Q2 2023 Gulf Resources Inc Earnings Call
Come to the Gulf Resources second quarter 2023 earnings conference at this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation, but he one should require operator assistance during the conference. Please press star zero on your telephone keypad. Please note this conference.
Is being recorded I will now turn the conference over to your host Helen Zhu you may begin.
Thank you operator, good morning, ladies and gentlemen, and good evening towards a few Jonathan.
U S and that impact will come all for you to publish charges second quarter to about 10 minutes.
Let's call them colleagues she is a.
Director, our CEO of the company shall be also.
Also join this call today.
I'd like to remind you all.
That in this call certain lumpiness in it you.
The call will contain forward looking information about Goldman Hitachi <unk> Corporation and.
It's a subsidiary business.
Oh, That's me let me I'll wish you went from five under Securities Act.
Magnus Sorry Street unusual soybean that's six under the Securities Exchange Oh, Thank you charge your phone.
That's subject to the Safe Harbor created by go through.
Actual results may differ from those discussed today, taking into account a number of risk factors, including but not limited to the general economic and business conditions in the PRC.
Associated with the COVID-19, Danny outbreak.
Future product development and production capabilities shipments to end customers market acceptance of new and existing product.
Additional competition from existing and new competition from the bromine and other oilfield and.
Production chemicals Ching.
Changing technology.
Our ability to make future bromine asset.
Lewis other factors beyond its control.
Oh for looking statements correctly qualified in their entirety.
She married women and their big factors detailed in the company's reports filed at Liza S. U P. Godfrey.
So if you assume no obligation to revise or update any forward looking statements.
Flat to even off the 10th punchy.
After the date of this call.
[laughter].
Accordingly I'll call.
We need to eat.
Expectation, reflecting in those forward looking statements are reasonable.
Hi.
There can be no assurance of such will prove to be correct.
In addition, any reference to the Companys future performance.
Present, the management's estimates as of today the proteins.
Oh gosh spontaneous do it some time for those of you unable to listen to the entire call at this time.
Uh huh.
A replay will be available on the company's website. The call is also accessible through the website.
He is accessible through our website too. So please locate our press release issued earlier for the detail.
So.
We will review the results of this quarter first I like to welcome the call back to Mr. Liu for his comments.
So firstly in Nashville cat cause that tonnage call. None of this quarter. The Chinese economy continues to silver stop or slow down our products were also impacted demand for bromine was weak radio control of control.
Oh, probably 19, let's be mindful.
Hey, that's dried up.
We see many companies had to be able to up sell anticipating I hope not.
Slowdown in construction also impacted the skills of salaries habit.
Other greenbelt Roman plotted phone.
Based on sensors, Dotcom, which had been is 69500 plus home on October 16th 2021.
You were at the height of call me dropped.
Dropped to RMB 18 adult the only on two centers two downtime.
Prady.
Kind of 17th phone calls and teach the company expect bromine prices may improve in the future.
That Oh, gosh, 10 put him to sleep on NUPLAZID had decreased to RMB 2000.
Tell me for about 200, however at this time it is difficult to estimate the timing of the program.
Improvement yeah.
Two a decline in the price of bromine, but I'm just fine against the U S. Dollar, although the extended time it could be a significant benefit for our company. We've got no import of chemicals.
Martin M C.
Is that domestic producers should ship export from the surgical either clinical or that may be cheap.
The opportunities are.
Building and excellent business maybe.
Given the pricing that's asking for companies to use that most companies in the bromine that's cheap.
Most companies producing chemicals made from bromine has not been profitable we hadn't yet.
C Miami bankruptcy, but we assume 90 makeup.
Given the current market condition, we believe that.
Company currently have strong cash position and balance sheet are called me coffee mate two P C J to protect capital and plans for future operations.
It has no seeking approval for each rep to float bromine factory.
Now all three of these factories may require the company to Butte, I caught that and the G O Neal wells.
According to my Kid's football meat, we have that patient that catch Hep C. D E and then not moving towards paint.
He shouldn't capital N to you, we see a strong rebound in that market.
We still expect to receive permission to open this factsheet.
However, there is no point was putting in attached and two they can operate profitably.
As previously announced.
Company how are you.
Also postponed the delivery of the remaining equipment for its chemical factory, while it is easy to evaluate the market opportunity.
The company is committed to Eastman chemical business, Oh, maybe it will be profitable.
