0001193805-18-001329.txt : 20181109 0001193805-18-001329.hdr.sgml : 20181109 20181109160819 ACCESSION NUMBER: 0001193805-18-001329 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 84 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20181109 DATE AS OF CHANGE: 20181109 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-34499 FILM NUMBER: 181173166 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/A 1 e618030_10qa-gulf.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

(Amendment No. 1)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the quarterly period ended March 31, 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	Emerging Growth Company o
Non-accelerated filer (Do not check if a smaller reporting company) x		Smaller reporting company o

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 May 1, 2018, the registrant had outstanding 46,803,791 shares of common stock.

Explanatory Note

This Amendment No. 1 on Form 10-Q/A is being filed to reflect the correction of an error in the previously reported quarterly financial statements for the period ended March 31, 2018 filed on May 10, 2018 related to the one-time mandatory federal transition tax on accumulated foreign earnings accrued in the fiscal year 2017. See Note 2 to the Consolidated Financial Statements included in item 1 for additional information and a reconciliation of the previously reported amounts to the restated amounts. Items that have not been amended have been omitted from this amendment. The Company is also concurrently filing previously issued financial statements to restate the error described above (i) Amendment No. 2 to the Annual Report for the fiscal year ended December 31, 2017 and (ii) Amendment No. 1 to the Quarterly Report for the six months ended June 30, 2018.

The following are the sections that are impacted by the correction of the error:

Part I, Item 1 – Financial Statement

Part I, Item 4 – Controls and Procedures

Part II, Item 6 - Exhibits

Table of Contents

Part I – Financial Information
Item 1. Financial Statements	1
Item 4. Controls and Procedures	20
Part II – Other Information
Item 6. Exhibits	21
Signatures	22

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

GULF RESOURCES, INC.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Expressed in U.S. dollars)

	March 31, 2018 Unaudited (Restated)			December 31, 2017 Audited
Current Assets
Cash	$	236,720,969		$	208,906,759
Accounts receivable		10,246,518			29,765,884
Inventories, net		193,801			1,196,785
Prepayments and deposits		1,598,858			1,395,289
Prepaid land leases		607,396			246,640
Other receivable		2,149			2,089
Total Current Assets		249,369,691			241,513,446
Non-Current Assets
Property, plant and equipment, net		94,051,877			95,114,504
Property, plant and equipment under capital leases, net		484,860			492,238
Prepaid land leases, net of current portion		14,919,014			14,477,771
Deferred tax assets		7,989,879			6,526,555
Goodwill		30,524,646			29,374,909
Total non-current assets		147,970,276			145,985,977
Total Assets	$	397,339,967		$	387,499,423

Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable and accrued expenses	$	991,221		$	1,032,083
Retention payable		993,782			956,351
Capital lease obligation, current portion		254,829			203,206
Taxes payable-current		1,771,954			1,041,592
Total Current Liabilities		4,011,786			3,233,232
Non-Current Liabilities
Capital lease obligation, net of current portion		2,394,174			2,303,995
Total Non-Current Liabilities		2,394,174			2,303,995
Total Liabilities	$	6,405,960		$	5,537,227

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 March 31, 2018 and December 31, 2017, respectively		23,525			23,525
Treasury stock; 249,149 shares as of March 31, 2018 and December 31, 2017 at cost		(554,870	)		(554,870	)
Additional paid-in capital		94,524,608			94,524,608
Retained earnings unappropriated		248,595,331			255,572,431
Retained earnings appropriated		24,233,544			24,233,544
Accumulated other comprehensive income		24,111,869			8,162,958
Total Stockholders’ Equity		390,934,007			381,962,196
Total Liabilities and Stockholders’ Equity	$	397,339,967		$	387,499,423

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

GULF RESOURCES, INC.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Expressed in U.S. dollars)

(UNAUDITED)

	Three-Month Period Ended March 31,
	2018			2017

NET REVENUE
Net revenue	$	2,247,267		$	32,788,493

OPERATING INCOME (EXPENSE)
Cost of net revenue		(1,241,809	)		(20,213,863	)
Sales, marketing and other operating expenses		(34,974	)		(75,833	)
Research and development cost		—			(61,898	)
Direct labor and factory overheads incurred during plant shutdown		(5,695,519	)		—
General and administrative expenses		(3,571,945	)		(1,728,460	)
Other operating income		—			104,558
		(10,544,247	)		(21,975,496	)

INCOME/(LOSS) FROM OPERATIONS		(8,296,980	)		10,812,997

OTHER INCOME (EXPENSE)
Interest expense		(43,344	)		(41,911	)
Interest income		169,478			125,860
INCOME/(LOSS) BEFORE TAXES		(8,170,846	)		10,896,946

INCOME TAX (EXPENSE) BENEFIT		1,193,746			(2,821,826	)

NET INCOME/(LOSS)	$	(6,977,100	)	$	8,075,120

COMPREHENSIVE INCOME:
NET INCOME/(LOSS)	$	(6,977,100	)	$	8,075,120
OTHER COMPREHENSIVE INCOME
- Foreign currency translation adjustments		15,948,911			2,037,272

COMPREHENSIVE INCOME	$	8,971,811		$	10,112,392

EARNINGS (LOSS) PER SHARE:
BASIC	$	(0.15	)	$	0.17
DILUTED	$	(0.15	)	$	0.17

WEIGHTED AVERAGE NUMBER OF SHARES:

BASIC		46,803,791			46,793,791
DILUTED		46,826,388			46,804,241

See accompanying notes to the condensed consolidated financial statements.

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GULF RESOURCES, INC.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

THREE-MONTH PERIOD ENDED MARCH 31, 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		income		Total
														(Restated)							(Restated)

BALANCE AT DECEMBER 31, 2017 (Audited)		47,052,940		46,803,791		249,149	$	23,525	$	(554,870	)	$	94,524,608	$	255,572,431			24,233,544	$	8,162,958	$	381,962,196
Translation adjustment		—		—		—		—					—		—			—		15,948,911		15,948,911
Net loss for three-month period ended March 31, 2018		—		—		—		—		—			—		(6,977,100	)		—		—		(6,977,100	)
Transfer to statutory common reserve fund		—		—		—		—		—			—		—			—		—		—
BALANCE AT MARCH 31, 2018 (Unaudited)(Restated)		47,052,940		46,803,791		249,149	$	23,525	$	(554,870	)	$	94,524,608	$	248,595,331		$	24,233,544	$	24,111,869	$	390,934,007

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

GULF RESOURCES, INC.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in U.S. dollars)

(UNAUDITED)

	Three-Month Period Ended March 31,
	2018			2017

CASH FLOWS FROM OPERATING ACTIVITIES
Net income/(loss)	$	(6,977,100	)	$	8,075,120
Adjustments to reconcile net income(loss) to net cash provided by operating activities:
Interest on capital lease obligation		41,797			41,753
Amortization of prepaid land leases		144,097			107,461
Depreciation and amortization		4,757,530			5,439,098
Unrealized exchange loss on translation of inter-company balances		1,058,852			137,255
Deferred tax asset		(1,193,746	)		—
Stock-based compensation expense		—			9,000
Changes in assets and liabilities
Accounts receivable		20,442,483			(8,523,139	)
Inventories		1,039,959			767,825
Prepayments and deposits		(81,635	)		(29,129	)
Other receivables		—			(580	)
Accounts payable and accrued expenses		(68,833	)		1,641,677
Retention payable		—			(736,894	)
Taxes payable		735,426			1,493,322
Net cash provided by operating activities		19,898,830			8,422,769

CASH FLOWS USED IN INVESTING ACTIVITIES
Additions of prepaid land leases		(367,143	)		(324,743	)
Purchase of property, plant and equipment		(121,710	)		(59,975	)
Net cash used in investing activities		(488,853	)		(384,718	)

EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		8,404,233			881,453
NET INCREASE IN CASH AND CASH EQUIVALENTS		27,814,210			8,919,504
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD		208,906,759			163,884,574
CASH AND CASH EQUIVALENTS - END OF PERIOD	$	236,720,969		$	172,804,078

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for:
Income taxes	$	—		$	1,798,807

See accompanying notes to the condensed consolidated financial statements.

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GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 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 quarter ended March 31, 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/A (Amendment No. 2). 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 the areas including classification of leases and related party transactions. 

On September 2, 2016, the Company announced the planned merger of two of its 100% owned subsidiaries, Shouguan Yuxin Chemical Co., Limited (“SYCI”) and Shouguan Rongyuan Chemical Co., Ltd (“SCRC”). On March 24, 2017, the legal process of the merger was completed and SCRC was officially deregistered on March 28, 2017. The results of these two subsidiaries were reported as SYCI in the three months ended March 31, 2018.

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 March 31, 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 had agreed on a plan in October 2017. SCHC is currently under rectification process. The Company believes this rectification and improvement process will cost approximately $35 million in total. The Company incurred rectification and improvements in the amount of $18,046,005 and $17,938,652 as of March 31, 2018 and December 31, 2017.

Originally, six bromine factories completed their rectification process and passed the inspection by local governments and were scheduled for production commencement by April 2018. Subsequently, the 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 factories.

The Company is currently actively working on the rectification of the remaining four factories. The Company expects to complete the rectification and improvements of the bromine and crude salt factories and be ready for the government inspection, rating and evaluation by June 2018, and will resume operation for those when they have approval from the government.

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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. 2. The company could petition the government for a zoning change so that additional land for salt pans could be obtained. This might be difficult but is worth pursuing. 3. The Company could negotiate a different method of dealing with this issue. 4. Or these factories could conceivably be forced to close. At the present time, the Company is working with the government on these issues and did not reach the final solution yet.

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 $9,732,118 as of March 31, 2018 and December 31, 2017 and estimated that the new factory will be fully operational by the beginning of 2020.

During the first quarter, the Company continued its related environmental and planning preparation work for the new factory. Since the Company has paid for the lease of a piece of land at the Bohai Park, it does not see any potential delay with the construction of the new factory. The Company has signed several contracts for the new factory (see subsequent event in Note 19).

As previously disclosed, during the course of drilling for more bromine and crude salt resources, the Company found natural gas resources under our bromine well in the Sichuan area. DCHC was established to further explore and develop natural gas and brine resources (including bromine and crude salt). On 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 needs customized equipment. The customized equipment has been ordered and is now being manufactured. Once the equipment arrives, it will be installed and production will commence. While the Company hopes this will occur during the second quarter of 2018, the company has no control over the exact timing of the delivery of the equipment. It is possible the commencement of production might not occur until early in the third quarter in 2018.

As of March 31, 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 for the three-month periods ended March 31, 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 $236,720,969 and $208,906,759 with these institutions as of March 31, 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. Approximately 24% and 13% of the balance of accounts receivable as of March 31, 2018 and December 31, 2017, respectively, are outstanding for less than three months. For the balances of accounts receivable aged more than 90 days as of March 31, 2018, approximately 41% were collected by April 30, 2018.

The rate of collection in April 2018 for accounts receivable aged more than 90 days as of March 31, 2018 was analyzed as follows:

Accounts Receivable Aging	Percent Collected
90-120 days	0%
121-150 days	12%
151-180 days	0%
181-210 days	16%
211-240 days	100%

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GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 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 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, at which time depreciation commences.

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 on an accrual basis when they are due. The Company’s contributions totaled $302,418 and $255,216 for the three-month periods ended March 31, 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.

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GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 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 – Continued

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.

To comply with the new safety and environmental regulations (see Note 1 (b)), the Company started the rectification and improvement program for the bromine and crude salt factories towards the end of the third quarter of fiscal year 2017, and as a result recorded an impairment loss of $216,181 and a write-off of $728,740 for certain property, plant and equipment in the year ended December 31, 2017.

With the relocation of the chemical factories and the length of time required to set up the new factory building in the Bohai Marine Fine Chemical Industrial Park (see Note 1 (b)), the Company believes that it is not beneficial to move the existing plant and equipment to the new premises. This is because of the age of the plant and equipment and the impact on the production efficiency at the new plant using plant and equipment that are idle for a substantial amount of time. In addition, the Company also risks the possibility of not passing the inspection by the government at the new plant if existing plant and equipment are used. Therefore, an impairment loss of $16,636,322 equivalent to the net book values of all the property, plant and equipment at the two chemical factories was recorded in the year ended December 31, 2017.

For the three-month period ended March 31, 2018 and 2017, the Company determined that there were no events or circumstances indicating possible additional impairment of its long-lived assets.

(i) 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 75,614 and 25,000 shares for the three-month periods ended March 31, 2018 and 2017, respectively.

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

	Three-Month Period Ended March 31,
	2018			2017
Numerator
Net income/(loss)	$	(6,977,100	)	$	8,075,120

Denominator
Basic: Weighted-average common shares outstanding during the period		46,803,791			46,793,791
Add: Dilutive effect of stock options		22,597			10,450
Diluted		46,826,388			46,804,241

Net income/(loss) per share
Basic	$	(0.15	)	$	0.17
Diluted	$	(0.15	)	$	0.17

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(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. The statement of income and comprehensive income 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 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 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 March 31, 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 months ended March 31, 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 14.

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 months ended March 31, 2018.

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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 months ended March 31, 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.

NOTE 2 – RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

The Company determined that the entire one-time mandatory federal transition tax on accumulated foreign earnings accrued in fiscal year 2017 can be offset against a portion of the Company’s US federal net operating loss carryovers and foreign tax credit carryovers. As a result, the Company did not need to accrue the $5,402,000 of income taxes in fiscal year 2017 and the Company is restating condensed consolidated financial statements as of March 31, 2018 to correct this error.

The table below sets forth the effect of the restatement on the condensed consolidated balance sheet as of March 31, 2018.

	As Reported		Correction			As Restated
Taxes payable-current	$	2,204,954	$	(433,000	)	$	1,771,954
Total Current Liabilities		4,444,786		(433,000	)		4,011,786
Taxes payable-non-current		4,969,000		(4,969,000	)		—
Total non-Current Liabilities		7,363,174		(4,969,000	)		2,394,174
Total Liabilities		11,807,960		(5,402,000	)		6,405,960
Retained earnings unappropriated		243,193,331		5,402,000			248,595,331
Total Stockholders’ Equity	$	385,532,007	$	5,402,000		$	390,934,007

The table below sets forth the effect of the restatement on the consolidated statement of stockholders' equity as of March 31, 2018.

	Retained earnings unappropriated		Total
Balance at March 31, 2018 as reported	$	243,193,331	$	385,532,007
Correction	$	5,402,000	$	5,402,000
Balance at March 31, 2018 as restated	$	248,595,331	$	390,934,007

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GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2018

(Expressed in U.S. dollars)

(UNAUDITED)

NOTE 3 – INVENTORIES

Inventories consist of:

	March 31, 2018			December 31, 2017

Raw materials	$	23,893		$	396,482
Finished goods		175,381			844,224
Allowance for obsolete and slow-moving inventory		(5,473	)		(43,921	)
	$	193,801		$	1,196,785

NOTE 4 – 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.

During the three-month period ended March 31, 2018, amortization of prepaid land lease totaled $144,097, which amount was recorded as direct labor and factory overheads incurred during plant shutdown.

During the three-month period ended March 31, 2017, amortization of prepaid land leases totaled $107,461, which amount was recorded as cost of net revenue.

The Company has the rights to use certain parcels of land located in Shouguang, the 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 of which the Company cannot obtain land use rights certificates covers a total of approximately 54.97 square kilometers of aggregate carrying value of $916,059 and approximately 54.97 square kilometers of aggregate carrying value of $645,761 as at March 31, 2018 and December 31, 2017, respectively.

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GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2018

(Expressed in U.S. dollars)

(UNAUDITED)

NOTE 5 – PROPERTY, PLANT AND EQUIPMENT, NET

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

	March 31, 2018			December 31, 2017
At cost:
Mineral rights	$	4,896,244		$	4,711,822
Buildings		70,400,195			67,748,512
Plant and machinery		208,538,996			200,742,652
Motor vehicles		9,136			8,792
Furniture, fixtures and office equipment		4,313,043			4,150,588
Construction in process		190,200			183,036
Total		288,347,814			277,545,402
Less: Accumulated depreciation and amortization		(174,767,162	)		(163,597,407	)
Impairment		(19,528,775	)		(18,833,491	)
Net book value	$	94,051,877		$	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 authority. 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 $28,025,014 and $27,432,351 as at March 31, 2018 and December 31, 2017, respectively.

During the three-month period ended March 31, 2018, depreciation and amortization expense totaled $4,688,248, of which $4,504,249 and $183,999 were recorded in direct labor and factory overheads incurred during plant shutdown and administrative expenses, respectively.

During the three-month period ended March 31, 2017, depreciation and amortization expense totaled $5,360,103, of which $5,068,503 and $291,600 were recorded as cost of net revenue and administrative expenses, respectively.

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT UNDER CAPITAL LEASES, NET

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

	March 31, 2018			December 31, 2017
At cost:
Buildings	$	130,868		$	125,939
Plant and machinery		2,404,774			2,314,196
Total		2,535,642			2,440,135
Less: Accumulated depreciation and amortization		(2,050,782	)		(1,947,897	)
Net book value	$	484,860		$	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-month period ended March 31, 2018, depreciation and amortization expense totaled $69,282, which was recorded in direct labor and factory overheads incurred during plant shutdown. During the three-month period ended March 31, 2017, depreciation and amortization expense totaled $78,996, which was recorded as cost of net revenue.

