Financial Performance - Revenues for the third quarter of 2024 were $2,242,365, a decline of 61.8% compared to the same period in 2023[2] - The net loss for the third quarter was $3,492,883, resulting in a basic and diluted loss of $0.33 per share[3] - For the nine months ended September 30, 2024, total revenues were $5,932,596, a decline of 74.4% compared to the same period in 2023[5] - The net loss for the nine months was $40,582,933, with a basic and diluted loss of $3.78 per share[6] - Net loss for the period ended September 30, 2024, was $3,492,883 compared to a net loss of $1,775,797 for the same period in 2023, representing an increase in loss of approximately 96.7%[20] - Total operating costs and expenses for the nine-month period were $27,185,348, a decrease from $20,930,621 in the previous year, indicating a reduction of about 30.5%[20] - Cash flows from operating activities showed a net cash used of $293,463, a significant decline from net cash provided of $9,869,612 in the same period last year[22] - The company reported a loss on disposal of equipment amounting to $29,169,008, which was not present in the previous year's results[22] - Cash and cash equivalents at the end of the period were $11,237,493, down from $103,774,977 at the end of the same period in 2023, reflecting a decrease of approximately 89.2%[22] - The company paid $1,013,382 in taxes during the nine-month period, compared to $4,930,601 in the same period last year, indicating a decrease of about 79.5%[23] Asset and Cash Position - Cash position decreased to $11,237,493 from $72,223,894 as of December 31, 2023[8] - Total assets at the end of the third quarter were $193,885,294, down from $226,671,708 at the end of 2023[9][17] Strategic Management and Future Outlook - Management is postponing the final delivery of equipment for the chemical factory to assess industry recovery and new opportunities[11] - The company is seeking additional land for salt fields and bromine wells, anticipating strong returns in the coming years[11] - Management expressed optimism about future opportunities as the Chinese economy begins to recover and bromine prices improve[12] - Future product development and market acceptance are subject to various risks, including competition and economic conditions in China, as outlined in the forward-looking statements[25] - The company undertakes no duty to revise or update any forward-looking statements, emphasizing the uncertainty of future results[25] Production and Operations - The company is one of the largest producers of bromine in China, with operations through four wholly-owned subsidiaries focusing on chemical production and resource development[24] Investment Activities - The company’s cash flows from investing activities included a significant purchase of property, plant, and equipment totaling $60,526,213, compared to $15,197,648 in the previous year[22]
Gulf Resources(GURE) - 2024 Q3 - Quarterly Results