Oh, it was a long time.
Either different was that really just a slightly different but I know you cannot for example, some products, which pollute more heavily maybe it's a more complex solution.
Chickpeas dependent you'll notice period, when most chemical companies, although demand the company either picking up so the view of the potential market selling.
So he can't ensure that it is older we are more upbeat people equipment.
Once the deal is finalized and the market has schedule that you have to be made there.
And to be alert.
<unk> assembled then we will begin trial and past production.
So now let's look at our financial results.
Oh, the weakness of the Chinese economy, and a huge decline in the bride.
Romney quite accommodating qualities and after tax law, Oh, approximately 681.8 thousand.
For the second quarter.
Help me one party to median.
For the six months.
June 32003.
However, given the six months' period the company generated cash from operations.
Approximately 11 units sell out these numbers reflect the potential strength of our business model.
And that was a second cause our balance sheet was strong.
We have approximately cash also.
$115 million and approximate Daisy President Chi.
$11.05 a share that net net cash which is cash minus all liabilities are.
Proximity.
<unk> paid $7 million with pregnant King nine dollar absolute truths that push it working capital.
Which is approximately $802.6 million, which was a pregnant pause on something Mike said, a ship share how is there a cranky.
Approximately $260 million and W. Presently attentive for 95 per share.
I'm very pleased to have Rad joke, the shuts down to what are generating strong free cash flow and strengthening our balance sheet.
So far the company future goals and objectives.
The company expects that economic in general and the bromine market in particular to your approach.
And Oh August eight.
Romney in play.
Rami in market prices have increased so his focus and teach the end that would've had some closet.
11% from the average selling price during the second quarter.
In second quarter.
Well I mean revenues were approximately seven volume.
Oh My God. It's the study I just had to be placing two hyatt Rami revenues would have been.
Approximately eight point trillions alright, yes, when would you had 12 I ask is that I do see your gross properties of approximately 800 and debt.
9000 dollar you know cause a loss before taxes was approximately.
They tend to 75.
$5000.
We've got a price increase with slightly more than 11 question may have taken us to breakeven.
Oh Gosh 14, you can see that marquee price football mean.
Or two plenty of 4600, RMB, which is the premium increase of 37% since the end of the second closet and tailpipe purchase from the ever reached an impasse during the second quarter. This would bring more extra profit based at all.
Our previous to this.
Protection.
So well I mean prices improve further.
You had to get approval for the company right Brittany bromine factory the comedy students Pet T. Two if you wish and chemical business.
Brexit is hot many chemical factories are still struggling.
All the economic general and broadened claw backs in particular improve we'll be in a position to identify the best product for our meals that she.
Has it been mainly equipment tailored to our Mi and delivered complete assembled.
And as it can be gain trial and it has the production will come with continued tweaks pool.
Ts for export.
So that you can gain financial flexibility.
The present hot.
Sure My Kid is quite depressed.
The company has been looking for quite yet, but you can produce in a pool faithfully export so calm.
Concrete can't opt in capital we should we may tend to go two years. So we protect shows have you all pay as you need it.
Yes.
The company is still continuing in the discussion with the government that you can count I'm, creating a joint venture for the exploration and production nature yet.
And.
Well I mean, Paul Doxey Ctrip, well, there's no guarantee that the John Lucia will be created.
The company is successful in parchment, Inc. Is the local government substantial opportunities could it be open to us.
Mhm financial result, which equaled the that you'll see in our income statement balance sheet and cash flow statement for the three and six months ended June 32010, they sweep.
10-Q, which has felt the need to actually see we present, a full description of the segments of our business and the factors contributing to our lower sales.
At a profit.
Good luck.
Okay.
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Oh, they don't see it yet.
I'll do the translation for Mr. Neil's comments.
Yeah, Hi, everyone and yeah shopping deal the CEO of the company.
Oh, well come, albeit two probably felt in 2023 second quarter earnings conference call.
So we can see there has been a difficult time for the company.
Of all industries and the Chinese economy, we have a focus on preserving capital owning our long term strategy.
And preparing them for opportunities. We see ahead of US we believe the economy will improve and bromine and crude salt profits will increase as well.
We are carefully refining our plans for our eastern chemical plant. So we can produce product that generates a higher level of puppies.
He also continues to focus on I think volume products that can be ex party soda company can't gain financial flexibility two kids, who go to support initiated.