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GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2018

(Expressed in U.S. dollars)

(UNAUDITED)

NOTE 7 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following:

	March 31,		December 31,
	2018		2017
Accounts payable	$	—	$	—
Salary payable		270,901		393,617
Social security insurance contribution payable		140,671		135,203
Other payables		579,649		503,263
Total	$	991,221	$	1,032,083

NOTE 8 – RELATED PARTY TRANSACTIONS

During the three-month period ended March 31, 2018, the Company borrowed a sum of $185,912 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 amount due to Jiaxing Lighting was unsecured, interest free and repayable on demand and was fully settled in the three-month period ended March 31, 2018. There was no balance owing to Jiaxing Lighting as of March 31, 2018 and December 31, 2017.

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 months ended March 31, 2018 was approximately $24,500.

NOTE 9 – TAXES PAYABLE

Taxes payable consists of the following:

	March 31,		December 31,
	2018 (Restated)		2017
Natural resource tax	$	—	$	156,147
Land use tax payable		1,698,290		810,841
Other tax payables		73,664		74,604
Total current taxes payable	$	1,771,954	$	1,041,592

NOTE 10 – CAPITAL LEASE OBLIGATIONS

The components of capital lease obligations are as follows:

	Imputed		March 31,			December 31,
	Interest rate		2018			2017
Total capital lease obligations		6.7%	$	2,649,003		$	2,507,201
Less: Current portion				(254,829	)		(203,206	)
Capital lease obligations, net of current portion			$	2,394,174		$	2,303,995

Interest expenses from capital lease obligations amounted to $41,797 and $41,753 for the three-month periods ended March 31, 2018 and 2017, respectively, were charged to the condensed consolidated statement of income. See Note 18 for future minimum lease payments disclosure.

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GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2018

(Expressed in U.S. dollars)

(UNAUDITED)

NOTE 11 –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 March 31, 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 March 31, 2018 for SCHC, SYCI and DCHC is 46%, 14% and 0% of its registered capital respectively.

NOTE 12 – STOCK-BASED COMPENSATION

Pursuant to the Company’s Amended and Restated 2007 Equity Incentive Plan approved in 2011(“Plan”), the aggregate number 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 March 31, 2018, the number of shares of the Company’s common stock available for issuance under the Plan is 6,714,989.

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 three months ended March 31, 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 March 31, 2018.

	Number of Option and Warrants Outstanding and exercisable		Weighted- Average Exercise price of Option and Warrants		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 March 31, 2018		—		—		—
Expired during the period ended March 31, 2018		—		—		—
Balance, March 31, 2018		808,500	$	1.61		$1.44 - $4.80

Stock and Warrants Options Exercisable and Outstanding

Weighted Average

Remaining

Outstanding at March 31, 2018

Range of

Exercise Prices

Contractual Life

(Years)

Exercisable and outstanding

808,500

$1.44 - $4.80

2.86

The aggregate intrinsic value of options outstanding and exercisable as of March 31, 2018 was $0.

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GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2018

(Expressed in U.S. dollars)

(UNAUDITED)

NOTE 13 – INCOME TAXES (Restated)

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 periods ended March 31, 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 federal transition tax on accumulated foreign earnings. The Company computed this one-time mandatory transition tax on accumulated foreign earnings to be approximately $5.4 million. However, as the Company has available US federal net operating loss carryovers and foreign tax credit to fully offset the mandatory inclusion of the accumulated foreign earnings, no net tax liability arose from the inclusion of these accumulated foreign earnings.

(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 periods ended March 31, 2018 and 2017.

Hong Kong Jiaxing Industrial Limited, a subsidiary of Upper Class Group Limited, was incorporated in Hong Kong and is subject to Hong Kong profits tax. The Company 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 profits tax has been made as the Company has no assessable income for the three-month periods ended March 31, 2018 and 2017. The applicable statutory tax rates for the three-month periods ended March 31, 2018 and 2017 are 16.5%.

(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.

On February 22, 2008, the Ministry of Finance (“MOF”) and the State Administration of Taxation (“SAT”) jointly issued Cai Shui [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 March 31, 2018 and December 31, 2017, the accumulated distributable earnings under the Generally Accepted Accounting Principles (GAAP”) of PRC that are subject to WHT are $286,732,938 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 March 31, 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 March 31, 2018 and December 31, 2017, the unrecognized WHT are $14,336,647 and $14,133,049, respectively.

The Company’s 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 tax returns filed in the United States for three years from the date of filing. The Company’s US tax returns since 2014 are currently subject to examination. Inland Revenue Department of Hong Kong may examine the Company’s tax returns filed in Hong Kong for seven years from date of filing. The Company’s Hong Kong tax returns since incorporation in year 2010 are currently subject to examination. The tax authorities of the PRC may examine the Company’s PRC tax returns for three years from the date of filing.

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

	Three-Month Period Ended March31,
	2018			2017

Current taxes – PRC	$	—		$	2,821,826
Deferred tax – PRC		(1,193,746	)		—
	$	(1,193,746	)	$	2,821,826

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GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2018

(Expressed in U.S. dollars)

(UNAUDITED)

NOTE 13 – INCOME TAXES (Restated) – Continued

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

	Three-Month Period Ended March 31,
Reconciliations	2018			2017
Statutory income tax rate		25	%		25	%
Non-deductible expense and change in valuation allowance		(7	%)		1	%
Non-taxable items		(3	%)		—
Effective tax rate		15	%		26	%

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

	March 31,			December 31,
	2018 (Restated)			2017
Deferred tax liabilities	$	—		$	—

Deferred tax assets:
Allowance for obsolete and slow-moving inventories	$	1,368		$	10,980
Impairment on property, plant and equipment		4,076,604			4,610,228
Exploration costs		1,979,924			1,905,347
Compensation costs of unexercised stock options		98,088			98,092
PRC tax losses		1,931,983			—
US federal net operating loss		27,100			—
Total deferred tax assets		8,115,067			6,624,647
Valuation allowance		(125,188	)		(98,092	)
Net deferred tax asset	$	7,989,879		$	6,526,555

The increase in valuation allowance for the three-month period ended March 31, 2018 is $27,096.

The increase in valuation allowance for the three-month period ended March 31, 2017 is $40,800.

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

NOTE 14 – 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.

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GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2018

(Expressed in U.S. dollars)

(UNAUDITED)

NOTE 14 – BUSINESS SEGMENTS – Continued

An operating segment’s performance is primarily evaluated based on segment operating income, 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, 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 March 31, 2018	Bromine *			Crude Salt *			Chemical Products			Natural Gas			Segment Total			Corporate			Total
Net revenue (external customers)	$	—		$	1,638,493		$	608,774		$	—		$	2,247,267		$	—		$	2,247,267
Net revenue (intersegment)		—			—			—			—			—			—			—
Income (loss) from operations before income taxes(benefit)		(5,590,555	)		(807,884	)		(674,771	)		(35,655	)		(7,108,865	)		(1,188,115	)		(8,296,980	)
Income tax expense (benefit)		(1,391,152	)		(201,971	)		399,377			—			(1,193,746	)		—			(1,193,746	)
Income (loss) from operations after income taxes(benefit)		(4,199,403	)		(605,913	)		(1,074,148	)		(35,655	)		(5,915,119	)		(1,188,115	)		(7,103,234	)
Total assets		149,458,703			52,746,108			192,807,722			2,162,119			397,174,652			165,315			397,339,967
Depreciation and amortization		3,719,712			913,350			124,468			—			4,757,530			—			4,757,530
Capital expenditures		93,174			14,179			—			14,357			121,710			—			121,710
Goodwill		—			—			30,524,646			—			30,524,646			—			30,524,646

Three-Month Period Ended March 31, 2017	Bromine *		Crude Salt *		Chemical Products		Natural Gas			Segment Total		Corporate			Total
Net revenue (external customers)	$	13,922,394	$	1,813,778	$	17,052,321	$	—		$	32,788,493	$	—		$	32,788,493
Net revenue (intersegment)		2,178,493		—		—		—			2,178,493		—			2,178,493
Income (loss) from operations before income taxes		5,271,933		885,888		4,946,177		(23,758	)		11,080,240		(267,243	)		10,812,997
Income taxes		1,330,103		223,582		1,268,141		—			2,821,826		—			2,821,826
Income (loss) from operations after income taxes		3,941,830		662,306		3,678,036		(23,758	)		8,258,414		(267,243	)		7,991,171
Total assets		155,178,113		28,641,633		192,675,503		1,802,854			378,298,103		37,109			378,335,212
Depreciation and amortization		3,998,581		454,447		986,070		—			5,439,098		—			5,439,098
Capital expenditures		—		—		—		59,975			59,975		—			59,975
Goodwill		—		—		27,820,174		—			27,820,174		—			27,820,174

* 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 respective segment.

Table of Contents

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2018

(Expressed in U.S. dollars)

(UNAUDITED)

NOTE 14 – BUSINESS SEGMENTS – Continued

	Three-Month Period Ended March 31,
Reconciliations	2018			2017
Total segment operating income (loss)	$	(7,108,865	)	$	11,080,240
Corporate costs		(129,263	)		(129,988	)
Unrealized loss on translation of intercompany balance		(1,058,852	)		(137,255	)
Income (loss) from operations		(8,296,980	)		10,812,997
Other income		126,134			83,949
Income (loss) before income taxes	$	(8,170,846	)	$	10,896,946

The following table shows the major customer(s) (10% or more) for the three-month period ended March 31, 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 three-month period ended March 31, 2017.

Number

Customer

Bromine

(000’s)

Crude Salt

(000’s)

Chemical Products

(000’s)

Total

Revenue

(000’s)

Percentage of

Total

Revenue (%)

Shandong Morui Chemical Company Limited

2,594

497

1,085

4,176

12.7

NOTE 15– CUSTOMER CONCENTRATION

During the three-month periods ended March 31, 2018 and 2017, the Company sold 88.8% and 36.4% of its products to its top five customers, respectively. As of March 31, 2018 and 2017, amounts due from these customers were $8,831,030 and $30,263,356, respectively. This concentration makes the Company vulnerable to a near-term severe impact, should the relationships be terminated.

NOTE 16 – MAJOR SUPPLIERS

During the three-month period ended March 31, 2018 and 2017, the Company purchased 0% and 69.7% of its raw materials from its top five suppliers, respectively. As of March 31, 2018 and 2017, amounts due to those suppliers included in accounts payable were $0 and $5,639,164, respectively. This concentration makes the Company vulnerable to a near-term severe impact, should the relationships be terminated.

Table of Contents

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2018

(Expressed in U.S. dollars)

(UNAUDITED)

NOTE 17 – 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 March 31, 2018 and December 31, 2017.

NOTE 18 – CAPITAL COMMITMENT AND OPERATING LEASE COMMITMENTS

As of March 31, 2018, the Company has leased a 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 show below.

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

The Company has no purchase commitments as of March 31, 2018.

The following table sets forth the Company’s contractual obligations as of March 31, 2018:

	Capital Lease Obligations			Operating Lease Obligations		Property Management Fees		Capital Expenditure
Payable within:
the next 12 months	$	298,499		$	1,045,795	$	99,213	$	167,016
the next 13 to 24 months		298,499			1,069,473		99,213		—
the next 25 to 36 months		298,499			1,094,416		99,213		—
the next 37 to 48 months		298,499			942,133		99,213		—
the next 49 to 60 months		298,499			960,539		99,213		—
thereafter		2,387,996			16,951,287		—		—
Total		3,880,491		$	22,063,643	$	496,065	$	167,016
Less: Amount representing interest		(1,231,488	)
Present value of net minimum lease payments	$	2,649,003

Rental expenses related to operating leases of the Company amounted to $281,613 and $255,120, which were charged to the condensed consolidated statements of income for the three months ended March 31, 2018 and 2017, respectively.

NOTE 19 – SUBSEQUENT EVENTS

In April 2018, SYCI signed several contracts (preliminary design, investigative work and assessment and evaluation of safety) related to the SYCI’s relocation project. The total of these contracts amounted to approximately $1.3 million (RMB8.0 million).

In April 2018, SYCI and Shouguang City Rongyuan Pharmaceutical Co., Ltd signed a land lease contract for a 20-year term commencing May 1, 2018 in the Bohai Park for an annual rent of approximately $13,000. This is for an area of 26.89 mou (approximately 1.79 hectares) and for the construction of the new chemical factory.

In April 2018, SCHC signed a purchase agreement for rectification equipment for an amount of approximately $260,000 (RMB1.7 million).

Table of Contents

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 due to the material weakness described below, our disclosure controls and procedures were ineffective as of the end of the period covered by this Form 10-Q/A to provide reasonable assurance that information required to be disclosed by us in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC'S rules and forms, and were not effective as of the end of the period covered by this Form 10-Q/A to provide reasonable assurance that such information is accumulated and communicated to our management, including our CEO and CFO, to allow timely decisions regarding required disclosure.

(b) Changes in internal controls

Subsequent to the filing of the Company’s quarterly report on Form 10-Q for the period ended March 31, 2018, the Company filed Amendment No. 2 on Form 10-K/A to reflect the correction of an error in the previously reported fiscal year 2017 financial statements as filed on March 23, 2018 related to the one-time mandatory federal transition tax on accumulated foreign earnings.

Management is actively engaged in the planning for, and implementation of, remediation efforts to address the material weakness identified above. The remediation plan includes i) the implementation of new controls designed to evaluate the appropriateness of foreign tax recognition policies and procedures, ii) new controls over recording of foreign tax transactions, and iii) additional training for the accounting and financial reporting personnel.

Management believes the measures described above and others that may be implemented will remediate the material weakness that we have identified. As management continues to evaluate and improve internal control over financial reporting, we may decide to take additional measures to address control deficiencies or determine to modify, or in appropriate circumstances not to complete, certain of the remediation measures identified.

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.

Table of Contents

PART II—OTHER INFORMATION

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/A (Amendment No. 1) for the quarterly period ended March 31, 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.

Table of Contents

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: November 9, 2018	By:	/s/ Xiaobin Liu
		Xiaobin Liu
		Chief Executive Officer


Dated: November 9, 2018	By:	/s/ Min Li
		Min Li
		Chief Financial Officer

EX-31.1 2 e618030_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/A (Amendment No. 1) for the period ended March 31, 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;

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:

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;

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;

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

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):

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

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
Dated: November 9, 2018

EX-31.2 3 e618030_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/A (Amendment No. 1) for the period ended March 31, 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;

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):

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: November 9, 2018

EX-32.1 4 e618030_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/A (Amendment No. 1) for the period ended March 31, 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: November 9, 2018
	By:	/s/ Xiaobin Liu
		Xiaobin Liu
		Chief Executive Officer

Dated: November 9, 2018
	By:	/s/ Min Li
		Min Li
		Chief Financial Officer

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Non-accelerated Filer false true This Amendment No. 1 on Form 10-Q/A is being filed to reflect the correction of an error in the previously reported quarterly financial statements for the period ended March 31, 2018 filed on May 10, 2018 related to the one-time mandatory federal transition tax on accumulated foreign earnings accrued in the fiscal year 2017. See Note 2 to the Consolidated Financial Statements included in item 1 for additional information and a reconciliation of the previously reported amounts to the restated amounts. Items that have not been amended have been omitted from this amendment. The Company is also concurrently filing previously issued financial statements to restate the error described above (i) Amendment No. 2 to the Annual Report for the fiscal year ended December 31, 2017 and (ii) Amendment No. 1 to the Quarterly Report for the six months ended June 30, 2018.   The following are the sections that are impacted by the correction of the error:   Part I, Item 1 – Financial Statement   Part I, Item 4 – Controls and Procedures   Part II, Item 6 - Exhibits

