Company Operations - The Company operates through four segments: bromine, crude salt, chemical products, and natural gas, with significant production output in bromine, making it one of the largest producers in China[130]. - The Company plans to acquire 2,380,000 square meters of crude salt field for a total transfer price of RMB129,472,000, with 80% payable upon execution of the agreement[141]. - The Company has entered into four additional acquisition agreements for crude salt fields totaling approximately 2,761,000 square meters, with prices ranging from RMB54.00 to RMB55.70 per square meter[142][143]. - The Company temporarily halted production at its bromine facilities from December 10, 2022, to February 1, 2023, and resumed operations as planned[138]. - The Company is awaiting governmental approval for factories No. 2 and No. 10, which may require modifications to current wells and aqueducts[138]. - The Company has secured land use rights for its new chemical plant at Bohai Marine Fine Chemical Industrial Park, with construction expected to take approximately one year[139]. - The Company commenced trial production at its natural gas well field in Daying, Sichuan Province, in January 2019, but is currently awaiting necessary project approvals[140]. Financial Performance - Net revenue for the three-month period ended June 30, 2024, was $2,383,169, a decrease of 70% compared to $8,005,782 in the same period of 2023[153]. - Bromine segment net revenue decreased to $1,859,234, down 75% from $7,356,347, with a 67% reduction in tonnes sold and a 22% decrease in average selling price[156]. - Crude salt segment net revenue was $523,935, a 19% decrease from $649,435, primarily due to a 33% drop in average selling price[156]. - Gross loss for the three-month period was $2,728,889, representing a gross loss margin of 115%, compared to a gross profit of $684,340 and a margin of 9% in the same period of 2023[163]. - Loss from operations was $5,146,997 for the three-month period ended June 30, 2024, compared to a loss of $919,098 in the same period of 2023[170]. - Cost of net revenue was $5,112,058, a decrease of 30% from $7,321,442, reflecting the significant drop in net revenue[159]. - Direct labor and factory overheads during the plant shutdown amounted to $1,714,503 for the three-month period ended June 30, 2024, compared to $1,055,529 in the same period of 2023[169]. - General and administrative expenses increased to $689,972, up 16% from $593,325 in the same period of 2023[170]. - The bromine segment's gross loss margin was 154% for the three-month period ended June 30, 2024, compared to a gross profit margin of 4% in the same period of 2023[166]. - Income tax benefit for the three-month period was $1,208,110, a 527% increase from $192,699 in the same period of 2023[170]. - The net loss for the three-month period ended June 30, 2024, was $33,097,918, compared to a net income of $681,816 in the same period in 2023[176]. - Net revenue for the six-month period ended June 30, 2024, was $3,690,231, a decrease of 79% from $17,307,789 in the same period in 2023[177]. - The gross loss for the six-month period ended June 30, 2024, was $3,541,672, representing 96% of net revenue, compared to a gross profit of $3,217,273, or 19% of net revenue, in the same period in 2023[186]. - Loss from operations for the bromine segment was $9,445,401 for the six-month period ended June 30, 2024, compared to a loss of $1,197,201 in the same period in 2023, attributed to a 72% decrease in tonnes sold[193]. - The cost of net revenue for the bromine segment decreased to $6,801,811 for the six-month period ended June 30, 2024, from $13,192,124 in the same period in 2023, a reduction of 48%[183]. - General and administrative expenses were $1,407,428 for the six-month period ended June 30, 2024, a decrease of 6% from $1,503,376 in the same period in 2023[191]. - Other income, net for the three-month period ended June 30, 2024, was $9,977, a decrease of approximately 78% compared to the same period in 2023[176]. - The average selling price of bromine decreased to $2,438 per ton in the six-month period ended June 30, 2024, from $3,580 per ton in the same period in 2023[188]. - The utilization ratio for bromine production capacity dropped to 4% for the six-month period ended June 30, 2024, from 34% in the same period in 2023, a variance of 30%[185]. - The net revenue from the crude salt segment decreased to $640,606 for the six-month period ended June 30, 2024, compared to $1,398,116 in the same period in 2023, a decrease of 54%[181]. - Crude salt segment reported income from operations of $54,932 for the six-month period ended June 30, 2024, a significant improvement from a loss of $404,013 in the same period in 2023[194]. - Chemical products segment experienced a loss from operations of $654,078 for the six-month period ended June 30, 2024, reduced from a loss of $833,892 in the same period in 2023[196]. - Natural gas segment reported a loss from operations of $101,482 for the six-month period ended June 30, 2024, compared to an income of $9,855 in the same period in 2023[197]. - Net loss for the six-month period ended June 30, 2024, was $37,090,050, compared to a net loss of $1,239,563 in the same period in 2023[197]. Cash Flow and Liquidity - Cash and cash equivalents decreased to $10,367,539 as of June 30, 2024, down from $72,223,894 as of December 31, 2023, reflecting a decrease of $61,856,355[198]. - Cash flow used in operating activities was approximately $812,141 for the six-month period ended June 30, 2024, compared to cash provided of $11,011,556 in the same period in 2023[199]. - Total accounts receivable decreased by $3,129,401 as of June 30, 2024, compared to December 31, 2023, with cash collections significantly impacting overall liquidity[202]. - Inventory decreased by $163,469 (or 28%) as of June 30, 2024, compared to the net inventory level as of December 31, 2023[204]. - Approximately $60.5 million was used in investing activities during the six months ended June 30, 2024, primarily for acquiring property, plant, and equipment[206]. Compliance and Regulatory Matters - The Company received a notice from Nasdaq regarding non-compliance due to delayed filings, with a deadline to submit a compliance plan by June 17, 2024[144]. - The Company has been granted an exception by Nasdaq to regain compliance, with a requirement to file delinquent reports by October 14, 2024[145]. Strategic Focus - The company intends to focus on expanding its segments within the Chinese market, including SCHC, SYCI, SHSI, and DCHC[207].