A party of shareholder value well the company still do not know.
Yes.
This proposed joint venture in Sichuan will be approved a contextual could it be significant.
Great. So again, it's all into the plant you have to come he kept personnel related local government. The common he should be able to deal more wheels for both bromine and bromine and natural gas.
Currently the comedy has approximately $115 million in cash.
H could have moved ahead is our efforts to support the glass two remaining close bromine and crude salt factories.
It could also have taken delivery of the equipment for our technical fact sheet.
But yeah call me too weak to me.
Our capital phones out opportunities, we see ahead.
Yes.
The Companys investors have asked about action you can take to increase shareholder value.
We believe that we have very.
Substitution of change here in front of us the Chinese economy will get better bromine price each wheel right mechanic flashy will open.
It's a real fine point back to ex parte <unk>.
<unk> company can't yet.
The joint venture, it's published that opportunities in China will be higher than we had only genuity anticipated.
And then to come here management catwalk movie Lang, our investor that 19 that have traded.
Then you leather and half years of compensation for shares and golf Huisache.
No one wants to see the price of the shares appreciate more than we do.
We are committed to generating cash from export well our business improves.
He would take other steps such as hiring investment bankers or our firm and can see the mergers or acquisitions.
That you just can't produce strong financial returns.
O U S.
Yeah.
So now we are open for the Q&A section.
Yeah.
Thank you.
At this time, we will be conducting a question and answer session. If you would like to ask a question. Please press star one on your telephone keypad.
A confirmation tone will indicate your line is in the question queue.
You May press Star two if you would like to remove your question from the queue.
For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star T y.
One moment, please while we poll for questions.
Once again Thats Star one if you have a question or comment.
The first question comes from Jay viewer.
Private Investor Jay. Please proceed.
Yeah, I had a question for Mr. Liu.
Yeah I wanted to ask what are you guys seem to repurchase shares.
Oh, sorry, okay sorry.
Sorry.
It's really hard to repurchase shares.
We of course have chaz.
Because that would be the best use of cash rather than speculating on a factory or exporting goods.
Is it just repurchase shares and increase the value for shareholders.
Okay.
Hmm is on Tuesday, Wednesday lives were totally unchanged has all gone sociable called recycled yep.
Yeah.
So that we can all meet okay.
Oh, Yes, we got you.
Sure.
And as you know they want cheap when we go for it because that's the only somebody show up with two or more.
Gosh, we can figure out do you think you might.
They don't meet you at.
But I wouldn't necessarily just a goal you can talk about your attention that foucault uncle or awesome. Thank.
Maybe what you should let you handle the Tony Hawk Cape Cod, each if I'm going to show up.
Okay. So hi, Kate this culture has been off previous he hates fading off parents as well and as the company expanded before.
Because Q2 was up 10 o'clock restriction on the mommy going over.
And because the company does not have you thought about your central call.
So the company is trying to find a way to gain kicked all are in overseas.
It's trying that's why it was paying back to come out with trying to find a product with higher product margin and which can be ex parte.
And then we can be $10 in overseas at home and then you can see that you know do any lights out.
You've all shareholder value, including share repurchase has and.
Oh sure pay big dividends as a way of which came in Asia to our shareholders.
Thank you.
Okay, you're welcome.
Okay. The next question comes from Alan Pareto private Investor. Please proceed.
Yes, good morning, good morning it in.
Dawn corridor for in store [laughter] will run for a cool.
The question I have is of course, I mean regarding share price do you really have something here would be and this is putting a really confirm since you and also the delays in the start preclinical factory the share price when you got on the train or narrow we are zero et cetera.
Close price compared to the book value of your company.
So if.
If we wait.
Time for chemical factory to be the solution to show their value I don't know where the share price would be because investors are losing patience. So my question is is the company looking top security I would say the tier ones as cheerful must get sort of the pressure from the chairman are they looking at other ways.
Creating shareholder value, we're pushing the share price up.
Or did you talk to investment bankers, you mentioned that would show us that between.
They're kind of a deal.
Gross like Caribbean, Florida Chemical factory TUSK.
Our school looking out to the possibility of taking action towards the share price.
Yes.
[laughter].
Oh, sorry.
Maybe my understanding is that not city, Kansas, the Lexus slowed like other banks that sorry for my French accent too.
So I'm just curious is there any kind of action taken by the few and just see fearful. It's got to do the men people to look at ways of improving the share price.