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(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 quarter ended March 31, 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/A (Amendment No. 2). 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 the areas including classification of leases and related party transactions.    On September 2, 2016, the Company announced the planned merger of two of its 100% owned subsidiaries, Shouguan Yuxin Chemical Co., Limited (“SYCI”) and Shouguan Rongyuan Chemical Co., Ltd (“SCRC”). On March 24, 2017, the legal process of the merger was completed and SCRC was officially deregistered on March 28, 2017. The results of these two subsidiaries were reported as SYCI in the three months ended March 31, 2018.   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 March 31, 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 had agreed on a plan in October 2017. SCHC is currently under rectification process. The Company believes this rectification and improvement process will cost approximately $35 million in total. The Company incurred rectification and improvements in the amount of $18,046,005 and $17,938,652 as of March 31, 2018 and December 31, 2017.   Originally, six bromine factories completed their rectification process and passed the inspection by local governments and were scheduled for production commencement by April 2018. Subsequently, the 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 factories.   The Company is currently actively working on the rectification of the remaining four factories. The Company expects to complete the rectification and improvements of the bromine and crude salt factories and be ready for the government inspection, rating and evaluation by June 2018, and will resume operation for those when they have 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. 2. The company could petition the government for a zoning change so that additional land for salt pans could be obtained. This might be difficult but is worth pursuing. 3. The Company could negotiate a different method of dealing with this issue. 4. Or these factories could conceivably be forced to close. At the present time, the Company is working with the government on these issues and did not reach the final solution yet.   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 $9,732,118 as of March 31, 2018 and December 31, 2017 and estimated that the new factory will be fully operational by the beginning of 2020.   During the first quarter, the Company continued its related environmental and planning preparation work for the new factory. Since the Company has paid for the lease of a piece of land at the Bohai Park, it does not see any potential delay with the construction of the new factory. The Company has signed several contracts for the new factory (see subsequent event in Note 19).   As previously disclosed, during the course of drilling for more bromine and crude salt resources, the Company found natural gas resources under our bromine well in the Sichuan area. DCHC was established to further explore and develop natural gas and brine resources (including bromine and crude salt). On 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 needs customized equipment. The customized equipment has been ordered and is now being manufactured. Once the equipment arrives, it will be installed and production will commence. While the Company hopes this will occur during the second quarter of 2018, the company has no control over the exact timing of the delivery of the equipment. It is possible the commencement of production might not occur until early in the third quarter in 2018.   (c)           Allowance for Doubtful Accounts   As of March 31, 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 for the three-month periods ended March 31, 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 $236,720,969 and $208,906,759 with these institutions as of March 31, 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. Approximately 24% and 13% of the balance of accounts receivable as of March 31, 2018 and December 31, 2017, respectively, are outstanding for less than three months. For the balances of accounts receivable aged more than 90 days as of March 31, 2018, approximately 41% were collected by April 30, 2018.    The rate of collection in April 2018 for accounts receivable aged more than 90 days as of March 31, 2018 was analyzed as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 60%; text-align: center">Accounts Receivable Aging</td> <td style="width: 40%; text-align: center">Percent Collected</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">90-120 days</td> <td style="text-align: center">0%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">121-150 days</td> <td style="text-align: center">12%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">151-180 days</td> <td style="text-align: center">0%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">181-210 days</td> <td style="text-align: center">16%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">211-240 days</td> <td style="text-align: center">100%</td></tr> </table>   (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 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, at which time depreciation commences.   The Company’s depreciation and amortization policies on property, plant and equipment, other than mineral rights and construction in process, are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 79%"> </td> <td style="width: 6%"> </td> <td style="width: 15%; border-bottom: black 1pt solid"> Useful life (in years)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Buildings (including salt pans)</td> <td> </td> <td style="text-align: center">8 - 20</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Plant and machinery (including protective shells, transmission channels and ducts)</td> <td> </td> <td style="text-align: center">3 - 8</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Motor vehicles</td> <td> </td> <td style="text-align: center">5</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Furniture, fixtures and equipment</td> <td> </td> <td style="text-align: center">3-8</td></tr> </table>   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 on an accrual basis when they are due. The Company’s contributions totaled $302,418 and $255,216 for the three-month periods ended March 31, 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.   To comply with the new safety and environmental regulations (see Note 1 (b)), the Company started the rectification and improvement program for the bromine and crude salt factories towards the end of the third quarter of fiscal year 2017, and as a result recorded an impairment loss of $216,181 and a write-off of $728,740 for certain property, plant and equipment in the year ended December 31, 2017.   With the relocation of the chemical factories and the length of time required to set up the new factory building in the Bohai Marine Fine Chemical Industrial Park (see Note 1 (b)), the Company believes that it is not beneficial to move the existing plant and equipment to the new premises. This is because of the age of the plant and equipment and the impact on the production efficiency at the new plant using plant and equipment that are idle for a substantial amount of time. In addition, the Company also risks the possibility of not passing the inspection by the government at the new plant if existing plant and equipment are used. Therefore, an impairment loss of $16,636,322 equivalent to the net book values of all the property, plant and equipment at the two chemical factories was recorded in the year ended December 31, 2017.   For the three-month period ended March 31, 2018 and 2017, the Company determined that there were no events or circumstances indicating possible additional impairment of its long-lived assets.   (i)           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 75,614 and 25,000 shares for the three-month periods ended March 31, 2018 and 2017, respectively.   The following table sets forth the computation of basic and diluted earnings per share:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="7" style="text-align: center">Three-Month Period Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Numerator</td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%">Net income/(loss)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">(6,977,100</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">8,075,120</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Denominator</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Basic: Weighted-average common shares outstanding during the period</td> <td> </td> <td> </td> <td style="text-align: right">46,803,791</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">46,793,791</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify">Add: Dilutive effect of stock options</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">22,597</td> <td style="border-bottom: black 1pt solid"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">10,450</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify">Diluted</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">46,826,388</td> <td style="border-bottom: black 2.25pt double"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">46,804,241</td> <td style="border-bottom: black 2.25pt double"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Net income/(loss) per share</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Basic</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(0.15</td> <td style="border-bottom: black 2.25pt double">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.17</td> <td style="border-bottom: black 2.25pt double"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify">Diluted</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(0.15</td> <td style="border-bottom: black 2.25pt double">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.17</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>   (j)           Reporting Currency and Translation   The financial statements of the Company’s foreign subsidiaries are measured using the local currency, Renminbi (“RMB”), as the functional currency; whereas the functional currency and reporting currency of the Company is the United States dollar (“USD” or “$”).   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. The statement of income and comprehensive income 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 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 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 March 31, 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 months ended March 31, 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 14.   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 months ended March 31, 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 months ended March 31, 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.

The Company determined that the entire one-time mandatory federal transition tax on accumulated foreign earnings accrued in fiscal year 2017 can be offset against a portion of the Company’s US federal net operating loss carryovers and foreign tax credit carryovers. As a result, the Company did not need to accrue the $5,402,000 of income taxes in fiscal year 2017 and the Company is restating condensed consolidated financial statements as of March 31, 2018 to correct this error.   The table below sets forth the effect of the restatement on the condensed consolidated balance sheet as of March 31, 2018.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">As Reported</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Correction</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">As Restated</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 55%; text-align: justify">Taxes payable-current</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">2,204,954</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">(433,000</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">1,771,954</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Total Current Liabilities</td> <td> </td> <td> </td> <td style="text-align: right">4,444,786</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(433,000</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">4,011,786</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Taxes payable-non-current</td> <td> </td> <td> </td> <td style="text-align: right">4,969,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(4,969,000</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Total non-Current Liabilities</td> <td> </td> <td> </td> <td style="text-align: right">7,363,174</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(4,969,000</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">2,394,174</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Total Liabilities</td> <td> </td> <td> </td> <td style="text-align: right">11,807,960</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(5,402,000</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">6,405,960</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Retained earnings unappropriated</td> <td> </td> <td> </td> <td style="text-align: right">243,193,331</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,402,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">248,595,331</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Total Stockholders’ Equity</td> <td> </td> <td>$</td> <td style="text-align: right">385,532,007</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">5,402,000</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">390,934,007</td> <td> </td></tr> </table>   The table below sets forth the effect of the restatement on the consolidated statement of stockholders’ equity as of March 31, 2018.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Retained earnings unappropriated</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Total</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 59%">Balance at March 31, 2018 as reported</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">243,193,331</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">385,532,007</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Correction</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">5,402,000</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">5,402,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Balance at March 31, 2018 as restated</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">248,595,331</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">390,934,007</td> <td> </td></tr> </table>

Inventories consist of:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">March 31, 2018</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">December 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%">Raw materials</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">23,893</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">396,482</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Finished goods</td> <td> </td> <td> </td> <td style="text-align: right">175,381</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">844,224</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Allowance for obsolete and slow-moving inventory</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(5,473</td> <td style="border-bottom: black 1pt solid">)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(43,921</td> <td style="border-bottom: black 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">193,801</td> <td style="border-bottom: black 2.25pt double"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,196,785</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>

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.   During the three-month period ended March 31, 2018, amortization of prepaid land lease totaled $144,097, which amount was recorded as direct labor and factory overheads incurred during plant shutdown.   During the three-month period ended March 31, 2017, amortization of prepaid land leases totaled $107,461, which amount was recorded as cost of net revenue.    The Company has the rights to use certain parcels of land located in Shouguang, the 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 of which the Company cannot obtain land use rights certificates covers a total of approximately 54.97 square kilometers of aggregate carrying value of $916,059 and approximately 54.97 square kilometers of aggregate carrying value of $645,761 as at March 31, 2018 and December 31, 2017, respectively.

Property, plant and equipment, net consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">March 31, 2018</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">December 31, 2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>At cost:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%">Mineral rights</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">4,896,244</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">4,711,822</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Buildings</td> <td> </td> <td> </td> <td style="text-align: right">70,400,195</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">67,748,512</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Plant and machinery</td> <td> </td> <td> </td> <td style="text-align: right">208,538,996</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">200,742,652</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Motor vehicles</td> <td> </td> <td> </td> <td style="text-align: right">9,136</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8,792</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Furniture, fixtures and office equipment</td> <td> </td> <td> </td> <td style="text-align: right">4,313,043</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,150,588</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Construction in process</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">190,200</td> <td style="border-bottom: black 1pt solid"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">183,036</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total</td> <td> </td> <td> </td> <td style="text-align: right">288,347,814</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">277,545,402</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Less: Accumulated depreciation and amortization</td> <td> </td> <td> </td> <td style="text-align: right">(174,767,162</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(163,597,407</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">     Impairment</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(19,528,775</td> <td style="border-bottom: black 1pt solid">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(18,833,491</td> <td style="border-bottom: black 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Net book value</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">94,051,877</td> <td style="border-bottom: black 2.25pt double"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">95,114,504</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>   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 authority. 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 $28,025,014 and $27,432,351 as at March 31, 2018 and December 31, 2017, respectively.   During the three-month period ended March 31, 2018, depreciation and amortization expense totaled $4,688,248, of which $4,504,249 and $183,999 were recorded in direct labor and factory overheads incurred during plant shutdown and administrative expenses, respectively.   During the three-month period ended March 31, 2017, depreciation and amortization expense totaled $5,360,103, of which $5,068,503 and $291,600 were recorded as cost of net revenue and administrative expenses, respectively.

Property, plant and equipment under capital leases, net consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">March 31, 2018</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">December 31, 2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>At cost:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%">Buildings</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">130,868</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">125,939</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Plant and machinery</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,404,774</td> <td style="border-bottom: black 1pt solid"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,314,196</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total</td> <td> </td> <td> </td> <td style="text-align: right">2,535,642</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,440,135</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Less: Accumulated depreciation and amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(2,050,782</td> <td style="border-bottom: black 1pt solid">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(1,947,897</td> <td style="border-bottom: black 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Net book value</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">484,860</td> <td style="border-bottom: black 2.25pt double"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">492,238</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>   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-month period ended March 31, 2018, depreciation and amortization expense totaled $69,282, which was recorded in direct labor and factory overheads incurred during plant shutdown. During the three-month period ended March 31, 2017, depreciation and amortization expense totaled $78,996, which was recorded as cost of net revenue.

Accounts payable and accrued expenses consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center">March 31,</td> <td> </td> <td colspan="3" style="text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Accounts payable</td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%; text-align: justify">Salary payable</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">270,901</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">393,617</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Social security insurance contribution payable</td> <td> </td> <td> </td> <td style="text-align: right">140,671</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">135,203</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify">Other payables</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">579,649</td> <td style="border-bottom: black 1pt solid"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">503,263</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">991,221</td> <td style="border-bottom: black 2.25pt double"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,032,083</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>

During the three-month period ended March 31, 2018, the Company borrowed a sum of $185,912 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 amount due to Jiaxing Lighting was unsecured, interest free and repayable on demand and was fully settled in the three-month period ended March 31, 2018. There was no balance owing to Jiaxing Lighting as of March 31, 2018 and December 31, 2017.   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 months ended March 31, 2018 was approximately $24,500.

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 100%; font: 12pt Times New Roman, Times, Serif; text-align: justify">Taxes payable consists of the following:</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center">March 31,</td> <td> </td> <td colspan="3" style="text-align: center">December 31,</td></tr> <tr> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">2018 (Restated)</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td colspan="3" style="vertical-align: top; border-bottom: black 1pt solid; text-align: center">2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%">Natural resource tax</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">156,147</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Land use tax payable</td> <td> </td> <td> </td> <td style="text-align: right">1,698,290</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">810,841</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Other tax payables</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">73,664</td> <td style="border-bottom: black 1pt solid"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">74,604</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total current taxes payable</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,771,954</td> <td style="border-bottom: black 2.25pt double"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,041,592</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>

The components of capital lease obligations are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center">Imputed</td> <td> </td> <td colspan="3" style="text-align: center">March 31,</td> <td> </td> <td colspan="3" style="text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Interest rate</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%; text-align: justify">Total capital lease obligations</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: center">6.7%</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">2,649,003</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">2,507,201</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify">Less: Current portion</td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(254,829</td> <td style="border-bottom: black 1pt solid">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(203,206</td> <td style="border-bottom: black 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify">Capital lease obligations, net of current portion</td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,394,174</td> <td style="border-bottom: black 2.25pt double"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,303,995</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>   Interest expenses from capital lease obligations amounted to $41,797 and $41,753 for the three-month periods ended March 31, 2018 and 2017, respectively, were charged to the condensed consolidated statement of income. See Note 18 for future minimum lease payments disclosure.

<table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px; font: 12pt Times New Roman, Times, Serif"> </td> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif">(a)</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">Authorized shares</td></tr> </table>   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 March 31, 2018 and December 31, 2017.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px">(b)</td> <td style="text-align: justify">Retained Earnings - Appropriated</td></tr> </table>   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 March 31, 2018 for SCHC, SYCI and DCHC is 46%, 14% and 0% of its registered capital respectively.

Pursuant to the Company’s Amended and Restated 2007 Equity Incentive Plan approved in 2011(“Plan”), the aggregate number 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 March 31, 2018, the number of shares of the Company’s common stock available for issuance under the Plan is 6,714,989.   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 three months ended March 31, 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 March 31, 2018.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Number of Option and Warrants Outstanding and exercisable</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Weighted- Average Exercise price of Option and Warrants</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Range of Exercise Price per Common Share</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 26%">Balance, January 1, 2018</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 22%; text-align: right">808,500</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">1.61</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 21%; text-align: right">$1.44 - $4.80</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted and vested during the period ended March 31, 2018</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Expired during the period ended March 31, 2018</td> <td> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Balance, March 31, 2018</td> <td> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">808,500</td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1.61</td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">$1.44 - $4.80</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="13" style="text-align: center">Stock and Warrants Options Exercisable and Outstanding</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: center">Weighted Average</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: center">Remaining</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Outstanding at March 31, 2018</td> <td style="border-bottom: black 1pt solid"> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> Range of Exercise Prices</td> <td style="border-bottom: black 1pt solid"> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> Contractual Life  (Years)</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%">Exercisable and outstanding</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: center">808,500</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: center">$1.44 - $4.80</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: center">2.86</td> <td style="width: 1%"> </td></tr> </table>   The aggregate intrinsic value of options outstanding and exercisable as of March 31, 2018 was $0.

