0001193805-18-001066.txt : 20180810 0001193805-18-001066.hdr.sgml : 20180810 20180810164651 ACCESSION NUMBER: 0001193805-18-001066 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 81 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180810 DATE AS OF CHANGE: 20180810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GULF RESOURCES, INC. CENTRAL INDEX KEY: 0000885462 STANDARD INDUSTRIAL CLASSIFICATION: CHEMICALS & ALLIED PRODUCTS [2800] IRS NUMBER: 133637458 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34499 FILM NUMBER: 181009403 BUSINESS ADDRESS: STREET 1: 99 WENCHANG RD, CHEMING INDUSTRIAL PARK STREET 2: UNIT - HAOYUAN CHEMICAL COMPANY LIMITED CITY: SHOUGUANG CITY, SHANDONG STATE: F4 ZIP: 262714 BUSINESS PHONE: (310) 470-2886 MAIL ADDRESS: STREET 1: 99 WENCHANG RD, CHEMING INDUSTRIAL PARK STREET 2: UNIT - HAOYUAN CHEMICAL COMPANY LIMITED CITY: SHOUGUANG CITY, SHANDONG STATE: F4 ZIP: 262714 FORMER COMPANY: FORMER CONFORMED NAME: DIVERSIFAX INC DATE OF NAME CHANGE: 19940331 10-Q 1 e618212_10q-gulf.htm

 

 UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
  For the quarterly period ended June 30, 2018
   
  Or
   
o 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 other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)
     

Level 11,Vegetable Building, Industrial Park of the East City,

Shouguang City,Shandong,

  262700
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: +86 (536) 567 0008

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every, Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x No o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

 

Large accelerated filer o Accelerated filer o  
Non-accelerated filer (Do not check if a smaller reporting company) o Smaller reporting company x
  Emerging Growth Company o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

 

As of August 6, 2018, the registrant had outstanding 46,803,791 shares of common stock.

 

 

 

 

Table of Contents

 

Part I – Financial Information  
Item 1. Financial Statements 1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 20
Item 3. Quantitative and Qualitative Disclosures about Market Risk 39
Item 4. Controls and Procedures 40
Part II – Other Information  
Item 1. Legal Proceedings 40
Item 1A. Risk Factors 41
Item 2. Unregistered Sale of Equity Securities and Use of Proceeds 41
Item 3. Defaults Upon Senior Securities 41
Item 4. Mine Safety Disclosures 41
Item 5. Other Information 41
Item 6. Exhibits 41
Signatures 42

 

 

 

PART I—FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

GULF RESOURCES, INC.
 AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. dollars)
 
   June 30, 2018
Unaudited
  December 31, 2017
Audited
Current Assets          
Cash  $215,975,864   $208,906,759 
Accounts receivable   4,650,250    29,765,884 
Inventories, net   181,094    1,196,785 
Prepayments and deposits   1,456,090    1,395,289 
Prepaid land leases   773,480    246,640 
Other receivable   12,952    2,089 
Total Current Assets   223,049,730    241,513,446 
Non-Current Assets          
Property, plant and equipment, net   94,828,982    95,114,504 
Property, plant and equipment under capital leases, net   394,180    492,238 
Prepaid land leases, net of current portion   14,151,767    14,477,771 
Deferred tax assets   9,408,852    6,526,555 
Goodwill   29,010,218    29,374,909 
Total non-current assets   147,793,999    145,985,977 
Total Assets  $370,843,729   $387,499,423 
           
Liabilities and Stockholders’ Equity          
Current Liabilities          
Accounts payable and accrued expenses  $774,134   $1,032,083 
Retention payable   643,305    956,351 
Capital lease obligation, current portion   128,575    203,206 
Taxes payable-current   2,049,741    1,474,592 
Total Current Liabilities   3,595,755    3,666,232 
Non-Current Liabilities          
Capital lease obligation, net of current portion   2,146,816    2,303,995 
Taxes payable-non-current   4,969,000    4,969,000 
Total Non-Current Liabilities   7,115,816    7,272,995 
Total Liabilities  $10,711,571   $10,939,227 
           
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; 47,052,940 shares issued and 46,803,791 shares outstanding as of June 30, 2018 and December 31, 2017, respectively   23,525    23,525 
Treasury stock; 249,149 shares as of June 30, 2018 and December 31, 2017 at cost   (554,870)   (554,870)
Additional paid-in capital   94,524,608    94,524,608 
Retained earnings unappropriated   238,380,458    250,170,431 
Retained earnings appropriated   24,233,544    24,233,544 
Accumulated other comprehensive income   3,524,893    8,162,958 
Total Stockholders’ Equity   360,132,158    376,560,196 
Total Liabilities and Stockholders’ Equity  $370,843,729   $387,499,423 

 

See accompanying notes to the condensed consolidated financial statements.

 

1 

 

GULF RESOURCES, INC.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

(Expressed in U.S. dollars)

(UNAUDITED)

 

   Three-Month Period Ended June 30,  Six-Month Period Ended June 30,
   2018  2017  2018  2017
             
NET REVENUE                    
Net revenue  $4,594   $47,531,989   $2,251,861   $80,320,482 
                     
OPERATING INCOME (EXPENSE)                    
Cost of net revenue   (7)   (26,931,742)   (1,241,816)   (47,145,605)
Sales, marketing and other operating expenses   (21,025)   (100,613)   (55,999)   (176,446)
Research and development cost       (65,274)       (127,172)
Direct labor and factory overheads incurred during plant shutdown   (5,689,486)       (11,385,005)    
General and administrative expenses   (1,125,683)   (2,056,943)   (4,697,628)   (3,785,403)
Other operating income       105,055        209,613 
    (6,836,201)   (29,049,517)   (17,380,448)   (51,025,013)
                     
INCOME/(LOSS) FROM OPERATIONS   (6,831,607)   18,482,472    (15,128,587)   29,295,469 
                     
OTHER INCOME (EXPENSE)                    
Interest expense   (43,185)   (42,065)   (86,529)   (83,976)
Interest income   178,678    132,721    348,156    258,581 
INCOME/(LOSS) BEFORE TAXES   (6,696,114)   18,573,128    (14,866,960)   29,470,074 
                     
INCOME TAXES (EXPENSE) BENEFIT   1,883,241    (4,821,450)   3,076,987    (7,643,276)
NET INCOME/(LOSS)  $(4,812,873)  $13,751,678   $(11,789,973)  $21,826,798 
                     
COMPREHENSIVE INCOME(LOSS):                    
NET INCOME/(LOSS)  $(4,812,873)  $13,751,678   $(11,789,973)  $21,826,798 
OTHER COMPREHENSIVE INCOME (LOSS)                    
- Foreign currency translation adjustments   (20,586,976)   7,261,237    (4,638,065)   9,298,509 
COMPREHENSIVE INCOME/(LOSS)  $(25,399,849)  $21,012,915   $(16,428,038)  $31,125,307 
                     
EARNINGS (LOSS) PER SHARE:                    
BASIC  $(0.10)  $0.29   $(0.25)  $0.47 
DILUTED  $(0.10)  $0.29   $(0.25)  $0.47 
                     
WEIGHTED AVERAGE NUMBER OF SHARES:                    
                     
BASIC   46,803,791    46,793,791    46,803,791    46,793,791 
DILUTED   46,803,791    46,796,848    46,815,089    46,800,545 

 

See accompanying notes to the condensed consolidated financial statements.

 

2 

 

GULF RESOURCES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
SIX-MONTH PERIOD ENDED JUNE 30, 2018
(Expressed in U.S. dollars)
 
   Common stock              Accumulated   
   Number  Number  Number        Additional  Retained  Retained  other   
   of shares  of shares  of treasury     Treasury  Paid-in  earnings  earnings  comprehensive   
   issued  outstanding  stock  Amount  stock  capital  unappropriated  appropriated  (loss) income  Total
                               
BALANCE AT DECEMBER 31, 2017 (Audited)   47,052,940    46,803,791    249,149   $23,525   $(554,870)  $94,524,608   $250,170,431   $24,233,544   $8,162,958   $376,560,196 
Translation adjustment                                    (4,638,065)   (4,638,065)
Net loss for six-month period ended June 30, 2018                           (11,789,973)           (11,789,973)
Transfer to statutory common reserve fund                                        
BALANCE AT JUNE 30, 2018 (Unaudited)   47,052,940    46,803,791    249,149   $23,525   $(554,870)  $94,524,608   $238,380,458   $24,233,544   $3,524,893   $360,132,158 

 

See accompanying notes to the condensed consolidated financial statements.

 

3 

 

GULF RESOURCES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. dollars)
(UNAUDITED)
   Six-Month Period Ended June 30,
   2018  2017
       
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income/(loss)  $(11,789,973)  $21,826,798 
Adjustments to reconcile net income(loss) to net cash provided by operating activities:          
Interest on capital lease obligation   86,214    83,128 
Amortization of prepaid land leases   294,676    234,307 
Depreciation and amortization   9,511,515    10,809,289 
Unrealized exchange (gain) loss on inter-company balances   (345,086)   603,910 
Deferred tax asset   (3,076,986)    
Stock-based compensation expense       14,700 
Changes in assets and liabilities:          
Accounts receivable   25,720,587    (33,349,844)
Inventories   1,039,959    1,165,420 
Prepayments and deposits   (61,251)   (19,129)
Other receivables   (11,289)   (580)
Accounts payable and accrued expenses   (256,603)   5,582,026 
Retention payable   (312,429)   (739,329)
Taxes payable   592,979    3,292,636 
Net cash provided by operating activities   21,392,313    9,503,332 
           
CASH FLOWS USED IN INVESTING ACTIVITIES          
Additions of prepaid land leases   (693,198)   (818,957)
Purchase of property, plant and equipment   (10,333,721)   (59,975)
Net cash used in investing activities   (11,026,919)   (878,932)
           
CASH FLOWS USED IN FINANCING ACTIVITIES          
Repayment of capital lease obligation   (294,295)   (273,873)
Net cash used in financing activities   (294,295)   (273,873)
           
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS   (3,001,994)   4,068,173 
NET INCREASE IN CASH AND CASH EQUIVALENTS   7,069,105    12,418,700 
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD   208,906,759    163,884,574 
CASH AND CASH EQUIVALENTS - END OF PERIOD  $215,975,864   $176,303,274 
           
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION          
Cash paid during the periods for:          
Income taxes  $   $4,634,040 

 

See accompanying notes to the condensed consolidated financial statements.

 

4 

 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

(Expressed in U.S. dollars)

(UNAUDITED)

 

NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

(a)           Basis of Presentation and Consolidation

 

The accompanying condensed financial statements have been prepared by Gulf Resources, Inc (“Gulf Resources”). a Nevada corporation and its subsidiaries (collectively, the “Company”), without audit, in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of its financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States (“US GAAP”).

 

In the opinion of management, the unaudited financial information for the three and six months ended June 30, 2018 presented reflects all adjustments, which are only normal and recurring, necessary for a fair statement of results of operations, financial position and cash flows. These condensed financial statements should be read in conjunction with the financial statements included in the Company’s 2017 Form 10-K. Operating results for the interim periods are not necessarily indicative of operating results for an entire fiscal year.

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may be different from the estimates. The Company also exercises judgments in the preparation of these condensed financial statements in certain areas, including classification of leases and related party transactions.

 

The consolidated financial statements include the accounts of Gulf Resources, Inc. and its wholly-owned subsidiary, Upper Class Group Limited, a company incorporated in the British Virgin Islands, which owns 100% of Hong Kong Jiaxing Industrial Limited, a company incorporated in Hong Kong (“HKJI”). HKJI owns 100% of Shouguang City Haoyuan Chemical Company Limited ("SCHC") which owns 100% of Shouguang Yuxin Chemical Industry Co., Limited (“SYCI”) and Daying County Haoyuan Chemical Company Limited (“DCHC”).  All material intercompany transactions have been eliminated on consolidation.

 

(b)           Nature of the Business

 

The Company manufactures and trades bromine and crude salt through its wholly-owned subsidiary, Shouguang City Haoyuan Chemical Company Limited ("SCHC") and manufactures chemical products for use in the oil industry, pesticides, paper manufacturing industry and for human and animal antibiotics through its wholly-owned subsidiary, Shouguang Yuxin Chemical Industry Co., Limited ("SYCI") in the People’s Republic of China (“PRC”). DCHC was established to further explore and develop natural gas and brine resources (including bromine and crude salt) in the PRC. DCHC’s business was not fully operational as of June 30, 2018.

 

On September 1, 2017, the Company received notification from the Government of Yangkou County, Shouguang City of PRC that production at all its factories should be halted with immediate effect in order for the Company to perform rectification and improvement in accordance with the county’s new safety and environmental protection requirements.

 

The Company has been working closely with the county authorities to develop rectification plans for both its bromine and crude salt businesses and agreed on a plan in October 2017. SCHC is currently under rectification process. The Company believes this rectification process will cost approximately $35 million. In addition to the $35 million, the Company expects to spend an additional $40 million in 2018 to carry out enhancement projects for its extraction wells. The Company incurred rectification and improvements in the amount of $27,048,794 and $17,938,652 as of June 30, 2018 and December 31, 2017.

 

Originally, six bromine factories completed their rectification process within factory areas (i.e. excluding crude salt field area) and were approved and scheduled for production commencement by April 2018 as verbally indicated by the local government. Subsequently, the Shandong Provincial government required the local government to conduct “four rating and one comprehensive evaluation” for all of the chemical companies within its jurisdiction. This has delayed the production commencement schedule of the six bromine and crude salt factories. As of current date, the Company has not received any official approval from the government.

 

Four of the remaining bromine and crude salt factories have a slightly more complex issue that needs to be resolved. All bromine factories now require paired crude salt pans to prevent the halogen water resulting from the production process from flowing into the sea. Four of these bromine factories do not have a designated crude salt pan where the wastewater could be channeled. The Company has four alternatives for these four factories which do not have paired crude salt pans: 1. It can form partnerships with adjacent bromine facilities that do have crude salt pans. The nature of these partnerships could take many forms. At present, the Company is communicating with a third party about the waste water discharge of the Factory No 10. If an agreement is reached, the Company will invest RMB7 million to build a new aqueduct and discharge the waste water to the designated place for treatment by the designated party. 2. The Company could petition the government for a zoning change so that additional land for salt pans could be obtained. The Company believes this might be difficult but is worth pursuing; 3. The Company could negotiate a different method of dealing with this issue; or, 4. These factories could conceivably be forced to close. At the present time, the Company is also working with the government on these issues and has not reached any final solution yet.

 

Subsequently on June 29 2018, the Company received a formal notice (dated June 25, 2018) jointly issued by various provincial government agencies in Shandong Province (the “Notice”) forwarded by the Weifang City Special Operations Leading Group Office of Safe Production, Transformation and Upgrading of Chemical Industry. In the Notice, the provincial government agencies set forth further requirements and procedures covering the following four aspects for the chemical industrial enterprises: project approval, planning approval, land use rights approval and environmental protection assessment approval. Those standards and procedures apply to all chemical industrial enterprises in Shandong Province including the Company’s bromine plants that have not completed project approval procedures, planning approval procedures, land use rights approval procedures and environmental protection assessment procedures. The Company believes that the government will not grant approval to the Company to allow its bromine and crude salt plants to resume operations until the Company has fully complied with the aforesaid rules set forth in the Notice.

 

The Shouguang City Bromine Association, on behalf of all the bromine plants in Shouguang, has started discussions with the local government agencies. The local governmental agencies confirmed the facts that their initial requirements for the bromine industry did not include the project approval, the planning approval and the land use rights approval and that those three additional approvals were new requirements of the provincial government. We understood from the local government that it has been coordinating with several government agencies to solve these three outstanding approval issues in a timely manner and that all the affected bromine plants are not allowed to commence production prior to obtaining those approvals.

 

The Company is not certain how long the temporary delay will be due to the issuance and implement of the Notice. The Company believes that this is another step by the government to improve the environment. It further believes the goal of the government is not to close all plants, but rather to codify the regulations related to project approval, land use, planning approval and environmental protection assessment approval so that illegal plants are not able to open in the future and so that plants close to population centers do not cause serious environmental damage. In addition, the Company believes that the Shandong provincial government wants to assure that each of its regional and county governments has applied the Notice in a consistent manner.

 

On November 24, 2017, the Company received a letter from the Government of Yangkou County, Shouguang City notifying the Company to relocate its two chemical production plants located in the second living area of the Qinghe Oil Extraction Plant to the Bohai Marine Fine Chemical Industrial Park (“Bohai Park”). This is because the two plants are located in a residential area and their production activities will impact the living environment of the residents. This is as a result of the country’s effort to improve the development of the chemical industry, manage safe production and curb environmental pollution accidents effectively, and ensure the quality of the living environment of residents. All chemical enterprises which do not comply with the requirements of the safety and environmental protection regulations will be ordered to shut down. The Company believes this relocation process will cost approximately $60 million in total. The Company incurred relocation cost in the amount of $10,925,081 and $9,732,118 as of June 30, 2018 and December 31, 2017 and estimated that the new factory will be fully operational by the beginning of 2020.

 

The Company does not anticipate that the Company’s new chemical factory will be significantly impacted by the Notice. The Company has secured from the government the land use rights for its chemical plants located at the Bohai Marine Fine Chemical Industry Park and presented a completed construction design draft and other related documents to the local authorities for approval. The Company expected to receive feedback from the local authorities. However, the Company does believe there could be a delay for the approval process given the ongoing rectification and approvals process for the Company’s other plants.

 

In January 2017, the Company completed the first brine water and natural gas well field construction in Sichuan Province and announced the commencement of trial production. The Company has been working with Xinan Shiyou Daxue (Southwest Petroleum University) and developed a solution to DHCH’s technical drilling problem. In resolving the problem, the Company purchased customized equipment for its natural gas project. The installation of such equipment, including providing piping and electricity, was completed in July 2018. The Company is preparing to test the equipment and anticipates to begin the trial production in September 2018.

 

(c)           Allowance for Doubtful Accounts

 

As of June 30, 2018 and December 31, 2017, allowances for doubtful accounts were nil. No allowances for doubtful accounts were charged to the condensed consolidated statements of income (loss) for the three-month and six-month periods ended June 30, 2018 and 2017.

 

(d)           Concentration of Credit Risk

 

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 $215,975,864 and $208,906,759 with these institutions as of June 30, 2018 and December 31, 2017, respectively.  The Company has not experienced any losses in such accounts in the PRC.

 

Concentrations of credit risk with respect to accounts receivable exists as the Company sells a substantial portion of its products to a limited number of customers. However, such concentrations of credit risks are limited since the Company performs ongoing credit evaluations of its customers’ financial condition and extends credit terms as and when appropriate. Approximately 0% and 13% of the balances of accounts receivable as of June 30, 2018 and December 31, 2017, respectively, are outstanding for less than three months. All outstanding receivables as of June 30, 2018 and December 31, 2017 are within the credit terms. For the balances of accounts receivable aged more than 90 days and all accounts receivable as of June 30, 2018, approximately 28% were collected in July 2018. 

 

The rate of collection in July 2018 for accounts receivable aged more than 90 days as of June 30, 2018 was analyzed as follows:

 

Accounts Receivable Aging Percent Collected
90-120 days   0%
121-150 days   0%
151-180 days 0%
181-210 days 16%
211-240 days 100%

 

5 

 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

(Expressed in U.S. dollars)

(UNAUDITED)

 

NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued

 

(e)           Property, Plant and Equipment

 

Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. Expenditures for new facilities or equipment, and major expenditures for betterment of existing facilities or equipment are capitalized and depreciated, when available for intended use, using the straight-line method at rates sufficient to depreciate such costs less 5% residual value over the estimated productive lives. All other ordinary repair and maintenance costs are expensed as incurred.

 

Mineral rights are recorded at cost less accumulated depreciation and any impairment losses. Mineral rights are amortized ratably over the term of the lease, or the equivalent term under the units of production method, whichever is shorter.

 

Construction in process primarily represents direct costs of construction of plant, machinery and equipment. Costs incurred are capitalized and transferred to property and equipment upon completion.

 

The Company’s depreciation and amortization policies on property, plant and equipment, other than mineral rights and construction in process, are as follows:

 

   

Useful life

(in years) 

Buildings (including salt pans)   8 - 20
Plant and machinery (including protective shells, transmission channels and ducts)   3 - 8
Motor vehicles   5
Furniture, fixtures and equipment   3-8

 

Property, plant and equipment under the capital lease are depreciated over their expected useful lives on the same basis as owned assets, or where shorter, the term of the lease, which is 20 years.

 

Producing oil and gas properties are depreciated on a unit-of-production basis over the proved developed reserves. Common facilities that are built specifically to service production directly attributed to designated oil and gas properties are depreciated based on the proved developed reserves of the respective oil and gas properties on a pro-rata basis. Common facilities that are not built specifically to service identified oil and gas properties are depreciated using the straight-line method over their estimated useful lives. Costs associated with significant development projects are not depreciated until commercial production commences and the reserves related to those costs are excluded from the calculation of depreciation.

 

(f)           Retirement Benefits

 

Pursuant to the relevant laws and regulations in the PRC, the Company participates in a defined contribution retirement plan for its employees arranged by a governmental organization. The Company makes contributions to the retirement plan at the applicable rate based on the employees’ salaries. The required contributions under the retirement plans are charged to the condensed consolidated statement of income (loss) on an accrual basis when they are due. The Company’s contributions totaled $301,657 and $257,660 for the three-month period ended June 30, 2018 and 2017, respectively, and totaled $604,075 and $512,876 for the six-month period ended June 30, 2018 and 2017, respectively.

 

(g)           Revenue Recognition

 

Net revenue is net of discount and value added tax and comprises the sale of bromine, crude salt and chemical products. Revenue is recognized when the control of the promised goods is transferred to the customers in an amount that reflects the consideration that the Company expects to receive from the customers in exchange for those goods. The acknowledgement of receipt of goods by the customers is when control of the product is deemed to be transferred. Invoicing occurs upon acknowledgement of receipt of the goods by the customers. Customers have no rights to return the goods upon acknowledgement of receipt of goods.

 

6 

 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

 (Expressed in U.S. dollars)

(UNAUDITED)

 

NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued

 

(h)           Recoverability of Long-lived Assets

 

In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10-35“Impairment or Disposal of Long-lived Assets”, long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable or that the useful lives of those assets are no longer appropriate. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment.

 

The Company determines the existence of such impairment by measuring the expected future cash flows (undiscounted and without interest charges) and comparing such amount to the carrying amount of the assets. An impairment loss, if one exists, is then measured as the amount by which the carrying amount of the asset exceeds the discounted estimated future cash flows. Assets to be disposed of are reported at the lower of the carrying amount or fair value of such assets less costs to sell. Asset impairment charges are recorded to reduce the carrying amount of the long-lived asset that will be sold or disposed of to their estimated fair values. Charges for the asset impairment reduce the carrying amount of the long-lived assets to their estimated salvage value in connection with the decision to dispose of such assets.

 

For the three and six months period ended June 30, 2018 and 2017, the Company determined that there were no events or circumstances indicating possible impairment of its long-lived assets.

 

(i)           Basic and Diluted Earnings per Share of Common Stock

 

Basic earnings per common share are based on the weighted average number of shares outstanding during the periods presented.  Diluted earnings per share are computed using weighted average number of common shares plus dilutive common share equivalents outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive, i.e. the exercise prices of the outstanding stock options were greater than the market price of the common stock. Anti-dilutive common stock equivalents which were excluded from the calculation of number of dilutive common stock equivalents amounted to 89,684 and 39,155 shares for the three-month period ended June 30, 2018 and 2017, respectively, and amounted to 82,649 and 32,077 shares for the six-month period ended June 30, 2018 and 2017, respectively. These awards could be dilutive in the future if the market price of the common stock increases and is greater than the exercise price of these awards.

 

7 

 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

 (Expressed in U.S. dollars)

(UNAUDITED)

 

NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued

 

(i)           Basic and Diluted Earnings per Share of Common Stock – Continued

 

The following table sets forth the computation of basic and diluted earnings per share:

 

   Three-Month Period Ended June 30,  Six-Month Period Ended June 30,
   2018  2017  2018  2017
Numerator            
Net income/(loss)  $(4,812,873)  $13,751,678   $(11,789,973)  $21,826,798 
                     
Denominator                    
Basic: Weighted-average common shares outstanding during the period   46,803,791    46,793,791    46,803,791    46,793,791 
Add: Dilutive effect of stock options       3,057    11,298    6,754 
Diluted   46,803,791    46,796,848    46,815,089    46,800,545 
                     
Net income/(loss) per share                    
Basic  $(0.10)  $0.29   $(0.25)  $0.47 
Diluted  $(0.10)  $0.29   $(0.25)  $0.47 

 

(j)           Reporting Currency and Translation

 

The financial statements of the Company’s foreign subsidiaries are measured using the local currency, Renminbi (“RMB”), as the functional currency; whereas the functional currency and reporting currency of the Company is the United States dollar (“USD” or “$”).

 

As such, the Company uses the “current rate method” to translate its PRC operations from RMB into USD, as required under FASB ASC 830 “Foreign Currency Matters”. The assets and liabilities of its PRC operations are translated into USD using the rate of exchange prevailing at the balance sheet date. The capital accounts are translated at the historical rate. Adjustments resulting from the translation of the balance sheets of the Company’s PRC subsidiaries are recorded in stockholders’ equity as part of accumulated other comprehensive income (loss). The statement of income (loss) and comprehensive income (loss) is translated at average rate during the reporting period. Gains or losses resulting from transactions in currencies other than the functional currencies are recognized in net income (loss) for the reporting periods as part of general and administrative expense. The statement of cash flows is translated at average rate during the reporting period, with the exception of the consideration paid for the acquisition of business which is translated at historical rates.

 

(k)           Foreign Operations

 

All of the Company’s operations and assets are located in PRC.  The Company may be adversely affected by possible political or economic events in this country.  The effect of these factors cannot be accurately predicted.

 

(l)           Exploration Costs

 

Exploration costs, which included the cost of researching appropriate places to drill wells and the cost of well drilling in search of potential natural brine or other resources, are charged to the income (loss) statement as incurred. Once the commercial viability of a project has been confirmed, all subsequent costs are capitalized.

 

For oil and gas properties, the successful efforts method of accounting is adopted. The Company carries exploratory well costs as an asset when the well has found a sufficient quantity of reserves to justify its completion as a producing well and where the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. Exploratory well costs not meeting these criteria are charged to expenses. Exploratory wells that discover potentially economic reserves in areas where major capital expenditure will be required before production would begin and when the major capital expenditure depends upon the successful completion of further exploratory work remain capitalized and are reviewed periodically for impairment.

 

(m)  Goodwill

 

Goodwill represents the excess of the purchase price over the net of the fair value of the identifiable tangible and intangible assets acquired and the fair value of liabilities assumed in business acquisitions. Goodwill impairment is assessed based on qualitative factors to determine whether it is more likely than not that the fair value of a reporting entity is less than its carrying amount, including goodwill. If the Company determines that it is more likely than not that the fair value of a reporting entity is less than its carrying amount, the two-step goodwill impairment test will be performed. The Company performs its impairment assessment annually and between annual tests in certain circumstances and determined that the two-step goodwill impairment test is not required to be carried out as of June 30, 2018.

 

(n)           New Accounting Pronouncements

 

Recently Adopted Accounting Pronouncements

 

In May 2014 and April 2016, the FASB issued ASU No. 2014-09 and ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14, which deferred the effective date of Update 2014-09 to annual reporting periods beginning after December 15, 2017. The Company adopted this Update as of January 1, 2018. This adoption did not have a material impact on the Company’s condensed consolidated financial statements as of and for the three and six months ended June 30, 2018 as the amount and timing of all the Company’s revenue will continue to be recognized at a point in time. As required by the Update, the Company disclosed its revenues from contracts with customers into disaggregated categories in Note 13.

 

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. The Update addresses eight specific changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in this Update should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company adopted this Update as of January 1, 2018 with no material impact on the condensed consolidated financial statements as of and for the three and six months ended June 30, 2018.

 

In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718), Scope of Modification Accounting. The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The amendments in this Update should be applied prospectively to an award modified on or after the adoption date. The Company adopted this Update as of January 1, 2018 with no material impact on the condensed consolidated financial statements as of and for the three and six months ended June 30, 2018.

 

Recently Issued Accounting Pronouncements Not Yet Adopted

 

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments in this Update specify the accounting for leases. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the effect of this on the consolidated financial statements and related disclosure.