Until we have a chemical factory that would create some export business to provide donuts. So is there and you said you mentioned you talked to investment banks. So I mean is there a an action or is there some action from people being in charge of looking at that.
Okay, Okay I got it.
Are those all to go and who should likely Islander.
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Has it been tissue smoke I'm sad to say that you need to Kennedy shall show her she was behind you in a more came down a.
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Mechanicals that he said that you'll see a sharp eye to.
And on special K, which you've had the chalk.
Yeah.
Hmm mm.
And it could be interesting.
The milk and the age I told how Kimball, Tennessee that you're glad I say definitely what many there are countries that do go and shoot.
Betsy are you changing your you've got you know you're graduating Joe how are you going to see each year.
Jumbo meal finished a little cheap so you what means the shop, just let them tell you don't see it as a teach out Sunday evening Shake Shack.
Jack Tollhouse articles.
I assume you're talking about this year you wouldn't see.
Mhm.
Yeah.
Okay first of all thank you for your question and then.
So as we know it means yes.
And they send me, yes, the company has been discussion.
Discussion, but.
Oh, we did not sign any like formal agreements with any bankers imagine them bank I'll ask them yet.
Because we all know that Youll see two major maintenance, calling 90 plus days yes.
Jeff do you know.
Hum.
Uh huh.
Paul Penna for past few years and the company is current project, which people know you know.
Performed and completed well yet.
So what.
Oh the <unk>.
Oh tax we have a more clear view that we can't talk to the investment deck, Oh, I am sorry to see holiday you know we can go and.
We will have more bargaining power in this discussion.
Yeah.
Okay, so, but he's somebody in charge of looking at.
Helping just share price I mean this you are the CFO . He just somebody who has been appointed to do that.
To really focus on this I mean, how do we need to go.
Somebody that used.
To be to be looking at utilizing that as a priority area for sure.
Yeah, we did yesterday all the CFO have yeah.
Yeah.
Okay.
Oh, yeah, yeah, some of the <unk> yeah yeah.
Listen you had a unusual.
Yeah.
And you will do something before the chemical factory.
We'll do something before it can be cold factories ready because that could take a year or two before we get that.
So are you going to do something or you are going to let the stock price.
Calling lucky person full until the last several months now.
Okay.
Yeah, just real quick.
Oh gosh, if all your social goals with Yelp in Seattle, you get one.
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San Diego no that well know that for a long time. It took a tangible team that can chat shuffle should go to those relationships.
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Hum.
Oh, Hi, Alan.
The share price you know economy, Mangonel always invoking antique, including a chance and feel okay I apologize.
We think you know that.
Price of the shares dropped.
The major reason is due to you know you'd be looking at the bromine price, which jumped from 60 more than 60 M D.
The highest and the truly since he was at 18000.
There is more than 70 person you'd chalk in this bromine price.
And.
It looks like you know the Columbian class H being selected for our share price.
The company also you know worry about and I'll share price. So we think we have the tools. That's why we had two major ways to do that.
If we look at our chemical.
With me.
Our chemical products.
Because it means every out the products now with a very low very low coffee its margin.
So the economy, that's white Sox each rest of equipment to be delivered to called the Congress wants to find new ways.
Other products, which can have high I'm watching you know did you all go to leading the company with small pockets like in this way.
They increase our you know shifts.
Price and accompanied profit.
Can be clunky email.
He is passionate.
So trying to find that much.
With its best companies best.
To improve this process and to get it done as soon as it can.
Yeah.
It will provide the company with.
Much higher opportunity in this area.
In ex crawling and producing bromine Hello, again, and the nature of gas you know and they try to bring the comparable.
It's more opportunity and more possible net profit.
Okay I'll, let other people ask questions I'll write to you already to be small because the price of bromine has been coming back carpenters share price going down so that's more than that but I do it in writing to you later on and let other people ask questions. Okay. Thank you very much and thank you for what you own.
Okay.
Okay. Thank you.
The next question comes from Frank Many private Investor Frank. Please proceed.
Yes. Thank you your balance sheet shows cash of $115 million at the end of Q2.
Your income statement shows the interest income of $73500 approximately for Q2, that's under 23%.
Annual interest.
For average cash.
Is that interest is so low and is there a conservative way to increase the interest.
Mhm, Okay theirs.
Good God.