Company Operations - The company operates through four segments: bromine, crude salt, chemical products, and natural gas[128]. - The company plans to acquire 2,380,000 square meters of crude salt field for a total transfer price of RMB129,472,000, with 80% payable upon execution of the agreement[140]. - The company has entered into four additional acquisition agreements for crude salt fields totaling 2,761,000 square meters, with total transfer prices ranging from RMB20,790,000 to RMB45,785,400[141]. - The company resumed production at its bromine facilities in February 2023 after a temporary closure due to government regulations[135]. - The company is awaiting governmental approval for factories No.2 and No.10, which may require modifications to current wells and aqueducts[135]. - The company plans to start installation of equipment for its new chemical facilities by the end of 2023 or early 2024[137]. - The company has secured land use rights for its new chemical plant in Bohai Marine Fine Chemical Industrial Park, with construction expected to be completed in 2023[137]. - The company is required to obtain project approvals for its natural gas and brine water project in Sichuan Province, which has temporarily halted trial production[138]. Financial Performance - Net revenue for the three-month period ended March 31, 2024, was $1,307,062, a decrease of 86% compared to $9,302,007 for the same period in 2023[152]. - The gross loss for the three-month period ended March 31, 2024, was $812,783, representing 62% of net revenue, compared to a gross profit of $2,532,933, or 27% of net revenue, for the same period in 2023[163]. - The bromine segment's net revenue decreased to $1,146,197, an 86% decline from $8,470,372 in the prior year, driven by a 78% decrease in tonnes sold and a 39% decrease in average selling price[154]. - The crude salt segment reported net revenue of $116,671, down 84% from $748,681, due to an 80% decrease in tonnes sold and a 22% decrease in average selling price[155]. - Loss from operations for the three-month period ended March 31, 2024, was $5,269,419, a significant increase from a loss of $799,558 in the same period in 2023[169]. - The total cost of net revenue for the three-month period ended March 31, 2024, was $2,119,845, a decrease of 69% from $6,769,074 in the same period in 2023[158]. - The bromine segment's gross loss margin was 81% for the three-month period ended March 31, 2024, compared to a gross profit margin of 27% in the same period in 2023[165]. - The equipment lease segment generated net revenue of $44,194, a decrease of 47% from $82,954 in the prior year[157]. - The loss from operations in the chemical products segment was $314,824 for Q1 2024, an improvement from a loss of $417,873 in Q1 2023[173]. - The natural gas segment reported a loss of $27,709 for Q1 2024, compared to an income of $12,685 in Q1 2023[174]. - The net loss for Q1 2024 was $3,992,132, significantly higher than the net loss of $557,747 in Q1 2023[174]. Cash Flow and Financial Position - Cash and cash equivalents decreased to $70,761,796 as of March 31, 2024, down from $72,223,894 as of December 31, 2023[176]. - Cash flow used in operating activities was approximately $1.33 million in Q1 2024, compared to cash provided of approximately $4.83 million in Q1 2023[178]. - Accounts receivable increased by $394,358 to $5,260,054 as of March 31, 2024, with 35% aged 91-120 days[180]. - Inventory increased by $56,898 (or 10%) to $634,127 as of March 31, 2024, with finished goods making up 96% of total inventory[183]. - The company did not engage in any financing activities for the three-month periods ended March 31, 2024, and 2023[183]. - The company does not anticipate paying cash dividends in the foreseeable future and will focus on expanding its segments within the Chinese market[184]. - There are no significant contractual obligations not fully recorded or disclosed in the financial statements as of March 31, 2024[187]. Compliance and Corporate Actions - The company received a notice from Nasdaq regarding non-compliance due to delayed filings, with a deadline to submit a compliance plan by June 17, 2024[143]. - The company completed a 1-for-5 reverse stock split on January 28, 2020, adjusting all shares referenced in the report[139]. - General and administrative expenses decreased by 21% to $717,456 for the three-month period ended March 31, 2024, down from $910,051 in the prior year[169].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number 001-34499 Gulf Resources Inc. (Exact name of registrant as specified in its charter) Nevada 13-3637458 ...