 

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The amendments in this Update affect loans, debt securities, trade receivables, and any other financial assets that have the contractual right to receive cash. The ASU requires an entity to recognize expected credit losses rather than incurred losses for financial assets. For public entities, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the effect of this on the consolidated financial statements and related disclosure.

 

In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment. To simplify the subsequent measurement of goodwill, the Board eliminated Step 2 from the goodwill impairment test. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. A public business entity that is a U.S. Securities and Exchange Commission (SEC) filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company is currently evaluating effect of this on the consolidated financial statements and related disclosure.

 

In June 2018, the FASB issued ASU No.2018-07, Compensation- Stock Compensation (Topic 718). Improvements to Nonemployee Share-Based Payment Accounting. The amendments in this update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. Prior to this update, Top 718 applied only to share-based transactions to employees. Consistent with the accounting requirements for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. The amendments in the Update are effective for public business entities form fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. This is not expected to have a material effect on the Company’s consolidated financial statements.

 

8 

 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

 (Expressed in U.S. dollars)

(UNAUDITED)

 

NOTE 2 – INVENTORIES

 

Inventories consist of:

 

   June 30,
2018
  December 31,
2017
       
Raw materials  $14,414   $396,482 
Finished goods   166,680    844,224 
Allowance for obsolete and slow-moving inventory       (43,921)
   $181,094   $1,196,785 

 

NOTE 3 – PREPAID LAND LEASES

 

The Company prepaid for land leases with lease terms for periods ranging from one to fifty years to use the land on which the production facilities and warehouses of the Company are situated. The prepaid land lease is amortized on a straight line basis.

 

The Company paid $9,732,118 for a 50-year lease of a parcel of land for the new factory at Bohai Marine Fine Chemical Industrial Park in December, 2017. The land use certificate is being processed by the government and the commencement date of the lease will be known upon completion of the application process when the land use certificate will be issued. Amortization of the lease will commence on the day the lease term starts.

 

During the three and six months period ended June 30, 2018, amortization of prepaid land leases totaled $150,579 and $294,676, which amounts were recorded as direct labor and factory overheads incurred during plant shutdown. 

 

During the three and six months period ended June 30, 2017, amortization of prepaid land leases totaled $126,846 and $234,307, which amounts were recorded as cost of net revenue. 

 

The Company has the rights to use certain parcels of land located in Shouguang, PRC, through lease agreements signed with local townships or the government authority. For parcels of land that are collectively owned by local townships, the Company cannot obtain land use rights certificates. The parcels of land that the Company cannot obtain land use rights certificates cover a total of approximately 54.99 square kilometers with an aggregate carrying value of $1,067,939 and approximately 54.97 square kilometers with an aggregate carrying value of $645,761 as at June 30, 2018 and December 31, 2017, respectively.

 

NOTE 4 – PROPERTY, PLANT AND EQUIPMENT, NET

 

Property, plant and equipment, net consist of the following:

 

   June 30,
2018
  December 31,
2017
At cost:          
Mineral rights  $4,653,325    4,711,822 
Buildings   66,907,410    67,748,512 
Plant and machinery   205,294,156    200,742,652 
Motor vehicles   8,683    8,792 
Furniture, fixtures and office equipment   4,099,059    4,150,588 
Construction in process   1,358,535    183,036 
Total   282,321,168    277,545,402 
Less: Accumulated depreciation and amortization   (169,016,305)   (163,597,407)
Impairment   (18,475,881)   (18,833,491)
Net book value  $94,828,982   $95,114,504 

 

The Company has certain buildings and salt pans erected on parcels of land located in Shouguang, PRC, and such parcels of land are collectively owned by local townships or the government. The Company has not been able to obtain property ownership certificates over these buildings and salt pans. The aggregate carrying values of these properties situated on parcels of the land are $26,162,718 and $27,432,351 as at June 30, 2018 and December 31, 2017, respectively.

 

9 

  

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

 (Expressed in U.S. dollars)

(UNAUDITED)

 

NOTE 4 – PROPERTY, PLANT AND EQUIPMENT, NET – Continued

 

During the three-month period ended June 30, 2018, depreciation and amortization expense totaled $4,684,870, of which $4,420,180 and $262,689 were recorded in direct labor and factory overheads incurred during plant shutdown and administrative expenses, respectively. During the six-month period ended June 30, 2018, depreciation and amortization expense totaled $9,373,118, of which $8,857,147 and $515,971 were recorded in direct labor and factory overheads incurred during plant shutdown and administrative expenses, respectively.

 

During the three-month period ended June 30, 2017, depreciation and amortization expense totaled $5,294,777, of which $5,001,792 and $292,985 were recorded as cost of net revenue and administrative expenses, respectively. During the six-month period ended June 30, 2017, depreciation and amortization expense totaled $10,658,819, of which $10,074,234 and $584,585 were recorded as cost of net revenue and administrative expenses respectively.

 

NOTE 5 – PROPERTY, PLANT AND EQUIPMENT UNDER CAPITAL LEASES, NET

 

Property, plant and equipment under capital leases, net consist of the following:

 

   June 30,
2018
  December 31,  
2017
At cost:          
Buildings  $124,375   $125,939 
Plant and machinery   2,285,465    2,314,196 
Total   2,409,840    2,440,135 
Less: Accumulated depreciation and amortization   (2,015,660)   (1,947,897)
Net book value  $394,180   $492,238 

 

The above buildings erected on parcels of land located in Shouguang, PRC, are collectively owned by local townships.  The Company has not been able to obtain property ownership certificates over these buildings as the Company could not obtain land use rights certificates on the underlying parcels of land.  

 

During the three and six months period ended June 30, 2018, depreciation and amortization expense totaled $69,115 and $138,397, respectively, which was recorded in direct labor and factory overheads incurred during plant shutdown.

 

During the three and six months period ended June 30, 2017, depreciation and amortization expense totaled $75,413 and $150,470, respectively, which was recorded as cost of net revenue.

 

10 

 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

 (Expressed in U.S. dollars)

(UNAUDITED)

 

NOTE 6 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses consist of the following:

 

   June 30,  December 31,
   2018  2017
Salary payable  $252,261   $393,617 
Social security insurance contribution payable   133,692    135,203 
Other payables   388,181    503,263 
Total  $774,134   $1,032,083 

 

NOTE 7 – RELATED PARTY TRANSACTIONS

 

During the three-month and six-month periods ended June 30, 2018, the Company borrowed $66,000 and $251,912, respectively, from Jiaxing Lighting Appliance Company Limited (Jiaxing Lighting”), in which Mr. Ming Yang, a shareholder and the Chairman of the Company, has a 100% equity interest. The amounts due to Jiaxing Lighting were unsecured, interest free and repayable on demand and were fully settled in the three-month period ended June 30, 2018. There was no balance owing to Jiaxing Lighting as of June 30, 2018.

 

On September 25, 2012, the Company purchased five floors of a commercial building in the PRC, through SYCI, from Shandong Shouguang Vegetable Seed Industry Group Co., Ltd. (the “Seller”) at a cost of approximately $5.7 million in cash, of which Mr. Ming Yang, the Chairman of the Company, had a 99% equity interest in the Seller. During the first quarter of 2018, the Company entered into an agreement with the Seller, a related party, to provide property management services for an annual amount of approximately $99,200 for five years from January 1, 2018 to December 31, 2022. The expense associated with this agreement for the three and six months ended June 30, 2018 was approximately $24,500 and $49,000.

 

NOTE 8 – TAXES PAYABLE

 

Taxes payable consists of the following:

 

   June 30,  December 31,
   2018  2017
Income tax payable  $433,000   $433,000 
Natural resource tax       156,147 
Land use tax payable   1,616,741    810,841 
Other tax payables       74,604 
Total current taxes payable   2,049,741    1,474,592 
Non-current taxes payable   4,969,000    4,969,000 
Total  $7,018,741   $6,443,592 

   

The non-current taxes payable of $4,969,000 relates to the one-time mandatory transition tax on accumulated foreign earnings that are payable in the following periods:

 

Year ending December 31
       
 Current           
 2018        $433,000 
 Non-current           
 2019   $433,000      
 2020    433,000      
 2021    433,000      
 2022    433,000      
 2023 and after    3,237,000    4,969,000 
 Total (See Note 12(a))        $5,402,000 

NOTE 9 – CAPITAL LEASE OBLIGATIONS

 

The components of capital lease obligations are as follows:

 

   Imputed  June 30,  December 31,
   Interest rate  2018  2017
Total capital lease obligations   6.7%  $2,275,391   $2,507,201 
Less: Current portion       (128,575)   (203,206)
Capital lease obligations, net of current portion      $2,146,816   $2,303,995 

 

Interest expenses from capital lease obligations amounted to $43,055 and $41,375 for the three-month period ended June 30, 2018 and 2017, respectively, which were charged to the condensed consolidated statement of income (loss). Interest expenses from capital lease obligations amounted to $86,214 and $83,128 for the six-month period ended June 30, 2018 and 2017, respectively, which were charged to the condensed consolidated statement of income (loss).

 

11 

 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

 (Expressed in U.S. dollars)

(UNAUDITED)

 

NOTE 10 ––EQUITY

 

(a)Authorized shares

 

During the annual general meeting held on June 18, 2013, the shareholders of the Company approved the amendment to the Certificate of Incorporation to decrease the number of the authorized shares of the Company’s common stock to 80,000,000. The Company filed an amended and restated Certificate of Incorporation with the Secretary of the State of Delaware to decrease the number of authorized shares of the Company’s common stock. Accordingly, 80,000,000 is disclosed as the authorized shares of the Company’s common stock in the consolidated balance sheets as of June 30, 2018 and December 31, 2017.

 

(b)Retained Earnings - Appropriated

 

In accordance with the relevant PRC regulations and the PRC subsidiaries’ Articles of Association, the Company’s PRC subsidiaries are required to allocate its profit after tax to the following reserve:

 

Statutory Common Reserve Funds

 

SCHC, SYCI and DCHC are required each year to transfer at least 10% of the profit after tax as reported under the PRC statutory financial statements to the Statutory Common Reserve Funds until the balance reaches 50% of the registered share capital.  This reserve can be used to make up any loss incurred or to increase share capital.  Except for the reduction of losses incurred, any other application should not result in this reserve balance falling below 25% of the registered capital. The Statutory Common Reserve Fund as of June 30, 2018 for SCHC, SYCI and DCHC is 46%, 14% and 0% of its registered capital respectively.

 

NOTE 11 – STOCK-BASED COMPENSATION

 

Pursuant to the Company’s Amended and Restated 2007 Equity Incentive Plan approved in 2011(“Plan”), the aggregate number of shares of the Company’s common stock available for grant of stock options and issuance is 4,341,989 shares. On October 5, 2015, during the annual meeting of the Company’s stockholders, the aggregate number of shares reserved and available for grant and issuance pursuant to the Plan was increased to 10,341,989. As of June 30, 2018, the number of shares of the Company’s common stock available for issuance under the Plan is 6,739,989.

 

The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The risk free rate is based on the yield-to-maturity in continuous compounding of the US Government Bonds with the time-to-maturity similar to the expected tenor of the option granted, volatility is based on the annualized historical stock price volatility of the Company, and the expected life is based on the historical option exercise pattern.

 

During the six months ended June 30, 2018, there were no options issued to employees or non-employees.

 

The following table summarizes all Company stock option transactions between January 1, 2018 and June 30, 2018.

 

   Number of Option
Outstanding and exercisable
  Weighted- Average Exercise price of Option  Range of
Exercise Price per Common Share
 Balance, January 1, 2018    808,500   $1.61    $1.44 - $4.80 
 

Granted and vested during the period Ended June 30, 2018

             
 

Expired during the period ended June 30, 2018

    (25,000)  $2.31    $2.07-2.55 
 Balance, June 30, 2018    783,500   $1.58    $1.44 - $4.80 

 

12 

 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

 (Expressed in U.S. dollars)

(UNAUDITED)

 

NOTE 11 – STOCK-BASED COMPENSATION – Continued

 

    Stock Options Exercisable and Outstanding
            Weighted Average
            Remaining
    Outstanding at June 30, 2018  

Range of

Exercise Prices 

 

Contractual Life

 (Years)

Exercisable and outstanding 

  783,500   $1.44 - $4.80 2.70

 

The aggregate intrinsic value of options outstanding and exercisable as of June 30, 2018 was $0.

 

NOTE 12 – INCOME TAXES

 

The Company utilizes the asset and liability method of accounting for income taxes in accordance with FASB ASC 740-10.

 

(a)          United States (“US”)

 

Gulf Resources, Inc. may be subject to the United States of America Tax laws at a tax rate of 21%. No provision for the US federal income taxes has been made as the Company had no US taxable income for the three-month and six-month periods ended June 30, 2018 and 2017, and management believes that its earnings are permanently invested in the PRC.

 

On December 22, 2017, the Tax Cuts and Jobs Act (“TCJA”) was enacted in law. With the new tax law, the corporation income tax rate is reduced from 35% to 21% and there is a one-time mandatory transition tax on accumulated foreign earnings. The Company is allowed under TCJA to settle the tax liabilities over a period of eight years. The Company accrued a provisional amount of $5,402,000 (See Note 8) for the one-time mandatory transition as of and for the year ended December 31, 2017. On December 22, 2017, the Securities and Exchange Commission (“SEC”), staff issued Staff Accounting Bulletin (SAB) 118 which allows the Company to record a provisional amount of the one-time mandatory transition tax on accumulated foreign earning during a measurement period not to exceed one year of the enactment date.

 

(b)           British Virgin Islands (“BVI”)

 

Upper Class Group Limited, a subsidiary of Gulf Resources, Inc., was incorporated in the BVI and, under the current laws of the BVI, it is not subject to tax on income or capital gain in the BVI. Upper Class Group Limited did not generate assessable profit for the three-month and six-month periods ended June 30, 2018 and 2017.

 

(c)           Hong Kong

 

HKJI, a subsidiary of Upper Class Group Limited, was incorporated in Hong Kong and is subject to Hong Kong taxation on its activities conducted in Hong Kong and income arising in or derived from Hong Kong.  No provision for income tax has been made as it has no taxable income for the three-month and six-month periods ended June 30, 2018 and 2017.  The applicable statutory tax rates for the three-month and six-month periods ended June 30, 2018 and 2017 are 16.5%. There is no dividend withholding tax in Hong Kong.

 

(d)           PRC

 

Enterprise income tax (“EIT”) for SCHC, SYCI and DCHC in the PRC is charged at 25% of the assessable profits.

 

The operating subsidiaries SCHC, SYCI and DCHC are wholly foreign-owned enterprises (“FIE”) incorporated in the PRC and are subject to PRC Local Income Tax Law. The PRC tax losses may be carried forward to be utilized against future taxable profit for ten years for High-tech enterprises and small and medium-sized enterprises of science and technology and for five years for other companies. Tax losses of the operating subsidiaries of the Company may be carried forward for five years.

 

On February 22, 2008, the Ministry of Finance (“MOF”) and the State Administration of Taxation (“SAT”) jointly issued CaiShui [2008] Circular 1 (“Circular 1”). According to Article 4 of Circular 1, distributions of accumulated profits earned by a FIE prior to January 1, 2008 to foreign investor(s) in 2008 will be exempted from withholding tax (“WHT”) while distribution of the profit earned by an FIE after January 1, 2008 to its foreign investor(s) shall be subject to WHT at 5% effective tax rate.

 

13 

 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

 (Expressed in U.S. dollars)

(UNAUDITED)

 

NOTE 12 – INCOME TAXES – Continued

 

As of June 30, 2018 and December 31, 2017, the accumulated distributable earnings under the Generally Accepted Accounting Principles (GAAP”) of PRC of the FIE of the Company that are subject to WHT are $285,284,985 and $282,660,981, respectively. Since the Company intends to reinvest its earnings to further expand its businesses in mainland China, its foreign invested enterprises do not intend to declare dividends to their immediate foreign holding companies in the foreseeable future. Accordingly, as of June 30, 2018 and December 31, 2017, the Company has not recorded any WHT on the cumulative amount of distributable retained earnings of its foreign invested enterprises that are subject to WHT in China. As of June 30, 2018 and December 31, 2017, the unrecognized WHT are $13,234,848 and $14,133,049, respectively.

 

The Company’s income tax returns are subject to the various tax authorities’ examination. The federal, state and local authorities of the United States may examine the Company’s income tax returns filed in the United States for three years from the date of filing. The Company’s US income tax returns since 2014 are currently subject to examination.

 

Inland Revenue Department of Hong Kong (“IRD”) may examine the Company’s income tax returns filed in Hong Kong for seven years from date of filing. For the years 2011 through 2017, HKJI did not report any taxable income. It did not file any income tax returns during these years except for 2014. For companies which do not have taxable income, IRD typically issues notification to companies requiring them to file income tax returns once in every four years. The tax returns for 2014 are currently subject to examination.

 

The components of the provision for income tax expense (benefit) from continuing operations are:

 

   Three-Month Period Ended June 30,  Six-Month Period Ended June 30,
   2018  2017  2018  2017
Current taxes – PRC  $   $4,821,450   $   $7,643,276 
Deferred taxes – PRC   (1,883,241)       (3,076,987)    
   $(1,883,241)  $4,821,450   $(3,076,987)  $7,643,276 

        

The effective income tax rate differ from the PRC statutory income tax rate of 25% from continuing operations in the PRC as follows:

 

  Three-Month Period Ended June 30,   Six-Month Period Ended June 30,
Reconciliations 2018   2017   2018   2017
Statutory income tax rate   25 %     25 %     25 %     25 %  
Non-deductible expense   (1 %)     1 %     (4 %)     1 %  
Non-taxable items   5 %     -       1 %     -    
Change in valuation allowance   (1 %)     -       (1 %)     -    
Effective tax rate   28 %     26 %     21 %     26 %  

 

Significant components of the Company’s deferred tax assets and liabilities at June 30, 2018 and December 31, 2017 are as follows:

 

   June 30,  December 31,
   2018  2017
Deferred tax liabilities  $   $ 
           
Deferred tax assets:          
Allowance for obsolete and slow-moving inventories  $   $10,980 
Impairment on property, plant and equipment   3,706,211    4,610,228 
Exploration costs   1,881,693    1,905,347 
Compensation costs of unexercised stock options   94,287    98,092 
PRC tax losses   3,820,948     
US federal net operating loss   7,138,700    7,080,000 
Total deferred tax assets   16,641,839    13,704,647 
Valuation allowance   (7,232,987)   (7,178,092)
Net deferred tax asset  $9,408,852   $6,526,555 

 

The increase in valuation allowance for each of the three-month periods ended June 30, 2018 and 2017 is $28,499 and $32,600, respectively.

 

The increase in valuation allowance for the six-month period ended June 30, 2018 and 2017 is $54,895 and $73,400.

 

There were no unrecognized tax benefits and accrual for uncertain tax positions as of June 30, 2018 and December 31, 2017.

 

14 

 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

 (Expressed in U.S. dollars)

(UNAUDITED)

 

NOTE 13 – BUSINESS SEGMENTS

 

The Company has four reportable segments:  bromine, crude salt, chemical products and natural gas. The reportable segments are consistent with how management views the markets served by the Company and the financial information that is reviewed by its chief operating decision maker.

 

An operating segment’s performance is primarily evaluated based on segment operating income (loss), which excludes share-based compensation expense, certain corporate costs and other income not associated with the operations of the segment. These corporate costs (income) are separately stated below and also include costs that are related to functional areas such as accounting, treasury, information technology, legal, human resources, and internal audit. The Company believes that segment operating income (loss), as defined above, is an appropriate measure for evaluating the operating performance of its segments. All the customers are located in PRC.

 

Three-Month

Period Ended

June 30, 2018

  Bromine* 

Crude

 Salt*

 

Chemical

 Products

  Natural Gas 

Segment

 Total

  Corporate  Total
Net revenue
(external customers)
  $   $   $4,594   $   $4,594   $   $4,594 
Net revenue
(intersegment)
                            
Income(loss) from operations before income taxes(benefit)   (5,577,272)   (1,731,592)   (727,595)   (45,295)   (8,081,754)   1,250,147    (6,831,607)
Income taxes expense (benefit)   (1,579,514)   (240,367)   (63,360)       (1,883,241)       (1,883,241)
Income (loss) from operations after
income taxes(benefit)
   (3,997,758)   (1,491,225)   (664,235)   (45,295)   (6,198,513)   1,250,147    (4,948,366)
Total assets   138,510,016    47,572,477    182,669,040    2,011,378    370,762,911    80,818    370,843,729 
Depreciation and amortization   4,018,318    611,499    124,167        4,753,984        4,753,984 
Capital expenditures   7,813,714    1,189,075    1,192,963    16,259    10,212,011         10,212,011 
Goodwill           29,010,218        29,010,218        29,010,218 
                                    

Three-Month

Period Ended

June 30, 2017

  Bromine* 

Crude

 Salt*

 

Chemical 

 Products

  Natural Gas 

Segment 

 Total 

  Corporate  Total
Net revenue
(external customers)
  $18,423,133   $2,521,883   $26,586,973   $   $47,531,989   $   $47,531,989 
Net revenue
(intersegment)
   2,910,743                2,910,743        2,910,743 
Income(loss) from operations before income taxes   9,740,981    1,051,202    8,318,480    (33,529)   19,077,134    (594,662)   18,482,472 
Income taxes   2,464,085    245,164    2,112,201        4,821,450        4,821,450 
Income (loss) from operations after
income taxes
   7,276,896    806,038    6,206,279    (33,529)   14,255,684    (594,662)   13,661,022 
Total assets   162,696,276    32,749,355    207,885,555    1,819,284    405,150,470    114,373    405,264,843 
Depreciation and amortization   3,794,600    624,226    951,364        5,370,190        5,370,190 
Goodwill           28,332,661        28,332,661        28,332,661 

 

15 

 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

 (Expressed in U.S. dollars)

(UNAUDITED)

 

NOTE 13 – BUSINESS SEGMENTS – Continued

 

Six-Month

Period Ended

June 30, 2018

  Bromine* 

Crude

 Salt*

 

Chemical

 Products 

  Natural Gas 

Segment

 Total

  Corporate  Total
Net revenue
(external customers)
  $   $1,638,493   $613,368   $   $2,251,861   $   $2,251,861 
Net revenue
(intersegment)
                            
Income(loss) from operations before income taxes (benefit)   (11,167,828)   (2,539,475)   (1,402,366)   (80,950)   (15,190,619)   62,032    (15,128,587)
Income taxes expense (benefit)   (2,970,666)   (442,338)   336,017        (3,076,987)       (3,076,987)
Income (loss) from operations after
income taxes(benefit)
   (8,197,162)   (2,097,137)   (1,738,383)   (80,950)   (12,113,632)   62,032    (12,051,600)
Total assets   138,510,016    47,572,477    182,669,040    2,011,378    370,762,911    80,818    370,843,729 
Depreciation and amortization   7,738,030    1,524,850    248,635        9,511,515        9,511,515 
Capital expenditures   7,906,888    1,203,254    1,192,963    30,616    10,333,721         10,333,721 
Goodwill           29,010,218        29,010,218        29,010,218 

 

Six-Month

Period Ended

June 30, 2017

  Bromine* 

Crude

 Salt*

 

Chemical

 Products

  Natural Gas 

Segment

 Total

  Corporate  Total
Net revenue
(external customers)
  $32,345,527   $4,335,661   $43,639,294   $   $80,320,482   $   $80,320,482 
Net revenue
(intersegment)
   5,089,236                5,089,236        5,089,236 
Income(loss) from operations before income taxes   15,012,915    1,937,089    13,264,657    (57,287)   30,157,374    (861,905)   29,295,469 
Income taxes   3,794,188    468,746    3,380,342        7,643,276        7,643,276 
Income (loss) from operations after
income taxes
   11,218,727    1,468,343    9,884,315    (57,287)   22,514,098    (861,905)   21,652,193 
Total assets   162,696,276    32,749,355    207,885,555    1,819,284    405,150,470    114,373    405,264,843 
Depreciation and amortization   7,793,181    1,078,673    1,937,435        10,809,289        10,809,289 
Goodwill           28,332,661        28,332,661        28,332,661 

 

* Certain common production overheads, operating and administrative expenses and asset items (mainly cash and certain office equipment) of bromine and crude salt segments in SCHC were split by reference to the average selling price and production volume of the respective segment.

 

16 

 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

 (Expressed in U.S. dollars)

(UNAUDITED)

 

NOTE 13 – BUSINESS SEGMENTS – Continued

 

   Three-Month Period Ended June 30,  Six-Month Period Ended June 30,
Reconciliations  2018  2017  2018  2017
Total segment operating income (loss)  $(8,081,754)  $19,077,134   $(15,190,619)  $30,157,374 
Corporate costs   (153,791)   (128,007)   (283,054)   (257,995)
Unrealized gain/(loss) on translation of intercompany balance   1,403,938    (466,655)   345,086    (603,910)
Income (loss) from operations   (6,831,607)   18,482,472    (15,128,587)   29,295,469 
Other income, net of expense   135,493    90,656    261,627    174,605 
Income (loss) before income taxes  $(6,696,114)  $18,573,128   $(14,866,960)  $29,470,074 

 

The following table shows the major customer(s) (10% or more) for the six-month period ended June 30, 2018.

 

Number   Customer

Bromine 

(000’s)

 

Crude Salt

(000’s)

 

Chemical Products

(000’s)

 

Total

Revenue

 (000’s)

 

Percentage of

Total

Revenue (%)

 1   Shandong Morui Chemical Company Limited

$ -

 

$ 534

 

$ 155

  $  689   30.6%
2   Shandong Brother Technology Limited, Kuerle Xingdong Trading Limited

$ -

 

$ 670

 

$ -

  $  670   29.8%
3   Shouguang Weidong Chemical Company Limited

$ -

 

$ 435

 

$ -

  $  435   19.3%

 

The following table shows the major customer(s) (10% or more) for the six-month period ended June 30, 2017.

 

Number   Customer

Bromine

(000’s) 

 

Crude Salt

(000’s)

 

Chemical Products

(000’s)

 

Total

Revenue

 (000’s)

 

Percentage of

Total

Revenue (%)

 1   Shandong Morui Chemical Company Limited

$ 5,705

 

$ 1,251

 

$ 2,768

  $  9,724   12.1%

 

NOTE 14 – CUSTOMER CONCENTRATION

 

During the six-month period ended June 30, 2018, the Company sold 89% of its products to its top five customers, respectively. As of June 30, 2018, amounts due from these customers were $4,650,250. During the six-month period ended June 30, 2017, the Company sold 35.0% of its products to its top five customers. As of June 30, 2017, amounts due from these customers were $38,735,709. This concentration makes the Company vulnerable to a near-term severe impact, should the relationships be terminated.

 

NOTE 15 – MAJOR SUPPLIERS

 

During the six-month period ended June 30, 2018, the Company did not purchase any raw materials. During the six-month period ended June 30, 2017, the Company purchased 67.5% of its raw materials from its top five suppliers.  As of June 30, 2017, amounts due to those suppliers were $6,833,430.

 

17 

 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

 (Expressed in U.S. dollars)

(UNAUDITED)

 

NOTE 16 – FAIR VALUE OF FINANCIAL INSTRUMENTS

 

The carrying values of financial instruments, which consist of cash, accounts receivable and accounts payable and other payables, approximate their fair values due to the short-term nature of these instruments.  There were no material unrecognized financial assets and liabilities as of June 30, 2018 and December 31, 2017.

 

NOTE 17 –COMMITMENTS

 

As of June 30, 2018, the Company has leased real property adjacent to Factory No. 1, with the related production facility, channels and ducts, other production equipment and the buildings located on the property, under a capital lease. The future minimum lease payments required under the capital lease, together with the present value of such payments, are included in the table shown below.

 

The Company has leased ten parcels of land under non-cancelable operating leases, with fixed rentals and expire through December 2021, December 2023, December 2030, December 2031, December 2032, April 2038, December 2040, February 2059, August 2059 and June 2060, respectively.

 

The following table sets forth the Company’s contractual obligations as of June 30, 2018:

 

   Capital Lease Obligations  Operating Lease Obligations  Property Management Fees  Capital Expenditure
Payable within:                    
the next 12 months  $283,690   $1,008,208   $94,291   $39,822 
the next 13 to 24 months   283,690    1,032,548    94,291     
the next 25 to 36 months   283,690    1,054,710    94,291     
the next 37 to 48 months   283,690    911,914    94,291     
the next 49 to 60 months   283,690    927,797    94,291     
thereafter   1,985,828    15,688,637         
Total  $3,404,278   $20,623,814   $471,455   $39,822 
Less: Amount representing interest   (1,128,887)               
Present value of net minimum lease payments  $2,275,391                

 

18 

 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

 (Expressed in U.S. dollars)

(UNAUDITED)

 

NOTE 17 – COMMITMENTS – Continued

 

Rental expenses related to operating leases of the Company amounted to $283,051 and $256,447, which were charged to the condensed consolidated statements of income (loss) for the three months ended June 30, 2018 and 2017, respectively. Rental expenses related to operating leases of the Company amounted to $564,664 and $511,566, which were charged to the condensed consolidated statements of income (loss) for the six months ended June 30, 2018 and 2017, respectively.