Posted another Michel Combes since I have sanctioned that will NATO you bet you shouldn't go medium budget gosh I'm.
Actually not going to say, yes, unless you I'm, sorry, I shouldn't niche of home depot.
You're going to be she Timothy Oh, no goldfish is how do we don't want to use what gives you the tangible.
Yeah.
A woman with her male shouldn't or you share just socialists, a mango you'll junk off where you bought that you are towards the actually bloggers that issue getting into just in source Oh I'm a woman I see you go up you got your agenda.
So there Jason Trust them voice, Yeah go quite as you come out of these hard time teaching toy Oh.
Of course, you do that you're in that that also tells you the foundry gonzo so any thoughts on daughter she challenges this was a.
Examples of that.
Jean Jean Luc Oh.
Just Townsville somebody's yeah.
Sunshiny shortly I turned a lot blah blah blah blah so towards that.
Well, let's see you don't lose your quality without problems as an entre and she has her somebody with Georgia.
Pete.
But at least you forgot to Egypt.
Okay.
So because you know the company is the Moe backup constantly kit.
It's cash.
All right. So that's why you're not doing any like finance part actually bank lots of we just put the money in a flight to safety and even what you're not putting money in Nike, Inc. Trust, two or any other financing.
For example, lots of trials, which had a big problem and that because he's put up the money to U S. P&C industry and didn't know they had very Mexico found I E risks and they cannot be back so based on the combination of the way of doing this at all.
Rate count.
Turning to you to make sure it's cash in a safe position and then I can not only looking for higher you know insurance to all the time, that's why we have low like you say the interest rate.
Okay. Thank you.
Okay, well with them.
Okay. The next question comes from.
Coming Kim from <unk> Capital Corporation cooling. Please proceed.
Hi, good morning.
Two questions.
Their number one.
From the last quarter report Mr. Liu CEO .
About.
Exploring the export all your chemical products.
And can you shed some light what concrete claim.
That'd be hard to hire the people with knowledge to explore the export opportunities where your chemical products.
Oh It was all just yet.
Kimberly I told you actually like to eat well.
All right catch cold alcohol.
On the crashes had been fishing olympias schuman of an issue going fish younger people.
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And I think he colleague Jai you'll come in that cycle.
But that would mean a twinkle in your clock going more tender Touche, South Atlanta, Chicago, just like Jean Jacques Shovel I'll call the patient decided logical add on consistent execution.
Whichever Wilmington drug called Ha called all the time too.
How do you think you're going to you just wish list.
At times in that regard you should count on that you got a shutdown of a triangle you just saw what months listen, though you said you saw a survey 70 on Paypal.
I mentioned that the center of the country of Hyperbole aegis ashore debate to call on me now what Michelle Chateau Xerox yourself, especially the time, she got a whole entire living faculty I told you finish up to Nashville.
Is there some downtime there you've got fortunate Washington, just a base year College Anja.
Sure Nick.
For sure it depends on when she's done meal from end up Youtube.
That's the way that aren't going to go do a majority of them.
Neil you got someone that owns that you're going to go around the world.
And Cleveland Technical Lynch.
Hmm.
Okay. My next question.
The bromine price is.
Fluctuated and then declined dramatically from a 69500 per ton.
October 2021 and then it went down to ultimately.
18000 per ton in October 23.
My question is what are the driving forces.
Well that well, there's dramatic price fluctuation.
[laughter].
Okay. Oh go ahead, you had to go back to Joseph Joe Schwartz, who had that you'd go Jack.
When do I get them.
Do you see either shahada take up your own backend or young hosted a true yeah.
Shall I take it.
Cancel all Gabe Nacht Heather.
To Russia, Ukraine should something go from data.
Just haven't told you Joe.
Yeah, just a web tool.
Do you share them so ship.
Certainly okay.
Hi, all thank God.
Hey.
Oh pricing.
I'm sorry go ahead.
Okay. So maybe full fare needs to our shareholders I think I would transfer.
Lake, Michigan deal with their comments.
And for that it's dropping the price of bromine.
All of those U S testing that she didn't know that.
I just called out is that first.
Firstly, and secondly that it hit the pause the upcoming 19th.
So the demand was in Pi for bromine, but after it's even though.
Like past then the demise of the fault.
Which drive up the bromine price the secs or the reason because the export of pharmaceuticals.
From China to overseas.