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 periods ended March 31, 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 federal transition tax on accumulated foreign earnings. The Company computed this one-time mandatory transition tax on accumulated foreign earnings to be approximately $5.4 million. However, as the Company has available US federal net operating loss carryovers and foreign tax credit to fully offset the mandatory inclusion of the accumulated foreign earnings, no net tax liability arose from the inclusion of these accumulated foreign earnings.     (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 periods ended March 31, 2018 and 2017.   (c)           Hong Kong   Hong Kong Jiaxing Industrial Limited, a subsidiary of Upper Class Group Limited, was incorporated in Hong Kong and is subject to Hong Kong profits tax. The Company 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 profits tax has been made as the Company has no assessable income for the three-month periods ended March 31, 2018 and 2017.  The applicable statutory tax rates for the three-month periods ended March 31, 2018 and 2017 are 16.5%.   (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.   On February 22, 2008, the Ministry of Finance (“MOF”) and the State Administration of Taxation (“SAT”) jointly issued Cai Shui [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 March 31, 2018 and December 31, 2017, the accumulated distributable earnings under the Generally Accepted Accounting Principles (GAAP”) of PRC that are subject to WHT are $286,732,938 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 March 31, 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 March 31, 2018 and December 31, 2017, the unrecognized WHT are $14,336,647 and $14,133,049, respectively.   The Company’s tax returns are subject to the various tax authorities’ examination. The federal, state and local authorities of the United States may examine the Company’s tax returns filed in the United States for three years from the date of filing. The Company’s US tax returns since 2014 are currently subject to examination. Inland Revenue Department of Hong Kong may examine the Company’s tax returns filed in Hong Kong for seven years from date of filing. The Company’s Hong Kong tax returns since incorporation in year 2010 are currently subject to examination. The tax authorities of the PRC may examine the Company’s PRC tax returns for three years from the date of filing.   The components of the provision for income tax expense (benefit) from continuing operations are:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center">Three-Month Period Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2017</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%">Current taxes – PRC</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">2,821,826</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Deferred tax – PRC</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(1,193,746</td> <td style="border-bottom: black 1pt solid">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(1,193,746</td> <td style="border-bottom: black 2.25pt double">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,821,826</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>   The effective income tax expenses differ from the PRC statutory income tax rate of 25% from continuing operations in the PRC as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">Three-Month Period Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Reconciliations</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%">Statutory income tax rate</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 7%; text-align: right">25</td> <td style="width: 7%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 7%; text-align: right">25</td> <td style="width: 7%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Non-deductible expense and change in valuation allowance</td> <td> </td> <td> </td> <td style="text-align: right">(7</td> <td>%)</td> <td> </td> <td> </td> <td style="text-align: right">1</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Non-taxable items</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(3</td> <td style="border-bottom: black 1pt solid">%)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Effective tax rate</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">15</td> <td style="border-bottom: black 2.25pt double">%</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">26</td> <td style="border-bottom: black 2.25pt double">%</td></tr> </table>   Significant components of the Company’s deferred tax assets and liabilities at March 31, 2018 and December 31, 2017 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center">March 31,</td> <td> </td> <td colspan="3" style="text-align: center">December 31,</td></tr> <tr> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">2018 (Restated)</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td colspan="3" style="vertical-align: top; border-bottom: black 1pt solid; text-align: center">2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Deferred tax liabilities</td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Deferred tax assets:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%; text-align: justify">Allowance for obsolete and slow-moving inventories</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">1,368</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">10,980</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Impairment on property, plant and equipment</td> <td> </td> <td> </td> <td style="text-align: right">4,076,604</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,610,228</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Exploration costs</td> <td> </td> <td> </td> <td style="text-align: right">1,979,924</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,905,347</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Compensation costs of unexercised stock options</td> <td> </td> <td> </td> <td style="text-align: right">98,088</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">98,092</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">PRC tax losses</td> <td> </td> <td> </td> <td style="text-align: right">1,931,983</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: justify">US federal net operating loss</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">27,100</td> <td style="border-bottom: black 1pt solid"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Total deferred tax assets</td> <td> </td> <td> </td> <td style="text-align: right">8,115,067</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6,624,647</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: justify">Valuation allowance</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(125,188</td> <td style="border-bottom: black 1pt solid">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(98,092</td> <td style="border-bottom: black 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Net deferred tax asset</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">7,989,879</td> <td style="border-bottom: black 2.25pt double"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">6,526,555</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>   The increase in valuation allowance for the three-month period ended March 31, 2018 is $27,096.   The increase in valuation allowance for the three-month period ended March 31, 2017 is $40,800.   There were no unrecognized tax benefits and accrual for uncertain tax positions as of March 31, 2018 and December 31, 2017.

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, 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, as defined above, is an appropriate measure for evaluating the operating performance of its segments. All the customers are located in PRC.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Three-Month Period Ended March 31, 2018</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Bromine *</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Crude  Salt *</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Chemical  Products</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Natural Gas</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Segment  Total</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Corporate</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Total</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 23%; text-align: justify">Net revenue (external customers)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">1,638,493</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">608,774</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">2,247,267</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">2,247,267</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Net revenue (intersegment)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Income (loss) from operations before income taxes(benefit)</td> <td> </td> <td> </td> <td style="text-align: right">(5,590,555</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(807,884</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(674,771</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(35,655</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(7,108,865</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(1,188,115</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(8,296,980</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Income tax expense (benefit)</td> <td> </td> <td> </td> <td style="text-align: right">(1,391,152</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(201,971</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">399,377</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(1,193,746</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(1,193,746</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Income (loss) from operations after income taxes(benefit)</td> <td> </td> <td> </td> <td style="text-align: right">(4,199,403</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(605,913</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(1,074,148</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(35,655</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(5,915,119</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(1,188,115</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(7,103,234</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total assets</td> <td> </td> <td> </td> <td style="text-align: right">149,458,703</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">52,746,108</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">192,807,722</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,162,119</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">397,174,652</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">165,315</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">397,339,967</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Depreciation and amortization</td> <td> </td> <td> </td> <td style="text-align: right">3,719,712</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">913,350</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">124,468</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,757,530</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,757,530</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Capital expenditures</td> <td> </td> <td> </td> <td style="text-align: right">93,174</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">14,179</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">14,357</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">121,710</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">121,710</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Goodwill</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">30,524,646</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">30,524,646</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">30,524,646</td> <td> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Three-Month Period Ended March 31, 2017</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Bromine *</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Crude  Salt *</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Chemical  Products</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Natural Gas</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Segment  Total</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Corporate</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Total</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 23%; text-align: justify">Net revenue (external customers)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">13,922,394</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">1,813,778</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">17,052,321</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">32,788,493</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">32,788,493</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Net revenue (intersegment)</td> <td> </td> <td> </td> <td style="text-align: right">2,178,493</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,178,493</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,178,493</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Income (loss) from operations before income taxes</td> <td> </td> <td> </td> <td style="text-align: right">5,271,933</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">885,888</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,946,177</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(23,758</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">11,080,240</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(267,243</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">10,812,997</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Income taxes</td> <td> </td> <td> </td> <td style="text-align: right">1,330,103</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">223,582</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,268,141</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,821,826</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,821,826</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Income (loss) from operations after income taxes</td> <td> </td> <td> </td> <td style="text-align: right">3,941,830</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">662,306</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,678,036</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(23,758</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">8,258,414</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(267,243</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">7,991,171</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total assets</td> <td> </td> <td> </td> <td style="text-align: right">155,178,113</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">28,641,633</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">192,675,503</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,802,854</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">378,298,103</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">37,109</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">378,335,212</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Depreciation and amortization</td> <td> </td> <td> </td> <td style="text-align: right">3,998,581</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">454,447</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">986,070</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,439,098</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,439,098</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Capital expenditures</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">59,975</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">59,975</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">59,975</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Goodwill</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">27,820,174</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">27,820,174</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">27,820,174</td> <td> </td></tr> </table>   * 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 respective segment.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="7" style="text-align: center">Three-Month Period Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Reconciliations</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%">Total segment operating income (loss)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">(7,108,865</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">11,080,240</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Corporate costs</td> <td> </td> <td> </td> <td style="text-align: right">(129,263</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(129,988</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Unrealized loss on translation of intercompany balance</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(1,058,852</td> <td style="border-bottom: black 1pt solid">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(137,255</td> <td style="border-bottom: black 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Income (loss) from operations</td> <td> </td> <td> </td> <td style="text-align: right">(8,296,980</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">10,812,997</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Other income</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">126,134</td> <td style="border-bottom: black 1pt solid"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">83,949</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Income (loss) before income taxes</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(8,170,846</td> <td style="border-bottom: black 2.25pt double">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">10,896,946</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>   The following table shows the major customer(s) (10% or more) for the three-month period ended March 31, 2018.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Number</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Customer</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Bromine (000’s) </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Crude Salt (000’s)</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Chemical Products (000’s)</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Total Revenue  (000’s)</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Percentage of Total Revenue (%)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; text-align: center"> </td> <td style="width: 6%; text-align: center">1</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 1%"> </td> <td style="width: 36%">Shandong Morui Chemical Company Limited</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">534</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">155</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">689</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">30.6</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"> </td> <td style="text-align: center">2</td> <td style="text-align: center"> </td> <td> </td> <td>Shandong Brother Technology Limited, Kuerle Xingdong Trading Limited</td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">670</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">670</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">29.8</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">3</td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid">Shouguang Weidong Chemical Company Limited</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">435</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">435</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">19.3</td> <td style="border-bottom: black 1pt solid">%</td></tr> </table>   The following table shows the major customer(s) (10% or more) for the three-month period ended March 31, 2017.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Number</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Customer</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Bromine (000’s) </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Crude Salt (000’s)</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Chemical Products (000’s)</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Total Revenue  (000’s) </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Percentage of Total Revenue (%)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 6%; border-bottom: black 1pt solid; text-align: center">1</td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 36%; border-bottom: black 1pt solid">Shandong Morui Chemical Company Limited</td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 8%; border-bottom: black 1pt solid; text-align: right">2,594</td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 8%; border-bottom: black 1pt solid; text-align: right">497</td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 8%; border-bottom: black 1pt solid; text-align: right">1,085</td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 8%; border-bottom: black 1pt solid; text-align: right">4,176</td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 8%; border-bottom: black 1pt solid; text-align: right">12.7</td> <td style="width: 1%; border-bottom: black 1pt solid">%</td></tr> </table>

During the three-month periods ended March 31, 2018 and 2017, the Company sold 88.8% and 36.4% of its products to its top five customers, respectively. As of March 31, 2018 and 2017, amounts due from these customers were $8,831,030 and $30,263,356, respectively. This concentration makes the Company vulnerable to a near-term severe impact, should the relationships be terminated.

During the three-month period ended March 31, 2018 and 2017, the Company purchased 0% and 69.7% of its raw materials from its top five suppliers, respectively.  As of March 31, 2018 and 2017, amounts due to those suppliers included in accounts payable were $0 and $5,639,164, respectively. This concentration makes the Company vulnerable to a near-term severe impact, should the relationships be terminated.

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 March 31, 2018 and December 31, 2017.

As of March 31, 2018, the Company has leased a 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 show below.   The Company has leased nine parcels of land under non-cancelable operating leases, which are fixed rentals and expire through December 2021, December 2023, December 2030, December 2031, December 2032, December 2040, February 2059, August 2059 and June 2060, respectively.   The Company has no purchase commitments as of March 31, 2018.   The following table sets forth the Company’s contractual obligations as of March 31, 2018:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid">Capital Lease Obligations</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid">Operating Lease Obligations</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid">Property Management Fees</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid">Capital Expenditure</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Payable within:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 41%; text-align: justify">the next 12 months</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">298,499</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">1,045,795</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">99,213</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">167,016</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">the next 13 to 24 months</td> <td> </td> <td> </td> <td style="text-align: right">298,499</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,069,473</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">99,213</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">the next 25 to 36 months</td> <td> </td> <td> </td> <td style="text-align: right">298,499</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,094,416</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">99,213</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">the next 37 to 48 months</td> <td> </td> <td> </td> <td style="text-align: right">298,499</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">942,133</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">99,213</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">the next 49 to 60 months</td> <td> </td> <td> </td> <td style="text-align: right">298,499</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">960,539</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">99,213</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">thereafter</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,387,996</td> <td style="border-bottom: black 1pt solid"> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">16,951,287</td> <td style="border-bottom: black 1pt solid"> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Total</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">3,880,491</td> <td style="border-bottom: black 2.25pt double"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">22,063,643</td> <td style="border-bottom: black 2.25pt double"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">496,065</td> <td style="border-bottom: black 2.25pt double"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">167,016</td> <td style="border-bottom: black 2.25pt double"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Less: Amount representing interest</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(1,231,488</td> <td style="border-bottom: black 1pt solid">)</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Present value of net minimum lease payments</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,649,003</td> <td style="border-bottom: black 2.25pt double"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> </table>   Rental expenses related to operating leases of the Company amounted to $281,613 and $255,120, which were charged to the condensed consolidated statements of income for the three months ended March 31, 2018 and 2017, respectively.

In April 2018, SYCI signed several contracts (preliminary design, investigative work and assessment and evaluation of safety) related to the SYCI’s relocation project. The total of these contracts amounted to approximately $1.3 million (RMB8.0 million).   In April 2018, SYCI and Shouguang City Rongyuan Pharmaceutical Co., Ltd signed a land lease contract for a 20-year term commencing May 1, 2018 in the Bohai Park for an annual rent of approximately $13,000. This is for an area of 26.89 mou (approximately 1.79 hectares) and for the construction of the new chemical factory.   In April 2018, SCHC signed a purchase agreement for rectification equipment for an amount of approximately $260,000 (RMB1.7 million).

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 quarter ended March 31, 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/A (Amendment No. 2). 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 the areas including classification of leases and related party transactions.    On September 2, 2016, the Company announced the planned merger of two of its 100% owned subsidiaries, Shouguan Yuxin Chemical Co., Limited (“SYCI”) and Shouguan Rongyuan Chemical Co., Ltd (“SCRC”). On March 24, 2017, the legal process of the merger was completed and SCRC was officially deregistered on March 28, 2017. The results of these two subsidiaries were reported as SYCI in the three months ended March 31, 2018.   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.

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 March 31, 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 had agreed on a plan in October 2017. SCHC is currently under rectification process. The Company believes this rectification and improvement process will cost approximately $35 million in total. The Company incurred rectification and improvements in the amount of $18,046,005 and $17,938,652 as of March 31, 2018 and December 31, 2017.   Originally, six bromine factories completed their rectification process and passed the inspection by local governments and were scheduled for production commencement by April 2018. Subsequently, the 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 factories.   The Company is currently actively working on the rectification of the remaining four factories. The Company expects to complete the rectification and improvements of the bromine and crude salt factories and be ready for the government inspection, rating and evaluation by June 2018, and will resume operation for those when they have 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. 2. The company could petition the government for a zoning change so that additional land for salt pans could be obtained. This might be difficult but is worth pursuing. 3. The Company could negotiate a different method of dealing with this issue. 4. Or these factories could conceivably be forced to close. At the present time, the Company is working with the government on these issues and did not reach the final solution yet.   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 $9,732,118 as of March 31, 2018 and December 31, 2017 and estimated that the new factory will be fully operational by the beginning of 2020.   During the first quarter, the Company continued its related environmental and planning preparation work for the new factory. Since the Company has paid for the lease of a piece of land at the Bohai Park, it does not see any potential delay with the construction of the new factory. The Company has signed several contracts for the new factory (see subsequent event in Note 19).   As previously disclosed, during the course of drilling for more bromine and crude salt resources, the Company found natural gas resources under our bromine well in the Sichuan area. DCHC was established to further explore and develop natural gas and brine resources (including bromine and crude salt). On 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 needs customized equipment. The customized equipment has been ordered and is now being manufactured. Once the equipment arrives, it will be installed and production will commence. While the Company hopes this will occur during the second quarter of 2018, the company has no control over the exact timing of the delivery of the equipment. It is possible the commencement of production might not occur until early in the third quarter in 2018.

As of March 31, 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 for the three-month periods ended March 31, 2018 and 2017.

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 $236,720,969 and $208,906,759 with these institutions as of March 31, 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. Approximately 24% and 13% of the balance of accounts receivable as of March 31, 2018 and December 31, 2017, respectively, are outstanding for less than three months. For the balances of accounts receivable aged more than 90 days as of March 31, 2018, approximately 41% were collected by April 30, 2018.    The rate of collection in April 2018 for accounts receivable aged more than 90 days as of March 31, 2018 was analyzed as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 60%; text-align: center">Accounts Receivable Aging</td> <td style="width: 40%; text-align: center">Percent Collected</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">90-120 days</td> <td style="text-align: center">0%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">121-150 days</td> <td style="text-align: center">12%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">151-180 days</td> <td style="text-align: center">0%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">181-210 days</td> <td style="text-align: center">16%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">211-240 days</td> <td style="text-align: center">100%</td></tr> </table>

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 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, at which time depreciation commences.   The Company’s depreciation and amortization policies on property, plant and equipment, other than mineral rights and construction in process, are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 79%"> </td> <td style="width: 6%"> </td> <td style="width: 15%; border-bottom: black 1pt solid"> Useful life (in years)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Buildings (including salt pans)</td> <td> </td> <td style="text-align: center">8 - 20</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Plant and machinery (including protective shells, transmission channels and ducts)</td> <td> </td> <td style="text-align: center">3 - 8</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Motor vehicles</td> <td> </td> <td style="text-align: center">5</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Furniture, fixtures and equipment</td> <td> </td> <td style="text-align: center">3-8</td></tr> </table>   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.

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 on an accrual basis when they are due. The Company’s contributions totaled $302,418 and $255,216 for the three-month periods ended March 31, 2018 and 2017, respectively.

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.

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.   To comply with the new safety and environmental regulations (see Note 1 (b)), the Company started the rectification and improvement program for the bromine and crude salt factories towards the end of the third quarter of fiscal year 2017, and as a result recorded an impairment loss of $216,181 and a write-off of $728,740 for certain property, plant and equipment in the year ended December 31, 2017.   With the relocation of the chemical factories and the length of time required to set up the new factory building in the Bohai Marine Fine Chemical Industrial Park (see Note 1 (b)), the Company believes that it is not beneficial to move the existing plant and equipment to the new premises. This is because of the age of the plant and equipment and the impact on the production efficiency at the new plant using plant and equipment that are idle for a substantial amount of time. In addition, the Company also risks the possibility of not passing the inspection by the government at the new plant if existing plant and equipment are used. Therefore, an impairment loss of $16,636,322 equivalent to the net book values of all the property, plant and equipment at the two chemical factories was recorded in the year ended December 31, 2017.   For the three-month period ended March 31, 2018 and 2017, the Company determined that there were no events or circumstances indicating possible additional impairment of its long-lived assets.

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 75,614 and 25,000 shares for the three-month periods ended March 31, 2018 and 2017, respectively.   The following table sets forth the computation of basic and diluted earnings per share:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="7" style="text-align: center">Three-Month Period Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Numerator</td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%">Net income/(loss)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">(6,977,100</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">8,075,120</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Denominator</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Basic: Weighted-average common shares outstanding during the period</td> <td> </td> <td> </td> <td style="text-align: right">46,803,791</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">46,793,791</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify">Add: Dilutive effect of stock options</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">22,597</td> <td style="border-bottom: black 1pt solid"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">10,450</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify">Diluted</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">46,826,388</td> <td style="border-bottom: black 2.25pt double"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">46,804,241</td> <td style="border-bottom: black 2.25pt double"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Net income/(loss) per share</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Basic</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(0.15</td> <td style="border-bottom: black 2.25pt double">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.17</td> <td style="border-bottom: black 2.25pt double"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify">Diluted</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(0.15</td> <td style="border-bottom: black 2.25pt double">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.17</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>

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. The statement of income and comprehensive income 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 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.