 

19 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Cautionary Note Regarding Forward-Looking Statements

 

The discussion below contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act.  We have used words such as “believes,” “intends,” “anticipates,” “expects” and similar expressions to identify forward-looking statements. These statements are based on information currently available to us and are subject to a number of risks and uncertainties that may cause our actual results of operations, financial condition, cash flows, performance, business prospects and opportunities and the timing of certain events to differ materially from those expressed in, or implied by, these statements. These risks, uncertainties and other factors include, without limitation, those matters discussed in Item 1A of Part I of our 2017 Form 10-K.  Except as expressly required by the federal securities laws, we undertake no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances, or for any other reason.  The following discussion should be read in conjunction with our consolidated financial statements and notes thereto appearing in our 2017 Form 10-K and Item 1A, “Risk Factors” for the year ended December 31, 2017.

 

Overview

 

 We are a holding company which conducts operations through our wholly-owned China-based subsidiaries.  Our business is conducted and reported in four segments, namely, bromine, crude salt, chemical products and natural gas.

 

Through our wholly-owned subsidiary, SCHC, we produce and trade bromine and crude salt.  We are one of the largest producers of bromine in China, as measured by production output. Elemental bromine is used to manufacture a wide variety of bromine compounds used in industry and agriculture. Bromine also is used to form intermediary chemical compounds such as Tetramethylbenzidine.  Bromine is commonly used in brominated flame retardants, fumigants, water purification compounds, dyes, medicines and disinfectants.  Crude salt is the principal material in alkali production as well as chlorine alkali production and is widely used in the chemical, food and beverage, and other industries.

 

Through our wholly-owned subsidiary, SYCI, we manufacture and sell chemical products used in oil and gas field exploration, oil and gas distribution, oil field drilling, papermaking chemical agents, inorganic chemicals and materials that are used for human and animal antibiotics.

 

As disclosed in the Company’s Current Report on Form 8-K filed on September 8, 2017 the Company disclosed that on September 1, 2017, the Company received letters from the Yangkou County, Shouguang City government addressed to each of its subsidiaries, SCHC and SYCI, which stated that in an effort to improve the safety and environmental protection management level of chemical enterprises, the plants are requested to immediately stop production and perform rectification and improvements in accordance with the country's new safety and environmental protection requirements. In the Company’s press release of August 11, 2017 and on its conference call of August 14, 2017, the Company addressed concerns that increased government enforcement of stringent environmental rules that were adopted in early 2017 to insure corporations bring their facilities up to necessary standards so that pollution and other negative environmental issues are limited and remediated, could have an impact on our business in both the short and long-term.The Company also expressed that although it believed its facilities were fully compliant, the Company did not know how its facilities would fare under the new rules and that the Company expected to have a full understanding of the implications within the next two months. Teams of inspectors from the government were sent to many provinces to inspect all mining and manufacturing facilities. The local government requested that facilities be closed, so that the facilities can undergo the inspection and analysis in the most efficient manner by inspectors’ team. As a result, our facilities were closed on September 1, 2017.

 

20 

 

Subsequently, the Safety Supervision and Administration Department and the Environmental Protection Departments of the local government conducted inspections of every bromine production enterprise within its jurisdiction, in order to improve security, environmental protections, pollution, and safety. The Company had been working closely with the County authorities to develop rectification plans for both its bromine and its chemical businesses. The Company and the government had agreed on a rectification plan for SCHC, the Company’s bromine and crude salt businesses which is currently under process.

 

Originally, six bromine factories completed their rectification process within factory areas (i.e. excluding crude salt field area) and were approved and scheduled for production commencement by April 2018 as verbally indicated by the local government. Subsequently, the Shandong Provincial government required the local government to conduct “four rating and one comprehensive evaluation” for all of the chemical companies within its jurisdiction. This has delayed the production commencement schedule of the six bromine and crude salt factories. As of the current date, the Company has not received any official approval from the government.

 

Four of the remaining bromine and crude salt factories have a slightly more complex issue that needs to be resolved. All bromine factories now require paired crude salt pans to prevent the halogen water resulting from the production process from flowing into the sea. Four of these bromine factories do not have a designated crude salt pan where the wastewater could be channeled. The Company has four alternatives for these four factories which do not have paired crude salt pans: 1. It can form partnerships with adjacent bromine facilities that do have crude salt pans. The nature of these partnerships could take many forms. At present, the Company is communicating with a third party about the waste water discharge of the Factory No 10. If an agreement is reached, the Company will invest RMB7 million to build a new aqueduct and discharge the waste water to the designated place for treatment by the designated party.2. The Company could petition the government for a zoning change so that additional land for salt pans could be obtained. The Company believes this might be difficult but is worth pursuing; 3. The Company could negotiate a different method of dealing with this issue; or, 4. These factories could conceivably be forced to close. At the present time, the Company is also working with the government on these issues and has not reached any final solution yet.

 

Subsequently on June 29 2018, the Company received a formal notice (dated June 25, 2018) jointly issued by various provincial government agencies in Shandong Province (the “Notice”) forwarded by the Weifang City Special Operations Leading Group Office of Safe Production, Transformation and Upgrading of Chemical Industry. In the Notice, the provincial government agencies set forth further requirements and procedures covering the following four aspects for the chemical industrial enterprises: project approval, planning approval, land use rights approval and environmental protection assessment approval. Those standards and procedures apply to all chemical industrial enterprises in Shandong Province including the Company’s bromine plants that have not completed project approval procedures, planning approval procedures, land use rights approval procedures and environmental protection assessment procedures. The Company believes that the government will not grant approval to the Company to allow its bromine and crude salt plants to resume operations until the Company has fully complied with the aforesaid rules set forth in the Notice.

 

The Shouguang City Bromine Association, on behalf of all the bromine plants in Shouguang, has started discussions with the local government agencies. The local governmental agencies confirmed the facts that their initial requirements for the bromine industry did not include the project approval, the planning approval and the land use rights approval and that those three additional approvals were new requirements of the provincial government. We understood from the local government that it has been coordinating with several government agencies to solve these three outstanding approval issues in a timely manner and that all the affected bromine plants are not allowed to commence production prior to obtaining those approvals.

 

The Company is not certain how long the temporary delay will be due to the issuance and implement of the Notice. The Company believes that this is another step by the government to improve the environment. It further believes the goal of the government is not to close all plants, but rather to codify the regulations related to project approval, land use, planning approval and environmental protection assessment approval so that illegal plants are not able to open in the future and so that plants close to population centers do not cause serious environmental damage. In addition, the Company believes that the Shandong provincial government wants to assure that each of its regional and county governments has applied the Notice in a consistent manner.

 

On November 24, 2017, the Company received a letter from the Government of Yangkou County, Shouguang City notifying the Company to relocate its two chemical production plants located in the second living area of the Qinghe Oil Extraction Plant to the Bohai Marine Fine Chemical Industrial Park (“Bohai Park”). This is because the two plants are located in a residential area and their production activities will impact the living environment of the residents. This is as a result of the country’s effort to improve the development of the chemical industry, manage safe production and curb environmental pollution accidents effectively, and ensure the quality of the living environment of residents. All chemical enterprises which do not comply with the requirements of the safety and environmental protection regulations will be ordered to shut down. The Company believes this relocation process will cost approximately $60 million in total. The Company incurred relocation cost in the amount of $10,925,081 and $9,732,118 as of June 30, 2018 and December 31, 2017 and estimated that the new factory will be fully operational by the beginning of 2020.

 

The Company does not anticipate that the Company’s new chemical factory will be significantly impacted by the Notice. The Company has secured from the government the land use rights for its chemical plants located at the Bohai Marine Fine Chemical Industry Park and presented a completed construction design draft and other related documents to the local authorities for approval. The Company expected to receive feedback from the local authorities. However, the Company does believe there could be a delay for the approval process given the ongoing rectification and approvals process for the Company’s other plants.

 

In January 2017, the Company completed the first brine water and natural gas well field construction in Sichuan Province and announced the commencement of trial production. The Company has been working with Xinan Shiyou Daxue (Southwest Petroleum University) and developed a solution to DHCH’s technical drilling problem. In resolving the problem, the Company purchased customized equipment for its natural gas project. The installation of such equipment, including providing piping and electricity, was completed in July 2018. The Company is preparing to test the equipment and anticipates to begin the trial production in September 2018.

 

Our current corporate structure chart is set forth in the following diagram:

 

 

As a result of our acquisitions of SCHC and SYCI, our historical financial statements and the information presented below reflects the accounts of SCHC, SYCI and DCHC. The following discussion should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this report.

 

21 

 

RESULTS OF OPERATIONS

 

The following table presents certain information derived from the condensed consolidated statements of operations, cash flows and stockholders equity for the three-month and six-month periods ended June 30, 2018 and 2017. 

 

Comparison of the Three-Month Period Ended June 30, 2018 and 2017

 

   Three-Month Period
Ended June 30, 2018
  Three-Month Period
Ended June 30, 2017
  Percent Change
Increase/
(Decrease)
Net revenue  $4,594   $47,531,989    (100%)
Cost of net revenue  $(7)  $(26,931,742)   (100%)
Gross profit  $4,587   $20,600,247    (100%)
Sales, marketing and other operating expenses  $(21,025)  $(100,613)   (79%)
Research and development costs  $   $(65,274)   (100%)
Direct labor and factory overheads incurred during plant shutdown  $(5,689,486)  $    
General and administrative expenses  $(1,125,683)  $(2,056,943)   (45%)
Other operating income  $   $105,055    (100%)
Income (loss) from operations  $(6,831,607)  $18,482,472    (137%)
Other income  $135,493   $90,656    49%
Income (loss) before taxes  $(6,696,114)  $18,573,128    (136%)
Income (taxes) benefit  $1,883,241   $(4,821,450)   (139%)
Net income (loss)  $(4,812,873)  $13,751,678    (135%)

 

Net revenue.  The table below shows the changes in net revenue in the respective segment of the Company for the three-month period ended June 30, 2018 as compared to the same period in 2017:

 

   Net Revenue by Segment   
   Three-Month Period Ended  Three-Month Period Ended  Percent Change
Decrease
   June 30, 2018  June 30, 2017  of Net Revenue
Segment     % of total     % of total   
Bromine  $       $18,423,133    39%   (100%)
Crude Salt  $       $2,521,883    5%   (100%)
Chemical Products  $4,594    100%  $26,586,973    56%   (100%)
Total sales  $4,594    100%  $47,531,989    100%   (100%)

 

Bromine and crude salt segments  Three-Month Period Ended  Percentage Change
product sold in tonnes  June 30, 2018  June 30, 2017  Decrease
Bromine (excluding volume sold to SYCI)       4,588    (100%)
Crude Salt       81,263    (100%)

 

   Three-Month Period Ended  Percentage Change
Chemical products segment sold in tonnes  June 30, 2018  June 30, 2017  Decrease
Oil and gas exploration additives       3,285    (100%)
Paper manufacturing additives       951    (100%)
Pesticides manufacturing additives       654    (100%)
Pharmaceutical intermediate       457    (100%)
By product       3,556    (100%)
Overall       8,903    (100%)

 

22 

 

Bromine segment

 

For the three-month period ended June 30, 2018, the net revenue for the bromine segment was $0 due to the closure of all of our plant and factories to perform rectification and improvement since September 1, 2017. As a result, there was no bromine in inventory for sale for the three-month period ended June 30, 2018.

 

Crude salt segment

 

For the three-month period ended June 30, 2018, the net revenue for the crude salt segment was $0 due to the closure of all of our plant and factories to perform rectification and improvement since September 1, 2017. As a result, there were limited crude salt products for sale for the three-month period ended June 30, 2018.

 

23 

 

Chemical products segment

 

   Product Mix of Chemical Products Segment  Percent
   Three-Month Period Ended  Three-Month Period Ended  Change of
   June 30, 2018  June 30, 2017  Net Revenue
Chemical Products     % of total     % of total   
Oil and gas exploration additives  $       $6,254,449    23%   (100%)
Paper manufacturing additives  $       $1,069,054    4%   (100%)
Pesticides manufacturing additives  $       $3,425,894    13%   (100%)
Pharmaceutical intermediates  $       $11,441,402    43%   (100%)
By product  $       $4,396,174    17%   (100%)
Raw materials  $4,594    100%  $        
Total sales  $4,594    100%  $26,586,973    100%   (100%)

For the three-month period ended June 30, 2018, we only sold raw materials in the amount of $4,594 due to the closure of all of our plant and factories to perform rectification and improvement since September 1, 2017. As a result, there were no chemical products in inventory for sale for the three-month period ended June 30, 2018.

 

Cost of Net Revenue

 

   Cost of Net Revenue by Segment  Percent Change
   Three-Month Period Ended  Three-Month Period Ended  of Cost of
   June 30, 2018  June 30, 2017  Net Revenue
Segment     % of total     % of total   
Bromine  $       $7,881,894    29%   (100%)
Crude Salt  $       $1,344,171    5%   (100%)
Chemical Products  $7    100%  $17,705,677    66%   (100%)
Total  $7    100%  $26,931,742    100%   (100%)

 

24 

 

Cost of net revenue reflects mainly the raw materials consumed and the direct salaries and benefits of staff engaged in the production process, electricity, depreciation and amortization of manufacturing plant and machinery and other manufacturing costs. Our cost of net revenue was $7 for the three-month period ended June 30, 2018, a decrease of $26,931,735 (or 100%) as compared to the same period in 2017. The decrease is because there is no production and all costs related to direct labor costs and factory overheads were classified in operating expense. See commentary on these costs incurred during plant shutdown in page 27.

 

Bromine production capacity and utilization of our factories

 

The table below represents the annual capacity and utilization ratios for all of our bromine producing properties:

 

   Annual Production Capacity (in tonnes)  Utilization
Ratio (i)
Three-month period ended June 30, 2017    42,808    50%
Three-month period ended June 30, 2018    42,808     
Variance of the three-month period ended June 30, 2018 and 2017        (50%)

 

(i) Utilization ratio is calculated based on the annualized actual production volume in tonnes for the periods divided by the annual production capacity in tonnes.

 

Our utilization ratio was 0% for the three-month period ended June 30, 2018 due to the closure of all of our plant and factories to perform rectification and improvement since September 1, 2017.

 

In view of the trend of a decrease in the bromine concentration of the brine water being extracted at our production facilities as explained in 2017 Form 10-K, and in order to reduce the leakage rate and attempt to recover the annual production capacity of bromine and crude salt to a higher level in the future, we plan to carry out enhancement projects for the transmission channels and ducts and our existing bromine extraction in 2018. During the three-month period ended June 30, 2018, we carried out enhancement projects for the transmission channels and ducts in the amount of $8,707,856. We expect to carry out enhancement projects for our existing bromine extraction in the third or fourth quarters of 2018 when conditions permit.

 

Bromine segment

 

For the three-month period ended June 30, 2018, the cost of net revenue for the bromine segment was $0 due to the closure of all of our plant and factories to perform rectification and improvement since September 1, 2017. As a result, there was no bromine in inventory for sale for the three-month period ended June 30, 2018.

 

25 

 

Crude salt segment

 

For the three-month period ended June 30, 2018, cost of net revenue for the crude salt segment was $0 due to the closure of all of our plant and factories to perform rectification and improvement since September 1, 2017. As a result, there were limited crude salt products for sale for the three-month period ended June 30, 2018.

 

Chemical products segment

 

Cost of net revenue for our chemical products segment for the three-month period ended June 30, 2018 was $7 compared to $17,705,677 for the same period in 2017. We only sold raw materials in the amount of $4,594 due to the closure of all of our plant and factories to perform rectification and improvement since September 1, 2017. As a result, there were no chemical products in inventory for sale for the three-month period ended June 30, 2018.

 

26 

 

Gross Profit. Gross profit was $4,587, of net revenue for three-month period ended June 30, 2018 compared to $20,600,247, or 43%, of net revenue for the same period in 2017.

 

   Gross Profit by Segment  % Point Change
   Three-Month Period Ended  Three-Month Period Ended  of Gross
   June 30, 2018  June 30, 2017  Profit Margin
Segment     Gross Profit Margin     Gross Profit Margin   
Bromine  $       $10,541,239    57%   (57%)
Crude Salt  $       $1,177,712    47%   (47%)
Chemical Products  $4,587    100%  $8,881,296    33%   67%
Total Gross Profit  $4,587    100%  $20,600,247    43%   57%

 

Bromine segment

 

For the three-month period ended June 30, 2018, the gross profit margin for our bromine segment was 0% due to the closure of all of our plant and factories to perform rectification and improvements since September 1, 2017. As a result, there was no bromine in inventory for sale for the three-month period ended June 30, 2018.

 

Crude salt segment

 

For the three-month period ended June 30, 2018, the gross profit margin for our crude salt segment was 0% due to the closure of all of our plant and factories to perform rectification and improvements since September 1, 2017. As a result, there were limited crude salt products for sale for the three-month period ended June 30, 2018.

 

Chemical products segment

 

For the three-month period ended June 30, 2018, the gross profit margin for our chemical segment was 100% because the goods sold was raw materials in which we had recorded a 100% allowance for obsolescence in the fiscal year 2017.

 

Research and Development Costs . The total research and development costs incurred for the three-month period ended June 30, 2018 and 2017 were $0 and $65,274, respectively, a decrease of 100%. Due to the closure of our chemical factories since September 1, 2017, there were no research and development costs incurred for the three-month period ended June 30, 2018. Research and development costs for the three-month period ended June 30, 2017 represented raw materials used by SYCI for testing the manufacturing routine.

 

Direct labor and factory overheads incurred during plant shutdown On September 1, 2017, the Company received notification from the government of Yangkou County, Shouguang City of PRC that production at all its factories be halted with immediate effect in order for the Company to perform rectification and improvement in accordance with the county’s new safety and environmental protection requirements. As such, direct labor and factory overhead costs (including depreciation of plant and machinery) of a total amount of $5,689,486 incurred for the three-month period end June 30, 2018 which would have been presented in the cost of net revenue were presented as part of the operating expense. The Company did not lay off any workers during the shutdown period and continued to depreciate the plant and machinery as it intends to use these plant and machinery when the factories resume production.

 

27 

 

General and Administrative Expenses. General and administrative expenses were $1,125,683 for the three-month period ended June 30, 2018, a decrease of $931,260 (or 45%) as compared to $2,056,943 for the same period in 2017. This decrease in general and administrative expenses was primarily due to the unrealized exchange gain in relation to the translation difference of inter-company balances in RMB and USD for the three-month period ended June 30, 2018 amounted to $1,403,938, as compared to the unrealized exchange loss for the same period in 2017 amounted to $466,655, which offset by the increased property tax and land use right tax in the amount of $909,262 due to the increased tax rate by the government.

 

Other Operating Income Other operating income, which represented the sales of wastewater to some of our customers, was $0 for the three-month period ended June 30, 2018, as compared to $105,055 for the same period in 2017. Wastewater is generated from the production of bromine and eventually becomes crude salt when it evaporates. Not all of our bromine production plants have sufficient area on the property to allow for evaporation of wastewater to produce crude salt. Certain of our customers who have facilities located adjacent to our bromine production plants have agreed to channel our wastewater into brine pans on their properties for evaporation. These customers then are able to sell the resulting crude salt themselves. We signed agreements with four of our customers to sell them our wastewater at market prices. Due to the closure of all of our plant and factories to perform rectification and improvements since September 1, 2017, there was no wastewater for sale for the three-month period ended June 30, 2018. We have no commitments under the agreement which terminated by February 28, 2018 for the minimum amount that we must sell.

 

Income (loss) from Operations Loss from operations was $6,831,607 for the three-month period ended June 30, 2018, compared to an income of $18,482,472 in the same period in 2017.

 

   Income (loss) from Operations by Segment
   Three-Month Period Ended
June 30, 2018
  Three-Month Period Ended
June 30, 2017
Segment:     % of total     % of total
Bromine  $(5,577,272)   69%  $9,740,981    51%
Crude Salt   (1,731,592)   21%   1,051,202    5%
Chemical Products   (727,595)   9%   8,318,480    44%
Natural Gas   (45,295)   1%   (33,529)    
Income (loss) from operations before corporate costs   (8,081,754)   100%   19,077,134    100%
Corporate costs   (153,791)        (128,007)     
Unrealized(loss)/gain on translation of
Intercompany balance
   1,403,938         (466,655)     
Income (loss) from operations  $(6,831,607)       $18,482,472      

 

28 

 

Bromine segment

 

Loss from operations from our bromine segment was $5,577,272 for the three-month period ended June 30, 2018, compared to an income of $9,740,981 in the same period in 2017. This decrease is due to the closure of all of our plant and factories to perform rectification and improvement since September 1, 2017.The direct labor and factory overheads incurred during the plant shutdown were expensed in the three-month period ended June 30, 2018.

 

Crude salt segment

 

Loss from operations from our crude salt segment was $1,731,592 for the three-month period ended June 30, 2018, compared to an income of $1,051,202 in the same period in 2017. This decrease is due to the closure of all of our plant and factories to perform rectification and improvement since September 1, 2017. The direct labor and factory overheads incurred during plant shutdown were expensed in the three-month period ended June 30, 2018.

 

Chemical products segment

 

Loss from operations from our chemical products segment was $727,595 for the three-month period ended June 30, 2018, compared to an income of $8,318,480 in the same period in 2017. This decrease was attributable to the closure of our chemical factories since September 1, 2017. We are setting up a new factory in the Bohai Park. As a result, there were no chemical products, except for limited raw materials for sale for the three-month period ended June 30, 2018.

 

Other Income, Net Other income, net of $135,493 represented bank interest income, net of capital lease interest expense for the three -month period ended June 30, 2018, an increase of $44,837 (or approximately 49%) as compared to the same period in 2017.

 

Net Income (loss) Net loss was $4,812,873 for the three-month period ended June 30, 2018, compared to an net income of $13,751,678 in the same period in 2017. This decrease was attributable to the closure of all of our plant and factories to perform rectification and improvement since September 1, 2017, there are no bromine and chemical products in inventory, except for limited raw materials for selling for the three-month period ended June 30, 2018.

 

Effective Tax Rate Our effective tax rate for the three-month period ended June 30, 2018 and 2017 were 28% and 26% respectively. The effective tax rate for the three-month period ended June 30, 2018 was 3% higher than the PRC statutory income tax rate of 25% mainly due to non-taxable items, offset by non-deductible expense in connection with the unrealized exchange gain for the Company. The effective tax rate for the three-month period ended June 30, 2017 was 1% higher than the PRC statutory income tax rate of 25% mainly due to non-deductible expense in connection with the unrealized exchange loss for the Company.

 

Comparison of the Six-Month Period Ended June 30, 2018 and 2017

 

   Six-Month Period
Ended June 30, 2018
  Six-Month Period
Ended June 30, 2017
  Percent Change
Increase/  
(Decrease)
Net revenue  $2,251,861   $80,320,482    (97%)
Cost of net revenue  $(1,241,816)  $(47,145,605)   (97%)
Gross profit  $1,010,045   $33,174,877    (97%)
Sales, marketing and other operating expenses  $(55,999)  $(176,446)   (68%)
Research and development costs  $   $(127,172)   (100%)
Direct labor and factory overheads incurred during plant shutdown  $(11,385,005)  $    
General and administrative expenses  $(4,697,628)  $(3,785,403)   24%
Other operating income  $   $209,613    (100%)
Income (loss)from operations  $(15,128,587)  $29,295,469    (152%)
Other income  $261,627   $174,605    50%
Income (loss)before taxes  $(14,866,960)  $29,470,074    (150%)
Income (taxes) benefit  $3,076,987   $(7,643,276)   (140%)
Net income (loss)  $(11,789,973)  $21,826,798    (154%)

 

29 

 

Net revenue.  The table below shows the changes in net revenue in the respective segment of the Company for the six-month period ended June 30, 2018 as compared to the same period in 2017:

 

   Net Revenue by Segment   
   Six-Month Period Ended  Six-Month Period Ended  Percent Decrease
   June 30, 2018  June 30, 2017  of Net Revenue
Segment     % of total     % of total   
Bromine  $       $32,345,527    40%   (100%)
Crude Salt  $1,638,493    73%  $4,335,661    6%   (62%)
Chemical Products  $613,368    27%  $43,639,294    54%   (99%)
Total sales  $2,251,861    100%  $80,320,482    100%   (97%)

 

Bromine and crude salt segments  Six-Month Period Ended  Percentage Change
product sold in tonnes  June 30, 2018  June 30, 2017  Decrease
Bromine (excluding volume sold to SYCI)       8,008    (100%)
Crude Salt   41,580    141,927    (71%)

 

   Six-Month Period Ended  Percentage Change
Chemical products segment sold in tonnes  June 30, 2018  June 30, 2017  Decrease
Oil and gas exploration additives       5,390    (100%)
Paper manufacturing additives       1,566    (100%)
Pesticides manufacturing additives   14    1,070    (99%)
Pharmaceutical intermediate       765    (100%)
By product   96    6,203    (98%)
Overall   110    14,994    (99%)

 

Bromine segment

 

For the six-month period ended June 30, 2018, the net revenue for the bromine segment was $0 due to the closure of all of our plant and factories to perform rectification and improvement since September 1, 2017. As a result, there was no bromine in inventory for sale for the six-month period ended June 30, 2018.

 

30 

 

Crude salt segment

 

The decrease in net revenue from our crude salt segment was due to the decrease in the sales volume of crude salt. The sales volume of crude salt decreased by 71% from 141,927 tonnes for the six-month period ended June 30, 2017 to 41,580 tonnes for the same period in 2018. This decrease was attributable to the closure of all of our plant and factories to perform rectification and improvement since September 1, 2017. As a result, there was limited crude salt for sale for the six-month period ended June 30, 2018.

 

The average selling price of crude salt increased by 29% from $30.55 per tonne for the six-month period ended June 30, 2017 to $39.41 per tonne for the same period in 2018.

 

The table below shows the changes in the average selling price and changes in the sales volume of crude salt for six-month period ended June 30, 2018 from the same period in 2017.

 

   Six-Month Period
Ended June 30,
Decrease in net revenue of crude salt as a result of:  2018 vs. 2017
Increase in average selling price  $812,728 
Decrease in sales volume  $(3,509,896)
Total effect on net revenue of crude salt  $(2,697,168)

Chemical products segment

 

   Product Mix of Chemical Products Segment  Percent
   Six-Month Period Ended  Six-Month Period Ended  Change of
   June 30, 2018  June 30, 2017  Net Revenue
Chemical Products     % of total     % of total   
Oil and gas exploration additives  $       $10,231,746    24%   (100%)
Paper manufacturing additives  $       $1,757,331    4%   (100%)
Pesticides manufacturing additives  $98,200    16%  $5,642,604    13%   (98%)
Pharmaceutical intermediates  $       $18,404,910    42%   (100%)
By product  $154,666    25%  $7,602,703    17%   (98%)
Raw materials  $360,502    59%  $        
Total sales  $613,368    100%  $43,639,294    100%   (99%)

 

Net revenue from our chemical products segment decreased from $43,639,294 for the six-month period ended June 30, 2017 to $613,368 for the same period in 2018, a decrease of approximately 99%. This decrease was attributable to the closure of our chemical factories since September 1, 2017. We are setting up a new factory in the Bohai Park. As a result there were limited chemical products for sale for the six-month period ended June 30, 2018 and no chemical product in inventory at the end of June 30, 2018. Net revenue from our pesticides manufacturing additives decreased from $5,642,604 for the six-month period ended June 30, 2017 to $98,200 for the same period in 2018, a decrease of approximately 98%. Net revenue from our byproducts decreased from $7,602,703 for the six-month period ended June 30, 2017 to $154,666 for the same period in 2018, a decrease of approximately 98%. Since we do not expect our new chemical factory to be fully operational until the beginning of 2020, we sold our raw materials in the amount of $360,502 for the six-month period ended June 30, 2018.