Hi, Chris.
Right.
Hey, Mike.
Does it all still won't go out to the Bell, Canada. So well then J D. S. He always says sometimes holds water issue gosh I've got no time clock didn't have much in quite that way, so she'll, Sweden guy.
Garbage out.
Okay. So another reason for the very high price like almost 70000 army that time.
Yep.
My Kids for me then.
Yeah.
Normally the market speculation.
Only.
Bromine price, we don't see that as much high.
If we've got that matches the population.
Hi, Quinn.
Okay. Thank you.
And why they should pay from your perspective or experience that the bromine price is going to be.
Kind of stabilize in the short term or maybe the long term.
That's really the driving force of the revenue.
And the and also related to the shareholder price.
Okay now it looks like Union doesn't really conscious young age of the children chocolate shake hands. All should look a lot of times, you don't see challenging Montreal, Canada down to the shortlist jackups weight. So he's a true yeah. Yeah sure. So this is like in China led to believe that telco going to fill that gap.
Okay.
Theater, Oh, we're going we're just vicious shows will talk to you, but you took a couple of years now and how does that change or that's rolled out to Yoshida.
Yeah sure just a teach out beyond what Linda to actually share a corridor pushout, they shouldn't be an issue. They each Asia sorry, John go shop Cryo shall hold pass you don't go through that's helpful.
The audio and brought us a whole lot more going on like Hershey.
Oh.
She is helpful.
Do you endorse the whole year I see you tell them you don't but they go under you don't come home that you don't you don't get the <expletive> tied to open Chicago, You've got now you got your time. There you go that's out there that you thought you were going to wait time say three to 417 nights or how do you the take or pay your taxes.
Sure.
We're gonna like how I see it go when boot.
Sean Samsung you go check out you guys see that she does.
Yeah, one push you on how you go to whether you'd go towards where the tyco showing up what are the big one to come home to do that.
Okay Ah you're very optimistic in terms of the price stabilization.
I'm interested in industrial so Jack I'll share a child his shoes do you calculate them.
Hopefully, we wouldn't do 1% or something.
Boy chocolate.
Hum.
To tackle.
Mhm Okay.
So listen I think that's because you know bromine, where Celsius is a funding a major fundamental chemical but youll material and this result is limited so.
As this.
The if it's more than $60, a and b there have a reason for their market population, but if it's too low price like below like.
10000, RMB or about approximately 10000 ambient Macy's.
You know real estate, if you'll just take to the market reflection as well. So it makes it or do you think the price football I mean, Bill you know stabilize and go up slowly.
And this is what the company.
Be happy to see as well because yeah you this industry.
And we do not want to do enough along C. D. A beep saturation in supply channels in bromine.
Okay. Thank you my last question is the.
What are your petroleum and natural gas products.
You are working out a partnership with the government.
Okay do you anticipate.
Hum approval and then start the production of the.
Petroleum and natural gas.
And then.
What is the expected revenue and a profit margin.
Do you see production a starch is used.
Any consolidated D estimate on these future revenue and profit margin cetera.
Yeah.
Oh, there's one thing for sure.
You mean, the cleaning that she or he guaranteed.
Sure Oh, well, you're going to still trying to shop, you may go to take them down to jump on that car rental so if I take the sound well nowadays the shrink hat can sheet sure Schuh kids at home.
Do you think that Joseph had that neither Andy about autonomy, where she said Honda now at school to shuffle yields I'm trying to juggle with Hollywood's relationship.
Oh, well I'm unconvinced that how long ago, it's always just whether you finish it shouldn't I saw just a pod the doorway nice lift here in sheets with actual free telephone for the tenants because that's when you'll actually see the country where they are.
Oh, yeah, yeah, so you've got people because they either don't show up with something toffee grow without fish Honeywell Jacek coffee somewhat it seem that you could.
Yeah.
Sure Jason.
I will say the hard now.
Okay.
And hope is that with all.
Kind of.
Oh, no no door sure Samsung G Pei golf.
And that's you'll eat them some time to digest. These T V 22, we show the two other just for celestial Tiger One ball total Colo quick all you ship.
That's still the last what's your short ones are the highest.
You're shutting down a total tax.
You'll have to talk with them that I used to train.
Pleasant way, Paul say, what machines at the strategy Duncan do you want off what I tried to dial want me gets adopted yeah.
Yeah.
She.