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, 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 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 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 March 31, 2018.

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 months ended March 31, 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 14.   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 months ended March 31, 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 months ended March 31, 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.

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">As Reported</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Correction</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">As Restated</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 55%; text-align: justify">Taxes payable-current</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">2,204,954</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">(433,000</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">1,771,954</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Total Current Liabilities</td> <td> </td> <td> </td> <td style="text-align: right">4,444,786</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(433,000</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">4,011,786</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Taxes payable-non-current</td> <td> </td> <td> </td> <td style="text-align: right">4,969,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(4,969,000</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Total non-Current Liabilities</td> <td> </td> <td> </td> <td style="text-align: right">7,363,174</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(4,969,000</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">2,394,174</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Total Liabilities</td> <td> </td> <td> </td> <td style="text-align: right">11,807,960</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(5,402,000</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">6,405,960</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Retained earnings unappropriated</td> <td> </td> <td> </td> <td style="text-align: right">243,193,331</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,402,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">248,595,331</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Total Stockholders’ Equity</td> <td> </td> <td>$</td> <td style="text-align: right">385,532,007</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">5,402,000</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">390,934,007</td> <td> </td></tr> </table>    <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Retained earnings unappropriated</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Total</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 59%">Balance at March 31, 2018 as reported</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">243,193,331</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">385,532,007</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Correction</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">5,402,000</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">5,402,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Balance at March 31, 2018 as restated</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">248,595,331</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">390,934,007</td> <td> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 60%; text-align: center">Accounts Receivable Aging</td> <td style="width: 40%; text-align: center">Percent Collected</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">90-120 days</td> <td style="text-align: center">0%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">121-150 days</td> <td style="text-align: center">12%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">151-180 days</td> <td style="text-align: center">0%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">181-210 days</td> <td style="text-align: center">16%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">211-240 days</td> <td style="text-align: center">100%</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 79%"> </td> <td style="width: 6%"> </td> <td style="width: 15%; border-bottom: black 1pt solid"> Useful life (in years)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Buildings (including salt pans)</td> <td> </td> <td style="text-align: center">8 - 20</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Plant and machinery (including protective shells, transmission channels and ducts)</td> <td> </td> <td style="text-align: center">3 - 8</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Motor vehicles</td> <td> </td> <td style="text-align: center">5</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Furniture, fixtures and equipment</td> <td> </td> <td style="text-align: center">3-8</td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="7" style="text-align: center">Three-Month Period Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Numerator</td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%">Net income/(loss)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">(6,977,100</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">8,075,120</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Denominator</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Basic: Weighted-average common shares outstanding during the period</td> <td> </td> <td> </td> <td style="text-align: right">46,803,791</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">46,793,791</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify">Add: Dilutive effect of stock options</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">22,597</td> <td style="border-bottom: black 1pt solid"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">10,450</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify">Diluted</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">46,826,388</td> <td style="border-bottom: black 2.25pt double"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">46,804,241</td> <td style="border-bottom: black 2.25pt double"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Net income/(loss) per share</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Basic</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(0.15</td> <td style="border-bottom: black 2.25pt double">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.17</td> <td style="border-bottom: black 2.25pt double"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify">Diluted</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(0.15</td> <td style="border-bottom: black 2.25pt double">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.17</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">March 31, 2018</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">December 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%">Raw materials</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">23,893</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">396,482</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Finished goods</td> <td> </td> <td> </td> <td style="text-align: right">175,381</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">844,224</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Allowance for obsolete and slow-moving inventory</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(5,473</td> <td style="border-bottom: black 1pt solid">)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(43,921</td> <td style="border-bottom: black 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">193,801</td> <td style="border-bottom: black 2.25pt double"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,196,785</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">March 31, 2018</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">December 31, 2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>At cost:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%">Mineral rights</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">4,896,244</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">4,711,822</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Buildings</td> <td> </td> <td> </td> <td style="text-align: right">70,400,195</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">67,748,512</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Plant and machinery</td> <td> </td> <td> </td> <td style="text-align: right">208,538,996</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">200,742,652</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Motor vehicles</td> <td> </td> <td> </td> <td style="text-align: right">9,136</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8,792</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Furniture, fixtures and office equipment</td> <td> </td> <td> </td> <td style="text-align: right">4,313,043</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,150,588</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Construction in process</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">190,200</td> <td style="border-bottom: black 1pt solid"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">183,036</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total</td> <td> </td> <td> </td> <td style="text-align: right">288,347,814</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">277,545,402</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Less: Accumulated depreciation and amortization</td> <td> </td> <td> </td> <td style="text-align: right">(174,767,162</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(163,597,407</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">     Impairment</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(19,528,775</td> <td style="border-bottom: black 1pt solid">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(18,833,491</td> <td style="border-bottom: black 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Net book value</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">94,051,877</td> <td style="border-bottom: black 2.25pt double"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">95,114,504</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">March 31, 2018</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">December 31, 2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>At cost:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%">Buildings</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">130,868</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">125,939</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Plant and machinery</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,404,774</td> <td style="border-bottom: black 1pt solid"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,314,196</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total</td> <td> </td> <td> </td> <td style="text-align: right">2,535,642</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,440,135</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Less: Accumulated depreciation and amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(2,050,782</td> <td style="border-bottom: black 1pt solid">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(1,947,897</td> <td style="border-bottom: black 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Net book value</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">484,860</td> <td style="border-bottom: black 2.25pt double"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">492,238</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center">March 31,</td> <td> </td> <td colspan="3" style="text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Accounts payable</td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%; text-align: justify">Salary payable</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">270,901</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">393,617</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Social security insurance contribution payable</td> <td> </td> <td> </td> <td style="text-align: right">140,671</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">135,203</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify">Other payables</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">579,649</td> <td style="border-bottom: black 1pt solid"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">503,263</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">991,221</td> <td style="border-bottom: black 2.25pt double"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,032,083</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center">March 31,</td> <td> </td> <td colspan="3" style="text-align: center">December 31,</td></tr> <tr> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">2018 (Restated)</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td colspan="3" style="vertical-align: top; border-bottom: black 1pt solid; text-align: center">2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%">Natural resource tax</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">156,147</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Land use tax payable</td> <td> </td> <td> </td> <td style="text-align: right">1,698,290</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">810,841</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Other tax payables</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">73,664</td> <td style="border-bottom: black 1pt solid"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">74,604</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total current taxes payable</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,771,954</td> <td style="border-bottom: black 2.25pt double"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,041,592</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center">Imputed</td> <td> </td> <td colspan="3" style="text-align: center">March 31,</td> <td> </td> <td colspan="3" style="text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Interest rate</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%; text-align: justify">Total capital lease obligations</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: center">6.7%</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">2,649,003</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">2,507,201</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify">Less: Current portion</td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(254,829</td> <td style="border-bottom: black 1pt solid">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(203,206</td> <td style="border-bottom: black 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify">Capital lease obligations, net of current portion</td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,394,174</td> <td style="border-bottom: black 2.25pt double"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,303,995</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Number of Option and Warrants Outstanding and exercisable</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Weighted- Average Exercise price of Option and Warrants</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Range of Exercise Price per Common Share</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 26%">Balance, January 1, 2018</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 22%; text-align: right">808,500</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">1.61</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 21%; text-align: right">$1.44 - $4.80</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted and vested during the period ended March 31, 2018</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Expired during the period ended March 31, 2018</td> <td> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Balance, March 31, 2018</td> <td> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">808,500</td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1.61</td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">$1.44 - $4.80</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="13" style="text-align: center">Stock and Warrants Options Exercisable and Outstanding</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: center">Weighted Average</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: center">Remaining</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Outstanding at March 31, 2018</td> <td style="border-bottom: black 1pt solid"> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> Range of Exercise Prices</td> <td style="border-bottom: black 1pt solid"> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> Contractual Life  (Years)</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%">Exercisable and outstanding</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: center">808,500</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: center">$1.44 - $4.80</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: center">2.86</td> <td style="width: 1%"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center">Three-Month Period Ended March31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2017</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%">Current taxes – PRC</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">2,821,826</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Deferred tax – PRC</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(1,193,746</td> <td style="border-bottom: black 1pt solid">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(1,193,746</td> <td style="border-bottom: black 2.25pt double">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,821,826</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="7" style="white-space: nowrap; text-align: center">Three-Month Period Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Reconciliations</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%">Statutory income tax rate</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 7%; text-align: right">25</td> <td style="width: 7%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 7%; text-align: right">25</td> <td style="width: 7%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Non-deductible expense and change in valuation allowance</td> <td> </td> <td> </td> <td style="text-align: right">(7</td> <td>%)</td> <td> </td> <td> </td> <td style="text-align: right">1</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Non-taxable items</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(3</td> <td style="border-bottom: black 1pt solid">%)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Effective tax rate</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">15</td> <td style="border-bottom: black 2.25pt double">%</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">26</td> <td style="border-bottom: black 2.25pt double">%</td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center">March 31,</td> <td> </td> <td colspan="3" style="text-align: center">December 31,</td></tr> <tr> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">2018 (Restated)</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td colspan="3" style="vertical-align: top; border-bottom: black 1pt solid; text-align: center">2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Deferred tax liabilities</td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Deferred tax assets:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%; text-align: justify">Allowance for obsolete and slow-moving inventories</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">1,368</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">10,980</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Impairment on property, plant and equipment</td> <td> </td> <td> </td> <td style="text-align: right">4,076,604</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,610,228</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Exploration costs</td> <td> </td> <td> </td> <td style="text-align: right">1,979,924</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,905,347</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Compensation costs of unexercised stock options</td> <td> </td> <td> </td> <td style="text-align: right">98,088</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">98,092</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">PRC tax losses</td> <td> </td> <td> </td> <td style="text-align: right">1,931,983</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: justify">US federal net operating loss</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">27,100</td> <td style="border-bottom: black 1pt solid"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Total deferred tax assets</td> <td> </td> <td> </td> <td style="text-align: right">8,115,067</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6,624,647</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: justify">Valuation allowance</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(125,188</td> <td style="border-bottom: black 1pt solid">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(98,092</td> <td style="border-bottom: black 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Net deferred tax asset</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">7,989,879</td> <td style="border-bottom: black 2.25pt double"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">6,526,555</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Three-Month Period Ended March 31, 2018</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Bromine *</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Crude  Salt *</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Chemical  Products</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Natural Gas</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Segment  Total</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Corporate</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Total</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 23%; text-align: justify">Net revenue (external customers)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">1,638,493</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">608,774</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">2,247,267</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">2,247,267</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Net revenue (intersegment)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Income (loss) from operations before income taxes(benefit)</td> <td> </td> <td> </td> <td style="text-align: right">(5,590,555</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(807,884</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(674,771</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(35,655</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(7,108,865</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(1,188,115</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(8,296,980</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Income tax expense (benefit)</td> <td> </td> <td> </td> <td style="text-align: right">(1,391,152</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(201,971</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">399,377</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(1,193,746</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(1,193,746</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Income (loss) from operations after income taxes(benefit)</td> <td> </td> <td> </td> <td style="text-align: right">(4,199,403</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(605,913</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(1,074,148</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(35,655</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(5,915,119</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(1,188,115</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(7,103,234</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total assets</td> <td> </td> <td> </td> <td style="text-align: right">149,458,703</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">52,746,108</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">192,807,722</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,162,119</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">397,174,652</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">165,315</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">397,339,967</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Depreciation and amortization</td> <td> </td> <td> </td> <td style="text-align: right">3,719,712</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">913,350</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">124,468</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,757,530</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,757,530</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Capital expenditures</td> <td> </td> <td> </td> <td style="text-align: right">93,174</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">14,179</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">14,357</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">121,710</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">121,710</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Goodwill</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">30,524,646</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">30,524,646</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">30,524,646</td> <td> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Three-Month Period Ended March 31, 2017</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Bromine *</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Crude  Salt *</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Chemical  Products</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Natural Gas</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Segment  Total</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Corporate</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Total</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 23%; text-align: justify">Net revenue (external customers)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">13,922,394</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">1,813,778</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">17,052,321</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">32,788,493</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">32,788,493</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Net revenue (intersegment)</td> <td> </td> <td> </td> <td style="text-align: right">2,178,493</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,178,493</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,178,493</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Income (loss) from operations before income taxes</td> <td> </td> <td> </td> <td style="text-align: right">5,271,933</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">885,888</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,946,177</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(23,758</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">11,080,240</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(267,243</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">10,812,997</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Income taxes</td> <td> </td> <td> </td> <td style="text-align: right">1,330,103</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">223,582</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,268,141</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,821,826</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,821,826</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Income (loss) from operations after income taxes</td> <td> </td> <td> </td> <td style="text-align: right">3,941,830</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">662,306</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,678,036</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(23,758</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">8,258,414</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(267,243</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">7,991,171</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total assets</td> <td> </td> <td> </td> <td style="text-align: right">155,178,113</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">28,641,633</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">192,675,503</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,802,854</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">378,298,103</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">37,109</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">378,335,212</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Depreciation and amortization</td> <td> </td> <td> </td> <td style="text-align: right">3,998,581</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">454,447</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">986,070</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,439,098</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,439,098</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Capital expenditures</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">59,975</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">59,975</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">59,975</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Goodwill</td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">27,820,174</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">27,820,174</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">27,820,174</td> <td> </td></tr> </table>   * 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 respective segment.

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="7" style="text-align: center">Three-Month Period Ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Reconciliations</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%">Total segment operating income (loss)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">(7,108,865</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">11,080,240</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Corporate costs</td> <td> </td> <td> </td> <td style="text-align: right">(129,263</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(129,988</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Unrealized loss on translation of intercompany balance</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(1,058,852</td> <td style="border-bottom: black 1pt solid">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(137,255</td> <td style="border-bottom: black 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Income (loss) from operations</td> <td> </td> <td> </td> <td style="text-align: right">(8,296,980</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">10,812,997</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Other income</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">126,134</td> <td style="border-bottom: black 1pt solid"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">83,949</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Income (loss) before income taxes</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(8,170,846</td> <td style="border-bottom: black 2.25pt double">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">10,896,946</td> <td style="border-bottom: black 2.25pt double"> </td></tr> </table>

The following table shows the major customer(s) (10% or more) for the three-month period ended March 31, 2018.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Number</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Customer</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Bromine (000’s) </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Crude Salt (000’s)</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Chemical Products (000’s)</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Total Revenue  (000’s)</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Percentage of Total Revenue (%)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; text-align: center"> </td> <td style="width: 6%; text-align: center">1</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 1%"> </td> <td style="width: 36%">Shandong Morui Chemical Company Limited</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">—</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">534</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">155</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">689</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">30.6</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"> </td> <td style="text-align: center">2</td> <td style="text-align: center"> </td> <td> </td> <td>Shandong Brother Technology Limited, Kuerle Xingdong Trading Limited</td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">670</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">670</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">29.8</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">3</td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid">Shouguang Weidong Chemical Company Limited</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">435</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">435</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">19.3</td> <td style="border-bottom: black 1pt solid">%</td></tr> </table>   The following table shows the major customer(s) (10% or more) for the three-month period ended March 31, 2017.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Number</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Customer</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Bromine (000’s) </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Crude Salt (000’s)</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Chemical Products (000’s)</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Total Revenue  (000’s) </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> Percentage of Total Revenue (%)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 6%; border-bottom: black 1pt solid; text-align: center">1</td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 36%; border-bottom: black 1pt solid">Shandong Morui Chemical Company Limited</td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 8%; border-bottom: black 1pt solid; text-align: right">2,594</td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 8%; border-bottom: black 1pt solid; text-align: right">497</td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 8%; border-bottom: black 1pt solid; text-align: right">1,085</td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 8%; border-bottom: black 1pt solid; text-align: right">4,176</td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 1%; border-bottom: black 1pt solid"> </td> <td style="width: 8%; border-bottom: black 1pt solid; text-align: right">12.7</td> <td style="width: 1%; border-bottom: black 1pt solid">%</td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid">Capital Lease Obligations</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid">Operating Lease Obligations</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid">Property Management Fees</td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid">Capital Expenditure</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Payable within:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 41%; text-align: justify">the next 12 months</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">298,499</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">1,045,795</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">99,213</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">167,016</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">the next 13 to 24 months</td> <td> </td> <td> </td> <td style="text-align: right">298,499</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,069,473</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">99,213</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">the next 25 to 36 months</td> <td> </td> <td> </td> <td style="text-align: right">298,499</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,094,416</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">99,213</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">the next 37 to 48 months</td> <td> </td> <td> </td> <td style="text-align: right">298,499</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">942,133</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">99,213</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">the next 49 to 60 months</td> <td> </td> <td> </td> <td style="text-align: right">298,499</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">960,539</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">99,213</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">thereafter</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,387,996</td> <td style="border-bottom: black 1pt solid"> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">16,951,287</td> <td style="border-bottom: black 1pt solid"> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Total</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">3,880,491</td> <td style="border-bottom: black 2.25pt double"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">22,063,643</td> <td style="border-bottom: black 2.25pt double"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">496,065</td> <td style="border-bottom: black 2.25pt double"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">167,016</td> <td style="border-bottom: black 2.25pt double"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Less: Amount representing interest</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(1,231,488</td> <td style="border-bottom: black 1pt solid">)</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Present value of net minimum lease payments</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,649,003</td> <td style="border-bottom: black 2.25pt double"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> </table>

.00 .12 .00 .16 1.00

22597

10450

302418

255216

75614

25000

0 4969000 -4969000

23893

396482

175381

844224

5473

43921

144097

107461

Approximately 54.97 square kilometers of aggregate carrying value of $916,059 Approximately 54.97 square kilometers of aggregate carrying value of $645,761

174767162

163597407

288347814

277545402

190200

183036

4313043

4150588

9136 8792

208538996

200742652

70400195

67748512

4896244

4711822

-19528775

-18833491

28025014

27432351

4688248

5360103

4504249

5068503

183999

291600

2535642

2440135

130868

125939

2404774

2314196

2050782

1947897

69282 78996

270901

393617

140671

135203

579649

503263

185912

24500

0 156147

1698290

810841

73664 74604 .067 .067

2649003

2507201

41797

41753

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 March 31, 2018 for SCHC, SYCI and DCHC is 46%, 14% and 0% of its registered capital respectively.