 

31 

 

Cost of Net Revenue

 

   Cost of Net Revenue by Segment  % Change
   Six-Month Period Ended  Six-Month Period Ended  of Cost of
   June 30, 2018  June 30, 2017  Net Revenue
Segment     % of total     % of total   
Bromine  $       $15,682,880    33%   (100%)
Crude Salt  $697,488    56%  $2,195,004    5%   (68%)
Chemical Products  $544,328    44%  $29,267,721    62%   (98%)
Total  $1,241,816    100%  $47,145,605    100%   (97%)

 

Cost of net revenue reflects mainly the raw materials consumed and the direct salaries and benefits of staff engaged in the production process, electricity, depreciation and amortization of manufacturing plant and machinery and other manufacturing costs. Our cost of net revenue was $1,241,816 for the six-month period ended June 30, 2018, a decrease of $45,903,789 (or 97%) as compared to the same period in 2017.

 

Bromine production capacity and utilization of our factories

 

The table below represents the annual capacity and utilization ratios for all of our bromine producing properties:

 

   Annual Production Capacity (in tonnes)  Utilization
Ratio (i)
 Six-month period ended June 30, 2017    42,808    43%
 Six-month period ended June 30, 2018    42,808     
 Variance of the six-month period ended June 30, 2018 and 2017        (43%)

 

(i)Utilization ratio is calculated based on the annualized actual production volume in tonnes for the periods divided by the annual production capacity in tonnes.

 

Our utilization ratio was 0% for the six-month period ended June 30, 2018 was due to the closure of all of our plant and factories to perform rectification and improvement since September 1, 2017.

 

32 

 

Bromine segment

 

For the six-month period ended June 30, 2018, the cost of net revenue for the bromine segment was $0 due to the closure of all of our plant and factories to perform rectification and improvement since September 1, 2017. As a result, there was no bromine in inventory for sale for the six-month period ended June 30, 2018.

 

Crude salt segment

 

The cost of net revenue for our crude salt segment for the six-month period ended June 30, 2018 was $697,488, representing a decrease of $1,497,516, or 68%, compared to $2,195,004 for the same period in 2017. This decrease was attributable to the closure of all of our plant and factories to perform rectification and improvement since September 1, 2017. As a result, there was limited crude salt for sale for the six-month period ended June 30, 2018.

 

33 

 

Chemical products segment

 

Cost of net revenue for our chemical products segment for the six-month period ended June 30, 2018 was $544,328, representing a decrease of $28,723,393 or 98% over the same period in 2017. This decrease was attributable to the sale of lower margin raw material items as the chemical factories were closed in September 2017 for relocation and is not expected to resume operations until early 2020.

 

Gross Profit. Gross profit was $1,010,045, or 45%, of net revenue for six-month period ended June 30, 2018 compared to $33,174,877, or 41%, of net revenue for the same period in 2017.

 

   Gross Profit by Segment  % Point Change
   Six-Month Period Ended  Six-Month Period Ended  of Gross
   June 30, 2018  June 30, 2017  Profit Margin
Segment     Gross Profit Margin     Gross Profit Margin   
Bromine  $       $16,662,647    52%   (52%)
Crude Salt  $941,005    57%  $2,140,657    49%   8%
Chemical Products  $69,040    11%  $14,371,573    33%   (22%)
Total Gross Profit  $1,010,045    45%  $33,174,877    41%   4%

 

Bromine segment

 

For the six-month period ended June 30, 2018, the gross profit margin for our bromine segment was 0% due to the closure of all of our plant and factories to perform rectification and improvements since September 1, 2017. As a result, there was no bromine in inventory for sale for the six-month period ended June 30, 2018.

 

Crude salt segment

 

For the six-month period ended June 30, 2018 the gross profit margin for our crude salt segment was 57%, as compared to of 49% for the same period in 2018. This 8% increase is mainly due to the increased average selling price.

 

34 

  

Chemical products segment

 

For the six-month period ended June 30, 2018, the gross profit margin for our chemical segment was 11% because the goods sold was raw materials in which we had recorded a 100% allowance for obsolescence in the fiscal year 2017.

 

Research and Development Costs. The total research and development costs incurred for the six-month period ended June 30, 2018 and 2017 were $0 and $127,172, respectively, a decrease of 100%. Due to the closure of our chemical factories since September 1, 2017, there were no research and development costs incurred for the six-month period ended June 30, 2018. Research and development costs for the six-month period ended June 30, 2017 represented raw materials used by SYCI for testing the manufacturing routine.

 

Direct labor and factory overheads incurred during plant shutdown On September 1, 2017, the Company received notification from the government of Yangkou County, Shouguang City of PRC that production at all its factories be halted with immediate effect in order for the Company to perform rectification and improvement in accordance with the county’s new safety and environmental protection requirements. As such, direct labor and factory overhead costs (including depreciation of plant and machinery) of a total amount of $11,385,005 incurred for the six-month period end June 30, 2018 which would have been presented in the cost of net revenue were presented as part of the operating expense. The Company did not lay off any workers during the shutdown period and continued to depreciate the plant and machinery as it intends to use these plant and machinery when the factories resume production.

 

General and Administrative Expenses. General and administrative expenses were $4,697,628 for the six-month period ended June 30, 2018, an increase of $912,225 (or 24%) as compared to $3,785,403 for the same period in 2017. This increase in general and administrative expenses was primarily due to the increased property tax and land use right tax in the amount of $1,823,926 due to the increased tax rate by the government, which offset by the unrealized exchange gain in relation to the translation difference of inter-company balances in USD and RMB for the six-month period ended June 30, 2018 amounted to $345,086, as compared to the unrealized exchange loss for the same period in 2017 amounted to $603,910.

 

Other Operating Income Other operating income, which represented the sales of wastewater to some of our customers, was $0 for the six-month period ended June 30, 2018, as compared to $209,613 for the same period in 2017. Wastewater is generated from the production of bromine and eventually becomes crude salt when it evaporates. Not all of our bromine production plants have sufficient area on the property to allow for evaporation of wastewater to produce crude salt. Certain of our customers who have facilities located adjacent to our bromine production plants have agreed to channel our wastewater into brine pans on their properties for evaporation. These customers then are able to sell the resulting crude salt themselves. We signed agreements with four of our customers to sell them our wastewater at market prices. Due to the closure of all of our plant and factories to perform rectification and improvements since September 1, 2017, there was no wastewater for sale for the six-month period ended June 30, 2018. We have no commitments under the agreement which terminated on February 28, 2018 for the minimum amount that we must sell.

 

35 

 

Income (Loss) from Operations. Loss from operations was $15,128,587 for the six-month period ended June 30, 2018, compared to an income of $29,295,469 in the same period in 2017..

 

   Income(Loss) from Operations by Segment
   Six-Month Period Ended
June 30, 2018
  Six-Month Period Ended
June 30, 2017
Segment:     % of total     % of total
Bromine  $(11,167,828)   73%  $15,012,915    50%
Crude Salt   (2,539,475)   17%   1,937,089    6%
Chemical Products   (1,402,366)   9%   13,264,657    44%
Natural Gas   (80,950)   1%   (57,287)    
Income(loss)from operations before corporate costs   (15,190,619)   100%   30,157,374    100%
Corporate costs   (283,054)        (257,995)     
Unrealized (loss)/gain on translation of intercompany balance   345,086         (603,910)     
Income (loss) from operations before taxes  $(15,128,587)       $29,295,469      

 

Bromine segment

 

Loss from operations from our bromine segment was $11,167,828 for the six-month period ended June 30, 2018, compared to an income of $15,012,915 in the same period in 2017. This decrease is due to the closure of all of our plant and factories to perform rectification and improvement since September 1, 2017.The direct labor and factory overheads incurred during the plant shutdown were expensed in the six-month period ended June 30, 2018.

 

Crude salt segment

 

Loss from operations from our crude salt segment was $2,539,475 for the six-month period ended June 30, 2018, compared to an income of $1,937,089 in the same period in 2017. This decrease is due to the closure of all of our plant and factories to perform rectification and improvement since September 1, 2017. The direct labor and factory overheads incurred during plant shutdown were expensed in the six-month period ended June 30, 2018.

 

Chemical products segment

 

Loss from operations from our chemical products segment was $1,402,366 for the six-month period ended June 30, 2018, compared to an income of $13,264,657 in the same period in 2017. This decrease was attributable to the closure of our chemical factories since September 1, 2017. We are setting up a new factory in the Bohai Park. As a result, there were no chemical products, except for limited raw materials for sale for the six-month period ended June 30, 2018.

 

Other Income, Net. Other income, net of $261,627 represented bank interest income, net of capital lease interest expense for the six -month period ended June 30, 2018, an increase of $87,022 (or approximately 50%) as compared to the same period in 2017.

 

Net Income (Loss). Net loss was $11,789,973 for the six-month period ended June 30, 2018, compared to an net income of $21,826,798 in the same period in 2017. This decrease was attributable to the closure of all of our plant and factories to perform rectification and improvement since September 1, 2017, there are no bromine and chemical products in inventory, except for limited raw materials for selling for the six-month period ended June 30, 2018.

 

Effective Tax Rate. Our effective tax rate for the six-month period ended June 30, 2018 and 2017 was 21% and 26%, respectively. The effective tax rate for the six-month period ended June 30, 2018 was 4% lower than the PRC statutory income tax rate of 25%, due to non-deductible expense, offset by non-taxable items. The effective tax rate for the six-month period ended June 30, 2017 was 1% higher than the PRC statutory income tax rate of 25% mainly due to non-deductible expense in connection with the unrealized exchange loss for the Company.

 

36 

 

LIQUIDITY AND CAPITAL RESOURCES

 

As of June 30, 2018, cash and cash equivalents were $215,975,864 as compared to $208,906,759 as of December 31, 2017. The components of this increase of $7,069,105 are reflected below.

 

Statement of Cash Flows

 

   Six-Month Period Ended June 30,
   2018  2017
Net cash provided by operating activities  $21,392,313   $9,503,332 
Net cash used in investing activities  $(11,026,919)  $(878,932)
Net cash used in financing activities  $(294,295)  $(273,873)
Effects of exchange rate changes on cash and cash equivalents  $(3,001,994)  $4,068,173 
Net increase in cash and cash equivalents  $7,069,105   $12,418,700 

     

For the six-month period ended June 30, 2018, we met our working capital and capital investment requirements by using cash flow from operations and cash on hand.

 

Net Cash Provided by Operating Activities

 

During the six-month period ended June 30, 2018 and 2017, we had positive cash flow from operating activities of approximately $21.4 million and $9.5 million, respectively.

 

During the six-month period ended June 30, 2018, cash flow from operating activities of approximately $21.4 million, mainly due to (i) substantial non-cash charges in the amounts of approximately $6.5 million, mainly in the form of depreciation and amortization of property, plant and equipment; partially offset by deferred tax assets; and (ii)cash generated from working capital of approximately $26.7 million, which mainly consisted of the decrease in accounts receivable and inventories and an increase in taxes payable.

 

During the six-month period ended June 30, 2017, cash flow from operating activities of approximately $9.5 million was less than our net income of approximately $21.8 million, mainly due to (i) cash used in working capital of approximately $24.1 million, which mainly consisted of the increase in accounts receivable, partially offset by the increase in accounts payable and accrued expenses and tax payable; partially offset by (ii) substantial non-cash charges of approximately $11.7 million, mainly in the form of depreciation and amortization of property, plant and equipment.

 

Accounts receivable

 

Cash collections on our accounts receivable had a major impact on our overall liquidity. The following table presents the aging analysis of our accounts receivable as of June 30, 2018 and December 31, 2017.

 

   June 30, 2018  December 31, 2017
      % of total     % of total
Aged 1-30 days  $       $1,955,296    7%
Aged 31-60 days  $       $1,284,013    4%
Aged 61-90 days  $       $692,781    2%
Aged 91-120 days  $       $2,675,960    9%
Aged 121-150 days  $       $8,783,405    30%
Aged 151-180 days  $1,843,488    40%  $5,079,545    17%
Aged 181-210 days  $1,804,233    39%  $5,983,997    20%
Aged 211-240 days  $1,002,529    21%  $3,310,887    11%
Total  $4,650,250    100%  $29,765,884    100%

 

The overall accounts receivable balance as of June 30, 2018 decreased by $25,115,634 (or 84%), as compared to those of December 31, 2017. Approximately 28% of the balances of accounts receivable as of June 30, 2018 aged more than 90 days were settled by July 31, 2018. We have policies in place to ensure that sales are made to customers with an appropriate credit history. We perform ongoing credit evaluation on the financial condition of our customers. No allowance for doubtful debts for the six-month period ended June 30, 2018 is required.

 

37 

 

Inventory

 

Our inventory consists of the following:

 

   June 30, 2018  December 31, 2017
      % of total     % of total
Raw materials  $14,414    8%  $396,482    33%
Finished goods  $166,680    92%  $844,224    71%
   $181,094    100%  $1,240,706    104%
Allowance for obsolete and slowing-moving inventory  $       $(43,921)   (4)
Total  $181,094    100%  $1,196,785    100%

 

The net inventory level as of June 30, 2018 decreased by $1,015,691 (or 85%), as compared to the net inventory level as of December 31, 2017.

 

Raw materials decreased by 96% as of June 30, 2018 as compared to December 31, 2017. All of the raw materials are basic chemical industry materials, few of which have a possibility of loss over time, or major fluctuations in their prices. So, we concluded that all of our raw materials as of June 30, 2018 are fully realizable for production of finished goods without any impairment. We sold raw materials in amount of $360,502 due to our chemical factory relocation for the six-month periods ended June 30, 2018.

 

Our finished goods consist of bromine, crude salt and chemical products. There are no bromine and chemical products in inventory at the end of the second quarter of 2018.

 

As of June 30, 2018, the crude salt included in the inventory is approximately $0.2 million. The annual loss of crude salt due to evaporation is approximately 3%. The average selling price of crude salt per tonne increased from $30.55 for fiscal year 2017 to $39.41 for the first quarter of 2018. We did not sell our crude salt in the second quarter of 2018. We expect to sell the remaining crude salt in the inventory by September 2018. We believe that there will be no realization problem for crude salt as we do not expect selling price to be lower than the current price.

 

Net Cash Used in Investing Activities

 

 For the six-month period ended June 30, 2018, we used approximately $0.7 million cash for the prepayment of land leases. We also used approximately $10.33 million to perform the rectification and improvements of our bromine and crude salt factories, the relocation of our chemical factories for the six-month period ended June 30, 2018.

 

For the six-month period ended June 30, 2017, we used approximately $0.8 million cash for the prepayment of land leases. We also used approximately $0.06 million to acquire property, plant and equipment for the six-month period ended June 30, 2017. 

 

Net Cash Used in Financing Activities

 

We repaid approximately $0.3 million cash for our capital lease obligation for the six-month period ended June 30, 2018 and 2017.

 

We believe that our available funds and cash flows generated from operations will be sufficient to meet our anticipated ongoing operating needs for the next twelve (12) months.

 

Working capital was approximately $219.5 million at June 30, 2018 as compared to approximately $237.8 million at December 31, 2017.

 

We had available cash of approximately $216.0 million at June 30, 2018, most of which is in highly liquid current deposits which earn no or little interest. We intend to retain the cash for the rectification and improvements of our bromine and crude salt factories, the relocation of our chemical factories (See note 1(b) in the notes to the consolidated financial statements), future expansion of our bromine and crude salt businesses through acquisition, enhancements to our existing bromine and crude salt business, and further development of the new resources in Sichuan Province. We do not anticipate paying cash dividends in the foreseeable future.

 

In the future we intend to focus our efforts on the activities of SCHC, SYCI and DCHC as these segments continue to expand within the Chinese market.

 

38 

 

We may not be able to identify, successfully integrate or profitably manage any businesses or business segment we may acquire, or any expansion of our business. An expansion may involve a number of risks, including possible adverse effects on our operating results, diversion of management’s attention, inability to retain key personnel, risks associated with unanticipated events and the financial statement effect of potential impairment of acquired intangible assets, any of which could have a materially adverse effect on our condition and results of operations. In addition, if competition for acquisition candidates or operations were to increase, the cost of acquiring businesses could increase materially. We may effect an acquisition with a target business which may be financially unstable, under-managed, or in its early stages of development or growth. Our inability to implement and manage our expansion strategy successfully may have a material adverse effect on our business and future prospects.

 

Contractual Obligations and Commitments

 

We have no significant contractual obligations not fully recorded on our consolidated balance sheets or fully disclosed in the notes to our consolidated financial statements. Additional information regarding our contractual obligations and commitments at June 30, 2018 is provided in the notes to our consolidated financial statements. See “Notes to Condensed Consolidated Financial Statements, Note 17 – Capital Commitment and Operating Lease Commitments”.

 

Material Off-Balance Sheet Arrangements

 

We do not currently have any off balance sheet arrangements falling within the definition of Item 303(a) of Regulation S-K.

 

Critical Accounting Policies and Estimates

 

Our 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. We base its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. We have identified the following critical accounting policies and estimates used by us in the preparation of our financial statements: accounts receivable and allowance for doubtful accounts, assets retirement obligation, property, plant and equipment, recoverability of long lived assets, mineral rights, revenue recognition, income taxes, and stock-based compensation. These policies and estimates are described in the Company’s 2017 Form 10-K.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

Pursuant to Item 305(e) of Regulation S-K (§ 229.305(e)), the Company is not required to provide the information required by this Item as it is a “smaller reporting company,” as defined by Rule 229.10(f)(1).

 

39 

 

Item 4. Controls and Procedures

 

(a) Evaluation of Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures (as such term is defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) that are designed to ensure that information required to be disclosed in our reports filed pursuant to the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules, regulations and related forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosure.

 

Under the supervision and with the participation of our management, including our CEO and CFO, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Form 10-Q.

 

(b) Changes in internal controls

 

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) under the Exchange Act) during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

PART II—OTHER INFORMATION

 

Item 1. Legal Proceedings

 

None.

 

40 

 

Item 1A. Risk Factors

 

There have been no changes with respect to risk factors as previously disclosed in our 2017 Form 10-K.  Investing in our common stock involves a high degree of risk. Before you invest you should carefully consider the risks and uncertainties described below and in our 2017 Form 10-K, under the caption “Risk Factors”, our Management’s Discussion and Analysis of Financial Condition and Results of Operations set forth in Item 2 of Part I of this Quarterly Report on Form 10-Q, our consolidated financial statements and related notes included in Item 1 of Part I of this Quarterly Report on Form 10-Q and our consolidated financial statements and related notes, as well as our Management’s Discussion and Analysis of Financial Condition and Results of Operations and the other information in our 2017 Form 10-K. Readers should carefully review those risks, as well as additional risks described in other documents we file from time to time with the Securities and Exchange Commission.

 

Item 2. Unregistered Sale of Equity Securities and Use of Proceeds

 

None.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

Exhibit No.

Description

 

31.1                          Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
   
31.2                          Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

  

32.1                          Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
   
101                          The following financial statements from Gulf Resources, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2018 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Operations and Other Comprehensive Income (Loss); (iii) the Consolidated Statements of Changes in Equity; (iv) the Consolidated Statement of Cash Flows; and, (v) the Notes to Consolidated Financial Statements, tagged as blocks of text.

 

41 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  GULF RESOURCES, INC.
     
Dated: August 10, 2018 By: /s/ Xiaobin Liu
    Xiaobin Liu
    Chief Executive Officer
    (principal executive officer)
     
Dated: August 10, 2018 By: /s/ Min Li
    Min Li
    Chief Financial Officer
    (principal financial and accounting officer)

 

42

 

EX-31.1 2 e618212_ex31-1.htm

 

Exhibit 31.1

 

Certification of Chief Executive Officer

Pursuant to Rule 13A-14(A)/15D-14(A)

of the Securities Exchange Act of 1934

 

I, Xiaobin Liu, certify that:

 

1.   I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2018 of Gulf Resources, Inc.;
   
2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4.   The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
   
  a.  designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b.  designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  c.  evaluated the effectiveness of registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d.  disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
     
5.   The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
   
  a.  all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b.  any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
   
  By: /s/ Xiaobin Liu
    Xiaobin Liu
    Chief Executive Officer and President
Dated: August 10, 2018    

EX-31.2 3 e618212_ex31-2.htm

 

Exhibit 31.2

 

Certification of Chief Financial Officer

Pursuant to Rule 13A-14(A)/15D-14(A)

of the Securities Exchange Act of 1934

 

I, Min Li, certify that:

 

1.   I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2018 of Gulf Resources, Inc.;
   
2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4.   The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
   
a.   designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
   
b.   designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
   
c.   evaluated the effectiveness of registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
   
d.   disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
   
5.   The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
   
a.   all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
   
b.   any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
   
  By: /s/ Min Li
    Min Li
    Chief Financial Officer
Dated: August 10, 2018    

EX-32.1 4 e618212_ex32-1.htm

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350 AND EXCHANGE ACT RULES 13a-14(b) AND 15d-14(b) 

(Section 906 of the Sarbanes-Oxley Act of 2002)

 

In connection with the Quarterly Report of Gulf Resources, Inc. on Form 10-Q for the period ended June 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his or her knowledge and belief:

 

(1)   the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)   the information contained in the Report fairly presents, in all material respects, the financial condition and results of the operation of the Company.
   
Dated: August 10, 2018  
  By: /s/ Xiaobin Liu
    Xiaobin Liu
    Chief Executive Officer and President

     