Doesn't want machines and took on transportation choices is yourself.
So you just the social scenario.
Do you anticipate a time line for this.
Sure Neal.
Yeah sounds like thank God.
In fact that group I'm asking the question Michel when you think that eventual.
Mhm to the antenna.
For the U S international to be a woman shows you that Georgia.
So you just assure us Oh J Cox just you said you don't want a high bill.
Okay.
Okay.
Okay.
No because they see that you know that discussion with the government. So we do not have.
The timeline yet.
Yeah.
Hello.
Okay. Thank you.
I have no more okay.
The next question comes from Randy Liggett.
Private Investor Randy. Please proceed.
Thank you Hey, Alan how are you.
Hi, Randy.
Hi, sorry for all sorry for all my emails by the way but.
Obviously, everybody shareholders are frustrated we you know we've gone through this for several years no matter what the price of bromine was.
Why are we being so stubborn about hiring investment bankers.
And the PR firm.
I just don't understand we've been talking about it for quarter after quarter and you know the price of bromine was seven $770000 and the stock really.
Did not reflect the value of the company and I would think management, including yourself and the board of directors would want the stock to go up My second question is and I'll make this very short and Sweet have you all received any unsolicited offers to purchase the company or take it private.
Or anything like that thank you Allen.
Okay. Thank you those aren't in.
Timberland tissue lousy, Randy that younger than 60 70 drillship.
Ah Jewish is hepatitis B I think somebody was showing my age I'm sure you're all Gung Ho Hum Aqua.
Alfonso holds a Bachelor now if you don't mail.
Bush's where I'd caveat that they're going to go to the bathroom. So yeah. That's a ship once the mechanicals that sound like you've been pushing invasion logo shop also called the crucial also wasn't one.
With visa couldn't pohang, just a large evergreen decision triggered either when she is a woman would tend to consider you shouldn't at hotmail.
I'm Wonder woman as John just said for the year.
It'll be on making sure that you hope it.
It hasn't pulled hunger trying to find out in the Jackson and they're just as her for a hum payroll immediately ear when I saw how Permian chip, how you project going through the chapter G. G go finish it with what's left.
Hum.
Okay. That's helpful.
If you are willing to do that.
But I wasn't going to India.
India is exactly if at all.
Uh huh.
Okay.
Yes ma'am.
I'll go first question like you know.
As we previously.
We explained that we.
We want to have like a discussion with our investment bank are awesome.
But as you know Paul Kress, yet because you know if we go to discuss needs being met in bank and they will want to see real email company development value and how we want to detract me improving value right now.
Based on the kind of comedy Hi, Ted position, our project, which is now set you know on the staggers opposition to perform our development volume yet so.
And to our projects, which become more clear than they.
You can see how are we going to do this is cash I mean, you know imagine them back.
Yes, I have friends.
Yes.
Yeah.
Yes.
How about my second question have you all received any offered bunk for what's the.
And then there was 1019.
So Glenn I'm going to do that.
Just wondering on mission critical when are you all of our Gulf of Mexico.
Women, because then they wont go into Ohio and batteries to check me, Joe Jackson that'd be our data so I'm really happy I'm gonna be cooler or maybe it was an issue.
Mhm.
Okay.
So for the second question because the company never seem to have out there to sell it.
Because even though now we have low share price, but basically we really have big potential and we have confidence in.
Rich.
So you all have not had any interest from outside parties.
No.
Okay. One last thing. Thank you again, Helen I appreciate all your help.
Please update the website and please continue the communications update.
Sometimes I feel like we're going back to the old days and you know I think it's good for shareholders.
Here from you all and just kind of let us know going on not asking much there so but.
But thank you again, okay. Thank you.
Okay. Thank you.
I checked for all the information the websites will be outdated right. After the call cut me quoting the CEO and CFO Atlanta and it.
Because sometimes for the families awful you know probably the inflammation to all shareholders.
So we wanted to make sure it's fair and transparent to all our investors.
Thank you Randy.
Okay. We have a question coming from Bill Bender private Investor Bill. Please proceed.
Thank you good morning, Helen.
Question is in general, but I've been an investor for over 10 years and.
Sure many of the thoughts that the previous callers.
But if you look back over the last five years.
Yeah, we discovered natural gas.
Then you had a tsunami.
Replenished and.
Really made state of the yard bromine factories, even though there's a few not opened yet.
