge, the local government has submitted its plan to solve the issues to higher authority and are waiting for approval from the higher authority.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is in the process of resolving the issues in connection with SCHC’s land use and planning diligently. The Company has been in discussions closely with the local government authorities with the help from Shouguang City Bromine Association to seek reliefs and, based on verbal confirmation by local government authorities, believes the administrative penalties imposed by the Bureau according to the Written Decisions are being re-assessed by local government authorities and may be revoked. Pursuant to a Written Application dated October 28, 2019 addressed to the Court by the Bureau, the Bureau withdrew its application for the enforcement proceedings regarding the administrative penalty imposed on Factory No. 7, Factory No. 8 and Factory No. 10. Pursuant to a written decisions of administrative ruling captioned (2019) Lu 0783 Xing Shen No. 389 Zhi Yi, dated November 25, 2020, the Court orders to terminate the enforcement of the case captioned (2019) Lu 0783 Xing Shen No. 389. Production of Factory No. 7 was allowed to resume in April 2019. The Company received a notification from the Shouguang City Government in February 2019 informing the Company that Factory No. 1, No. 4, No. 7 and No. 9 have passed inspection and were approved to resume operation</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, on August 28, 2019, the People’s Government of Shandong Province, issued a regulation titled “Investment Project Management Requirements of Chemical Companies in Shandong Province” permitting the construction of facilities on existing sites or infrastructure of bromine manufacturing and other chemical industry-related types of projects (clause 11 of section 3). The Company believes that the goal of the government is to standardize and regulate the industry and not to demolish the facilities or penalize the manufacturers. As of the date of this report, the Company has not been notified by the local government that it will take any measure to enforce the administrative penalties. Based on information known to date, the Company believes that it is remote that the Written Decisions or Court Rulings will be enforced within the expected timeframe and a material penalty or costs and expenses against the Company will result. However, there can be no assurance that there will not be any further enforcement action, the occurrence of which may result in further liabilities, penalties and operational disruption.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In view of the above facts and circumstances, the Company believes that it is not necessary to accrue for any estimated losses or impairment as of September 30, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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