Dated: August 10, 2018  
  By: /s/ Min Li
    Min Li
    Chief Financial Officer
     

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Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Current Assets Cash Accounts receivable Inventories, net Prepayments and deposits Prepaid land leases Other receivable Total Current Assets Non-Current Assets Property, plant and equipment, net Property, plant and equipment under capital leases, net Prepaid land leases, net of current portion Deferred tax assets Goodwill Total non-current assets Total Assets Liabilities and Stockholders Equity Current Liabilities Accounts payable and accrued expenses Retention Payable Capital lease obligation, current portion Taxes payable-current Total Current Liabilities Non-Current Liabilities Capital lease obligation, net of current portion Taxes payable-non-current Total Non-Current Liabilities Total Liabilities 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; 47,052,940 shares issued and 46,803,791 shares outstanding as of June 30, 2018 and December 31, 2017, respectively Treasury stock; 249,149 shares as of June 30, 2018 and December 31, 2017 at cost Additional paid-in capital Retained earnings unappropriated Retained earnings appropriated Accumulated other comprehensive income Total Stockholders Equity Total Liabilities and Stockholders Equity PREFERRED STOCK, par or stated value per share PREFERRED STOCK, shares authorized PREFERRED STOCK, shares outstanding COMMON STOCK, par value per share COMMON STOCK, shares authorized COMMON STOCK, shares issued COMMON STOCK, shares outstanding Treasury stock, shares Income Statement [Abstract] NET REVENUE Net revenue OPERATING INCOME (EXPENSE) Cost of net revenue Sales, marketing and other operating expenses Research and development cost Direct labor and factory overheads incurred during plant shutdown General and administrative expenses Other operating income Total Costs and Expenses INCOME/(LOSS) FROM OPERATIONS OTHER INCOME (EXPENSE) Interest expense Interest income INCOME/(LOSS) BEFORE TAXES INCOME TAX (EXPENSE) BENEFIT NET INCOME/(LOSS) COMPREHENSIVE INCOME: NET INCOME/(LOSS) OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustments COMPREHENSIVE INCOME EARNINGS (LOSS) PER SHARE: BASIC DILUTED WEIGHTED AVERAGE NUMBER OF SHARES: BASIC DILUTED Statement [Table] Statement [Line Items] Balance Shares Issued Balance, shares Translation adjustmentT Net loss Balance Shares Issued Balance, shares Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES Net income/(loss) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Interest on capital lease obligation Amortization of prepaid land leases Depreciation and amortization Unrealized exchange (gain) loss on inter-company balances Deferred tax asset Stock-based compensation expense Changes in assets and liabilities: Accounts receivable Inventories Prepayments and deposits Other receivables Accounts payable and accrued expenses Retention payable Taxes payable Net cash provided by operating activities CASH FLOWS USED IN INVESTING ACTIVITIES Additions of prepaid land leases Purchase of property, plant and equipment Net cash used in investing activities CASH FLOWS USED IN FINANCING ACTIVITIES Repayment of capital lease obligation Net cash used in financing activities EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS NET INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD CASH AND CASH EQUIVALENTS - END OF PERIOD SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES Cash paid during the period for: Income taxes Accounting Policies [Abstract] 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Inventory Disclosure [Abstract] 2. INVENTORIES Notes to Financial Statements 3. PREPAID LAND LEASES Property, Plant and Equipment [Abstract] 4. PROPERTY, PLANT AND EQUIPMENT, NET Leases [Abstract] 5. PROPERTY, PLANT AND EQUIPMENT UNDER CAPITAL LEASES, NET Payables and Accruals [Abstract] 6. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Related Party Transactions [Abstract] 7. RELATED PARTY TRANSACTIONS Income Tax Disclosure [Abstract] 8. TAXES PAYABLE 9. CAPITAL LEASE OBLIGATIONS Equity [Abstract] 10. EQUITY Disclosure of Compensation Related Costs, Share-based Payments [Abstract] 11. STOCK-BASED COMPENSATION 12. INCOME TAXES Segment Reporting [Abstract] 13. BUSINESS SEGMENTS Risks and Uncertainties [Abstract] 14. CUSTOMER CONCENTRATION 15. MAJOR SUPPLIERS Fair Value Disclosures [Abstract] 16. FAIR VALUE OF FINANCIAL INSTRUMENTS Commitments and Contingencies Disclosure [Abstract] 17. COMMITMENTS Basis of Presentation and Consolidation Nature of the Business Allowance for Doubtful Accounts Concentration of Credit Risk Property, Plant and Equipment Retirement Benefits Revenue Recognition Recoverability of Long-lived Assets Basic and Diluted Net Income per Share of Common Stock Reporting Currency and Translation Foreign Operations Exploration Costs Goodwill New Accounting Pronouncements Rate of collection for accounts receivable Schedule of property plant and equipment useful life Schedule of earnings per share Inventories Property, plant and equipment Property Plant And Equipment Under Capital Leases Net Property, plant and equipment under capital leases Accounts payable and accrued expenses Schedule of Taxes payable Capital lease obligations Schedule of stock option transactions Schedule Stock and Warrants Options Outstanding Schedule of components of the provision for income taxes Schedule of income tax expenses reconciliation Schedule of deferred tax assets and liabilities Schedule of segment operating income Schedule of segment costs Schedule of major customers Schedule of contractual obligations Accounts receivable collection Property, Plant and Equipment [Table] Property, Plant and Equipment [Line Items] Property, plant and equipment, useful life Numerator Denominator Basic: Weighted-average common shares outstanding during the period Add: Dilutive effect of stock options Diluted Net income per share Basic Diluted Basis Of Presentation And Summary Of Significant Accounting Policies Allowances for doubtful accounts Contributions to the retirement plan Anti-dilutive common stock equivalents which were excluded Raw materials Finished goods Allowance for obsolete and slow-moving inventory Inventories Prepaid Land Lease Amortization of prepaid land lease Parcels of land of which the Company could not obtain land use rights certificates Mineral rights Buildings Plant and machinery Motor vehicles Furniture, fixtures and office equipment Construction in progress Total Less: Accumulated depreciation and amortization Impairment Net book value Land Depreciation and amortization expense Direct labor and factory overheads incurred during plant shutdown Cost of net revenue Cost of administrative expenses At cost: Less: accumulated depreciation and amortization Net book value Property Plant And Equipment Under Capital Leases Net Depreciation and amortization expense Accounts Payable And Accrued Expense Salary payable Social security insurance contribution payable Other payables Total Related Party Transactions Company borrowed from Jiaxing Lighting Appliance Company Limited Property management services provided by Shandong Shouguang Vegetable Seed Industry Group Co., Ltd Taxes Payable Income tax payable Natural resource tax Land use right tax payable Other tax payables Total current taxes payable Non-current taxes payable Total taxes payable Income tax payable, current Income tax payable, noncurrent Income tax payable Capital Lease Obligations Imputed interest rate on capital lease obligations Total capital lease obligations Less: Current portion Capital lease obligations, net of current portion Capital Lease Obligations Interest expense from capital lease obligations Equity Statutory Common Reserve Funds Description Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Number of Option and Warrants Outstanding, Beginning balance Number of Option and Warrants Granted and Vested Number of Option and Warrants Expired Number of Option and Warrants Outstanding, Ending Balance Weighted- Average Exercise price of Option and Warrants, Beginning balance Weighted- Average Exercise price of Option and Warrants, Granted and vested during the period Weighted- Average Exercise price of Option and Warrants, Expired Weighted- Average Exercise price of Option and Warrants, Ending Balance Range of Exercise Price per Common Share, Beginning Balance Range of Exercise Price per Common Share, Granted and Vested Range of Exercise Price per Common Share, Expired Range of Exercise Price per Common Share, Ending Balance Share-based Compensation [Abstract] Outstanding Range of Exercise Prices, Lower Limit Range of Exercise Prices, Upper Limit Weighted Average Remaining Contractual Life (Years) Stock-based Compensation Common stock available for issuance Aggregate intrinsic value of options outstanding and exercisable Current taxes - PRC Deferred taxes - PRC Income taxes Statutory income tax rate Non-deductible expense and change in valuation allowance Change in valuation allowance - US federal net operating loss Effective tax rate Deferred tax liabilities Deferred tax assets: Allowance for obsolete and slow-moving inventories Impairment on property, plant and equipment Exploration costs Compensation costs of unexercised stock options PRC tax losses US federal net operating loss Total deferred tax assets Valuation allowance Net deferred tax asset Schedule of Segment Reporting Information, by Segment [Table] Segment Reporting Information [Line Items] Product and Service [Axis] Net revenue (external customers) Net revenue (intersegment) Income (loss) from operations before taxes (benefit) Income tax expense (benefit) Income (loss) from operations after income taxes (benefit) Total assets Depreciation and amortization Capital expenditures Goodwill Business Segments Total segment operating income (loss) Corporate costs Unrealized gain/(loss) on translation of intercompany balance Income (loss) from operations Other income, net of expense Income (loss) before income taxes Schedule of Revenue by Major Customers, by Reporting Segments [Table] Revenue, Major Customer [Line Items] Customer [Axis] Segments [Axis] Revenues Percentage of Total Revenue (%) Percent products sold to top five customers Amounts due from major customers Major Suppliers Top five suppliers percentage raw materials supplied Amount due top five suppliers Capital Commitment And Operating Lease Commitments Capital Lease Obligations Payable within: the next 12 months the next 13 to 24 months the next 25 to 36 months the next 37 to 48 months the next 49 to 60 months thereafter Total Less: Amount representing interest Present value of net minimum lease payments Operating Lease Obligations the next 12 months the next 13 to 24 months the next 25 to 36 months the next 37 to 48 months the next 49 to 60 months thereafter Total Property Management Fees the next 12 months the next 13 to 24 months the next 25 to 36 months the next 37 to 48 months the next 49 to 60 months thereafter Total Capital Expenditure the next 12 months the next 13 to 24 months the next 25 to 36 months the next 37 to 48 months the next 49 to 60 months thereafter Total Capital Commitment And Operating Lease Commitments Rental expenses related to operating leases Bromine Segment [Member] Chemical Products Segment [Member] Custom Element. Corporate Expenditure Crude Salt Segment [Member] Furniture, Fixtures And Equipment [Member] Income Loss From Continuing Operations After Income Taxes Interest Rate Used To Capitalize Lease Obligations Other Taxes Payable Plant And Machinery [Member] Segment Reporting Information Net Operating Income Loss Shandong Maroi Chemical Company Limited [Member] Share Based Compensation Options Outstanding Exercise Price Range Lower Range Limit Share Based Compensation Options Outstanding Exercise Price Range Upper Range Limit Vehicles Gross Assets, Current Assets, Noncurrent Assets Liabilities, Current Liabilities, Noncurrent Liabilities Treasury Stock, Value Retained Earnings, Appropriated Stockholders' Equity Attributable to Parent Liabilities and Equity Cost of Revenue Selling and Marketing Expense Research and Development Expense Cost, Overhead General and Administrative Expense Costs and Expenses Interest Expense Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest Comprehensive Income (Loss), Net of Tax, Attributable to Parent Shares, Issued Shares, Outstanding UnrealizedGainLossOnTranslationOfInterCompanyBalances Increase (Decrease) in Accounts Receivable Increase (Decrease) in Inventories Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Other Receivables Increase (Decrease) in Accounts Payable and Accrued Liabilities Net Cash Provided by (Used in) Operating Activities Payments to Acquire Other Productive Assets Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities Repayments of Long-term Capital Lease Obligations Cash, Period Increase (Decrease) Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] Inventory Valuation Reserves Property, Plant and Equipment, Other, Gross Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation DepreciationAndAmortizationExpensePPE Accrued Income Taxes Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Other Tax Expense (Benefit) Deferred Tax Assets, Valuation Allowance DepreciationAndAmortizationSegmentNote CorporateExpenditure Capital Leases, Future Minimum Payments Due Capital Leases, Future Minimum Payments, Interest Included in Payments Operating Leases, Future Minimum Payments Due, Next Twelve Months Operating Leases, Future Minimum Payments, Due in Two Years Operating Leases, Future Minimum Payments, Due in Three Years Operating Leases, Future Minimum Payments, Due in Four Years Operating Leases, Future Minimum Payments, Due in Five Years Operating Leases, Future Minimum Payments, Due Thereafter Operating Leases, Future Minimum Payments Due Next12Months Next13To24Months Next25To36Months Next37To48Months Next49To60Months Thereafter Total [Default Label] CapitalExpenditureFutureMinimumPaymentsDueCurrent CapitalExpenditureFutureMinimumPaymentsDueInTwoYears CapitalExpenditureFutureMinimumPaymentsDueInThreeYears CapitalExpenditureFutureMinimumPaymentsDueInFourYears CapitalExpenditureFutureMinimumPaymentsDueInFiveYears CapitalExpenditureFutureMinimumPaymentsDueThereafter CapitalExpenditureFutureMinimumPaymentsDue EX-101.PRE 11 gure-20180630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2018
Aug. 06, 2018
Document And Entity Information    
Entity Registrant Name GULF RESOURCES, INC.  
Entity Central Index Key 0000885462  
Document Type 10-Q  
Document Period End Date Jun. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Non-accelerated Filer  
Entity Common Stock, Shares Outstanding   46,803,791
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2018  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current Assets    
Cash $ 215,975,864 $ 208,906,759
Accounts receivable 4,650,250 29,765,884
Inventories, net 181,094 1,196,785
Prepayments and deposits 1,456,090 1,395,289
Prepaid land leases 773,480 246,640
Other receivable 12,952 2,089
Total Current Assets 223,049,730 241,513,446
Non-Current Assets    
Property, plant and equipment, net 94,828,982 95,114,504
Property, plant and equipment under capital leases, net 394,180 492,238
Prepaid land leases, net of current portion 14,151,767 14,477,771
Deferred tax assets 9,408,852 6,526,555
Goodwill 29,010,218 29,374,909
Total non-current assets 147,793,999 145,985,977
Total Assets 370,843,729 387,499,423
Current Liabilities    
Accounts payable and accrued expenses 774,134 1,032,083
Retention Payable 643,305 956,351
Capital lease obligation, current portion 128,575 203,206
Taxes payable-current 2,049,741 1,474,592
Total Current Liabilities 3,595,755 3,666,232
Non-Current Liabilities    
Capital lease obligation, net of current portion 2,146,816 2,303,995
Taxes payable-non-current 4,969,000 4,969,000
Total Non-Current Liabilities 7,115,816 7,272,995
Total Liabilities 10,711,571 10,939,227
Stockholders Equity    
PREFERRED STOCK; $0.001 par value; 1,000,000 shares authorized; none outstanding 0 0
COMMON STOCK; $0.0005 par value; 80,000,000 shares authorized; 47,052,940 shares issued and 46,803,791 shares outstanding as of June 30, 2018 and December 31, 2017, respectively 23,525 23,525
Treasury stock; 249,149 shares as of June 30, 2018 and December 31, 2017 at cost (554,870) (554,870)
Additional paid-in capital 94,524,608 94,524,608
Retained earnings unappropriated 238,380,458 250,170,431
Retained earnings appropriated 24,233,544 24,233,544
Accumulated other comprehensive income 3,524,893 8,162,958
Total Stockholders Equity 360,132,158 376,560,196
Total Liabilities and Stockholders Equity $ 370,843,729 $ 387,499,423
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2018
Dec. 31, 2017
Statement of Financial Position [Abstract]    
PREFERRED STOCK, par or stated value per share $ 0.001 $ 0.001
PREFERRED STOCK, shares authorized 1,000,000 1,000,000
PREFERRED STOCK, shares outstanding 0 0
COMMON STOCK, par value per share $ 0.0005 $ 0.0005
COMMON STOCK, shares authorized 80,000,000 80,000,000
COMMON STOCK, shares issued 47,052,940 47,052,940
COMMON STOCK, shares outstanding 46,803,791 46,803,791
Treasury stock, shares 249,149 249,149
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
NET REVENUE        
Net revenue $ 4,594 $ 47,531,989 $ 2,251,861 $ 80,320,482
OPERATING INCOME (EXPENSE)        
Cost of net revenue (7) (26,931,742) (1,241,816) (47,145,605)
Sales, marketing and other operating expenses (21,025) (100,613) (55,999) (176,446)
Research and development cost 0 (65,274) 0 (127,172)
Direct labor and factory overheads incurred during plant shutdown (5,689,486) 0 (11,385,005) 0
General and administrative expenses (1,125,683) (2,056,943) (4,697,628) (3,785,403)
Other operating income 0 105,055 0 209,613
Total Costs and Expenses (6,836,201) (29,049,517) (17,380,448) (51,025,013)
INCOME/(LOSS) FROM OPERATIONS (6,831,607) 18,482,472 (15,128,587) 29,295,469
OTHER INCOME (EXPENSE)        
Interest expense (43,185) (42,065) (86,529) (83,976)
Interest income 178,678 132,721 348,156 258,581
INCOME/(LOSS) BEFORE TAXES (6,696,114) 18,573,128 (14,866,960) 29,470,074
INCOME TAX (EXPENSE) BENEFIT 1,883,241 (4,821,450) 3,076,987 (7,643,276)
NET INCOME/(LOSS) (4,812,873) 13,751,678 (11,789,973) 21,826,798
COMPREHENSIVE INCOME:        
NET INCOME/(LOSS) (4,812,873) 13,751,678 (11,789,973) 21,826,798
OTHER COMPREHENSIVE INCOME (LOSS)        
Foreign currency translation adjustments (20,586,976) 7,261,237 (4,638,065) 9,298,509
COMPREHENSIVE INCOME $ (25,399,849) $ 21,012,915 $ (16,428,038) $ 31,125,307
EARNINGS (LOSS) PER SHARE:        
BASIC $ (0.10) $ 0.29 $ (0.25) $ 0.47
DILUTED $ (0.10) $ 0.29 $ (0.25) $ 0.47
WEIGHTED AVERAGE NUMBER OF SHARES:        
BASIC 46,803,791 46,793,791 46,803,791 46,793,791
DILUTED 46,803,791 46,796,848 46,815,089 46,800,545
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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Unaudited) - 6 months ended Jun. 30, 2018 - USD ($)
Common Stock
Treasury Stock
Additional Paid-In Capital
Retained Earnings
Retained earnings appropriated
Accumulated Other Comprehensive Income (Loss)
Total
Balance at Dec. 31, 2017 $ 23,525 $ (554,870) $ 94,524,608 $ 250,170,431 $ 24,233,544 $ 8,162,958 $ 376,560,196
Shares Issued at Dec. 31, 2017 47,052,940            
Balance, shares at Dec. 31, 2017 46,803,791 249,149          
Translation adjustmentT           (4,638,065) (4,638,065)
Net loss       (11,789,973)     (11,789,973)
Balance at Jun. 30, 2018 $ 23,525 $ (554,870) $ 94,524,608 $ 238,380,458 $ 24,233,544 $ 3,524,893 $ 360,132,158
Shares Issued at Jun. 30, 2018 47,052,940            
Balance, shares at Jun. 30, 2018 46,803,791 249,149          
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income/(loss) $ (11,789,973) $ 21,826,798
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Interest on capital lease obligation 86,214 83,128
Amortization of prepaid land leases 294,676 234,307
Depreciation and amortization 9,511,515 10,809,289
Unrealized exchange (gain) loss on inter-company balances (345,086) 603,910
Deferred tax asset (3,076,986) 0
Stock-based compensation expense 0 14,700
Changes in assets and liabilities:    
Accounts receivable 25,720,587 (33,349,844)
Inventories 1,039,959 1,165,420
Prepayments and deposits (61,251) (19,129)
Other receivables (11,289) (580)
Accounts payable and accrued expenses (256,603) 5,582,026
Retention payable (312,429) (739,329)
Taxes payable 592,979 3,292,636
Net cash provided by operating activities 21,392,313 9,503,332
CASH FLOWS USED IN INVESTING ACTIVITIES    
Additions of prepaid land leases (693,198) (818,957)
Purchase of property, plant and equipment (10,333,721) (59,975)
Net cash used in investing activities (11,026,919) (878,932)
CASH FLOWS USED IN FINANCING ACTIVITIES    
Repayment of capital lease obligation (294,295) (273,873)
Net cash used in financing activities (294,295) (273,873)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (3,001,994) 4,068,173
NET INCREASE IN CASH AND CASH EQUIVALENTS 7,069,105 12,418,700
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 208,906,759 163,884,574
CASH AND CASH EQUIVALENTS - END OF PERIOD 215,975,864 176,303,274
Cash paid during the period for:    
Income taxes $ 0 $ 4,634,040
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1. BASIS OF PRESENTATION AND CONSOLIDATION
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)           Basis of Presentation and Consolidation

 

The accompanying condensed financial statements have been prepared by Gulf Resources, Inc (“Gulf Resources”). a Nevada corporation and its subsidiaries (collectively, the “Company”), without audit, in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of its financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States (“US GAAP”).

 

In the opinion of management, the unaudited financial information for the three and six months ended June 30, 2018 presented reflects all adjustments, which are only normal and recurring, necessary for a fair statement of results of operations, financial position and cash flows. These condensed financial statements should be read in conjunction with the financial statements included in the Company’s 2017 Form 10-K. Operating results for the interim periods are not necessarily indicative of operating results for an entire fiscal year.

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may be different from the estimates. The Company also exercises judgments in the preparation of these condensed financial statements in certain areas, including classification of leases and related party transactions.

 

The consolidated financial statements include the accounts of Gulf Resources, Inc. and its wholly-owned subsidiary, Upper Class Group Limited, a company incorporated in the British Virgin Islands, which owns 100% of Hong Kong Jiaxing Industrial Limited, a company incorporated in Hong Kong (“HKJI”). HKJI owns 100% of Shouguang City Haoyuan Chemical Company Limited ("SCHC") which owns 100% of Shouguang Yuxin Chemical Industry Co., Limited (“SYCI”) and Daying County Haoyuan Chemical Company Limited (“DCHC”).  All material intercompany transactions have been eliminated on consolidation.

 

(b)           Nature of the Business

 

The Company manufactures and trades bromine and crude salt through its wholly-owned subsidiary, Shouguang City Haoyuan Chemical Company Limited ("SCHC") and manufactures chemical products for use in the oil industry, pesticides, paper manufacturing industry and for human and animal antibiotics through its wholly-owned subsidiary, Shouguang Yuxin Chemical Industry Co., Limited ("SYCI") in the People’s Republic of China (“PRC”). DCHC was established to further explore and develop natural gas and brine resources (including bromine and crude salt) in the PRC. DCHC’s business was not fully operational as of June 30, 2018.

 

On September 1, 2017, the Company received notification from the Government of Yangkou County, Shouguang City of PRC that production at all its factories should be halted with immediate effect in order for the Company to perform rectification and improvement in accordance with the county’s new safety and environmental protection requirements.

 

The Company has been working closely with the county authorities to develop rectification plans for both its bromine and crude salt businesses and agreed on a plan in October 2017. SCHC is currently under rectification process. The Company believes this rectification process will cost approximately $35 million. In addition to the $35 million, the Company expects to spend an additional $40 million in 2018 to carry out enhancement projects for its extraction wells. The Company incurred rectification and improvements in the amount of $27,048,794 and $17,938,652 as of June 30, 2018 and December 31, 2017.

 

Originally, six bromine factories completed their rectification process within factory areas (i.e. excluding crude salt field area) and were approved and scheduled for production commencement by April 2018 as verbally indicated by the local government. Subsequently, the Shandong Provincial government required the local government to conduct “four rating and one comprehensive evaluation” for all of the chemical companies within its jurisdiction. This has delayed the production commencement schedule of the six bromine and crude salt factories. As of current date, the Company has not received any official approval from the government.

 

Four of the remaining bromine and crude salt factories have a slightly more complex issue that needs to be resolved. All bromine factories now require paired crude salt pans to prevent the halogen water resulting from the production process from flowing into the sea. Four of these bromine factories do not have a designated crude salt pan where the wastewater could be channeled. The Company has four alternatives for these four factories which do not have paired crude salt pans: 1. It can form partnerships with adjacent bromine facilities that do have crude salt pans. The nature of these partnerships could take many forms. At present, the Company is communicating with a third party about the waste water discharge of the Factory No 10. If an agreement is reached, the Company will invest RMB7 million to build a new aqueduct and discharge the waste water to the designated place for treatment by the designated party. 2. The Company could petition the government for a zoning change so that additional land for salt pans could be obtained. The Company believes this might be difficult but is worth pursuing; 3. The Company could negotiate a different method of dealing with this issue; or, 4. These factories could conceivably be forced to close. At the present time, the Company is also working with the government on these issues and has not reached any final solution yet.

 

Subsequently on June 29 2018, the Company received a formal notice (dated June 25, 2018) jointly issued by various provincial government agencies in Shandong Province (the “Notice”) forwarded by the Weifang City Special Operations Leading Group Office of Safe Production, Transformation and Upgrading of Chemical Industry. In the Notice, the provincial government agencies set forth further requirements and procedures covering the following four aspects for the chemical industrial enterprises: project approval, planning approval, land use rights approval and environmental protection assessment approval. Those standards and procedures apply to all chemical industrial enterprises in Shandong Province including the Company’s bromine plants that have not completed project approval procedures, planning approval procedures, land use rights approval procedures and environmental protection assessment procedures. The Company believes that the government will not grant approval to the Company to allow its bromine and crude salt plants to resume operations until the Company has fully complied with the aforesaid rules set forth in the Notice.

 

The Shouguang City Bromine Association, on behalf of all the bromine plants in Shouguang, has started discussions with the local government agencies. The local governmental agencies confirmed the facts that their initial requirements for the bromine industry did not include the project approval, the planning approval and the land use rights approval and that those three additional approvals were new requirements of the provincial government. We understood from the local government that it has been coordinating with several government agencies to solve these three outstanding approval issues in a timely manner and that all the affected bromine plants are not allowed to commence production prior to obtaining those approvals.

 

The Company is not certain how long the temporary delay will be due to the issuance and implement of the Notice. The Company believes that this is another step by the government to improve the environment. It further believes the goal of the government is not to close all plants, but rather to codify the regulations related to project approval, land use, planning approval and environmental protection assessment approval so that illegal plants are not able to open in the future and so that plants close to population centers do not cause serious environmental damage. In addition, the Company believes that the Shandong provincial government wants to assure that each of its regional and county governments has applied the Notice in a consistent manner.

 

On November 24, 2017, the Company received a letter from the Government of Yangkou County, Shouguang City notifying the Company to relocate its two chemical production plants located in the second living area of the Qinghe Oil Extraction Plant to the Bohai Marine Fine Chemical Industrial Park (“Bohai Park”). This is because the two plants are located in a residential area and their production activities will impact the living environment of the residents. This is as a result of the country’s effort to improve the development of the chemical industry, manage safe production and curb environmental pollution accidents effectively, and ensure the quality of the living environment of residents. All chemical enterprises which do not comply with the requirements of the safety and environmental protection regulations will be ordered to shut down. The Company believes this relocation process will cost approximately $60 million in total. The Company incurred relocation cost in the amount of $10,925,081 and $9,732,118 as of June 30, 2018 and December 31, 2017 and estimated that the new factory will be fully operational by the beginning of 2020.

 

The Company does not anticipate that the Company’s new chemical factory will be significantly impacted by the Notice. The Company has secured from the government the land use rights for its chemical plants located at the Bohai Marine Fine Chemical Industry Park and presented a completed construction design draft and other related documents to the local authorities for approval. The Company expected to receive feedback from the local authorities. However, the Company does believe there could be a delay for the approval process given the ongoing rectification and approvals process for the Company’s other plants.

 

In January 2017, the Company completed the first brine water and natural gas well field construction in Sichuan Province and announced the commencement of trial production. The Company has been working with Xinan Shiyou Daxue (Southwest Petroleum University) and developed a solution to DHCH’s technical drilling problem. In resolving the problem, the Company purchased customized equipment for its natural gas project. The installation of such equipment, including providing piping and electricity, was completed in July 2018. The Company is preparing to test the equipment and anticipates to begin the trial production in September 2018.

 

(c)           Allowance for Doubtful Accounts

 

As of June 30, 2018 and December 31, 2017, allowances for doubtful accounts were nil. No allowances for doubtful accounts were charged to the condensed consolidated statements of income (loss) for the three-month and six-month periods ended June 30, 2018 and 2017.

 

(d)           Concentration of Credit Risk

 

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 $215,975,864 and $208,906,759 with these institutions as of June 30, 2018 and December 31, 2017, respectively.  The Company has not experienced any losses in such accounts in the PRC.

 

Concentrations of credit risk with respect to accounts receivable exists as the Company sells a substantial portion of its products to a limited number of customers. However, such concentrations of credit risks are limited since the Company performs ongoing credit evaluations of its customers’ financial condition and extends credit terms as and when appropriate. Approximately 0% and 13% of the balances of accounts receivable as of June 30, 2018 and December 31, 2017, respectively, are outstanding for less than three months. All outstanding receivables as of June 30, 2018 and December 31, 2017 are within the credit terms. For the balances of accounts receivable aged more than 90 days and all accounts receivable as of June 30, 2018, approximately 28% were collected in July 2018. 

 

The rate of collection in July 2018 for accounts receivable aged more than 90 days as of June 30, 2018 was analyzed as follows:

 

Accounts Receivable Aging Percent Collected
90-120 days   0%
121-150 days   0%
151-180 days 0%
181-210 days 16%
211-240 days 100%

 

(e)           Property, Plant and Equipment

 

Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. Expenditures for new facilities or equipment, and major expenditures for betterment of existing facilities or equipment are capitalized and depreciated, when available for intended use, using the straight-line method at rates sufficient to depreciate such costs less 5% residual value over the estimated productive lives. All other ordinary repair and maintenance costs are expensed as incurred.

 

Mineral rights are recorded at cost less accumulated depreciation and any impairment losses. Mineral rights are amortized ratably over the term of the lease, or the equivalent term under the units of production method, whichever is shorter.

 

Construction in process primarily represents direct costs of construction of plant, machinery and equipment. Costs incurred are capitalized and transferred to property and equipment upon completion.

 

The Company’s depreciation and amortization policies on property, plant and equipment, other than mineral rights and construction in process, are as follows:

 

   

Useful life

(in years) 

Buildings (including salt pans)   8 - 20
Plant and machinery (including protective shells, transmission channels and ducts)   3 - 8
Motor vehicles   5
Furniture, fixtures and equipment   3-8

 

Property, plant and equipment under the capital lease are depreciated over their expected useful lives on the same basis as owned assets, or where shorter, the term of the lease, which is 20 years.

 

Producing oil and gas properties are depreciated on a unit-of-production basis over the proved developed reserves. Common facilities that are built specifically to service production directly attributed to designated oil and gas properties are depreciated based on the proved developed reserves of the respective oil and gas properties on a pro-rata basis. Common facilities that are not built specifically to service identified oil and gas properties are depreciated using the straight-line method over their estimated useful lives. Costs associated with significant development projects are not depreciated until commercial production commences and the reserves related to those costs are excluded from the calculation of depreciation.

 

(f)           Retirement Benefits

 

Pursuant to the relevant laws and regulations in the PRC, the Company participates in a defined contribution retirement plan for its employees arranged by a governmental organization. The Company makes contributions to the retirement plan at the applicable rate based on the employees’ salaries. The required contributions under the retirement plans are charged to the condensed consolidated statement of income (loss) on an accrual basis when they are due. The Company’s contributions totaled $301,657 and $257,660 for the three-month period ended June 30, 2018 and 2017, respectively, and totaled $604,075 and $512,876 for the six-month period ended June 30, 2018 and 2017, respectively.

 

(g)           Revenue Recognition

 

Net revenue is net of discount and value added tax and comprises the sale of bromine, crude salt and chemical products. Revenue is recognized when the control of the promised goods is transferred to the customers in an amount that reflects the consideration that the Company expects to receive from the customers in exchange for those goods. The acknowledgement of receipt of goods by the customers is when control of the product is deemed to be transferred. Invoicing occurs upon acknowledgement of receipt of the goods by the customers. Customers have no rights to return the goods upon acknowledgement of receipt of goods.

 

(h)           Recoverability of Long-lived Assets

 

In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10-35“Impairment or Disposal of Long-lived Assets”, long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable or that the useful lives of those assets are no longer appropriate. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment.

 

The Company determines the existence of such impairment by measuring the expected future cash flows (undiscounted and without interest charges) and comparing such amount to the carrying amount of the assets. An impairment loss, if one exists, is then measured as the amount by which the carrying amount of the asset exceeds the discounted estimated future cash flows. Assets to be disposed of are reported at the lower of the carrying amount or fair value of such assets less costs to sell. Asset impairment charges are recorded to reduce the carrying amount of the long-lived asset that will be sold or disposed of to their estimated fair values. Charges for the asset impairment reduce the carrying amount of the long-lived assets to their estimated salvage value in connection with the decision to dispose of such assets.

 

For the three and six months period ended June 30, 2018 and 2017, the Company determined that there were no events or circumstances indicating possible impairment of its long-lived assets.

 

(i)           Basic and Diluted Earnings per Share of Common Stock

 

Basic earnings per common share are based on the weighted average number of shares outstanding during the periods presented.  Diluted earnings per share are computed using weighted average number of common shares plus dilutive common share equivalents outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive, i.e. the exercise prices of the outstanding stock options were greater than the market price of the common stock. Anti-dilutive common stock equivalents which were excluded from the calculation of number of dilutive common stock equivalents amounted to 89,684 and 39,155 shares for the three-month period ended June 30, 2018 and 2017, respectively, and amounted to 82,649 and 32,077 shares for the six-month period ended June 30, 2018 and 2017, respectively. These awards could be dilutive in the future if the market price of the common stock increases and is greater than the exercise price of these awards.

 

The following table sets forth the computation of basic and diluted earnings per share:

 

    Three-Month Period Ended June 30,   Six-Month Period Ended June 30,
    2018   2017   2018   2017
Numerator                
Net income/(loss)   $ (4,812,873 )   $ 13,751,678     $ (11,789,973 )   $ 21,826,798  
                                 
Denominator                                
Basic: Weighted-average common shares outstanding during the period     46,803,791       46,793,791       46,803,791       46,793,791  
Add: Dilutive effect of stock options           3,057       11,298       6,754  
Diluted     46,803,791       46,796,848       46,815,089       46,800,545  
                                 
Net income/(loss) per share                                
Basic   $ (0.10 )   $ 0.29     $ (0.25 )   $ 0.47  
Diluted   $ (0.10 )   $ 0.29     $ (0.25 )   $ 0.47  

 

(j)           Reporting Currency and Translation

 

The financial statements of the Company’s foreign subsidiaries are measured using the local currency, Renminbi (“RMB”), as the functional currency; whereas the functional currency and reporting currency of the Company is the United States dollar (“USD” or “$”).

 

As such, the Company uses the “current rate method” to translate its PRC operations from RMB into USD, as required under FASB ASC 830 “Foreign Currency Matters”. The assets and liabilities of its PRC operations are translated into USD using the rate of exchange prevailing at the balance sheet date. The capital accounts are translated at the historical rate. Adjustments resulting from the translation of the balance sheets of the Company’s PRC subsidiaries are recorded in stockholders’ equity as part of accumulated other comprehensive income (loss). The statement of income (loss) and comprehensive income (loss) is translated at average rate during the reporting period. Gains or losses resulting from transactions in currencies other than the functional currencies are recognized in net income (loss) for the reporting periods as part of general and administrative expense. The statement of cash flows is translated at average rate during the reporting period, with the exception of the consideration paid for the acquisition of business which is translated at historical rates.

 

(k)           Foreign Operations

 

All of the Company’s operations and assets are located in PRC.  The Company may be adversely affected by possible political or economic events in this country.  The effect of these factors cannot be accurately predicted.

 

(l)           Exploration Costs

 

Exploration costs, which included the cost of researching appropriate places to drill wells and the cost of well drilling in search of potential natural brine or other resources, are charged to the income (loss) statement as incurred. Once the commercial viability of a project has been confirmed, all subsequent costs are capitalized.

