GULF RESOURCES, INC.

Listed Company

GURECIK 0000885462NasdaqNon-AcceleratedSmaller ReportingChemicals & Allied ProductsNevadaFY ends Dec 31

Period

FY 2024

Revenue

$7.66M

Net Income

$-58.94M

Total Assets

$169.46M

Equity

$143.71M

Shares Out

1.38M

Op. Cash Flow

$675.1K

Business

GULF RESOURCES, INC. manufactures and trades bromine, crude salt and natural gas and produces chemical products and materials for human and animal antibiotics. Its main products and services include elemental bromine and bromine compounds, crude salt from evaporated brine, chemical agents used in oil and gas exploration and papermaking, and inputs for antibiotics manufacturing. The company operates through four business segments—bromine, crude salt, chemical products and natural gas—via wholly owned PRC subsidiaries. All of its production, sales and distribution are conducted within the People’s Republic of China through direct sales to domestic customers and an in‑house sales team.

Summary from filing dated 2025-04-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
NET REVENUE	8	30	66	55	28
Cost of revenues	−15	−28	—	—	—
Sales and marketing expenses	−46,264	−59,055	−62,871	−62,964	−42,663
Direct labor and factory overheads	−9	−10	−12	—	—
General and administrative expenses	−5	−4	−6	−10	−10
TOTAL OPERATING COSTS AND EXPENSE	−29	−42	−50	−50	−38
LOSS FROM OPERATIONS	−21	−12	16	5	−10
Interest expense	−91,901	−105,209	−121,402	−137,178	−136,430
Interest income	80,258	250,128	286,141	295,172	291,307
Other expenses, net	−50,470	0	0	4,636	—
Loss on disposal of property, plant and equipment	−29	—	—	—	—
Impairment of property, plant and equipment	−7	—	—	—	—
Expenditure on water pollution treatment	—	−47	—	—	—
INCOME BEFORE INCOME TAXES	−57	−58	—	—	—
INCOME TAX EXPENSE	−2	−4	−7	−6	1
NET LOSS	−59	−62	10	−924,718	−8
- Foreign currency translation adjustments	−3	−5	−25	7	20
TOTAL COMPREHENSIVE LOSS	−62	−67	−15	6	12
BASIC AND DILUTED LOSS PER SHARE	−5.49	−5.92	1	−0.09	—
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES:	11	10	10	10	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Cash	10	72	108	96	94
Accounts receivable, net	564,523	5	5	—	—
Inventories, net	315,371	577,229	2	691,111	419,609
Prepayments and deposits	6	8	4	4	6
Amount due from related parties	25,040	—	—	—	—
Other receivables	94,074	7,482	—	—	—
Total current assets	17	86	119	115	107
Property, plant and equipment, net	136	122	150	163	149
Finance lease right-of use assets	76,868	83,115	—	—	186,272
Operating lease right-of-use assets	6	7	8	8	9
Prepaid land leases, net of current portion	10	10	10	10	10
Deferred tax assets, net	—	2	5	13	19
Total non-current assets	152	141	173	194	187
Total Assets	169	227	292	310	294
Accounts payable and accrued expenses	14	9	8	11	5
Taxes payable-current	113,999	475,630	699,563	775,708	1
Advance from customer	—	42,705	—	—	—
Amount due to related parties	3	3	3	—	—
Finance lease liability, current portion	217,743	172,625	213,346	227,429	217,070
Operating lease liabilities, current portion	491,850	473,653	433,440	506,579	477,350
Total current liabilities	18	13	12	14	7
Finance lease liability, net of current portion	1	1	1	2	2
Operating lease liabilities, net of current portion	7	8	8	8	8
Total non-current liabilities	8	9	9	9	10
Total Liabilities	26	21	21	23	17
Commitment and Contingencies	—	—	—	—	—
COMMON STOCK; $0.0005 par value; 80,000,000 shares authorized; 11,012,754 and 11,012,754 shares issued; and 10,726,924 and 10,726,924 shares outstanding as of December 31, 2024 and 2023	24,623	24,623	24,476	24,376	24,139
Treasury stock; 285,830 shares as of December 31, 2024 and 2023 at cost	−1	−1	−1	−510,329	−510,329
Additional paid-in capital	102	102	101	101	97
Share to be issued	194,700	—	—	—	—
Retained earnings unappropriated	37	96	158	150	151
Retained earnings appropriated	27	27	27	24	24
Accumulated other comprehensive loss	−21	−18	−13	12	4
Total Stockholders Equity	144	205	272	287	277
Total Liabilities and Stockholders Equity	169	227	292	310	294

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Amortization on capital lease	91,901	96,914	—	—	—
Depreciation and amortization	18	27	27	21	16
Deferred tax asset	2	3	7	6	−1
Stock-based compensation expense	194,700	451,350	668,000	3	2
Bad debt expense	2	431	—	—	—
Impairment of inventory	989,035	230,776	—	—	—
Amortization of right-of-use asset	877,809	887,603	—	—	—
Accounts receivable	4	410,057	8	−8	−1
Inventories	−733,302	769,543	−938,923	−259,999	292,101
Prepayment and deposits	248,817	−4	40,430	−3	−6,925
Advance from customers	−42,471	42,945	—	—	—
Other receivables	−87,515	−6,849	—	−85	—
Accounts and Other payable and accrued expenses	−2	1	−820,628	3	342,790
Taxes payable	−357,954	−213,480	−288,197	−534,307	−449,915
Lease liabilities	−894,351	−827,285	−591,156	26,251	—
Net cash provided by (used in) operating activities	675,068	−33	51	23	9
Purchase of property, plant and equipment	−61	—	−38	−30	−22
Interest-free loan lent to related parties	−25,275	—	—	—	—
Net cash used in investing activities	−61	—	−38	−30	−22
Repayment of finance leases obligation	−264,094	−267,810	−264,863	—	—
Proceeds from interest-free loan from a related party	14,854	—	—	—	—
Net cash used in financing activities	−249,240	−267,810	−264,863	−290,597	−264,976
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	−2	−3	−864,319	9	—
NET DECREASE IN CASH AND CASH EQUIVALENTS	−62	−36	12	2	−6
Paid for taxes	2	6	10	14	—
Interest on finance lease obligation	91,901	96,914	120,332	136,709	136,774
Paid for Flood Prevention Project	—	48	—	—	—

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