10-Q Filing

IT TECH PACKAGING, INC. CIK: 1358190 Q2 2011

Filing Information

Form Type	10-Q
Accession Number	`0001144204-11-044763`
Period End Date	20110630
Filing Date	20110809
Fiscal Year	2011
Fiscal Period	Q2
XBRL Instance	onp-20110630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 68 Cash Flow Statement 60

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$58.26K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$37.53K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.28M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.95M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.35M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.09M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.35M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.34M	shares	Point-in-time
Notes receivable	`NotesReceivableNet`	$308.54K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.35M	shares	Point-in-time
Accounts receivable (net of allowance for doubtfulaccounts of $58,264 and $37,535 as of June 30, 2011 and December 31, 2010, respectively)	`AccountsReceivableNetCurrent`	$2.91M	USD	Point-in-time
Accounts receivable (net of allowance for doubtfulaccounts of $58,264 and $37,535 as of June 30, 2011 and December 31, 2010, respectively)	`AccountsReceivableNetCurrent`	$1.84M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.34M	shares	Point-in-time
Inventories	`InventoryNet`	$7.42M	USD	Point-in-time
Inventories	`InventoryNet`	$6.15M	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$548.81K	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$184.72K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.10M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.89M	USD	Point-in-time
Prepayment on property, plant and equipment	`PrepaidExpenseOtherNoncurrent`	$6.96M	USD	Point-in-time
Prepayment on property, plant and equipment	`PrepaidExpenseOtherNoncurrent`	$7.12M	USD	Point-in-time
Property, Plant, and Equipment, net	`PropertyPlantAndEquipmentNet`	$109.76M	USD	Point-in-time
Property, Plant, and Equipment, net	`PropertyPlantAndEquipmentNet`	$87.45M	USD	Point-in-time
Total Assets	`Assets`	$115.51M	USD	Point-in-time
Total Assets	`Assets`	$132.77M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$2.87M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$2.94M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.01M	USD	Point-in-time
Loan from related parties	`DueToRelatedPartiesCurrent`	$2.09M	USD	Point-in-time
Loan from related parties	`DueToRelatedPartiesCurrent`	$2.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$413.47K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.39M	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$362.62K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$336.93K	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$2.36M	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$1.48M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.72M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.91M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.18M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.76M	USD	Point-in-time
Loan from credit union	`OtherLoansPayableLongTerm`	$5.59M	USD	Point-in-time
Loan from related parties	`DueToRelatedPartiesNoncurrent`	$2.21M	USD	Point-in-time
Loan from related parties	`DueToRelatedPartiesNoncurrent`	$2.26M	USD	Point-in-time
Total liabilities	`Liabilities`	$18.03M	USD	Point-in-time
Total liabilities	`Liabilities`	$13.96M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 18,350,191 and 18,344,811 sharesissued and outstanding as of June 30, 2011 andDecember 31, 2010, respectively	`CommonStockValue`	$18.35K	USD	Point-in-time
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 18,350,191 and 18,344,811 sharesissued and outstanding as of June 30, 2011 andDecember 31, 2010, respectively	`CommonStockValue`	$18.34K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$45.73M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$45.76M	USD	Point-in-time
Statutory earnings reserve	`RetainedEarningsAppropriated`	$5.66M	USD	Point-in-time
Statutory earnings reserve	`RetainedEarningsAppropriated`	$5.66M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$9.59M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$7.14M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$43.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$53.71M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$101.54M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$114.74M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$132.77M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$115.51M	USD	Point-in-time