SHOUGUANG, China, July 08, 2024 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (Nasdaq: GURE) ("Gulf Resources", "we," or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced it had received a letter from NASDAQ granting the Company an extension until October 14, 2024 to regain compliance with NASDAQ's listing rules. As previously disclosed, on April 18, 2024 and May 21, 2024, the Company received letters from NASDAQ indicating that that it did no ...

SHOUGUANG, China, July 08, 2024 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (NASDAQ:GURE) ("Gulf Resources", "we," or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced it had received a letter from NASDAQ granting the Company an extension until October 14, 2024 to regain compliance with NASDAQ's listing rules. As previously disclosed, on April 18, 2024 and May 21, 2024, the Company received letters from NASDAQ indicating that that it did not ...

SHOUGUANG, China, April 18, 2024 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (NASDAQ:GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced that with approval from the audit committee and the board of directors (the "Board") of the Company, it has changed its independent auditor from WWC, P.C. Certified Public Accountants ("WWC" or the "Former Auditor") to GGF CPA LIMITED ("GGF" or the "Successor Auditor") effective Apr ...

SHOUGUANG, China, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (NASDAQ:GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced it would like to update shareholders on the status of the Yuxin Chemical factory. At this time, the company has still not ordered the delivery of the remaining equipment for the factory while it evaluates market opportunities. The Chinese economy is currently weak. The weakness is es ...

SHOUGUANG, China, Jan. 30, 2024 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (NASDAQ:GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced that it has completed its approximately $50 million flood prevention project recently. This project was implemented for safeguarding its bromine facilities. While implemented to protect its bromine facilities and prevent potential flooding that could harm the wells, aqueducts and cru ...

Gulf Resources, Inc. (NASDAQ:GURE) Q3 2023 Earnings Call Transcript November 20, 2023 7:30 PM ET Company Participants Helen Xu - Director of Investor Relations Xiaobin Liu - Chief Executive Officer Operator Greetings. Welcome to the Gulf Resources Third Quarter 2023 Earnings Conference. [Operator Instructions]. Please note, this conference is being recorded. I will now turn the conference over to your host, Helen Xu. You may begin. Helen Xu Thank you, operator. Good morning, ladies and gentlemen, and good e ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 001-34499 GULF RESOURCES, INC. (Exact name of registrant as specified in its charter) Nevada 13-3637458 (State or othe ...