808500

1.61

0.00

1.44 4.80 0.00 0.00 1.44 4.80 1.44 4.80

P2Y10M10D

6714989

2821826

-1193746

2821826

.25

-.07

.01

.15

.26

-.03

.00

7989879

6526555

125188

98092

8115067

6624647

27100

1931983 0

98088

98092

1979924

1905347

4076604

4610228

1368

10980

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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 respective segment. 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Entity Filer Category Entity Emerging Growth Company Entity Small Business 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 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 March 31, 2018 and December 31, 2017, respectively Treasury stock; 249,149 shares as of March 31, 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 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 adjustments 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 loss on translation of 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 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. 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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 01, 2018
Document And Entity Information
Entity Registrant Name	GULF RESOURCES, INC.
Entity Central Index Key	0000885462
Document Type	10-Q/A
Document Period End Date	Mar. 31, 2018
Amendment Flag	true
Amendment Description	<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">This Amendment No. 1 on Form 10-Q/A is being filed to reflect the correction of an error in the previously reported quarterly financial statements for the period ended March 31, 2018 filed on May 10, 2018 related to the one-time mandatory federal transition tax on accumulated foreign earnings accrued in the fiscal year 2017. See Note 2 to the Consolidated Financial Statements included in item 1 for additional information and a reconciliation of the previously reported amounts to the restated amounts. Items that have not been amended have been omitted from this amendment. The Company is also concurrently filing previously issued financial statements to restate the error described above (i) Amendment No. 2 to the Annual Report for the fiscal year ended December 31, 2017 and (ii) Amendment No. 1 to the Quarterly Report for the six months ended June 30, 2018.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The following are the sections that are impacted by the correction of the error:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Part I, Item 1 – Financial Statement</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Part I, Item 4 – Controls and Procedures</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Part II, Item 6 - Exhibits</p>
Current Fiscal Year End Date	--12-31
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		46,803,791
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2018

XML 12 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current Assets
Cash	$ 236,720,969	$ 208,906,759
Accounts receivable	10,246,518	29,765,884
Inventories, net	193,801	1,196,785
Prepayments and deposits	1,598,858	1,395,289
Prepaid land leases	607,396	246,640
Other receivable	2,149	2,089
Total Current Assets	249,369,691	241,513,446
Non-Current Assets
Property, plant and equipment, net	94,051,877	95,114,504
Property, plant and equipment under capital leases, net	484,860	492,238
Prepaid land leases, net of current portion	14,919,014	14,477,771
Deferred tax assets	7,989,879	6,526,555
Goodwill	30,524,646	29,374,909
Total non-current assets	147,970,276	145,985,977
Total Assets	397,339,967	387,499,423
Current Liabilities
Accounts payable and accrued expenses	991,221	1,032,083
Retention Payable	993,782	956,351
Capital lease obligation, current portion	254,829	203,206
Taxes payable-current	1,771,954	1,041,592
Total Current Liabilities	4,011,786	3,233,232
Non-Current Liabilities
Capital lease obligation, net of current portion	2,394,174	2,303,995
Total Non-Current Liabilities	2,394,174	2,303,995
Total Liabilities	6,405,960	5,537,227
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 March 31, 2018 and December 31, 2017, respectively	23,525	23,525
Treasury stock; 249,149 shares as of March 31, 2018 and December 31, 2017 at cost	(554,870)	(554,870)
Additional paid-in capital	94,524,608	94,524,608
Retained earnings unappropriated	248,595,331	255,572,431
Retained earnings appropriated	24,233,544	24,233,544
Accumulated other comprehensive income	24,111,869	8,162,958
Total Stockholders Equity	390,934,007	381,962,196
Total Liabilities and Stockholders Equity	$ 397,339,967	$ 387,499,423

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 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

XML 14 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
NET REVENUE
Net revenue	$ 2,247,267	$ 32,788,493
OPERATING INCOME (EXPENSE)
Cost of net revenue	(1,241,809)	(20,213,863)
Sales, marketing and other operating expenses	(34,974)	(75,833)
Research and development cost	0	(61,898)
Direct labor and factory overheads incurred during plant shutdown	(5,695,519)	0
General and administrative expenses	(3,571,945)	(1,728,460)
Other operating income	0	104,558
Total Costs and Expenses	(10,544,247)	(21,975,496)
INCOME/(LOSS) FROM OPERATIONS	(8,296,980)	10,812,997
OTHER INCOME (EXPENSE)
Interest expense	(43,344)	(41,911)
Interest income	169,478	125,860
INCOME/(LOSS) BEFORE TAXES	(8,170,846)	10,896,946
INCOME TAX (EXPENSE) BENEFIT	1,193,746	(2,821,826)
NET INCOME/(LOSS)	(6,977,100)	8,075,120
COMPREHENSIVE INCOME:
NET INCOME/(LOSS)	(6,977,100)	8,075,120
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustments	15,948,911	2,037,272
COMPREHENSIVE INCOME	$ 8,971,811	$ 10,112,392
EARNINGS (LOSS) PER SHARE:
BASIC	$ (0.15)	$ 0.17
DILUTED	$ (0.15)	$ 0.17
WEIGHTED AVERAGE NUMBER OF SHARES:
BASIC	46,803,791	46,793,791
DILUTED	46,826,388	46,804,241

XML 15 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Unaudited) - 3 months ended Mar. 31, 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	$ 255,572,431	$ 24,233,544	$ 8,162,958	$ 381,962,196
Shares Issued at Dec. 31, 2017	47,052,940
Balance, shares at Dec. 31, 2017	46,803,791	249,149
Translation adjustments						15,948,911	15,948,911
Net loss				(6,977,100)			(6,977,100)
Balance at Mar. 31, 2018	$ 23,525	$ (554,870)	$ 94,524,608	$ 248,595,331	$ 24,233,544	$ 24,111,869	$ 390,934,007
Shares Issued at Mar. 31, 2018	47,052,940
Balance, shares at Mar. 31, 2018	46,803,791	249,149

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 16 R6.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income/(loss)	$ (6,977,100)	$ 8,075,120
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Interest on capital lease obligation	41,797	41,753
Amortization of prepaid land leases	144,097	107,461
Depreciation and amortization	4,757,530	5,439,098
Unrealized exchange loss on translation of inter-company balances	1,058,852	137,255
Deferred tax asset	(1,193,746)	0
Stock-based compensation expense	0	9,000
Changes in assets and liabilities:
Accounts receivable	20,442,483	(8,523,139)
Inventories	1,039,959	767,825
Prepayments and deposits	(81,635)	(29,129)
Other receivables	0	(580)
Accounts payable and accrued expenses	(68,833)	1,641,677
Retention payable	0	(736,894)
Taxes payable	735,426	1,493,322
Net cash provided by operating activities	19,898,830	8,422,769
CASH FLOWS USED IN INVESTING ACTIVITIES
Additions of prepaid land leases	(367,143)	(324,743)
Purchase of property, plant and equipment	(121,710)	(59,975)
Net cash used in investing activities	(488,853)	(384,718)
CASH FLOWS USED IN FINANCING ACTIVITIES
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	8,404,233	881,453
NET INCREASE IN CASH AND CASH EQUIVALENTS	27,814,210	8,919,504
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	208,906,759	163,884,574
CASH AND CASH EQUIVALENTS - END OF PERIOD	236,720,969	172,804,078
Cash paid during the period for:
Income taxes	$ 0	$ 1,798,807

XML 17 R7.htm IDEA: XBRL DOCUMENT

1. BASIS OF PRESENTATION AND CONSOLIDATION

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Presentation and Consolidation

(b) Nature of the Business

(d) Concentration of Credit Risk

The rate of collection in April 2018 for accounts receivable aged more than 90 days as of March 31, 2018 was analyzed as follows:

Accounts Receivable Aging	Percent Collected
90-120 days	0%
121-150 days	12%
151-180 days	0%
181-210 days	16%
211-240 days	100%

(e) Property, Plant and Equipment

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.

(f) Retirement Benefits

(g) Revenue Recognition

(h) Recoverability of Long-lived Assets

For the three-month period ended March 31, 2018 and 2017, the Company determined that there were no events or circumstances indicating possible additional impairment of its long-lived assets.

(i) Basic and Diluted Net Income per Share of Common Stock

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

	Three-Month Period Ended March 31,
	2018			2017
Numerator
Net income/(loss)	$	(6,977,100	)	$	8,075,120

Denominator
Basic: Weighted-average common shares outstanding during the period		46,803,791			46,793,791
Add: Dilutive effect of stock options		22,597			10,450
Diluted		46,826,388			46,804,241

Net income/(loss) per share
Basic	$	(0.15	)	$	0.17
Diluted	$	(0.15	)	$	0.17

(j) Reporting Currency and Translation

(k) Foreign Operations

(l) Exploration Costs

(m) Goodwill

(n) New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

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2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

3 Months Ended

Mar. 31, 2018

Accounting Changes and Error Corrections [Abstract]

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

The table below sets forth the effect of the restatement on the condensed consolidated balance sheet as of March 31, 2018.

	As Reported		Correction			As Restated
Taxes payable-current	$	2,204,954	$	(433,000	)	$	1,771,954
Total Current Liabilities		4,444,786		(433,000	)		4,011,786
Taxes payable-non-current		4,969,000		(4,969,000	)		—
Total non-Current Liabilities		7,363,174		(4,969,000	)		2,394,174
Total Liabilities		11,807,960		(5,402,000	)		6,405,960
Retained earnings unappropriated		243,193,331		5,402,000			248,595,331
Total Stockholders’ Equity	$	385,532,007	$	5,402,000		$	390,934,007

The table below sets forth the effect of the restatement on the consolidated statement of stockholders’ equity as of March 31, 2018.

	Retained earnings unappropriated		Total
Balance at March 31, 2018 as reported	$	243,193,331	$	385,532,007
Correction	$	5,402,000	$	5,402,000
Balance at March 31, 2018 as restated	$	248,595,331	$	390,934,007

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3. INVENTORIES

3 Months Ended

Mar. 31, 2018

Inventory Disclosure [Abstract]

3. INVENTORIES

Inventories consist of:

	March 31, 2018			December 31, 2017

Raw materials	$	23,893		$	396,482
Finished goods		175,381			844,224
Allowance for obsolete and slow-moving inventory		(5,473	)		(43,921	)
	$	193,801		$	1,196,785

XML 20 R10.htm IDEA: XBRL DOCUMENT

4. PREPAID LAND LEASES

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

4. PREPAID LAND LEASES

During the three-month period ended March 31, 2017, amortization of prepaid land leases totaled $107,461, which amount was recorded as cost of net revenue.

XML 21 R11.htm IDEA: XBRL DOCUMENT

5. PROPERTY, PLANT AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

5. PROPERTY, PLANT AND EQUIPMENT, NET

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

	March 31, 2018			December 31, 2017
At cost:
Mineral rights	$	4,896,244		$	4,711,822
Buildings		70,400,195			67,748,512
Plant and machinery		208,538,996			200,742,652
Motor vehicles		9,136			8,792
Furniture, fixtures and office equipment		4,313,043			4,150,588
Construction in process		190,200			183,036
Total		288,347,814			277,545,402
Less: Accumulated depreciation and amortization		(174,767,162	)		(163,597,407	)
Impairment		(19,528,775	)		(18,833,491	)
Net book value	$	94,051,877		$	95,114,504

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6. PROPERTY, PLANT AND EQUIPMENT UNDER CAPITAL LEASES, NET

3 Months Ended

Mar. 31, 2018

Leases [Abstract]

6. PROPERTY, PLANT AND EQUIPMENT UNDER CAPITAL LEASES, NET

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

	March 31, 2018			December 31, 2017
At cost:
Buildings	$	130,868		$	125,939
Plant and machinery		2,404,774			2,314,196
Total		2,535,642			2,440,135
Less: Accumulated depreciation and amortization		(2,050,782	)		(1,947,897	)
Net book value	$	484,860		$	492,238

XML 23 R13.htm IDEA: XBRL DOCUMENT

7. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

3 Months Ended

Mar. 31, 2018

Payables and Accruals [Abstract]

7. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following:

	March 31,		December 31,
	2018		2017
Accounts payable	$	—	$	—
Salary payable		270,901		393,617
Social security insurance contribution payable		140,671		135,203
Other payables		579,649		503,263
Total	$	991,221	$	1,032,083

XML 24 R14.htm IDEA: XBRL DOCUMENT

8. RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2018

8. RELATED PARTY TRANSACTIONS

XML 25 R15.htm IDEA: XBRL DOCUMENT

9. TAXES PAYABLE

3 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

9. TAXES PAYABLE

Taxes payable consists of the following:

	March 31,		December 31,
	2018 (Restated)		2017
Natural resource tax	$	—	$	156,147
Land use tax payable		1,698,290		810,841
Other tax payables		73,664		74,604
Total current taxes payable	$	1,771,954	$	1,041,592

XML 26 R16.htm IDEA: XBRL DOCUMENT

10. CAPITAL LEASE OBLIGATIONS

3 Months Ended

Mar. 31, 2018

Leases [Abstract]

10. CAPITAL LEASE OBLIGATIONS

The components of capital lease obligations are as follows:

	Imputed		March 31,			December 31,
	Interest rate		2018			2017
Total capital lease obligations		6.7%	$	2,649,003		$	2,507,201
Less: Current portion				(254,829	)		(203,206	)
Capital lease obligations, net of current portion			$	2,394,174		$	2,303,995

XML 27 R17.htm IDEA: XBRL DOCUMENT

11. EQUITY

3 Months Ended

Mar. 31, 2018

Equity [Abstract]

11. EQUITY

(a)

Authorized shares

(b)

Retained Earnings - Appropriated

Statutory Common Reserve Funds

XML 28 R18.htm IDEA: XBRL DOCUMENT

12. STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

12. STOCK-BASED COMPENSATION

During the three months ended March 31, 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 March 31, 2018.

	Number of Option and Warrants Outstanding and exercisable		Weighted- Average Exercise price of Option and Warrants		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 March 31, 2018		—		—		—
Expired during the period ended March 31, 2018		—		—		—
Balance, March 31, 2018		808,500	$	1.61		$1.44 - $4.80

Stock and Warrants Options Exercisable and Outstanding

Weighted Average

Remaining

Outstanding at March 31, 2018

Range of

Exercise Prices

Contractual Life

(Years)

Exercisable and outstanding

808,500

$1.44 - $4.80

2.86

The aggregate intrinsic value of options outstanding and exercisable as of March 31, 2018 was $0.

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13. INCOME TAXES (Restated)

3 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

13. INCOME TAXES (Restated)

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

(a) United States (“US”)

(b) British Virgin Islands (“BVI”)

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

	Three-Month Period Ended March 31,
	2018			2017

Current taxes – PRC	$	—		$	2,821,826
Deferred tax – PRC		(1,193,746	)		—
	$	(1,193,746	)	$	2,821,826

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

	Three-Month Period Ended March 31,
Reconciliations	2018			2017
Statutory income tax rate		25	%		25	%
Non-deductible expense and change in valuation allowance		(7	%)		1	%
Non-taxable items		(3	%)		—
Effective tax rate		15	%		26	%

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

	March 31,			December 31,
	2018 (Restated)			2017
Deferred tax liabilities	$	—		$	—

Deferred tax assets:
Allowance for obsolete and slow-moving inventories	$	1,368		$	10,980
Impairment on property, plant and equipment		4,076,604			4,610,228
Exploration costs		1,979,924			1,905,347
Compensation costs of unexercised stock options		98,088			98,092
PRC tax losses		1,931,983			—
US federal net operating loss		27,100			—
Total deferred tax assets		8,115,067			6,624,647
Valuation allowance		(125,188	)		(98,092	)
Net deferred tax asset	$	7,989,879		$	6,526,555

The increase in valuation allowance for the three-month period ended March 31, 2018 is $27,096.