 

For oil and gas properties, the successful efforts method of accounting is adopted. The Company carries exploratory well costs as an asset when the well has found a sufficient quantity of reserves to justify its completion as a producing well and where the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. Exploratory well costs not meeting these criteria are charged to expenses. Exploratory wells that discover potentially economic reserves in areas where major capital expenditure will be required before production would begin and when the major capital expenditure depends upon the successful completion of further exploratory work remain capitalized and are reviewed periodically for impairment.

 

(m)  Goodwill

 

Goodwill represents the excess of the purchase price over the net of the fair value of the identifiable tangible and intangible assets acquired and the fair value of liabilities assumed in business acquisitions. Goodwill impairment is assessed based on qualitative factors to determine whether it is more likely than not that the fair value of a reporting entity is less than its carrying amount, including goodwill. If the Company determines that it is more likely than not that the fair value of a reporting entity is less than its carrying amount, the two-step goodwill impairment test will be performed. The Company performs its impairment assessment annually and between annual tests in certain circumstances and determined that the two-step goodwill impairment test is not required to be carried out as of June 30, 2018.

 

(n)           New Accounting Pronouncements

 

Recently Adopted Accounting Pronouncements

 

In May 2014 and April 2016, the FASB issued ASU No. 2014-09 and ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14, which deferred the effective date of Update 2014-09 to annual reporting periods beginning after December 15, 2017. The Company adopted this Update as of January 1, 2018. This adoption did not have a material impact on the Company’s condensed consolidated financial statements as of and for the three and six months ended June 30, 2018 as the amount and timing of all the Company’s revenue will continue to be recognized at a point in time. As required by the Update, the Company disclosed its revenues from contracts with customers into disaggregated categories in Note 13.

 

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. The Update addresses eight specific changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in this Update should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company adopted this Update as of January 1, 2018 with no material impact on the condensed consolidated financial statements as of and for the three and six months ended June 30, 2018.

 

In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718), Scope of Modification Accounting. The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The amendments in this Update should be applied prospectively to an award modified on or after the adoption date. The Company adopted this Update as of January 1, 2018 with no material impact on the condensed consolidated financial statements as of and for the three and six months ended June 30, 2018.

 

Recently Issued Accounting Pronouncements Not Yet Adopted

 

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments in this Update specify the accounting for leases. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the effect of this on the consolidated financial statements and related disclosure.

 

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The amendments in this Update affect loans, debt securities, trade receivables, and any other financial assets that have the contractual right to receive cash. The ASU requires an entity to recognize expected credit losses rather than incurred losses for financial assets. For public entities, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the effect of this on the consolidated financial statements and related disclosure.

 

In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment. To simplify the subsequent measurement of goodwill, the Board eliminated Step 2 from the goodwill impairment test. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. A public business entity that is a U.S. Securities and Exchange Commission (SEC) filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company is currently evaluating effect of this on the consolidated financial statements and related disclosure.

 

In June 2018, the FASB issued ASU No.2018-07, Compensation- Stock Compensation (Topic 718). Improvements to Nonemployee Share-Based Payment Accounting. The amendments in this update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. Prior to this update, Top 718 applied only to share-based transactions to employees. Consistent with the accounting requirements for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. The amendments in the Update are effective for public business entities form fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. This is not expected to have a material effect on the Company’s consolidated financial statements.

  

XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
2. INVENTORIES
6 Months Ended
Jun. 30, 2018
Inventory Disclosure [Abstract]  
2. INVENTORIES

Inventories consist of:

 

    June 30,
2018
  December 31,
2017
         
Raw materials   $ 14,414     $ 396,482  
Finished goods     166,680       844,224  
Allowance for obsolete and slow-moving inventory           (43,921 )
    $ 181,094     $ 1,196,785  

 

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
3. PREPAID LAND LEASES
6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
3. PREPAID LAND LEASES

 

The Company prepaid for land leases with lease terms for periods ranging from one to fifty years to use the land on which the production facilities and warehouses of the Company are situated. The prepaid land lease is amortized on a straight line basis.

 

The Company paid $9,732,118 for a 50-year lease of a parcel of land for the new factory at Bohai Marine Fine Chemical Industrial Park in December, 2017. The land use certificate is being processed by the government and the commencement date of the lease will be known upon completion of the application process when the land use certificate will be issued. Amortization of the lease will commence on the day the lease term starts.

 

During the three and six months period ended June 30, 2018, amortization of prepaid land leases totaled $150,579 and $294,676, which amounts were recorded as direct labor and factory overheads incurred during plant shutdown. 

 

During the three and six months period ended June 30, 2017, amortization of prepaid land leases totaled $126,846 and $234,307, which amounts were recorded as cost of net revenue. 

 

The Company has the rights to use certain parcels of land located in Shouguang, PRC, through lease agreements signed with local townships or the government authority. For parcels of land that are collectively owned by local townships, the Company cannot obtain land use rights certificates. The parcels of land that the Company cannot obtain land use rights certificates cover a total of approximately 54.99 square kilometers with an aggregate carrying value of $1,067,939 and approximately 54.97 square kilometers with an aggregate carrying value of $645,761 as at June 30, 2018 and December 31, 2017, respectively.

 

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
4. PROPERTY, PLANT AND EQUIPMENT, NET
6 Months Ended
Jun. 30, 2018
Property, Plant and Equipment [Abstract]  
4. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consist of the following:

 

    June 30,
2018
  December 31,
2017
At cost:                
Mineral rights   $ 4,653,325       4,711,822  
Buildings     66,907,410       67,748,512  
Plant and machinery     205,294,156       200,742,652  
Motor vehicles     8,683       8,792  
Furniture, fixtures and office equipment     4,099,059       4,150,588  
Construction in process     1,358,535       183,036  
Total     282,321,168       277,545,402  
Less: Accumulated depreciation and amortization     (169,016,305 )     (163,597,407 )
Impairment     (18,475,881 )     (18,833,491 )
Net book value   $ 94,828,982     $ 95,114,504  

 

The Company has certain buildings and salt pans erected on parcels of land located in Shouguang, PRC, and such parcels of land are collectively owned by local townships or the government. The Company has not been able to obtain property ownership certificates over these buildings and salt pans. The aggregate carrying values of these properties situated on parcels of the land are $26,162,718 and $27,432,351 as at June 30, 2018 and December 31, 2017, respectively.

 

During the three-month period ended June 30, 2018, depreciation and amortization expense totaled $4,684,870, of which $4,420,180 and $262,689 were recorded in direct labor and factory overheads incurred during plant shutdown and administrative expenses, respectively. During the six-month period ended June 30, 2018, depreciation and amortization expense totaled $9,373,118, of which $8,857,147 and $515,971 were recorded in direct labor and factory overheads incurred during plant shutdown and administrative expenses, respectively.

 

During the three-month period ended June 30, 2017, depreciation and amortization expense totaled $5,294,777, of which $5,001,792 and $292,985 were recorded as cost of net revenue and administrative expenses, respectively. During the six-month period ended June 30, 2017, depreciation and amortization expense totaled $10,658,819, of which $10,074,234 and $584,585 were recorded as cost of net revenue and administrative expenses respectively.

 

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
5. PROPERTY, PLANT AND EQUIPMENT UNDER CAPITAL LEASES, NET
6 Months Ended
Jun. 30, 2018
Leases [Abstract]  
5. PROPERTY, PLANT AND EQUIPMENT UNDER CAPITAL LEASES, NET

Property, plant and equipment under capital leases, net consist of the following:

 

    June 30,
2018
  December 31,  
2017
At cost:                
Buildings   $ 124,375     $ 125,939  
Plant and machinery     2,285,465       2,314,196  
Total     2,409,840       2,440,135  
Less: Accumulated depreciation and amortization     (2,015,660 )     (1,947,897 )
Net book value   $ 394,180     $ 492,238  

 

The above buildings erected on parcels of land located in Shouguang, PRC, are collectively owned by local townships.  The Company has not been able to obtain property ownership certificates over these buildings as the Company could not obtain land use rights certificates on the underlying parcels of land.  

 

During the three and six months period ended June 30, 2018, depreciation and amortization expense totaled $69,115 and $138,397, respectively, which was recorded in direct labor and factory overheads incurred during plant shutdown.

 

During the three and six months period ended June 30, 2017, depreciation and amortization expense totaled $75,413 and $150,470, respectively, which was recorded as cost of net revenue.

  

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
6. ACCOUNTS PAYABLE AND ACCRUED EXPENSES
6 Months Ended
Jun. 30, 2018
Payables and Accruals [Abstract]  
6. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following:

 

    June 30,   December 31,
    2018   2017
Salary payable   $ 252,261     $ 393,617  
Social security insurance contribution payable     133,692       135,203  
Other payables     388,181       503,263  
Total   $ 774,134     $ 1,032,083  

 

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
7. RELATED PARTY TRANSACTIONS
6 Months Ended
Jun. 30, 2018
Related Party Transactions [Abstract]  
7. RELATED PARTY TRANSACTIONS

During the three-month and six-month periods ended June 30, 2018, the Company borrowed $66,000 and $251,912, respectively, from Jiaxing Lighting Appliance Company Limited (Jiaxing Lighting”), in which Mr. Ming Yang, a shareholder and the Chairman of the Company, has a 100% equity interest. The amounts due to Jiaxing Lighting were unsecured, interest free and repayable on demand and were fully settled in the three-month period ended June 30, 2018. There was no balance owing to Jiaxing Lighting as of June 30, 2018.

 

On September 25, 2012, the Company purchased five floors of a commercial building in the PRC, through SYCI, from Shandong Shouguang Vegetable Seed Industry Group Co., Ltd. (the “Seller”) at a cost of approximately $5.7 million in cash, of which Mr. Ming Yang, the Chairman of the Company, had a 99% equity interest in the Seller. During the first quarter of 2018, the Company entered into an agreement with the Seller, a related party, to provide property management services for an annual amount of approximately $99,200 for five years from January 1, 2018 to December 31, 2022. The expense associated with this agreement for the three and six months ended June 30, 2018 was approximately $24,500 and $49,000.

 

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
8. TAXES PAYABLE
6 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]  
8. TAXES PAYABLE
Taxes payable consists of the following:

 

    June 30,   December 31,
    2018   2017
Income tax payable   $ 433,000     $ 433,000  
Natural resource tax           156,147  
Land use tax payable     1,616,741       810,841  
Other tax payables           74,604  
Total current taxes payable     2,049,741       1,474,592  
Non-current taxes payable     4,969,000       4,969,000  
Total   $ 7,018,741     $ 6,443,592  

   

The non-current taxes payable of $4,969,000 relates to the one-time mandatory transition tax on accumulated foreign earnings that are payable in the following periods:

 

Year ending December 31
         
  Current                  
  2018             $ 433,000  
  Non-current                  
  2019     $ 433,000          
  2020       433,000          
  2021       433,000          
  2022       433,000          
  2023 and after       3,237,000       4,969,000  
  Total (See Note 12(a))             $ 5,402,000  
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
9. CAPITAL LEASE OBLIGATIONS
6 Months Ended
Jun. 30, 2018
Leases [Abstract]  
9. CAPITAL LEASE OBLIGATIONS

The components of capital lease obligations are as follows:

 

    Imputed   June 30,   December 31,
    Interest rate   2018   2017
Total capital lease obligations     6.7%   $ 2,275,391     $ 2,507,201  
Less: Current portion           (128,575 )     (203,206 )
Capital lease obligations, net of current portion         $ 2,146,816     $ 2,303,995  

 

Interest expenses from capital lease obligations amounted to $43,055 and $41,375 for the three-month period ended June 30, 2018 and 2017, respectively, which were charged to the condensed consolidated statement of income (loss). Interest expenses from capital lease obligations amounted to $86,214 and $83,128 for the six-month period ended June 30, 2018 and 2017, respectively, which were charged to the condensed consolidated statement of income (loss).

  

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10. EQUITY
6 Months Ended
Jun. 30, 2018
Equity [Abstract]  
10. EQUITY

 

  (a) Authorized shares

 

During the annual general meeting held on June 18, 2013, the shareholders of the Company approved the amendment to the Certificate of Incorporation to decrease the number of the authorized shares of the Company’s common stock to 80,000,000. The Company filed an amended and restated Certificate of Incorporation with the Secretary of the State of Delaware to decrease the number of authorized shares of the Company’s common stock. Accordingly, 80,000,000 is disclosed as the authorized shares of the Company’s common stock in the consolidated balance sheets as of June 30, 2018 and December 31, 2017.

 

  (b) Retained Earnings - Appropriated

 

In accordance with the relevant PRC regulations and the PRC subsidiaries’ Articles of Association, the Company’s PRC subsidiaries are required to allocate its profit after tax to the following reserve:

 

Statutory Common Reserve Funds

 

SCHC, SYCI and DCHC are required each year to transfer at least 10% of the profit after tax as reported under the PRC statutory financial statements to the Statutory Common Reserve Funds until the balance reaches 50% of the registered share capital.  This reserve can be used to make up any loss incurred or to increase share capital.  Except for the reduction of losses incurred, any other application should not result in this reserve balance falling below 25% of the registered capital. The Statutory Common Reserve Fund as of June 30, 2018 for SCHC, SYCI and DCHC is 46%, 14% and 0% of its registered capital respectively.

 

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11. STOCK-BASED COMPENSATION
6 Months Ended
Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
11. STOCK-BASED COMPENSATION

Pursuant to the Company’s Amended and Restated 2007 Equity Incentive Plan approved in 2011(“Plan”), the aggregate number of shares of the Company’s common stock available for grant of stock options and issuance is 4,341,989 shares. On October 5, 2015, during the annual meeting of the Company’s stockholders, the aggregate number of shares reserved and available for grant and issuance pursuant to the Plan was increased to 10,341,989. As of June 30, 2018, the number of shares of the Company’s common stock available for issuance under the Plan is 6,739,989.

 

The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The risk free rate is based on the yield-to-maturity in continuous compounding of the US Government Bonds with the time-to-maturity similar to the expected tenor of the option granted, volatility is based on the annualized historical stock price volatility of the Company, and the expected life is based on the historical option exercise pattern.

 

During the six months ended June 30, 2018, there were no options issued to employees or non-employees.

 

The following table summarizes all Company stock option transactions between January 1, 2018 and June 30, 2018.

 

    Number of Option
Outstanding and exercisable
  Weighted- Average Exercise price of Option   Range of
Exercise Price per Common Share
  Balance, January 1, 2018       808,500     $ 1.61       $1.44 - $4.80  
  Granted and vested during the period Ended June 30, 2018                    
  Expired during the period ended June 30, 2018       (25,000 )   $ 2.31       $2.07-2.55  
  Balance, June 30, 2018       783,500     $ 1.58       $1.44 - $4.80  

 

 

    Stock Options Exercisable and Outstanding
            Weighted Average
            Remaining
    Outstanding at June 30, 2018  

Range of

Exercise Prices 

 

Contractual Life

 (Years)

Exercisable and outstanding    783,500   $1.44 - $4.80   2.70

 

The aggregate intrinsic value of options outstanding and exercisable as of June 30, 2018 was $0.

 

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12. INCOME TAXES
6 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]  
12. INCOME TAXES

The Company utilizes the asset and liability method of accounting for income taxes in accordance with FASB ASC 740-10.

 

(a)          United States (“US”)

 

Gulf Resources, Inc. may be subject to the United States of America Tax laws at a tax rate of 21%. No provision for the US federal income taxes has been made as the Company had no US taxable income for the three-month and six-month periods ended June 30, 2018 and 2017, and management believes that its earnings are permanently invested in the PRC.

 

On December 22, 2017, the Tax Cuts and Jobs Act (“TCJA”) was enacted in law. With the new tax law, the corporation income tax rate is reduced from 35% to 21% and there is a one-time mandatory transition tax on accumulated foreign earnings. The Company is allowed under TCJA to settle the tax liabilities over a period of eight years. The Company accrued a provisional amount of $5,402,000 (See Note 8) for the one-time mandatory transition as of and for the year ended December 31, 2017. On December 22, 2017, the Securities and Exchange Commission (“SEC”), staff issued Staff Accounting Bulletin (SAB) 118 which allows the Company to record a provisional amount of the one-time mandatory transition tax on accumulated foreign earning during a measurement period not to exceed one year of the enactment date.

 

(b)           British Virgin Islands (“BVI”)

 

Upper Class Group Limited, a subsidiary of Gulf Resources, Inc., was incorporated in the BVI and, under the current laws of the BVI, it is not subject to tax on income or capital gain in the BVI. Upper Class Group Limited did not generate assessable profit for the three-month and six-month periods ended June 30, 2018 and 2017.

 

(c)           Hong Kong

 

HKJI, a subsidiary of Upper Class Group Limited, was incorporated in Hong Kong and is subject to Hong Kong taxation on its activities conducted in Hong Kong and income arising in or derived from Hong Kong.  No provision for income tax has been made as it has no taxable income for the three-month and six-month periods ended June 30, 2018 and 2017.  The applicable statutory tax rates for the three-month and six-month periods ended June 30, 2018 and 2017 are 16.5%. There is no dividend withholding tax in Hong Kong.

 

(d)           PRC

 

Enterprise income tax (“EIT”) for SCHC, SYCI and DCHC in the PRC is charged at 25% of the assessable profits.

 

The operating subsidiaries SCHC, SYCI and DCHC are wholly foreign-owned enterprises (“FIE”) incorporated in the PRC and are subject to PRC Local Income Tax Law. The PRC tax losses may be carried forward to be utilized against future taxable profit for ten years for High-tech enterprises and small and medium-sized enterprises of science and technology and for five years for other companies. Tax losses of the operating subsidiaries of the Company may be carried forward for five years.

 

On February 22, 2008, the Ministry of Finance (“MOF”) and the State Administration of Taxation (“SAT”) jointly issued CaiShui [2008] Circular 1 (“Circular 1”). According to Article 4 of Circular 1, distributions of accumulated profits earned by a FIE prior to January 1, 2008 to foreign investor(s) in 2008 will be exempted from withholding tax (“WHT”) while distribution of the profit earned by an FIE after January 1, 2008 to its foreign investor(s) shall be subject to WHT at 5% effective tax rate.

 

As of June 30, 2018 and December 31, 2017, the accumulated distributable earnings under the Generally Accepted Accounting Principles (GAAP”) of PRC of the FIE of the Company that are subject to WHT are $285,284,985 and $282,660,981, respectively. Since the Company intends to reinvest its earnings to further expand its businesses in mainland China, its foreign invested enterprises do not intend to declare dividends to their immediate foreign holding companies in the foreseeable future. Accordingly, as of June 30, 2018 and December 31, 2017, the Company has not recorded any WHT on the cumulative amount of distributable retained earnings of its foreign invested enterprises that are subject to WHT in China. As of June 30, 2018 and December 31, 2017, the unrecognized WHT are $13,234,848 and $14,133,049, respectively.

 

The Company’s income tax returns are subject to the various tax authorities’ examination. The federal, state and local authorities of the United States may examine the Company’s income tax returns filed in the United States for three years from the date of filing. The Company’s US income tax returns since 2014 are currently subject to examination.

 

Inland Revenue Department of Hong Kong (“IRD”) may examine the Company’s income tax returns filed in Hong Kong for seven years from date of filing. For the years 2011 through 2017, HKJI did not report any taxable income. It did not file any income tax returns during these years except for 2014. For companies which do not have taxable income, IRD typically issues notification to companies requiring them to file income tax returns once in every four years. The tax returns for 2014 are currently subject to examination.

 

The components of the provision for income tax expense (benefit) from continuing operations are:

 

    Three-Month Period Ended June 30,   Six-Month Period Ended June 30,
    2018   2017   2018   2017
Current taxes – PRC   $     $ 4,821,450     $     $ 7,643,276  
Deferred taxes – PRC     (1,883,241 )           (3,076,987 )      
    $ (1,883,241 )   $ 4,821,450     $ (3,076,987 )   $ 7,643,276  

        

The effective income tax rate differ from the PRC statutory income tax rate of 25% from continuing operations in the PRC as follows:

 

  Three-Month Period Ended June 30,   Six-Month Period Ended June 30,
Reconciliations 2018   2017   2018   2017
Statutory income tax rate   25 %     25 %     25 %     25 %  
Non-deductible expense   (1 %)     1 %     (4 %)     1 %  
Non-taxable items   5 %     -       1 %     -    
Change in valuation allowance   (1 %)     -       (1 %)     -    
Effective tax rate   28 %     26 %     21 %     26 %  

 

Significant components of the Company’s deferred tax assets and liabilities at June 30, 2018 and December 31, 2017 are as follows:

 

    June 30,   December 31,
    2018   2017
Deferred tax liabilities   $     $  
                 
Deferred tax assets:                
Allowance for obsolete and slow-moving inventories   $     $ 10,980  
Impairment on property, plant and equipment     3,706,211       4,610,228  
Exploration costs     1,881,693       1,905,347  
Compensation costs of unexercised stock options     94,287       98,092  
PRC tax losses     3,820,948        
US federal net operating loss     7,138,700       7,080,000  
Total deferred tax assets     16,641,839       13,704,647  
Valuation allowance     (7,232,987 )     (7,178,092 )
Net deferred tax asset   $ 9,408,852     $ 6,526,555  

 

The increase in valuation allowance for each of the three-month periods ended June 30, 2018 and 2017 is $28,499 and $32,600, respectively.

 

The increase in valuation allowance for the six-month period ended June 30, 2018 and 2017 is $54,895 and $73,400.

 

There were no unrecognized tax benefits and accrual for uncertain tax positions as of June 30, 2018 and December 31, 2017.

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13. BUSINESS SEGMENTS
6 Months Ended
Jun. 30, 2018
Segment Reporting [Abstract]  
13. BUSINESS SEGMENTS

The Company has four reportable segments:  bromine, crude salt, chemical products and natural gas. The reportable segments are consistent with how management views the markets served by the Company and the financial information that is reviewed by its chief operating decision maker.

 

An operating segment’s performance is primarily evaluated based on segment operating income (loss), which excludes share-based compensation expense, certain corporate costs and other income not associated with the operations of the segment. These corporate costs (income) are separately stated below and also include costs that are related to functional areas such as accounting, treasury, information technology, legal, human resources, and internal audit. The Company believes that segment operating income (loss), as defined above, is an appropriate measure for evaluating the operating performance of its segments. All the customers are located in PRC.

 

Three-Month

Period Ended

June 30, 2018

  Bromine*  

Crude

 Salt*

 

Chemical

 Products

  Natural Gas  

Segment

 Total

  Corporate   Total
Net revenue
(external customers)
  $     $     $ 4,594     $     $ 4,594     $     $ 4,594  
Net revenue
(intersegment)
                                         
Income(loss) from operations before income taxes(benefit)     (5,577,272 )     (1,731,592 )     (727,595 )     (45,295 )     (8,081,754 )     1,250,147       (6,831,607 )
Income taxes expense (benefit)     (1,579,514 )     (240,367 )     (63,360 )           (1,883,241 )           (1,883,241 )
Income (loss) from operations after income taxes(benefit)     (3,997,758 )     (1,491,225 )     (664,235 )     (45,295 )     (6,198,513 )     1,250,147       (4,948,366 )
Total assets     138,510,016       47,572,477       182,669,040       2,011,378       370,762,911       80,818       370,843,729  
Depreciation and amortization     4,018,318       611,499       124,167             4,753,984             4,753,984  
Capital expenditures     7,813,714       1,189,075       1,192,963       16,259       10,212,011               10,212,011  
Goodwill                 29,010,218             29,010,218             29,010,218  
                                                         

 

Three-Month

Period Ended

June 30, 2017

  Bromine*  

Crude

 Salt*

 

Chemical 

 Products

  Natural Gas  

Segment 

 Total 

  Corporate   Total
Net revenue
(external customers)
  $ 18,423,133     $ 2,521,883     $ 26,586,973     $     $ 47,531,989     $     $ 47,531,989  
Net revenue
(intersegment)
    2,910,743                         2,910,743             2,910,743  
Income(loss) from operations before income taxes     9,740,981       1,051,202       8,318,480       (33,529 )     19,077,134       (594,662 )     18,482,472  
Income taxes     2,464,085       245,164       2,112,201             4,821,450             4,821,450  
Income (loss) from operations after
income taxes
    7,276,896       806,038       6,206,279       (33,529 )     14,255,684       (594,662 )     13,661,022  
Total assets     162,696,276       32,749,355       207,885,555       1,819,284       405,150,470       114,373       405,264,843  
Depreciation and amortization     3,794,600       624,226       951,364             5,370,190             5,370,190  
Goodwill                 28,332,661             28,332,661             28,332,661  

 

 

Six-Month

Period Ended

June 30, 2018

  Bromine*  

Crude

 Salt*

 

Chemical

 Products 

  Natural Gas  

Segment

 Total

  Corporate   Total
Net revenue
(external customers)
  $     $ 1,638,493     $ 613,368     $     $ 2,251,861     $     $ 2,251,861  
Net revenue
(intersegment)
                                         
Income(loss) from operations before income taxes (benefit)     (11,167,828 )     (2,539,475 )     (1,402,366 )     (80,950 )     (15,190,619 )     62,032       (15,128,587 )
Income taxes expense (benefit)     (2,970,666 )     (442,338 )     336,017             (3,076,987 )           (3,076,987 )
Income (loss) from operations after
income taxes(benefit)
    (8,197,162 )     (2,097,137 )     (1,738,383 )     (80,950 )     (12,113,632 )     62,032       (12,051,600 )
Total assets     138,510,016       47,572,477       182,669,040       2,011,378       370,762,911       80,818       370,843,729  
Depreciation and amortization     7,738,030       1,524,850       248,635             9,511,515             9,511,515  
Capital expenditures     7,906,888       1,203,254       1,192,963       30,616       10,333,721               10,333,721  
Goodwill                 29,010,218             29,010,218             29,010,218  

 

Six-Month

Period Ended

June 30, 2017

  Bromine*  

Crude

 Salt*

 

Chemical

 Products

  Natural Gas  

Segment

 Total

  Corporate   Total
Net revenue
(external customers)
  $ 32,345,527     $ 4,335,661     $ 43,639,294     $     $ 80,320,482     $     $ 80,320,482  
Net revenue
(intersegment)
    5,089,236                         5,089,236             5,089,236  
Income(loss) from operations before income taxes     15,012,915       1,937,089       13,264,657       (57,287 )     30,157,374       (861,905 )     29,295,469  
Income taxes     3,794,188       468,746       3,380,342             7,643,276             7,643,276  
Income (loss) from operations after income taxes     11,218,727       1,468,343       9,884,315       (57,287 )     22,514,098       (861,905 )     21,652,193  
Total assets     162,696,276       32,749,355       207,885,555       1,819,284       405,150,470       114,373       405,264,843  
Depreciation and amortization     7,793,181       1,078,673       1,937,435             10,809,289             10,809,289  
Goodwill                 28,332,661             28,332,661             28,332,661  

 

* Certain common production overheads, operating and administrative expenses and asset items (mainly cash and certain office equipment) of bromine and crude salt segments in SCHC were split by reference to the average selling price and production volume of the respective segment.

  

    Three-Month Period Ended June 30,   Six-Month Period Ended June 30,
Reconciliations   2018   2017   2018   2017
Total segment operating income (loss)   $ (8,081,754 )   $ 19,077,134     $ (15,190,619 )   $ 30,157,374  
Corporate costs     (153,791 )     (128,007 )     (283,054 )     (257,995 )
Unrealized gain/(loss) on translation of intercompany balance     1,403,938       (466,655 )     345,086       (603,910 )
Income (loss) from operations     (6,831,607 )     18,482,472       (15,128,587 )     29,295,469  
Other income, net of expense     135,493       90,656       261,627       174,605  
Income (loss) before income taxes   $ (6,696,114 )   $ 18,573,128     $ (14,866,960 )   $ 29,470,074  

 

The following table shows the major customer(s) (10% or more) for the six-month period ended June 30, 2018.

 

Number   Customer

Bromine 

(000’s)

 

Crude Salt

(000’s)

 

Chemical Products

(000’s)

 

Total

Revenue

 (000’s)

 

Percentage of

Total

Revenue (%)

 1   Shandong Morui Chemical Company Limited $ -   $ 534   $ 155   $  689   30.6%
2   Shandong Brother Technology Limited, Kuerle Xingdong Trading Limited $ -   $ 670   $ -   $  670   29.8%
3   Shouguang Weidong Chemical Company Limited $ -   $ 435   $ -   $  435   19.3%

 

The following table shows the major customer(s) (10% or more) for the six-month period ended June 30, 2017.