Income Statement 68 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$38.26M	USD	1 Quarter
Revenues	`Revenues`	$64.72M	USD	2 Qtrs
Revenues	`Revenues`	$41.53M	USD	1 Quarter
Revenues	`Revenues`	$74.76M	USD	2 Qtrs
Cost of Sales	`CostOfGoodsSold`	$50.75M	USD	2 Qtrs
Cost of Sales	`CostOfGoodsSold`	$29.13M	USD	1 Quarter
Cost of Sales	`CostOfGoodsSold`	$32.73M	USD	1 Quarter
Cost of Sales	`CostOfGoodsSold`	$58.18M	USD	2 Qtrs
Gross Profit	`GrossProfit`	$9.13M	USD	1 Quarter
Gross Profit	`GrossProfit`	$16.58M	USD	2 Qtrs
Gross Profit	`GrossProfit`	$8.81M	USD	1 Quarter
Gross Profit	`GrossProfit`	$13.97M	USD	2 Qtrs
Selling, General and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$1.58M	USD	2 Qtrs
Selling, General and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$638.36K	USD	1 Quarter
Selling, General and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$1.08M	USD	2 Qtrs
Selling, General and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$719.68K	USD	1 Quarter
Loss from Disposal of Property, Plant and Equipment	`GainLossOnDispositionOfProperty`	$-1.08M	USD	2 Qtrs
Loss from Disposal of Property, Plant and Equipment	`GainLossOnDispositionOfProperty`	$-1.08M	USD	1 Quarter
Loss from Disposal of Property, Plant and Equipment	`GainLossOnDispositionOfProperty`	$-69.17K	USD	2 Qtrs
Loss from Disposal of Property, Plant and Equipment	`GainLossOnDispositionOfProperty`	$-607.00	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$7.41M	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$11.81M	USD	2 Qtrs
Income from Operations	`OperatingIncomeLoss`	$14.93M	USD	2 Qtrs
Income from Operations	`OperatingIncomeLoss`	$8.09M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$13.11K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$62.29K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$24.25K	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$89.47K	USD	2 Qtrs
Interest expense	`InterestExpense`	$267.06K	USD	2 Qtrs
Interest expense	`InterestExpense`	$136.99K	USD	1 Quarter
Interest expense	`InterestExpense`	$333.25K	USD	2 Qtrs
Interest expense	`InterestExpense`	$169.93K	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$7.30M	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$11.56M	USD	2 Qtrs
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$14.69M	USD	2 Qtrs
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$7.97M	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$3.09M	USD	2 Qtrs
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$1.95M	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$2.10M	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$3.98M	USD	2 Qtrs
Net Income	`NetIncomeLoss`	$10.71M	USD	2 Qtrs
Net Income	`NetIncomeLoss`	$8.48M	USD	2 Qtrs
Net Income	`NetIncomeLoss`	$5.35M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$5.86M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$2.46M	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$1.79M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$318.55K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$327.50K	USD	2 Qtrs
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$7.65M	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$13.17M	USD	2 Qtrs
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$5.67M	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$8.81M	USD	2 Qtrs
Basic Earnings per Share	`EarningsPerShareBasic`	$0.51	USD	2 Qtrs
Basic Earnings per Share	`EarningsPerShareBasic`	$0.32	USD	1 Quarter
Basic Earnings per Share	`EarningsPerShareBasic`	$0.30	USD	1 Quarter
Basic Earnings per Share	`EarningsPerShareBasic`	$0.58	USD	2 Qtrs
Fully Diluted Earnings per Share	`EarningsPerShareDiluted`	$0.30	USD	1 Quarter
Fully Diluted Earnings per Share	`EarningsPerShareDiluted`	$0.58	USD	2 Qtrs
Fully Diluted Earnings per Share	`EarningsPerShareDiluted`	$0.32	USD	1 Quarter
Fully Diluted Earnings per Share	`EarningsPerShareDiluted`	$0.51	USD	2 Qtrs
Outstanding - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	18.35M	shares	2 Qtrs
Outstanding - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	16.51M	shares	2 Qtrs
Outstanding - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	18.35M	shares	1 Quarter
Outstanding - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	18.11M	shares	1 Quarter
Outstanding - Fully Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.35M	shares	1 Quarter
Outstanding - Fully Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	16.51M	shares	2 Qtrs
Outstanding - Fully Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.35M	shares	2 Qtrs
Outstanding - Fully Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.11M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$10.71M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$8.48M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$5.35M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.86M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.02M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$2.19M	USD	2 Qtrs
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-69.17K	USD	2 Qtrs
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-1.08M	USD	2 Qtrs
Allowance for bad debts	`ProvisionForDoubtfulAccounts`	$31.29K	USD	2 Qtrs
Allowance for bad debts	`ProvisionForDoubtfulAccounts`	$19.66K	USD	2 Qtrs
Stock-based expense for service received	`ShareBasedCompensation`	$30.37K	USD	2 Qtrs
Stock-based expense for service received	`ShareBasedCompensation`	$101.05K	USD	2 Qtrs
Accounts and notes receivable	`IncreaseDecreaseInAccountsAndNotesReceivable`	$727.35K	USD	2 Qtrs
Accounts and notes receivable	`IncreaseDecreaseInAccountsAndNotesReceivable`	$1.56M	USD	2 Qtrs
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$358.55K	USD	2 Qtrs
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$58.24K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$2.36M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-1.43M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$957.16K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.81M	USD	2 Qtrs
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$18.75K	USD	2 Qtrs
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$4.29K	USD	2 Qtrs
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$507.64K	USD	2 Qtrs
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-787.12K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$155.93K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$689.41K	USD	2 Qtrs
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$13.71M	USD	2 Qtrs
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$10.74M	USD	2 Qtrs
Prepayment/deposit for purchase of property, plant and equipment	`PaymentsForProceedsFromOtherInvestingActivities`	$132.43K	USD	2 Qtrs
Prepayment/deposit for purchase of property, plant and equipment	`PaymentsForProceedsFromOtherInvestingActivities`	$19.61M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$22.35M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$263.02K	USD	2 Qtrs
Proceeds from disposal of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$743.00	USD	2 Qtrs
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-19.87M	USD	2 Qtrs
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-22.48M	USD	2 Qtrs
Proceeds from related party loans	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$200.00K	USD	2 Qtrs
Repayment of related party loans	`RepaymentsOfRelatedPartyDebt`	$200.00K	USD	2 Qtrs
Proceeds from bank loans	`ProceedsFromBankDebt`	$7.52M	USD	2 Qtrs
Repayments of bank loans	`RepaymentsOfBankDebt`	$4.02M	USD	2 Qtrs
Repayments of bank loans	`RepaymentsOfBankDebt`	$2.37M	USD	2 Qtrs
Proceeds from public offering of common stock	`ProceedsFromIssuanceInitialPublicOffering`	$26.57M	USD	2 Qtrs
Reclassification of restricted cash to cash and cash equivalents	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$29.11K	USD	2 Qtrs
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$3.50M	USD	2 Qtrs
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$24.23M	USD	2 Qtrs
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$202.78K	USD	2 Qtrs
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$38.99K	USD	2 Qtrs
Net (Decrease)/ Increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$15.14M	USD	2 Qtrs
Net (Decrease)/ Increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.07M	USD	2 Qtrs
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$6.28M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$6.95M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$11.35M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$22.09M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$6.28M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$6.95M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$11.35M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$22.09M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$262.10K	USD	2 Qtrs
Cash paid for interest	`InterestPaid`	$222.22K	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$3.82M	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$2.40M	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.