The increase in valuation allowance for the three-month period ended March 31, 2017 is $40,800.

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

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14. BUSINESS SEGMENTS

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

14. BUSINESS SEGMENTS

Three-Month Period Ended March 31, 2018	Bromine *			Crude Salt *			Chemical Products			Natural Gas			Segment Total			Corporate			Total
Net revenue (external customers)	$	—		$	1,638,493		$	608,774		$	—		$	2,247,267		$	—		$	2,247,267
Net revenue (intersegment)		—			—			—			—			—			—			—
Income (loss) from operations before income taxes(benefit)		(5,590,555	)		(807,884	)		(674,771	)		(35,655	)		(7,108,865	)		(1,188,115	)		(8,296,980	)
Income tax expense (benefit)		(1,391,152	)		(201,971	)		399,377			—			(1,193,746	)		—			(1,193,746	)
Income (loss) from operations after income taxes(benefit)		(4,199,403	)		(605,913	)		(1,074,148	)		(35,655	)		(5,915,119	)		(1,188,115	)		(7,103,234	)
Total assets		149,458,703			52,746,108			192,807,722			2,162,119			397,174,652			165,315			397,339,967
Depreciation and amortization		3,719,712			913,350			124,468			—			4,757,530			—			4,757,530
Capital expenditures		93,174			14,179			—			14,357			121,710			—			121,710
Goodwill		—			—			30,524,646			—			30,524,646			—			30,524,646

Three-Month Period Ended March 31, 2017	Bromine *		Crude Salt *		Chemical Products		Natural Gas			Segment Total		Corporate			Total
Net revenue (external customers)	$	13,922,394	$	1,813,778	$	17,052,321	$	—		$	32,788,493	$	—		$	32,788,493
Net revenue (intersegment)		2,178,493		—		—		—			2,178,493		—			2,178,493
Income (loss) from operations before income taxes		5,271,933		885,888		4,946,177		(23,758	)		11,080,240		(267,243	)		10,812,997
Income taxes		1,330,103		223,582		1,268,141		—			2,821,826		—			2,821,826
Income (loss) from operations after income taxes		3,941,830		662,306		3,678,036		(23,758	)		8,258,414		(267,243	)		7,991,171
Total assets		155,178,113		28,641,633		192,675,503		1,802,854			378,298,103		37,109			378,335,212
Depreciation and amortization		3,998,581		454,447		986,070		—			5,439,098		—			5,439,098
Capital expenditures		—		—		—		59,975			59,975		—			59,975
Goodwill		—		—		27,820,174		—			27,820,174		—			27,820,174

	Three-Month Period Ended March 31,
Reconciliations	2018			2017
Total segment operating income (loss)	$	(7,108,865	)	$	11,080,240
Corporate costs		(129,263	)		(129,988	)
Unrealized loss on translation of intercompany balance		(1,058,852	)		(137,255	)
Income (loss) from operations		(8,296,980	)		10,812,997
Other income		126,134			83,949
Income (loss) before income taxes	$	(8,170,846	)	$	10,896,946

The following table shows the major customer(s) (10% or more) for the three-month period ended March 31, 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 three-month period ended March 31, 2017.

Number

Customer

Bromine

(000’s)

Crude Salt

(000’s)

Chemical Products

(000’s)

Total

Revenue

(000’s)

Percentage of

Total

Revenue (%)

Shandong Morui Chemical Company Limited

2,594

497

1,085

4,176

12.7

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15. CUSTOMER CONCENTRATION

3 Months Ended

Mar. 31, 2018

Risks and Uncertainties [Abstract]

15. CUSTOMER CONCENTRATION

XML 32 R22.htm IDEA: XBRL DOCUMENT

16. MAJOR SUPPLIERS

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

16. MAJOR SUPPLIERS

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17. FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

17. FAIR VALUE OF FINANCIAL INSTRUMENTS

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

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18. CAPITAL COMMITMENT AND OPERATING LEASE COMMITMENTS

3 Months Ended

Mar. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

18. CAPITAL COMMITMENT AND OPERATING LEASE COMMITMENTS

The Company has no purchase commitments as of March 31, 2018.

The following table sets forth the Company’s contractual obligations as of March 31, 2018:

	Capital Lease Obligations			Operating Lease Obligations		Property Management Fees		Capital Expenditure
Payable within:
the next 12 months	$	298,499		$	1,045,795	$	99,213	$	167,016
the next 13 to 24 months		298,499			1,069,473		99,213		—
the next 25 to 36 months		298,499			1,094,416		99,213		—
the next 37 to 48 months		298,499			942,133		99,213		—
the next 49 to 60 months		298,499			960,539		99,213		—
thereafter		2,387,996			16,951,287		—		—
Total		3,880,491		$	22,063,643	$	496,065	$	167,016
Less: Amount representing interest		(1,231,488	)
Present value of net minimum lease payments	$	2,649,003

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19. SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

19. SUBSEQUENT EVENTS

In April 2018, SCHC signed a purchase agreement for rectification equipment for an amount of approximately $260,000 (RMB1.7 million).

XML 36 R26.htm IDEA: XBRL DOCUMENT

1. BASIS OF PRESENTATION AND CONSOLIDATION (Policies)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation and Consolidation

Nature of the Business

Allowance for Doubtful Accounts

Concentration of Credit Risk

The rate of collection in April 2018 for accounts receivable aged more than 90 days as of March 31, 2018 was analyzed as follows:

Accounts Receivable Aging	Percent Collected
90-120 days	0%
121-150 days	12%
151-180 days	0%
181-210 days	16%
211-240 days	100%

Property, Plant and Equipment

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.

Retirement Benefits

Revenue Recognition

Recoverability of Long-lived Assets

For the three-month period ended March 31, 2018 and 2017, the Company determined that there were no events or circumstances indicating possible additional impairment of its long-lived assets.

Basic and Diluted Net Income per Share of Common Stock

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

	Three-Month Period Ended March 31,
	2018			2017
Numerator
Net income/(loss)	$	(6,977,100	)	$	8,075,120

Denominator
Basic: Weighted-average common shares outstanding during the period		46,803,791			46,793,791
Add: Dilutive effect of stock options		22,597			10,450
Diluted		46,826,388			46,804,241

Net income/(loss) per share
Basic	$	(0.15	)	$	0.17
Diluted	$	(0.15	)	$	0.17

Reporting Currency and Translation

Foreign Operations

Exploration Costs

Goodwill

New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

XML 37 R27.htm IDEA: XBRL DOCUMENT

1. BASIS OF PRESENTATION AND CONSOLIDATION (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Rate of collection for accounts receivable

Accounts Receivable Aging	Percent Collected
90-120 days	0%
121-150 days	12%
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 March 31,
	2018			2017
Numerator
Net income/(loss)	$	(6,977,100	)	$	8,075,120

Denominator
Basic: Weighted-average common shares outstanding during the period		46,803,791			46,793,791
Add: Dilutive effect of stock options		22,597			10,450
Diluted		46,826,388			46,804,241

Net income/(loss) per share
Basic	$	(0.15	)	$	0.17
Diluted	$	(0.15	)	$	0.17

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2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Changes and Error Corrections [Abstract]

Restatement

	As Reported		Correction			As Restated
Taxes payable-current	$	2,204,954	$	(433,000	)	$	1,771,954
Total Current Liabilities		4,444,786		(433,000	)		4,011,786
Taxes payable-non-current		4,969,000		(4,969,000	)		—
Total non-Current Liabilities		7,363,174		(4,969,000	)		2,394,174
Total Liabilities		11,807,960		(5,402,000	)		6,405,960
Retained earnings unappropriated		243,193,331		5,402,000			248,595,331
Total Stockholders’ Equity	$	385,532,007	$	5,402,000		$	390,934,007

	Retained earnings unappropriated		Total
Balance at March 31, 2018 as reported	$	243,193,331	$	385,532,007
Correction	$	5,402,000	$	5,402,000
Balance at March 31, 2018 as restated	$	248,595,331	$	390,934,007

XML 39 R29.htm IDEA: XBRL DOCUMENT

3. INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2018

Inventory Disclosure [Abstract]

Inventories

	March 31, 2018			December 31, 2017

Raw materials	$	23,893		$	396,482
Finished goods		175,381			844,224
Allowance for obsolete and slow-moving inventory		(5,473	)		(43,921	)
	$	193,801		$	1,196,785

XML 40 R30.htm IDEA: XBRL DOCUMENT

5. PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

Property, plant and equipment

	March 31, 2018			December 31, 2017
At cost:
Mineral rights	$	4,896,244		$	4,711,822
Buildings		70,400,195			67,748,512
Plant and machinery		208,538,996			200,742,652
Motor vehicles		9,136			8,792
Furniture, fixtures and office equipment		4,313,043			4,150,588
Construction in process		190,200			183,036
Total		288,347,814			277,545,402
Less: Accumulated depreciation and amortization		(174,767,162	)		(163,597,407	)
Impairment		(19,528,775	)		(18,833,491	)
Net book value	$	94,051,877		$	95,114,504

XML 41 R31.htm IDEA: XBRL DOCUMENT

6. PROPERTY, PLANT AND EQUIPMENT UNDER CAPITAL LEASES, NET (Tables)

3 Months Ended

Mar. 31, 2018

Property Plant And Equipment Under Capital Leases Net

Property, plant and equipment under capital leases

	March 31, 2018			December 31, 2017
At cost:
Buildings	$	130,868		$	125,939
Plant and machinery		2,404,774			2,314,196
Total		2,535,642			2,440,135
Less: Accumulated depreciation and amortization		(2,050,782	)		(1,947,897	)
Net book value	$	484,860		$	492,238

XML 42 R32.htm IDEA: XBRL DOCUMENT

7. ACCOUNTS PAYABLE AND ACCRUED EXPENSE (Tables)

3 Months Ended

Mar. 31, 2018

Payables and Accruals [Abstract]

Accounts payable and accrued expenses

	March 31,		December 31,
	2018		2017
Accounts payable	$	—	$	—
Salary payable		270,901		393,617
Social security insurance contribution payable		140,671		135,203
Other payables		579,649		503,263
Total	$	991,221	$	1,032,083

XML 43 R33.htm IDEA: XBRL DOCUMENT

9. TAXES PAYABLE (Tables)

3 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Taxes payable

	March 31,		December 31,
	2018 (Restated)		2017
Natural resource tax	$	—	$	156,147
Land use tax payable		1,698,290		810,841
Other tax payables		73,664		74,604
Total current taxes payable	$	1,771,954	$	1,041,592

XML 44 R34.htm IDEA: XBRL DOCUMENT

10. CAPITAL LEASE OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 2018

Leases [Abstract]

Capital lease obligations

	Imputed		March 31,			December 31,
	Interest rate		2018			2017
Total capital lease obligations		6.7%	$	2,649,003		$	2,507,201
Less: Current portion				(254,829	)		(203,206	)
Capital lease obligations, net of current portion			$	2,394,174		$	2,303,995

XML 45 R35.htm IDEA: XBRL DOCUMENT

12. STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of stock option transactions

	Number of Option and Warrants Outstanding and exercisable		Weighted- Average Exercise price of Option and Warrants		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 March 31, 2018		—		—		—
Expired during the period ended March 31, 2018		—		—		—
Balance, March 31, 2018		808,500	$	1.61		$1.44 - $4.80

Schedule Stock and Warrants Options Outstanding

Stock and Warrants Options Exercisable and Outstanding

Weighted Average

Remaining

Outstanding at March 31, 2018

Range of

Exercise Prices

Contractual Life

(Years)

Exercisable and outstanding

808,500

$1.44 - $4.80

2.86

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 46 R36.htm IDEA: XBRL DOCUMENT

13. INCOME TAXES (Restated) (Tables)

3 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of components of the provision for income taxes

	Three-Month Period Ended March31,
	2018			2017

Current taxes – PRC	$	—		$	2,821,826
Deferred tax – PRC		(1,193,746	)		—
	$	(1,193,746	)	$	2,821,826

Schedule of income tax expenses reconciliation

	Three-Month Period Ended March 31,
Reconciliations	2018			2017
Statutory income tax rate		25	%		25	%
Non-deductible expense and change in valuation allowance		(7	%)		1	%
Non-taxable items		(3	%)		—
Effective tax rate		15	%		26	%

Schedule of deferred tax assets and liabilities

	March 31,			December 31,
	2018 (Restated)			2017
Deferred tax liabilities	$	—		$	—

Deferred tax assets:
Allowance for obsolete and slow-moving inventories	$	1,368		$	10,980
Impairment on property, plant and equipment		4,076,604			4,610,228
Exploration costs		1,979,924			1,905,347
Compensation costs of unexercised stock options		98,088			98,092
PRC tax losses		1,931,983			—
US federal net operating loss		27,100			—
Total deferred tax assets		8,115,067			6,624,647
Valuation allowance		(125,188	)		(98,092	)
Net deferred tax asset	$	7,989,879		$	6,526,555

XML 47 R37.htm IDEA: XBRL DOCUMENT

14. BUSINESS SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Schedule of segment operating income

Three-Month Period Ended March 31, 2018	Bromine *			Crude Salt *			Chemical Products			Natural Gas			Segment Total			Corporate			Total
Net revenue (external customers)	$	—		$	1,638,493		$	608,774		$	—		$	2,247,267		$	—		$	2,247,267
Net revenue (intersegment)		—			—			—			—			—			—			—
Income (loss) from operations before income taxes(benefit)		(5,590,555	)		(807,884	)		(674,771	)		(35,655	)		(7,108,865	)		(1,188,115	)		(8,296,980	)
Income tax expense (benefit)		(1,391,152	)		(201,971	)		399,377			—			(1,193,746	)		—			(1,193,746	)
Income (loss) from operations after income taxes(benefit)		(4,199,403	)		(605,913	)		(1,074,148	)		(35,655	)		(5,915,119	)		(1,188,115	)		(7,103,234	)
Total assets		149,458,703			52,746,108			192,807,722			2,162,119			397,174,652			165,315			397,339,967
Depreciation and amortization		3,719,712			913,350			124,468			—			4,757,530			—			4,757,530
Capital expenditures		93,174			14,179			—			14,357			121,710			—			121,710
Goodwill		—			—			30,524,646			—			30,524,646			—			30,524,646

Three-Month Period Ended March 31, 2017	Bromine *		Crude Salt *		Chemical Products		Natural Gas			Segment Total		Corporate			Total
Net revenue (external customers)	$	13,922,394	$	1,813,778	$	17,052,321	$	—		$	32,788,493	$	—		$	32,788,493
Net revenue (intersegment)		2,178,493		—		—		—			2,178,493		—			2,178,493
Income (loss) from operations before income taxes		5,271,933		885,888		4,946,177		(23,758	)		11,080,240		(267,243	)		10,812,997
Income taxes		1,330,103		223,582		1,268,141		—			2,821,826		—			2,821,826
Income (loss) from operations after income taxes		3,941,830		662,306		3,678,036		(23,758	)		8,258,414		(267,243	)		7,991,171
Total assets		155,178,113		28,641,633		192,675,503		1,802,854			378,298,103		37,109			378,335,212
Depreciation and amortization		3,998,581		454,447		986,070		—			5,439,098		—			5,439,098
Capital expenditures		—		—		—		59,975			59,975		—			59,975
Goodwill		—		—		27,820,174		—			27,820,174		—			27,820,174

Schedule of segment costs

	Three-Month Period Ended March 31,
Reconciliations	2018			2017
Total segment operating income (loss)	$	(7,108,865	)	$	11,080,240
Corporate costs		(129,263	)		(129,988	)
Unrealized loss on translation of intercompany balance		(1,058,852	)		(137,255	)
Income (loss) from operations		(8,296,980	)		10,812,997
Other income		126,134			83,949
Income (loss) before income taxes	$	(8,170,846	)	$	10,896,946

Schedule of major customers

The following table shows the major customer(s) (10% or more) for the three-month period ended March 31, 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 three-month period ended March 31, 2017.