 

Number   Customer

Bromine

(000’s) 

 

Crude Salt

(000’s)

 

Chemical Products

(000’s)

 

Total

Revenue

 (000’s)

 

Percentage of

Total

Revenue (%)

 1   Shandong Morui Chemical Company Limited $ 5,705   $ 1,251   $ 2,768   $  9,724   12.1%

 

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14. CUSTOMER CONCENTRATION
6 Months Ended
Jun. 30, 2018
Risks and Uncertainties [Abstract]  
14. CUSTOMER CONCENTRATION

During the six-month period ended June 30, 2018, the Company sold 89% of its products to its top five customers, respectively. As of June 30, 2018, amounts due from these customers were $4,650,250. During the six-month period ended June 30, 2017, the Company sold 35.0% of its products to its top five customers. As of June 30, 2017, amounts due from these customers were $38,735,709. This concentration makes the Company vulnerable to a near-term severe impact, should the relationships be terminated.

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15. MAJOR SUPPLIERS
6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
15. MAJOR SUPPLIERS

During the six-month period ended June 30, 2018, the Company did not purchase any raw materials. During the six-month period ended June 30, 2017, the Company purchased 67.5% of its raw materials from its top five suppliers.  As of June 30, 2017, amounts due to those suppliers were $6,833,430.

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16. FAIR VALUE OF FINANCIAL INSTRUMENTS
6 Months Ended
Jun. 30, 2018
Fair Value Disclosures [Abstract]  
16. FAIR VALUE OF FINANCIAL INSTRUMENTS

The carrying values of financial instruments, which consist of cash, accounts receivable and accounts payable and other payables, approximate their fair values due to the short-term nature of these instruments.  There were no material unrecognized financial assets and liabilities as of June 30, 2018 and December 31, 2017.

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17. COMMITMENTS
6 Months Ended
Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
17. COMMITMENTS

As of June 30, 2018, the Company has leased real property adjacent to Factory No. 1, with the related production facility, channels and ducts, other production equipment and the buildings located on the property, under a capital lease. The future minimum lease payments required under the capital lease, together with the present value of such payments, are included in the table shown below.

 

The Company has leased ten parcels of land under non-cancelable operating leases, with fixed rentals and expire through December 2021, December 2023, December 2030, December 2031, December 2032, April 2038, December 2040, February 2059, August 2059 and June 2060, respectively.

 

The following table sets forth the Company’s contractual obligations as of June 30, 2018:

 

    Capital Lease Obligations   Operating Lease Obligations   Property Management Fees   Capital Expenditure
Payable within:                                
the next 12 months   $ 283,690     $ 1,008,208     $ 94,291     $ 39,822  
the next 13 to 24 months     283,690       1,032,548       94,291        
the next 25 to 36 months     283,690       1,054,710       94,291        
the next 37 to 48 months     283,690       911,914       94,291        
the next 49 to 60 months     283,690       927,797       94,291        
thereafter     1,985,828       15,688,637              
Total   $ 3,404,278     $ 20,623,814     $ 471,455     $ 39,822  
Less: Amount representing interest     (1,128,887 )                        
Present value of net minimum lease payments   $ 2,275,391                          

 

 

Rental expenses related to operating leases of the Company amounted to $283,051 and $256,447, which were charged to the condensed consolidated statements of income (loss) for the three months ended June 30, 2018 and 2017, respectively. Rental expenses related to operating leases of the Company amounted to $564,664 and $511,566, which were charged to the condensed consolidated statements of income (loss) for the six months ended June 30, 2018 and 2017, respectively.

 

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1. BASIS OF PRESENTATION AND CONSOLIDATION (Policies)
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Basis of Presentation and Consolidation

The accompanying condensed financial statements have been prepared by Gulf Resources, Inc (“Gulf Resources”). a Nevada corporation and its subsidiaries (collectively, the “Company”), without audit, in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of its financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States (“US GAAP”).

 

In the opinion of management, the unaudited financial information for the three and six months ended June 30, 2018 presented reflects all adjustments, which are only normal and recurring, necessary for a fair statement of results of operations, financial position and cash flows. These condensed financial statements should be read in conjunction with the financial statements included in the Company’s 2017 Form 10-K. Operating results for the interim periods are not necessarily indicative of operating results for an entire fiscal year.

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may be different from the estimates. The Company also exercises judgments in the preparation of these condensed financial statements in certain areas, including classification of leases and related party transactions.

 

The consolidated financial statements include the accounts of Gulf Resources, Inc. and its wholly-owned subsidiary, Upper Class Group Limited, a company incorporated in the British Virgin Islands, which owns 100% of Hong Kong Jiaxing Industrial Limited, a company incorporated in Hong Kong (“HKJI”). HKJI owns 100% of Shouguang City Haoyuan Chemical Company Limited ("SCHC") which owns 100% of Shouguang Yuxin Chemical Industry Co., Limited (“SYCI”) and Daying County Haoyuan Chemical Company Limited (“DCHC”).  All material intercompany transactions have been eliminated on consolidation.

Nature of the Business

The Company manufactures and trades bromine and crude salt through its wholly-owned subsidiary, Shouguang City Haoyuan Chemical Company Limited ("SCHC") and manufactures chemical products for use in the oil industry, pesticides, paper manufacturing industry and for human and animal antibiotics through its wholly-owned subsidiary, Shouguang Yuxin Chemical Industry Co., Limited ("SYCI") in the People’s Republic of China (“PRC”). DCHC was established to further explore and develop natural gas and brine resources (including bromine and crude salt) in the PRC. DCHC’s business was not fully operational as of June 30, 2018.

 

On September 1, 2017, the Company received notification from the Government of Yangkou County, Shouguang City of PRC that production at all its factories should be halted with immediate effect in order for the Company to perform rectification and improvement in accordance with the county’s new safety and environmental protection requirements.

 

The Company has been working closely with the county authorities to develop rectification plans for both its bromine and crude salt businesses and agreed on a plan in October 2017. SCHC is currently under rectification process. The Company believes this rectification process will cost approximately $35 million. In addition to the $35 million, the Company expects to spend an additional $40 million in 2018 to carry out enhancement projects for its extraction wells. The Company incurred rectification and improvements in the amount of $27,048,794 and $17,938,652 as of June 30, 2018 and December 31, 2017.

 

Originally, six bromine factories completed their rectification process within factory areas (i.e. excluding crude salt field area) and were approved and scheduled for production commencement by April 2018 as verbally indicated by the local government. Subsequently, the Shandong Provincial government required the local government to conduct “four rating and one comprehensive evaluation” for all of the chemical companies within its jurisdiction. This has delayed the production commencement schedule of the six bromine and crude salt factories. As of current date, the Company has not received any official approval from the government.

 

Four of the remaining bromine and crude salt factories have a slightly more complex issue that needs to be resolved. All bromine factories now require paired crude salt pans to prevent the halogen water resulting from the production process from flowing into the sea. Four of these bromine factories do not have a designated crude salt pan where the wastewater could be channeled. The Company has four alternatives for these four factories which do not have paired crude salt pans: 1. It can form partnerships with adjacent bromine facilities that do have crude salt pans. The nature of these partnerships could take many forms. At present, the Company is communicating with a third party about the waste water discharge of the Factory No 10. If an agreement is reached, the Company will invest RMB7 million to build a new aqueduct and discharge the waste water to the designated place for treatment by the designated party. 2. The Company could petition the government for a zoning change so that additional land for salt pans could be obtained. The Company believes this might be difficult but is worth pursuing; 3. The Company could negotiate a different method of dealing with this issue; or, 4. These factories could conceivably be forced to close. At the present time, the Company is also working with the government on these issues and has not reached any final solution yet.

 

Subsequently on June 29 2018, the Company received a formal notice (dated June 25, 2018) jointly issued by various provincial government agencies in Shandong Province (the “Notice”) forwarded by the Weifang City Special Operations Leading Group Office of Safe Production, Transformation and Upgrading of Chemical Industry. In the Notice, the provincial government agencies set forth further requirements and procedures covering the following four aspects for the chemical industrial enterprises: project approval, planning approval, land use rights approval and environmental protection assessment approval. Those standards and procedures apply to all chemical industrial enterprises in Shandong Province including the Company’s bromine plants that have not completed project approval procedures, planning approval procedures, land use rights approval procedures and environmental protection assessment procedures. The Company believes that the government will not grant approval to the Company to allow its bromine and crude salt plants to resume operations until the Company has fully complied with the aforesaid rules set forth in the Notice.

 

The Shouguang City Bromine Association, on behalf of all the bromine plants in Shouguang, has started discussions with the local government agencies. The local governmental agencies confirmed the facts that their initial requirements for the bromine industry did not include the project approval, the planning approval and the land use rights approval and that those three additional approvals were new requirements of the provincial government. We understood from the local government that it has been coordinating with several government agencies to solve these three outstanding approval issues in a timely manner and that all the affected bromine plants are not allowed to commence production prior to obtaining those approvals.

 

The Company is not certain how long the temporary delay will be due to the issuance and implement of the Notice. The Company believes that this is another step by the government to improve the environment. It further believes the goal of the government is not to close all plants, but rather to codify the regulations related to project approval, land use, planning approval and environmental protection assessment approval so that illegal plants are not able to open in the future and so that plants close to population centers do not cause serious environmental damage. In addition, the Company believes that the Shandong provincial government wants to assure that each of its regional and county governments has applied the Notice in a consistent manner.

 

On November 24, 2017, the Company received a letter from the Government of Yangkou County, Shouguang City notifying the Company to relocate its two chemical production plants located in the second living area of the Qinghe Oil Extraction Plant to the Bohai Marine Fine Chemical Industrial Park (“Bohai Park”). This is because the two plants are located in a residential area and their production activities will impact the living environment of the residents. This is as a result of the country’s effort to improve the development of the chemical industry, manage safe production and curb environmental pollution accidents effectively, and ensure the quality of the living environment of residents. All chemical enterprises which do not comply with the requirements of the safety and environmental protection regulations will be ordered to shut down. The Company believes this relocation process will cost approximately $60 million in total. The Company incurred relocation cost in the amount of $10,925,081 and $9,732,118 as of June 30, 2018 and December 31, 2017 and estimated that the new factory will be fully operational by the beginning of 2020.

 

The Company does not anticipate that the Company’s new chemical factory will be significantly impacted by the Notice. The Company has secured from the government the land use rights for its chemical plants located at the Bohai Marine Fine Chemical Industry Park and presented a completed construction design draft and other related documents to the local authorities for approval. The Company expected to receive feedback from the local authorities. However, the Company does believe there could be a delay for the approval process given the ongoing rectification and approvals process for the Company’s other plants.

 

In January 2017, the Company completed the first brine water and natural gas well field construction in Sichuan Province and announced the commencement of trial production. The Company has been working with Xinan Shiyou Daxue (Southwest Petroleum University) and developed a solution to DHCH’s technical drilling problem. In resolving the problem, the Company purchased customized equipment for its natural gas project. The installation of such equipment, including providing piping and electricity, was completed in July 2018. The Company is preparing to test the equipment and anticipates to begin the trial production in September 2018.

Allowance for Doubtful Accounts

As of June 30, 2018 and December 31, 2017, allowances for doubtful accounts were nil. No allowances for doubtful accounts were charged to the condensed consolidated statements of income (loss) for the three-month and six-month periods ended June 30, 2018 and 2017.

 

Concentration of Credit Risk

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 $215,975,864 and $208,906,759 with these institutions as of June 30, 2018 and December 31, 2017, respectively.  The Company has not experienced any losses in such accounts in the PRC.

 

Concentrations of credit risk with respect to accounts receivable exists as the Company sells a substantial portion of its products to a limited number of customers. However, such concentrations of credit risks are limited since the Company performs ongoing credit evaluations of its customers’ financial condition and extends credit terms as and when appropriate. Approximately 0% and 13% of the balances of accounts receivable as of June 30, 2018 and December 31, 2017, respectively, are outstanding for less than three months. All outstanding receivables as of June 30, 2018 and December 31, 2017 are within the credit terms. For the balances of accounts receivable aged more than 90 days and all accounts receivable as of June 30, 2018, approximately 28% were collected in July 2018. 

 

The rate of collection in July 2018 for accounts receivable aged more than 90 days as of June 30, 2018 was analyzed as follows:

 

Accounts Receivable Aging Percent Collected
90-120 days   0%
121-150 days   0%
151-180 days 0%
181-210 days 16%
211-240 days 100%
Property, Plant and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. Expenditures for new facilities or equipment, and major expenditures for betterment of existing facilities or equipment are capitalized and depreciated, when available for intended use, using the straight-line method at rates sufficient to depreciate such costs less 5% residual value over the estimated productive lives. All other ordinary repair and maintenance costs are expensed as incurred.

 

Mineral rights are recorded at cost less accumulated depreciation and any impairment losses. Mineral rights are amortized ratably over the term of the lease, or the equivalent term under the units of production method, whichever is shorter.

 

Construction in process primarily represents direct costs of construction of plant, machinery and equipment. Costs incurred are capitalized and transferred to property and equipment upon completion.

 

The Company’s depreciation and amortization policies on property, plant and equipment, other than mineral rights and construction in process, are as follows:

 

   

Useful life

(in years) 

Buildings (including salt pans)   8 - 20
Plant and machinery (including protective shells, transmission channels and ducts)   3 - 8
Motor vehicles   5
Furniture, fixtures and equipment   3-8

 

Property, plant and equipment under the capital lease are depreciated over their expected useful lives on the same basis as owned assets, or where shorter, the term of the lease, which is 20 years.

 

Producing oil and gas properties are depreciated on a unit-of-production basis over the proved developed reserves. Common facilities that are built specifically to service production directly attributed to designated oil and gas properties are depreciated based on the proved developed reserves of the respective oil and gas properties on a pro-rata basis. Common facilities that are not built specifically to service identified oil and gas properties are depreciated using the straight-line method over their estimated useful lives. Costs associated with significant development projects are not depreciated until commercial production commences and the reserves related to those costs are excluded from the calculation of depreciation.

 

Retirement Benefits

Pursuant to the relevant laws and regulations in the PRC, the Company participates in a defined contribution retirement plan for its employees arranged by a governmental organization. The Company makes contributions to the retirement plan at the applicable rate based on the employees’ salaries. The required contributions under the retirement plans are charged to the condensed consolidated statement of income (loss) on an accrual basis when they are due. The Company’s contributions totaled $301,657 and $257,660 for the three-month period ended June 30, 2018 and 2017, respectively, and totaled $604,075 and $512,876 for the six-month period ended June 30, 2018 and 2017, respectively.

 

Revenue Recognition

Net revenue is net of discount and value added tax and comprises the sale of bromine, crude salt and chemical products. Revenue is recognized when the control of the promised goods is transferred to the customers in an amount that reflects the consideration that the Company expects to receive from the customers in exchange for those goods. The acknowledgement of receipt of goods by the customers is when control of the product is deemed to be transferred. Invoicing occurs upon acknowledgement of receipt of the goods by the customers. Customers have no rights to return the goods upon acknowledgement of receipt of goods.

 

Recoverability of Long-lived Assets

In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10-35“Impairment or Disposal of Long-lived Assets”, long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable or that the useful lives of those assets are no longer appropriate. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment.

 

The Company determines the existence of such impairment by measuring the expected future cash flows (undiscounted and without interest charges) and comparing such amount to the carrying amount of the assets. An impairment loss, if one exists, is then measured as the amount by which the carrying amount of the asset exceeds the discounted estimated future cash flows. Assets to be disposed of are reported at the lower of the carrying amount or fair value of such assets less costs to sell. Asset impairment charges are recorded to reduce the carrying amount of the long-lived asset that will be sold or disposed of to their estimated fair values. Charges for the asset impairment reduce the carrying amount of the long-lived assets to their estimated salvage value in connection with the decision to dispose of such assets.

 

For the three and six months period ended June 30, 2018 and 2017, the Company determined that there were no events or circumstances indicating possible impairment of its long-lived assets.

 

Basic and Diluted Net Income per Share of Common Stock

Basic earnings per common share are based on the weighted average number of shares outstanding during the periods presented.  Diluted earnings per share are computed using weighted average number of common shares plus dilutive common share equivalents outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive, i.e. the exercise prices of the outstanding stock options were greater than the market price of the common stock. Anti-dilutive common stock equivalents which were excluded from the calculation of number of dilutive common stock equivalents amounted to 89,684 and 39,155 shares for the three-month period ended June 30, 2018 and 2017, respectively, and amounted to 82,649 and 32,077 shares for the six-month period ended June 30, 2018 and 2017, respectively. These awards could be dilutive in the future if the market price of the common stock increases and is greater than the exercise price of these awards.

 

The following table sets forth the computation of basic and diluted earnings per share:

 

    Three-Month Period Ended June 30,   Six-Month Period Ended June 30,
    2018   2017   2018   2017
Numerator                
Net income/(loss)   $ (4,812,873 )   $ 13,751,678     $ (11,789,973 )   $ 21,826,798  
                                 
Denominator                                
Basic: Weighted-average common shares outstanding during the period     46,803,791       46,793,791       46,803,791       46,793,791  
Add: Dilutive effect of stock options           3,057       11,298       6,754  
Diluted     46,803,791       46,796,848       46,815,089       46,800,545  
                                 
Net income/(loss) per share                                
Basic   $ (0.10 )   $ 0.29     $ (0.25 )   $ 0.47  
Diluted   $ (0.10 )   $ 0.29     $ (0.25 )   $ 0.47  

 

Reporting Currency and Translation

The financial statements of the Company’s foreign subsidiaries are measured using the local currency, Renminbi (“RMB”), as the functional currency; whereas the functional currency and reporting currency of the Company is the United States dollar (“USD” or “$”).

 

As such, the Company uses the “current rate method” to translate its PRC operations from RMB into USD, as required under FASB ASC 830 “Foreign Currency Matters”. The assets and liabilities of its PRC operations are translated into USD using the rate of exchange prevailing at the balance sheet date. The capital accounts are translated at the historical rate. Adjustments resulting from the translation of the balance sheets of the Company’s PRC subsidiaries are recorded in stockholders’ equity as part of accumulated other comprehensive income (loss). The statement of income (loss) and comprehensive income (loss) is translated at average rate during the reporting period. Gains or losses resulting from transactions in currencies other than the functional currencies are recognized in net income (loss) for the reporting periods as part of general and administrative expense. The statement of cash flows is translated at average rate during the reporting period, with the exception of the consideration paid for the acquisition of business which is translated at historical rates.

Foreign Operations

All of the Company’s operations and assets are located in PRC.  The Company may be adversely affected by possible political or economic events in this country.  The effect of these factors cannot be accurately predicted.

Exploration Costs

Exploration costs, which included the cost of researching appropriate places to drill wells and the cost of well drilling in search of potential natural brine or other resources, are charged to the income (loss) statement as incurred. Once the commercial viability of a project has been confirmed, all subsequent costs are capitalized.

 

For oil and gas properties, the successful efforts method of accounting is adopted. The Company carries exploratory well costs as an asset when the well has found a sufficient quantity of reserves to justify its completion as a producing well and where the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. Exploratory well costs not meeting these criteria are charged to expenses. Exploratory wells that discover potentially economic reserves in areas where major capital expenditure will be required before production would begin and when the major capital expenditure depends upon the successful completion of further exploratory work remain capitalized and are reviewed periodically for impairment.

Goodwill

Goodwill represents the excess of the purchase price over the net of the fair value of the identifiable tangible and intangible assets acquired and the fair value of liabilities assumed in business acquisitions. Goodwill impairment is assessed based on qualitative factors to determine whether it is more likely than not that the fair value of a reporting entity is less than its carrying amount, including goodwill. If the Company determines that it is more likely than not that the fair value of a reporting entity is less than its carrying amount, the two-step goodwill impairment test will be performed. The Company performs its impairment assessment annually and between annual tests in certain circumstances and determined that the two-step goodwill impairment test is not required to be carried out as of June 30, 2018.

 

New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

 

In May 2014 and April 2016, the FASB issued ASU No. 2014-09 and ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14, which deferred the effective date of Update 2014-09 to annual reporting periods beginning after December 15, 2017. The Company adopted this Update as of January 1, 2018. This adoption did not have a material impact on the Company’s condensed consolidated financial statements as of and for the three and six months ended June 30, 2018 as the amount and timing of all the Company’s revenue will continue to be recognized at a point in time. As required by the Update, the Company disclosed its revenues from contracts with customers into disaggregated categories in Note 13.

 

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. The Update addresses eight specific changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in this Update should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company adopted this Update as of January 1, 2018 with no material impact on the condensed consolidated financial statements as of and for the three and six months ended June 30, 2018.

 

In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718), Scope of Modification Accounting. The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The amendments in this Update should be applied prospectively to an award modified on or after the adoption date. The Company adopted this Update as of January 1, 2018 with no material impact on the condensed consolidated financial statements as of and for the three and six months ended June 30, 2018.

 

Recently Issued Accounting Pronouncements Not Yet Adopted

 

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments in this Update specify the accounting for leases. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the effect of this on the consolidated financial statements and related disclosure.

 

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The amendments in this Update affect loans, debt securities, trade receivables, and any other financial assets that have the contractual right to receive cash. The ASU requires an entity to recognize expected credit losses rather than incurred losses for financial assets. For public entities, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the effect of this on the consolidated financial statements and related disclosure.

 

In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment. To simplify the subsequent measurement of goodwill, the Board eliminated Step 2 from the goodwill impairment test. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. A public business entity that is a U.S. Securities and Exchange Commission (SEC) filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company is currently evaluating effect of this on the consolidated financial statements and related disclosure.

 

In June 2018, the FASB issued ASU No.2018-07, Compensation- Stock Compensation (Topic 718). Improvements to Nonemployee Share-Based Payment Accounting. The amendments in this update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. Prior to this update, Top 718 applied only to share-based transactions to employees. Consistent with the accounting requirements for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. The amendments in the Update are effective for public business entities form fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. This is not expected to have a material effect on the Company’s consolidated financial statements.

  

XML 36 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
1. BASIS OF PRESENTATION AND CONSOLIDATION (Tables)
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Rate of collection for accounts receivable
Accounts Receivable Aging Percent Collected
90-120 days   0%
121-150 days   0%
151-180 days 0%
181-210 days 16%
211-240 days 100%
Schedule of property plant and equipment useful life
   

Useful life

(in years) 

Buildings (including salt pans)   8 - 20
Plant and machinery (including protective shells, transmission channels and ducts)   3 - 8
Motor vehicles   5
Furniture, fixtures and equipment   3-8
Schedule of earnings per share
    Three-Month Period Ended June 30,   Six-Month Period Ended June 30,
    2018   2017   2018   2017
Numerator                
Net income/(loss)   $ (4,812,873 )   $ 13,751,678     $ (11,789,973 )   $ 21,826,798  
                                 
Denominator                                
Basic: Weighted-average common shares outstanding during the period     46,803,791       46,793,791       46,803,791       46,793,791  
Add: Dilutive effect of stock options           3,057       11,298       6,754  
Diluted     46,803,791       46,796,848       46,815,089       46,800,545  
                                 
Net income/(loss) per share                                
Basic   $ (0.10 )   $ 0.29     $ (0.25 )   $ 0.47  
Diluted   $ (0.10 )   $ 0.29     $ (0.25 )   $ 0.47  
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
2. INVENTORIES (Tables)
6 Months Ended
Jun. 30, 2018
Inventory Disclosure [Abstract]  
Inventories
    June 30,
2018
  December 31,
2017
         
Raw materials   $ 14,414     $ 396,482  
Finished goods     166,680       844,224  
Allowance for obsolete and slow-moving inventory           (43,921 )
    $ 181,094     $ 1,196,785  
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
4. PROPERTY, PLANT AND EQUIPMENT, NET (Tables)
6 Months Ended
Jun. 30, 2018
Property, Plant and Equipment [Abstract]  
Property, plant and equipment
    June 30,
2018
  December 31,
2017
At cost:                
Mineral rights   $ 4,653,325       4,711,822  
Buildings     66,907,410       67,748,512  
Plant and machinery     205,294,156       200,742,652  
Motor vehicles     8,683       8,792  
Furniture, fixtures and office equipment     4,099,059       4,150,588  
Construction in process     1,358,535       183,036  
Total     282,321,168       277,545,402  
Less: Accumulated depreciation and amortization     (169,016,305 )     (163,597,407 )
Impairment     (18,475,881 )     (18,833,491 )
Net book value   $ 94,828,982     $ 95,114,504  
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
5. PROPERTY, PLANT AND EQUIPMENT UNDER CAPITAL LEASES, NET (Tables)
6 Months Ended
Jun. 30, 2018
Property Plant And Equipment Under Capital Leases Net  
Property, plant and equipment under capital leases
    June 30,
2018
  December 31,  
2017
At cost:                
Buildings   $ 124,375     $ 125,939  
Plant and machinery     2,285,465       2,314,196  
Total     2,409,840       2,440,135  
Less: Accumulated depreciation and amortization     (2,015,660 )     (1,947,897 )
Net book value   $ 394,180     $ 492,238  
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
6. ACCOUNTS PAYABLE AND ACCRUED EXPENSE (Tables)
6 Months Ended
Jun. 30, 2018
Payables and Accruals [Abstract]  
Accounts payable and accrued expenses
    June 30,   December 31,
    2018   2017
Salary payable   $ 252,261     $ 393,617  
Social security insurance contribution payable     133,692       135,203  
Other payables     388,181       503,263  
Total   $ 774,134     $ 1,032,083  
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
8. TAXES PAYABLE (Tables)
6 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]  
Schedule of Taxes payable
    June 30,   December 31,
    2018   2017
Income tax payable   $ 433,000     $ 433,000  
Natural resource tax           156,147  
Land use tax payable     1,616,741       810,841  
Other tax payables           74,604  
Total current taxes payable     2,049,741       1,474,592  
Non-current taxes payable     4,969,000       4,969,000  
Total   $ 7,018,741     $ 6,443,592  

 

Year ending December 31
         
  Current                  
  2018             $ 433,000  
  Non-current                  
  2019     $ 433,000          
  2020       433,000          
  2021       433,000          
  2022       433,000          
  2023 and after       3,237,000       4,969,000  
  Total (See Note 12(a))             $ 5,402,000  

XML 42 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
9. CAPITAL LEASE OBLIGATIONS (Tables)
6 Months Ended
Jun. 30, 2018
Leases [Abstract]  
Capital lease obligations
    Imputed   June 30,   December 31,
    Interest rate   2018   2017
Total capital lease obligations     6.7%   $ 2,275,391     $ 2,507,201  
Less: Current portion           (128,575 )     (203,206 )
Capital lease obligations, net of current portion         $ 2,146,816     $ 2,303,995  
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
11. STOCK-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of stock option transactions
    Number of Option
Outstanding and exercisable
  Weighted- Average Exercise price of Option   Range of
Exercise Price per Common Share
  Balance, January 1, 2018       808,500     $ 1.61       $1.44 - $4.80  
  Granted and vested during the period Ended June 30, 2018                    
  Expired during the period ended June 30, 2018       (25,000 )   $ 2.31       $2.07-2.55  
  Balance, June 30, 2018       783,500     $ 1.58       $1.44 - $4.80  
Schedule Stock and Warrants Options Outstanding
    Stock Options Exercisable and Outstanding
            Weighted Average
            Remaining
    Outstanding at June 30, 2018  

Range of

Exercise Prices 

 

Contractual Life

 (Years)

Exercisable and outstanding    783,500   $1.44 - $4.80   2.70
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
12. INCOME TAXES (Tables)
6 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]  
Schedule of components of the provision for income taxes
    Three-Month Period Ended June 30,   Six-Month Period Ended June 30,
    2018   2017   2018   2017
Current taxes – PRC   $     $ 4,821,450     $     $ 7,643,276  
Deferred taxes – PRC     (1,883,241 )           (3,076,987 )      
    $ (1,883,241 )   $ 4,821,450     $ (3,076,987 )   $ 7,643,276  
Schedule of income tax expenses reconciliation
  Three-Month Period Ended June 30,   Six-Month Period Ended June 30,
Reconciliations 2018   2017   2018   2017
Statutory income tax rate   25 %     25 %     25 %     25 %  
Non-deductible expense   (1 %)     1 %     (4 %)     1 %  
Non-taxable items   5 %     -       1 %     -    
Change in valuation allowance   (1 %)     -       (1 %)     -    
Effective tax rate   28 %     26 %     21 %     26 %  
Schedule of deferred tax assets and liabilities
    June 30,   December 31,
    2018   2017
Deferred tax liabilities   $     $  
                 