And then we were really banking on this new chemical factory for 2023 that was to open in January .
It's now August .
It doesn't bind there were delays in equipment that was for Covid. There's no more delays you can get anything in the world today and the frustration is building and building because we keep.
Going quarter to quarter with the same story.
And I'm, sorry, but the bromine price is not the problem Helen our problem was we were losing investor confidence and I think.
As a matter of us and Mr. Lu and the board.
Have put their own money on the line I know they did.
They want the share price to go higher you hear all the callers here, who are just investors I've been an investor for 40 years.
It really doesn't take much in three months to make a promise of something.
We have a brand new state of the art chemical factory that should be making something.
And making money and delivering products that.
Eight months of sitting there I saw the pictures.
So the confidence from an investor when every quarter tells us it's something else.
We have not done anything with natural gas and I don't even hear a reason why we discovered we have natural gas and we can't sell it. It's one of the most largest demand items in the world.
So my question is.
This simple.
I remain an investor I've been in this 10 years, if I want to remain an investor for the next three months.
I would like Mr. Lu to tell me why I should remain an investor and not finally sell my shares at $2 a share.
Yeah.
Hi, Lindsay sexual question, maybe I explain first chip because you know for our chemical factory, you know well I mean prices have jumped from almost 70000, RMB 218000, R&D Mozart's centered placement decrease and.
D. C. C. You know two chemokine backstage as well chemical products also jumped a notch.
So the company, even though it's technically.
Many of effect the effect she is oh.
Most completed for the season, you'll see them.
You know competition, but in Cleveland, which can be petsmart life. For example, a salary patents, which have much lower profit margin no.
Have different equipments requirements than paper, making chemicals, because paper, making chemicals, it's more polluted and which you require more strict equipment.
So that's why companies stopped it.
Current market condition stopped that deliberate.
Dressed equipment because company now cannot see clearly they are you can really go in different ways.
We should just passive safety products, you can want to profit, probably do and which can cause.
And then bringing more value to our company and our shareholders.
That's why it for these chemical sexy secondly, if in the past our neutral that's caused us to eat some problems.
Firstly it caused.
That's the whole province.
<unk> seen the NAND and does he salt in planning and to the government to finish you know that.
Let me then company can tend to me is as far as the applications with government.
That's why this process has been delayed and no company because air yeah huge opportunities easy that seems to Trump and the company wants to you know bring garments to join US maybe we establish a joint venture company Vancamp brings a comparably small.
Opportunities in this industry is just one area.
Mhm overall D C company still a conservative view of company and we achieved nothing very aggressive as we can see.
Yes.
Well the the conservative view quite honestly I remember I was an investor when bromide was $2000 and you were very profitable but the.
Bromine prices are going to go up and they're going to go down for the next 10 years. We're building a company here that is going to be on the bromine business and we can adapt accordingly, we can't put off and wait for bromine is never going to go to 70000 again so.
So the delays of the chemical factory are very concerning to me an investor the.
Time, it takes to make any decision to partner to do anything because the patients are just look at the volume of your shares without earnings does shares had been going down because people are selling that's it's that simple and they're losing hope in.
You know there is not one quarter that we get on this call.
Here really good last year, we were profitable and the stock went to three.
We need to know that.
Our actions being taken to keep your investors who've been with you for many many years keep.
Keep us engaged and I've been on the call for one hour and it seems to me I'm hearing the same story.
Delays in wise in the six year plan is becoming a 10 year plan.
And in the meantime, the markets are recovering interest rates are high I agree with the gentleman that having a $115 million in cash earning $70000.
In America, you would earn $570000 so.
Just would like some action from the board to take this call Tonight from all your investors seriously.
Because it seems like we all have the same concerns Helen.
And I know you've been here for 10 years with.
I know that so we're all frustrated but we have to make take this serious to make some progress in the next three to six months.
Thank you okay.
Okay. Thank you. Thank you for your comments.
Yeah.
Okay.
Okay, I would like to turn the floor back to Helen.
For any closing remarks, just like we have reached the end of the the top of the hour.
Hi, John I think that that's all for today and it's been our time cozy.
Yes.
Thank you ladies and gentlemen, this does complete our question and answer session.
This concludes today's conference and you may disconnect your lines at this time.
Thank you for your participants you Jim you have good night.
Okay Bye bye.
Thank you Mr. Liu.
Okay.
Okay.