Number

Customer

Bromine

(000’s)

Crude Salt

(000’s)

Chemical Products

(000’s)

Total

Revenue

(000’s)

Percentage of

Total

Revenue (%)

Shandong Morui Chemical Company Limited

2,594

497

1,085

4,176

12.7

XML 48 R38.htm IDEA: XBRL DOCUMENT

18. CAPITAL COMMITMENT AND OPERATING LEASE COMMITMENTS (Tables)

3 Months Ended

Mar. 31, 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	$	298,499		$	1,045,795	$	99,213	$	167,016
the next 13 to 24 months		298,499			1,069,473		99,213		—
the next 25 to 36 months		298,499			1,094,416		99,213		—
the next 37 to 48 months		298,499			942,133		99,213		—
the next 49 to 60 months		298,499			960,539		99,213		—
thereafter		2,387,996			16,951,287		—		—
Total		3,880,491		$	22,063,643	$	496,065	$	167,016
Less: Amount representing interest		(1,231,488	)
Present value of net minimum lease payments	$	2,649,003

XML 49 R39.htm IDEA: XBRL DOCUMENT

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Mar. 31, 2018
90-120 days
Accounts receivable collection	0.00%
121-150 days
Accounts receivable collection	12.00%
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 50 R40.htm IDEA: XBRL DOCUMENT

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)	3 Months Ended
	Mar. 31, 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 51 R41.htm IDEA: XBRL DOCUMENT

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator
Net income/(loss)	$ (6,977,100)	$ 8,075,120
Denominator
Basic: Weighted-average common shares outstanding during the period	46,803,791	46,793,791
Add: Dilutive effect of stock options	22,597	10,450
Diluted	46,826,388	46,804,241
Net income per share
Basic	$ (0.15)	$ 0.17
Diluted	$ (0.15)	$ 0.17

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 52 R42.htm IDEA: XBRL DOCUMENT

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Basis Of Presentation And Summary Of Significant Accounting Policies
Allowances for doubtful accounts	$ 0		$ 0
Contributions to the retirement plan	$ 302,418	$ 255,216
Anti-dilutive common stock equivalents which were excluded	75,614	25,000

XML 53 R43.htm IDEA: XBRL DOCUMENT

2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Taxes payable-current	$ 1,771,954	$ 1,041,592
Total Current Liabilities	4,011,786	3,233,232
Taxes payable-noncurrent	0
Total Non-Current Liabilities	2,394,174	2,303,995
Total Liabilities	6,405,960	5,537,227
Retained earnings unappropriated	248,595,331	255,572,431
Total Stockholders Equity	390,934,007	$ 381,962,196
As Reported
Taxes payable-current	2,204,954
Total Current Liabilities	4,444,786
Taxes payable-noncurrent	4,969,000
Total Non-Current Liabilities	7,363,174
Total Liabilities	11,807,960
Retained earnings unappropriated	243,193,331
Total Stockholders Equity	385,532,007
Correction
Taxes payable-current	(433,000)
Total Current Liabilities	(433,000)
Taxes payable-noncurrent	(4,969,000)
Total Non-Current Liabilities	(4,969,000)
Total Liabilities	(5,402,000)
Retained earnings unappropriated	5,402,000
Total Stockholders Equity	$ 5,402,000

XML 54 R44.htm IDEA: XBRL DOCUMENT

2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details 1) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Balance	$ 390,934,007	$ 381,962,196
As Reported
Balance	385,532,007
Correction
Balance	5,402,000
Retained Earnings
Balance	248,595,331	$ 255,572,431
Retained Earnings \| As Reported
Balance	243,193,331
Retained Earnings \| Correction
Balance	$ 5,402,000

XML 55 R45.htm IDEA: XBRL DOCUMENT

3. INVENTORIES (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 23,893	$ 396,482
Finished goods	175,381	844,224
Allowance for obsolete and slow-moving inventory	(5,473)	(43,921)
Inventories	$ 193,801	$ 1,196,785

XML 56 R46.htm IDEA: XBRL DOCUMENT

4. PREPAID LAND LEASE (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
4. PREPAID LAND LEASE (Details Narrative) - USD ($)	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Prepaid Land Lease
Amortization of prepaid land lease	$ 144,097	$ 107,461
Parcels of land of which the Company could not obtain land use rights certificates	Approximately 54.97 square kilometers of aggregate carrying value of $916,059		Approximately 54.97 square kilometers of aggregate carrying value of $645,761

XML 57 R47.htm IDEA: XBRL DOCUMENT

5. PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Mineral rights	$ 4,896,244	$ 4,711,822
Buildings	70,400,195	67,748,512
Plant and machinery	208,538,996	200,742,652
Motor vehicles	9,136	8,792
Furniture, fixtures and office equipment	4,313,043	4,150,588
Construction in progress	190,200	183,036
Total	288,347,814	277,545,402
Less: Accumulated depreciation and amortization	(174,767,162)	(163,597,407)
Impairment	(19,528,775)	(18,833,491)
Net book value	$ 94,051,877	$ 95,114,504

XML 58 R48.htm IDEA: XBRL DOCUMENT

5. PROPERTY, PLANT AND EQUIPMENT, NET (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Land	$ 28,025,014		$ 27,432,351
Sales and administrative expenses [Member]
Depreciation and amortization expense	4,688,248	$ 5,360,103
Cost of net revenue	4,504,249	5,068,503
Cost of administrative expenses	$ 183,999	$ 291,600

XML 59 R49.htm IDEA: XBRL DOCUMENT

6. PROPERTY, PLANT AND EQUIPMENT UNDER CAPITAL LEASES, NET (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
At cost:	$ 2,535,642	$ 2,440,135
Less: accumulated depreciation and amortization	(2,050,782)	(1,947,897)
Net book value	484,860	492,238
Building [Member]
At cost:	130,868	125,939
Plant and machinery
At cost:	$ 2,404,774	$ 2,314,196

XML 60 R50.htm IDEA: XBRL DOCUMENT

6. PROPERTY, PLANT AND EQUIPMENT UNDER CAPITAL LEASES, NET (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Property Plant And Equipment Under Capital Leases Net
Depreciation and amortization expense	$ 69,282	$ 78,996

XML 61 R51.htm IDEA: XBRL DOCUMENT

7. ACCOUNTS PAYABLE AND ACCRUED EXPENSE (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Accounts Payable And Accrued Expense
Accounts payable	$ 0	$ 0
Salary payable	270,901	393,617
Social security insurance contribution payable	140,671	135,203
Other payables	579,649	503,263
Total	$ 991,221	$ 1,032,083

XML 62 R52.htm IDEA: XBRL DOCUMENT

8. RELATED PARTY TRANSACTIONS (Details Narrative)	3 Months Ended
8. RELATED PARTY TRANSACTIONS (Details Narrative)	Mar. 31, 2018 USD ($)
Related Party Transactions
Company borrowed from Jiaxing Lighting Appliance Company Limited	$ 185,912
Property management services provided by Shandong Shouguang Vegetable Seed Industry Group Co., Ltd	$ 24,500

XML 63 R53.htm IDEA: XBRL DOCUMENT

9. TAXES PAYABLE (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Taxes Payable
Natural resource tax	$ 0	$ 156,147
Land use right tax payable	1,698,290	810,841
Other tax payables	73,664	74,604
Total current taxes payable	$ 1,771,954	$ 1,041,592

XML 64 R54.htm IDEA: XBRL DOCUMENT

10. CAPITAL LEASE OBLIGATIONS (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Capital Lease Obligations
Imputed interest rate on capital lease obligations	6.70%	6.70%
Total capital lease obligations	$ 2,649,003	$ 2,507,201
Less: Current portion	(254,829)	(203,206)
Capital lease obligations, net of current portion	$ 2,394,174	$ 2,303,995

XML 65 R55.htm IDEA: XBRL DOCUMENT

10. CAPITAL LEASE OBLIGATIONS (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Capital Lease Obligations Details Narrative Abstract
Interest expense from capital lease obligations	$ 41,797	$ 41,753

XML 66 R56.htm IDEA: XBRL DOCUMENT

11. EQUITY (Details Narrative)	3 Months Ended
11. EQUITY (Details Narrative)	Mar. 31, 2018
Equity
Statutory Common Reserve Funds Description	<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 March 31, 2018 for SCHC, SYCI and DCHC is 46%, 14% and 0% of its registered capital respectively.</p>

XML 67 R57.htm IDEA: XBRL DOCUMENT

12. STOCK-BASED COMPENSATION (Details)	3 Months Ended
12. STOCK-BASED COMPENSATION (Details)	Mar. 31, 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	0
Number of Option and Warrants Outstanding, Ending Balance \| shares	808,500
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	0.00
Weighted- Average Exercise price of Option and Warrants, Ending Balance \| $ / shares	$ 1.61
Range of Exercise Price per Common Share, Granted and Vested	0.00
Range of Exercise Price per Common Share, Expired	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, 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, Ending Balance	4.80

XML 68 R58.htm IDEA: XBRL DOCUMENT

12. STOCK-BASED COMPENSATION (Details 1) - $ / shares	3 Months Ended
12. STOCK-BASED COMPENSATION (Details 1) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Share-based Compensation [Abstract]
Outstanding	808,500	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 10 months 10 days

XML 69 R59.htm IDEA: XBRL DOCUMENT

12. STOCK-BASED COMPENSATION (Details Narrative)	3 Months Ended
12. STOCK-BASED COMPENSATION (Details Narrative)	Mar. 31, 2018 USD ($) shares
Share-based Compensation [Abstract]
Common stock available for issuance \| shares	6,714,989
Aggregate intrinsic value of options outstanding and exercisable \| $	$ 0

XML 70 R60.htm IDEA: XBRL DOCUMENT

13. INCOME TAXES (Restated) (Details) - USD ($)	3 Months Ended
13. INCOME TAXES (Restated) (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Current taxes - PRC	$ 0	$ 2,821,826
Deferred taxes - PRC	(1,193,746)	0
Income taxes	$ (1,193,746)	$ 2,821,826

XML 71 R61.htm IDEA: XBRL DOCUMENT

13. INCOME TAXES (Restated) (Details 1)	3 Months Ended
13. INCOME TAXES (Restated) (Details 1)	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Statutory income tax rate	25.00%	25.00%
Non-deductible expense and change in valuation allowance	(7.00%)	1.00%
Non-taxable items	(3.00%)	0.00%
Effective tax rate	15.00%	26.00%

XML 72 R62.htm IDEA: XBRL DOCUMENT

13. INCOME TAXES (Restated) (Details 2) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Deferred tax liabilities	$ 0	$ 0
Deferred tax assets:
Allowance for obsolete and slow-moving inventories	1,368	10,980
Impairment on property, plant and equipment	4,076,604	4,610,228
Exploration costs	1,979,924	1,905,347
Compensation costs of unexercised stock options	98,088	98,092
PRC tax losses	1,931,983	0
US federal net operating loss	27,100	0
Total deferred tax assets	8,115,067	6,624,647
Valuation allowance	(125,188)	(98,092)
Net deferred tax asset	$ 7,989,879	$ 6,526,555

XML 73 R63.htm IDEA: XBRL DOCUMENT

14. BUSINESS SEGMENTS (Details) - USD ($)

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Segment Reporting Information [Line Items]

Net revenue (external customers)

$ 2,247,267

$ 32,788,493

Net revenue (intersegment)

2,178,493

Income (loss) from operations before taxes (benefit)

(8,296,980)

10,812,997

Income tax expense (benefit)

(1,193,746)

2,821,826

Income (loss) from operations after income taxes (benefit)

(7,103,234)

7,991,171

Total assets

397,339,967

378,335,212

Depreciation and amortization

4,757,530

5,439,098

Capital expenditures

121,710

59,975

Goodwill

30,524,646

27,820,174

Bromine Segment [Member]

Segment Reporting Information [Line Items]

Net revenue (external customers)

^[1]

13,922,394

Net revenue (intersegment)

^[1]

2,178,493

Income (loss) from operations before taxes (benefit)

^[1]

(5,590,555)

5,271,933

Income tax expense (benefit)

^[1]

(1,391,152)

1,330,103

Income (loss) from operations after income taxes (benefit)

^[1]

(4,199,403)

3,941,830

Total assets

^[1]

149,458,703

155,178,113

Depreciation and amortization

^[1]

3,719,712

3,998,581

Capital expenditures

^[1]

93,174

Goodwill

^[1]

Crude Salt Segment [Member]

Segment Reporting Information [Line Items]

Net revenue (external customers)

1,638,493

1,813,778

Net revenue (intersegment)

Income (loss) from operations before taxes (benefit)

(807,884)

885,888

Income tax expense (benefit)

(201,971)

223,582

Income (loss) from operations after income taxes (benefit)

(605,913)

662,306

Total assets

52,746,108

28,641,633

Depreciation and amortization

913,350

454,447

Capital expenditures

14,179

Goodwill

Chemical Products Segment [Member]

Segment Reporting Information [Line Items]

Net revenue (external customers)

608,774

17,052,321

Net revenue (intersegment)

Income (loss) from operations before taxes (benefit)

(674,771)

4,946,177

Income tax expense (benefit)

399,377

1,268,141

Income (loss) from operations after income taxes (benefit)

(1,074,148)

3,678,036

Total assets

192,807,722

192,675,503

Depreciation and amortization

124,468

986,070

Capital expenditures

Goodwill

30,524,646

27,820,174

Natural Gas [Member]

Segment Reporting Information [Line Items]

Net revenue (external customers)

Net revenue (intersegment)

Income (loss) from operations before taxes (benefit)

(35,655)

(23,758)

Income tax expense (benefit)

Income (loss) from operations after income taxes (benefit)

(35,655)

(23,758)

Total assets

2,162,119

1,802,854

Depreciation and amortization

Capital expenditures

14,357

59,975

Goodwill

Segment Total [Member]

Segment Reporting Information [Line Items]

Net revenue (external customers)

2,247,267

32,788,493

Net revenue (intersegment)

2,178,493

Income (loss) from operations before taxes (benefit)

(7,108,865)

11,080,240

Income tax expense (benefit)

(1,193,746)

2,821,826

Income (loss) from operations after income taxes (benefit)

(5,915,119)

8,258,414

Total assets

397,174,652

378,298,103

Depreciation and amortization

4,757,530

5,439,098

Capital expenditures

121,710

59,975

Goodwill

30,524,646

27,820,174

Corporate [Member]

Segment Reporting Information [Line Items]

Net revenue (external customers)

Net revenue (intersegment)

Income (loss) from operations before taxes (benefit)

(1,188,115)

(267,243)

Income tax expense (benefit)

Income (loss) from operations after income taxes (benefit)

(1,188,115)

(267,243)

Total assets

165,315

37,109

Depreciation and amortization

Capital expenditures

Goodwill

$ 0

[1]	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 respective segment.

XML 74 R64.htm IDEA: XBRL DOCUMENT

14. BUSINESS SEGMENTS (Details 1) - USD ($)	3 Months Ended
14. BUSINESS SEGMENTS (Details 1) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Business Segments
Total segment operating income (loss)	$ (7,108,865)	$ 11,080,240
Corporate costs	(129,263)	(129,988)
Unrealized loss on translation of intercompany balance	(1,058,852)	(137,255)
Income (loss) from operations	(8,296,980)	10,812,997
Other income	126,134	83,949
Income (loss) before income taxes	$ (8,170,846)	$ 10,896,946

XML 75 R65.htm IDEA: XBRL DOCUMENT

14. BUSINESS SEGMENTS (Details 2) - USD ($)	3 Months Ended
14. BUSINESS SEGMENTS (Details 2) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Revenue, Major Customer [Line Items]
Revenues	$ 2,247,267	$ 32,788,493
Shandong Morui Chemical Company Limited [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 689,000	$ 4,176,000
Percentage of Total Revenue (%)	30.60%	12.70%
Shandong Morui Chemical Company Limited [Member] \| Bromine Segment [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 0	$ 2,594,000
Shandong Morui Chemical Company Limited [Member] \| Crude Salt Segment [Member]
Revenue, Major Customer [Line Items]
Revenues	534,000	497,000
Shandong Morui Chemical Company Limited [Member] \| Chemical Products Segment [Member]
Revenue, Major Customer [Line Items]
Revenues	155,000	$ 1,085,000
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 76 R66.htm IDEA: XBRL DOCUMENT

15. CUSTOMER CONCENTRATION (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Amounts due from major customers	$ 8,831,030	$ 30,263,356
Top 5 customers
Percent products sold to top five customers	88.80%	36.40%

XML 77 R67.htm IDEA: XBRL DOCUMENT

16. MAJOR SUPPLIERS (Details Narrative) - USD ($)	3 Months Ended
16. MAJOR SUPPLIERS (Details Narrative) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Major Suppliers
Top five suppliers percentage raw materials supplied	0.00%	69.70%
Amount due top five suppliers	$ 0	$ 5,639,164

XML 78 R68.htm IDEA: XBRL DOCUMENT

18. CAPITAL COMMITMENT AND OPERATING LEASE COMMITMENTS (Details)	Mar. 31, 2018 USD ($)
Capital Lease Obligations Payable within:
the next 12 months	$ 298,499
the next 13 to 24 months	298,499
the next 25 to 36 months	298,499
the next 37 to 48 months	298,499
the next 49 to 60 months	298,499
thereafter	2,387,996
Total	3,880,491
Less: Amount representing interest	(1,231,488)
Present value of net minimum lease payments	2,649,003
Operating Lease Obligations
the next 12 months	1,045,795
the next 13 to 24 months	1,069,473
the next 25 to 36 months	1,094,416
the next 37 to 48 months	942,133
the next 49 to 60 months	960,539
thereafter	16,951,287
Total	22,063,643
Property Management Fees
the next 12 months	99,213
the next 13 to 24 months	99,213
the next 25 to 36 months	99,213
the next 37 to 48 months	99,213
the next 49 to 60 months	99,213
thereafter	0
Total	496,065
Capital Expenditure
the next 12 months	167,016
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	$ 167,016

XML 79 R69.htm IDEA: XBRL DOCUMENT

18. CAPITAL COMMITMENT AND OPERATING LEASE COMMITMENTS (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Capital Commitment And Operating Lease Commitments Details Narrative Abstract
Rental expenses related to operating leases	$ 281,613	$ 255,120

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