Deferred tax assets:                
Allowance for obsolete and slow-moving inventories   $     $ 10,980  
Impairment on property, plant and equipment     3,706,211       4,610,228  
Exploration costs     1,881,693       1,905,347  
Compensation costs of unexercised stock options     94,287       98,092  
PRC tax losses     3,820,948        
US federal net operating loss     7,138,700       7,080,000  
Total deferred tax assets     16,641,839       13,704,647  
Valuation allowance     (7,232,987 )     (7,178,092 )
Net deferred tax asset   $ 9,408,852     $ 6,526,555  
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
13. BUSINESS SEGMENTS (Tables)
6 Months Ended
Jun. 30, 2018
Segment Reporting [Abstract]  
Schedule of segment operating income

Three-Month

Period Ended

June 30, 2018

  Bromine*  

Crude

 Salt*

 

Chemical

 Products

  Natural Gas  

Segment

 Total

  Corporate   Total
Net revenue
(external customers)
  $     $     $ 4,594     $     $ 4,594     $     $ 4,594  
Net revenue
(intersegment)
                                         
Income(loss) from operations before income taxes(benefit)     (5,577,272 )     (1,731,592 )     (727,595 )     (45,295 )     (8,081,754 )     1,250,147       (6,831,607 )
Income taxes expense (benefit)     (1,579,514 )     (240,367 )     (63,360 )           (1,883,241 )           (1,883,241 )
Income (loss) from operations after income taxes(benefit)     (3,997,758 )     (1,491,225 )     (664,235 )     (45,295 )     (6,198,513 )     1,250,147       (4,948,366 )
Total assets     138,510,016       47,572,477       182,669,040       2,011,378       370,762,911       80,818       370,843,729  
Depreciation and amortization     4,018,318       611,499       124,167             4,753,984             4,753,984  
Capital expenditures     7,813,714       1,189,075       1,192,963       16,259       10,212,011               10,212,011  
Goodwill                 29,010,218             29,010,218             29,010,218  
                                                         

 

Three-Month

Period Ended

June 30, 2017

  Bromine*  

Crude

 Salt*

 

Chemical 

 Products

  Natural Gas  

Segment 

 Total 

  Corporate   Total
Net revenue
(external customers)
  $ 18,423,133     $ 2,521,883     $ 26,586,973     $     $ 47,531,989     $     $ 47,531,989  
Net revenue
(intersegment)
    2,910,743                         2,910,743             2,910,743  
Income(loss) from operations before income taxes     9,740,981       1,051,202       8,318,480       (33,529 )     19,077,134       (594,662 )     18,482,472  
Income taxes     2,464,085       245,164       2,112,201             4,821,450             4,821,450  
Income (loss) from operations after
income taxes
    7,276,896       806,038       6,206,279       (33,529 )     14,255,684       (594,662 )     13,661,022  
Total assets     162,696,276       32,749,355       207,885,555       1,819,284       405,150,470       114,373       405,264,843  
Depreciation and amortization     3,794,600       624,226       951,364             5,370,190             5,370,190  
Goodwill                 28,332,661             28,332,661             28,332,661  

 

 

Six-Month

Period Ended

June 30, 2018

  Bromine*  

Crude

 Salt*

 

Chemical

 Products 

  Natural Gas  

Segment

 Total

  Corporate   Total
Net revenue
(external customers)
  $     $ 1,638,493     $ 613,368     $     $ 2,251,861     $     $ 2,251,861  
Net revenue
(intersegment)
                                         
Income(loss) from operations before income taxes (benefit)     (11,167,828 )     (2,539,475 )     (1,402,366 )     (80,950 )     (15,190,619 )     62,032       (15,128,587 )
Income taxes expense (benefit)     (2,970,666 )     (442,338 )     336,017             (3,076,987 )           (3,076,987 )
Income (loss) from operations after
income taxes(benefit)
    (8,197,162 )     (2,097,137 )     (1,738,383 )     (80,950 )     (12,113,632 )     62,032       (12,051,600 )
Total assets     138,510,016       47,572,477       182,669,040       2,011,378       370,762,911       80,818       370,843,729  
Depreciation and amortization     7,738,030       1,524,850       248,635             9,511,515             9,511,515  
Capital expenditures     7,906,888       1,203,254       1,192,963       30,616       10,333,721               10,333,721  
Goodwill                 29,010,218             29,010,218             29,010,218  

 

Six-Month

Period Ended

June 30, 2017

  Bromine*  

Crude

 Salt*

 

Chemical

 Products

  Natural Gas  

Segment

 Total

  Corporate   Total
Net revenue
(external customers)
  $ 32,345,527     $ 4,335,661     $ 43,639,294     $     $ 80,320,482     $     $ 80,320,482  
Net revenue
(intersegment)
    5,089,236                         5,089,236             5,089,236  
Income(loss) from operations before income taxes     15,012,915       1,937,089       13,264,657       (57,287 )     30,157,374       (861,905 )     29,295,469  
Income taxes     3,794,188       468,746       3,380,342             7,643,276             7,643,276  
Income (loss) from operations after income taxes     11,218,727       1,468,343       9,884,315       (57,287 )     22,514,098       (861,905 )     21,652,193  
Total assets     162,696,276       32,749,355       207,885,555       1,819,284       405,150,470       114,373       405,264,843  
Depreciation and amortization     7,793,181       1,078,673       1,937,435             10,809,289             10,809,289  
Goodwill                 28,332,661             28,332,661             28,332,661  

 

Schedule of segment costs
    Three-Month Period Ended June 30,   Six-Month Period Ended June 30,
Reconciliations   2018   2017   2018   2017
Total segment operating income (loss)   $ (8,081,754 )   $ 19,077,134     $ (15,190,619 )   $ 30,157,374  
Corporate costs     (153,791 )     (128,007 )     (283,054 )     (257,995 )
Unrealized gain/(loss) on translation of intercompany balance     1,403,938       (466,655 )     345,086       (603,910 )
Income (loss) from operations     (6,831,607 )     18,482,472       (15,128,587 )     29,295,469  
Other income, net of expense     135,493       90,656       261,627       174,605  
Income (loss) before income taxes   $ (6,696,114 )   $ 18,573,128     $ (14,866,960 )   $ 29,470,074  
Schedule of major customers
Number   Customer

Bromine 

(000’s)

 

Crude Salt

(000’s)

 

Chemical Products

(000’s)

 

Total

Revenue

 (000’s)

 

Percentage of

Total

Revenue (%)

 1   Shandong Morui Chemical Company Limited $ -   $ 534   $ 155   $  689   30.6%
2   Shandong Brother Technology Limited, Kuerle Xingdong Trading Limited $ -   $ 670   $ -   $  670   29.8%
3   Shouguang Weidong Chemical Company Limited $ -   $ 435   $ -   $  435   19.3%

 

Number   Customer

Bromine

(000’s) 

 

Crude Salt

(000’s)

 

Chemical Products

(000’s)

 

Total

Revenue

 (000’s)

 

Percentage of

Total

Revenue (%)

 1   Shandong Morui Chemical Company Limited $ 5,705   $ 1,251   $ 2,768   $  9,724   12.1%

XML 46 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
17. CAPITAL COMMITMENT AND OPERATING LEASE COMMITMENTS (Tables)
6 Months Ended
Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Schedule of contractual obligations
    Capital Lease Obligations   Operating Lease Obligations   Property Management Fees   Capital Expenditure
Payable within:                                
the next 12 months   $ 283,690     $ 1,008,208     $ 94,291     $ 39,822  
the next 13 to 24 months     283,690       1,032,548       94,291        
the next 25 to 36 months     283,690       1,054,710       94,291        
the next 37 to 48 months     283,690       911,914       94,291        
the next 49 to 60 months     283,690       927,797       94,291        
thereafter     1,985,828       15,688,637              
Total   $ 3,404,278     $ 20,623,814     $ 471,455     $ 39,822  
Less: Amount representing interest     (1,128,887 )                        
Present value of net minimum lease payments   $ 2,275,391                          
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
Jun. 30, 2018
90-120 days  
Accounts receivable collection 0.00%
121-150 days  
Accounts receivable collection 0.00%
151-180 days  
Accounts receivable collection 0.00%
181-210 days  
Accounts receivable collection 16.00%
211-240 days  
Accounts receivable collection 100.00%
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)
6 Months Ended
Jun. 30, 2018
Building [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 8 years
Building [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 20 years
Plant And Machinery [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 3 years
Plant And Machinery [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 8 years
Vehicles [Member]  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 5 years
Furniture, Fixtures And Equipment [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 3 years
Furniture, Fixtures And Equipment [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 8 years
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Numerator        
Net income/(loss) $ (4,812,873) $ 13,751,678 $ (11,789,973) $ 21,826,798
Denominator        
Basic: Weighted-average common shares outstanding during the period 46,803,791 46,793,791 46,803,791 46,793,791
Add: Dilutive effect of stock options 0 3,057 11,298 6,754
Diluted 46,803,791 46,796,848 46,815,089 46,800,545
Net income per share        
Basic $ (0.10) $ 0.29 $ (0.25) $ 0.47
Diluted $ (0.10) $ 0.29 $ (0.25) $ 0.47
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Basis Of Presentation And Summary Of Significant Accounting Policies          
Allowances for doubtful accounts $ 0   $ 0   $ 0
Contributions to the retirement plan $ 301,657 $ 257,660 $ 604,075 $ 512,876  
Anti-dilutive common stock equivalents which were excluded 89,684 39,155 82,649 32,077  
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
2. INVENTORIES (Details) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Inventory Disclosure [Abstract]    
Raw materials $ 14,414 $ 396,482
Finished goods 166,680 844,224
Allowance for obsolete and slow-moving inventory 0 (43,921)
Inventories $ 181,094 $ 1,196,785
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
3. PREPAID LAND LEASE (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Prepaid Land Lease          
Amortization of prepaid land lease $ 150,579 $ 126,846 $ 294,676 $ 234,307  
Parcels of land of which the Company could not obtain land use rights certificates         Approximately 54.97 square kilometers of aggregate carrying value of $645,761
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
4. PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)
6 Months Ended 12 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Property, Plant and Equipment [Abstract]    
Mineral rights $ 4,653,325 $ 4,711,822
Buildings 66,907,410 67,748,512
Plant and machinery 205,294,156 200,742,652
Motor vehicles 8,683 8,792
Furniture, fixtures and office equipment 4,099,059 4,150,588
Construction in progress 1,358,535 183,036
Total 282,321,168 277,545,402
Less: Accumulated depreciation and amortization (169,016,305) (163,597,407)
Impairment (18,475,881) (18,833,491)
Net book value $ 94,828,982 $ 95,114,504
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
4. PROPERTY, PLANT AND EQUIPMENT, NET (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Land $ 26,162,718   $ 26,162,718   $ 27,432,351
Sales and administrative expenses [Member]          
Depreciation and amortization expense 4,684,870 $ 5,294,777 9,373,118 $ 10,658,819  
Direct labor and factory overheads incurred during plant shutdown 4,420,180   8,857,147    
Cost of net revenue   5,001,792   10,074,234  
Cost of administrative expenses $ 262,689 $ 292,985 $ 515,971 $ 584,585  
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
5. PROPERTY, PLANT AND EQUIPMENT UNDER CAPITAL LEASES, NET (Details) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
At cost: $ 2,409,840 $ 2,440,135
Less: accumulated depreciation and amortization (2,015,660) (1,947,897)
Net book value 394,180 492,238
Building [Member]    
At cost: 124,375 125,939
Plant and machinery    
At cost: $ 2,285,465 $ 2,314,196
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
5. PROPERTY, PLANT AND EQUIPMENT UNDER CAPITAL LEASES, NET (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Property Plant And Equipment Under Capital Leases Net Details Narrative Abstract        
Depreciation and amortization expense $ 69,115 $ 75,413 $ 138,397 $ 150,470
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
6. ACCOUNTS PAYABLE AND ACCRUED EXPENSE (Details) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Accounts Payable And Accrued Expense    
Salary payable $ 252,261 $ 393,617
Social security insurance contribution payable 133,692 135,203
Other payables 388,181 503,263
Total $ 774,134 $ 1,032,083
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
7. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2018
Related Party Transactions    
Company borrowed from Jiaxing Lighting Appliance Company Limited $ 66,000 $ 251,912
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
8. TAXES PAYABLE (Details) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Taxes Payable    
Income tax payable $ 433,000 $ 433,000
Natural resource tax 0 156,147
Land use right tax payable 1,616,741 810,841
Other tax payables 0 74,604
Total current taxes payable 2,049,741 1,474,592
Non-current taxes payable 4,969,000 4,969,000
Total taxes payable $ 7,018,741 $ 6,443,592
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
8. TAXES PAYABLE (Details 1) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Income tax payable, current $ 433,000 $ 433,000
Income tax payable, noncurrent 4,969,000  
Income tax payable 5,402,000  
2018    
Income tax payable, current 433,000  
2019    
Income tax payable, noncurrent 433,000  
2020    
Income tax payable, noncurrent 433,000  
2021    
Income tax payable, noncurrent 433,000  
2022    
Income tax payable, noncurrent 433,000  
2023 and after    
Income tax payable, noncurrent $ 3,237,000  
XML 61 R50.htm IDEA: XBRL DOCUMENT v3.10.0.1
9. CAPITAL LEASE OBLIGATIONS (Details) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Capital Lease Obligations    
Imputed interest rate on capital lease obligations 6.70% 6.70%
Total capital lease obligations $ 2,275,391 $ 2,507,201
Less: Current portion (128,575) (203,206)
Capital lease obligations, net of current portion $ 2,146,816 $ 2,303,995
XML 62 R51.htm IDEA: XBRL DOCUMENT v3.10.0.1
9. CAPITAL LEASE OBLIGATIONS (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Capital Lease Obligations Details Narrative Abstract        
Interest expense from capital lease obligations $ 43,055 $ 41,375 $ 86,214 $ 83,128
XML 63 R52.htm IDEA: XBRL DOCUMENT v3.10.0.1
10. EQUITY (Details Narrative)
6 Months Ended
Jun. 30, 2018
Equity  
Statutory Common Reserve Funds Description SCHC, SYCI and DCHC are required each year to transfer at least 10% of the profit after tax as reported under the PRC statutory financial statements to the Statutory Common Reserve Funds until the balance reaches 50% of the registered share capital. This reserve can be used to make up any loss incurred or to increase share capital. Except for the reduction of losses incurred, any other application should not result in this reserve balance falling below 25% of the registered capital. The Statutory Common Reserve Fund as of June 30, 2018 for SCHC, SYCI and DCHC is 46%, 14% and 0% of its registered capital respectively.
XML 64 R53.htm IDEA: XBRL DOCUMENT v3.10.0.1
11. STOCK-BASED COMPENSATION (Details)
6 Months Ended
Jun. 30, 2018
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of Option and Warrants Outstanding, Beginning balance | shares 808,500
Number of Option and Warrants Granted and Vested | shares 0
Number of Option and Warrants Expired | shares (25,000)
Number of Option and Warrants Outstanding, Ending Balance | shares 783,500
Weighted- Average Exercise price of Option and Warrants, Beginning balance | $ / shares $ 1.61
Weighted- Average Exercise price of Option and Warrants, Granted and vested during the period | $ / shares 0.00
Weighted- Average Exercise price of Option and Warrants, Expired | $ / shares 2.31
Weighted- Average Exercise price of Option and Warrants, Ending Balance | $ / shares $ 1.58
Range of Exercise Price per Common Share, Granted and Vested 0.00
Minimum [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Range of Exercise Price per Common Share, Beginning Balance 1.44
Range of Exercise Price per Common Share, Expired 2.07
Range of Exercise Price per Common Share, Ending Balance 1.44
Maximum [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Range of Exercise Price per Common Share, Beginning Balance 4.80
Range of Exercise Price per Common Share, Expired 2.55
Range of Exercise Price per Common Share, Ending Balance 4.80
XML 65 R54.htm IDEA: XBRL DOCUMENT v3.10.0.1
11. STOCK-BASED COMPENSATION (Details 1) - $ / shares
6 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Share-based Compensation [Abstract]    
Outstanding 783,500 808,500
Range of Exercise Prices, Lower Limit $ 1.44  
Range of Exercise Prices, Upper Limit $ 4.80  
Weighted Average Remaining Contractual Life (Years) 2 years 8 months 12 days  
XML 66 R55.htm IDEA: XBRL DOCUMENT v3.10.0.1
11. STOCK-BASED COMPENSATION (Details Narrative)
6 Months Ended
Jun. 30, 2018
USD ($)
shares
Stock-based Compensation  
Common stock available for issuance | shares 6,739,989
Aggregate intrinsic value of options outstanding and exercisable | $ $ 0
XML 67 R56.htm IDEA: XBRL DOCUMENT v3.10.0.1
12. INCOME TAXES (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Tax Disclosure [Abstract]        
Current taxes - PRC $ 0 $ 4,821,450 $ 0 $ 7,643,276
Deferred taxes - PRC (1,883,241) 0 (3,076,987) 0
Income taxes $ (1,883,241) $ 4,821,450 $ (3,076,987) $ 7,643,276
XML 68 R57.htm IDEA: XBRL DOCUMENT v3.10.0.1
12. INCOME TAXES (Details 1)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Tax Disclosure [Abstract]        
Statutory income tax rate 25.00% 25.00% 25.00% 25.00%
Non-deductible expense and change in valuation allowance (1.00%) 1.00% (4.00%) 1.00%
Change in valuation allowance - US federal net operating loss (1.00%) 0.00% (1.00%) 0.00%
Effective tax rate 28.00% 26.00% 21.00% 26.00%
XML 69 R58.htm IDEA: XBRL DOCUMENT v3.10.0.1
12. INCOME TAXES (Details 2) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Income Tax Disclosure [Abstract]    
Deferred tax liabilities $ 0 $ 0
Deferred tax assets:    
Allowance for obsolete and slow-moving inventories 0 10,980
Impairment on property, plant and equipment 3,706,211 4,610,228
Exploration costs 1,881,693 1,905,347
Compensation costs of unexercised stock options 94,287 98,092
PRC tax losses 3,820,948 0
US federal net operating loss 7,138,700 7,080,000
Total deferred tax assets 16,641,839 13,704,647
Valuation allowance (7,232,987) (7,178,092)
Net deferred tax asset $ 9,408,852 $ 6,526,555
XML 70 R59.htm IDEA: XBRL DOCUMENT v3.10.0.1
13. BUSINESS SEGMENTS (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Segment Reporting Information [Line Items]        
Net revenue (external customers) $ 4,594 $ 47,531,989 $ 2,251,861 $ 80,320,482
Net revenue (intersegment) 0 2,910,743 0 5,089,236
Income (loss) from operations before taxes (benefit) (6,831,607) 18,482,472 (15,128,587) 29,295,469
Income tax expense (benefit) (1,883,241) 4,821,450 (3,076,987) 7,643,276
Income (loss) from operations after income taxes (benefit) (4,948,366) 13,661,022 (12,051,600) 21,652,193
Total assets 370,843,729 405,264,843 370,843,729 405,264,843
Depreciation and amortization 4,753,984 5,370,190 9,511,515 10,809,289
Capital expenditures 10,212,011   10,333,721  
Goodwill 29,010,218 28,332,661 29,010,218 28,332,661
Bromine Segment [Member]        
Segment Reporting Information [Line Items]        
Net revenue (external customers) 0 18,423,133 0 32,345,527
Net revenue (intersegment) 0 2,910,743 0 5,089,236
Income (loss) from operations before taxes (benefit) (5,577,272) 9,740,981 (11,167,828) 15,012,915
Income tax expense (benefit) (1,579,514) 2,464,085 (2,970,666) 3,794,188
Income (loss) from operations after income taxes (benefit) (3,997,758) 7,276,896 (8,197,162) 11,218,727
Total assets 138,510,016 162,696,276 138,510,016 162,696,276
Depreciation and amortization 4,018,318 3,794,600 7,738,030 7,793,181
Capital expenditures 7,813,714   7,906,888  
Goodwill 0 0 0 0
Crude Salt Segment [Member]        
Segment Reporting Information [Line Items]        
Net revenue (external customers) 0 2,521,883 1,638,493 4,335,661
Net revenue (intersegment) 0 0 0 0
Income (loss) from operations before taxes (benefit) (1,731,592) 1,051,202 (2,539,475) 1,937,089
Income tax expense (benefit) (240,367) 245,164 (442,338) 468,746
Income (loss) from operations after income taxes (benefit) (1,491,225) 806,038 (2,097,137) 1,468,343
Total assets 47,572,477 32,749,355 47,572,477 32,749,355
Depreciation and amortization 611,499 624,226 1,524,850 1,078,673
Capital expenditures 1,189,075   1,203,254  
Goodwill 0 0 0 0
Chemical Products Segment [Member]        
Segment Reporting Information [Line Items]        
Net revenue (external customers) 4,594 26,586,973 613,368 43,639,294
Net revenue (intersegment) 0 0 0 0
Income (loss) from operations before taxes (benefit) (727,595) 8,318,480 (1,402,366) 13,264,657
Income tax expense (benefit) (63,360) 2,112,201 336,017 3,380,342
Income (loss) from operations after income taxes (benefit) (664,235) 6,206,279 (1,738,383) 9,884,315
Total assets 182,669,040 207,885,555 182,669,040 207,885,555
Depreciation and amortization 124,167 951,364 248,635 1,937,435
Capital expenditures 1,192,963   1,192,963  
Goodwill 29,010,218 28,332,661 29,010,218 28,332,661
Natural Gas [Member]        
Segment Reporting Information [Line Items]        
Net revenue (external customers) 0 0 0 0
Net revenue (intersegment) 0 0 0 0
Income (loss) from operations before taxes (benefit) (45,295) (33,529) (80,950) (57,287)
Income tax expense (benefit) 0 0 0 0
Income (loss) from operations after income taxes (benefit) (45,295) (33,529) (80,950) (57,287)
Total assets 2,011,378 1,819,284 2,011,378 1,819,284
Depreciation and amortization 0 0 0 0
Capital expenditures 16,259   30,616  
Goodwill 0 0 0 0
Segment Total [Member]        
Segment Reporting Information [Line Items]        
Net revenue (external customers) 4,594 47,531,989 2,251,861 80,320,482
Net revenue (intersegment) 0 2,910,743 0 5,089,236
Income (loss) from operations before taxes (benefit) (8,081,754) 19,077,134 (15,190,619) 30,157,374
Income tax expense (benefit) (1,883,241) 4,821,450 (3,076,987) 7,643,276
Income (loss) from operations after income taxes (benefit) (6,198,513) 14,255,684 (12,113,632) 22,514,098
Total assets 370,762,911 405,150,470 370,762,911 405,150,470
Depreciation and amortization 4,753,984 5,370,190 9,511,515 10,809,289
Capital expenditures 10,212,011   10,333,721  
Goodwill 29,010,218 28,332,661 29,010,218 28,332,661
Corporate [Member]        
Segment Reporting Information [Line Items]        
Net revenue (external customers) 0 0 0 0
Net revenue (intersegment) 0 0 0 0
Income (loss) from operations before taxes (benefit) 1,250,147 (594,662) 62,032 (861,905)
Income tax expense (benefit) 0 0 0 0
Income (loss) from operations after income taxes (benefit) 1,250,147 (594,662) 62,032 (861,905)
Total assets 80,818 114,373 80,818 114,373
Depreciation and amortization 0 0 0 0
Goodwill $ 0 $ 0 $ 0 $ 0
XML 71 R60.htm IDEA: XBRL DOCUMENT v3.10.0.1
13. BUSINESS SEGMENTS (Details 1) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Business Segments        
Total segment operating income (loss) $ (8,081,754) $ 19,077,134 $ (15,190,619) $ 30,157,374
Corporate costs (153,791) (128,007) (283,054) (257,995)
Unrealized gain/(loss) on translation of intercompany balance 1,403,938 (466,655) 345,086 (603,910)
Income (loss) from operations (6,831,607) 18,482,472 (15,128,587) 29,295,469
Other income, net of expense 135,493 90,656 261,627 174,605
Income (loss) before income taxes $ (6,696,114) $ 18,573,128 $ (14,866,960) $ 29,470,074
XML 72 R61.htm IDEA: XBRL DOCUMENT v3.10.0.1
13. BUSINESS SEGMENTS (Details 2) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenue, Major Customer [Line Items]        
Revenues $ 4,594 $ 47,531,989 $ 2,251,861 $ 80,320,482
Shandong Morui Chemical Company Limited [Member]        
Revenue, Major Customer [Line Items]        
Revenues $ 689,000 $ 9,724,000    
Percentage of Total Revenue (%) 30.60% 12.10%    
Shandong Morui Chemical Company Limited [Member] | Bromine Segment [Member]        
Revenue, Major Customer [Line Items]        
Revenues $ 0 $ 5,705,000    
Shandong Morui Chemical Company Limited [Member] | Crude Salt Segment [Member]        
Revenue, Major Customer [Line Items]        
Revenues 534,000 1,251,000    
Shandong Morui Chemical Company Limited [Member] | Chemical Products Segment [Member]        
Revenue, Major Customer [Line Items]        
Revenues 155,000 $ 2,768,000    
Shandong Brother Technology Limited, Kuerle Xingdong Trading Limited        
Revenue, Major Customer [Line Items]        
Revenues $ 670,000      
Percentage of Total Revenue (%) 29.80%      
Shandong Brother Technology Limited, Kuerle Xingdong Trading Limited | Bromine Segment [Member]        
Revenue, Major Customer [Line Items]        
Revenues $ 0      
Shandong Brother Technology Limited, Kuerle Xingdong Trading Limited | Crude Salt Segment [Member]        
Revenue, Major Customer [Line Items]        
Revenues 670,000      
Shandong Brother Technology Limited, Kuerle Xingdong Trading Limited | Chemical Products Segment [Member]        
Revenue, Major Customer [Line Items]        
Revenues 0      
Shouguang Weidong Chemical Company Limited        
Revenue, Major Customer [Line Items]        
Revenues $ 435,000      
Percentage of Total Revenue (%) 19.30%      
Shouguang Weidong Chemical Company Limited | Bromine Segment [Member]        
Revenue, Major Customer [Line Items]        
Revenues $ 0      
Shouguang Weidong Chemical Company Limited | Crude Salt Segment [Member]        
Revenue, Major Customer [Line Items]        
Revenues 435,000      
Shouguang Weidong Chemical Company Limited | Chemical Products Segment [Member]        
Revenue, Major Customer [Line Items]        
Revenues $ 0      
XML 73 R62.htm IDEA: XBRL DOCUMENT v3.10.0.1
14. CUSTOMER CONCENTRATION (Details Narrative) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Amounts due from major customers $ 4,650,250 $ 38,735,709
Top 5 customers    
Percent products sold to top five customers 89.00% 35.00%
XML 74 R63.htm IDEA: XBRL DOCUMENT v3.10.0.1
15. MAJOR SUPPLIERS (Details Narrative)
6 Months Ended
Jun. 30, 2017
USD ($)
Major Suppliers  
Top five suppliers percentage raw materials supplied 67.50%
Amount due top five suppliers $ 6,833,430
XML 75 R64.htm IDEA: XBRL DOCUMENT v3.10.0.1
17. CAPITAL COMMITMENT AND OPERATING LEASE COMMITMENTS (Details)
Jun. 30, 2018
USD ($)
Capital Lease Obligations Payable within:  
the next 12 months $ 283,690
the next 13 to 24 months 283,690
the next 25 to 36 months 283,690
the next 37 to 48 months 283,690
the next 49 to 60 months 283,690
thereafter 1,985,828
Total 3,404,278
Less: Amount representing interest (1,128,887)
Present value of net minimum lease payments 2,275,391
Operating Lease Obligations  
the next 12 months 1,008,208
the next 13 to 24 months 1,032,548
the next 25 to 36 months 1,054,710
the next 37 to 48 months 911,914
the next 49 to 60 months 927,797
thereafter 15,688,637
Total 20,623,814
Property Management Fees  
the next 12 months 94,291
the next 13 to 24 months 94,291
the next 25 to 36 months 94,291
the next 37 to 48 months 94,291
the next 49 to 60 months 94,291
thereafter 0
Total 471,455
Capital Expenditure  
the next 12 months 39,822
the next 13 to 24 months 0
the next 25 to 36 months 0
the next 37 to 48 months 0
the next 49 to 60 months 0
thereafter 0
Total $ 39,822
XML 76 R65.htm IDEA: XBRL DOCUMENT v3.10.0.1
17. CAPITAL COMMITMENT AND OPERATING LEASE COMMITMENTS (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Capital Commitment And Operating Lease Commitments Details Narrative Abstract        
Rental expenses related to operating leases $ 283,051 $ 256,447 $ 564,664 $ 511,566
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