10-Q Filing

IT TECH PACKAGING, INC. CIK: 1358190 Q3 2011

Filing Information

Form Type	10-Q
Accession Number	`0001144204-11-062531`
Period End Date	20110930
Filing Date	20111109
Fiscal Year	2011
Fiscal Period	Q3
XBRL Instance	onp-20110930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 68 Cash Flow Statement 62

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$51.22K	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
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
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.95M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.78M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.35M	shares	Point-in-time
Notes receivable	`NotesReceivableNet`	$308.54K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.34M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.35M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.34M	shares	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $51,216 and $37,535 as of September 30, 2011 and December 31, 2010, respectively)	`AccountsReceivableNetCurrent`	$1.84M	USD	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $51,216 and $37,535 as of September 30, 2011 and December 31, 2010, respectively)	`AccountsReceivableNetCurrent`	$2.51M	USD	Point-in-time
Inventories	`InventoryNet`	$7.42M	USD	Point-in-time
Inventories	`InventoryNet`	$3.70M	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$184.72K	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$302.29K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.46M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.10M	USD	Point-in-time
Prepayment on property, plant and equipment	`PrepaidExpenseOtherNoncurrent`	$6.96M	USD	Point-in-time
Prepayment on property, plant and equipment	`PrepaidExpenseOtherNoncurrent`	$7.20M	USD	Point-in-time
Property, Plant, and Equipment, net	`PropertyPlantAndEquipmentNet`	$116.92M	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`	$135.58M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$2.82M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$2.87M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.01M	USD	Point-in-time
Loan from related parties	`DueToRelatedPartiesCurrent`	$2.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$144.69K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$413.47K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$397.49K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$336.93K	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$1.26M	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$2.36M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.68M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.76M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.30M	USD	Point-in-time
Loan from credit union	`OtherLoansPayableLongTerm`	$5.66M	USD	Point-in-time
Loan from related parties	`DueToRelatedPartiesNoncurrent`	$2.29M	USD	Point-in-time
Loan from related parties	`DueToRelatedPartiesNoncurrent`	$2.21M	USD	Point-in-time
Total liabilities	`Liabilities`	$13.96M	USD	Point-in-time
Total liabilities	`Liabilities`	$14.24M	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 shares issued and outstanding as of September 30, 2011 and December 31, 2010, respectively	`CommonStockValue`	$18.34K	USD	Point-in-time
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 18,350,191 and 18,344,811 shares issued and outstanding as of September 30, 2011 and December 31, 2010, respectively	`CommonStockValue`	$18.35K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$45.76M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$45.73M	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`	$10.76M	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`	$59.14M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$101.54M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$121.34M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$135.58M	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`	$111.83M	USD	3 Qtrs
Revenues	`Revenues`	$23.01M	USD	1 Quarter
Revenues	`Revenues`	$87.72M	USD	3 Qtrs
Revenues	`Revenues`	$37.07M	USD	1 Quarter
Cost of Sales	`CostOfGoodsSold`	$69.93M	USD	3 Qtrs
Cost of Sales	`CostOfGoodsSold`	$87.26M	USD	3 Qtrs
Cost of Sales	`CostOfGoodsSold`	$19.18M	USD	1 Quarter
Cost of Sales	`CostOfGoodsSold`	$29.08M	USD	1 Quarter
Gross Profit	`GrossProfit`	$7.99M	USD	1 Quarter
Gross Profit	`GrossProfit`	$24.58M	USD	3 Qtrs
Gross Profit	`GrossProfit`	$17.79M	USD	3 Qtrs
Gross Profit	`GrossProfit`	$3.82M	USD	1 Quarter
Selling, General and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$2.04M	USD	3 Qtrs
Selling, General and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$2.16M	USD	3 Qtrs
Selling, General and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$461.31K	USD	1 Quarter
Selling, General and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$1.08M	USD	1 Quarter
Loss from Disposal of Property, Plant and Equipment	`GainLossOnDispositionOfProperty`	$-69.63K	USD	3 Qtrs
Loss from Disposal of Property, Plant and Equipment	`GainLossOnDispositionOfProperty`	$-460.00	USD	1 Quarter
Loss from Disposal of Property, Plant and Equipment	`GainLossOnDispositionOfProperty`	$-1.10M	USD	3 Qtrs
Loss from Disposal of Property, Plant and Equipment	`GainLossOnDispositionOfProperty`	$-15.57K	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$7.53M	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$22.46M	USD	3 Qtrs
Income from Operations	`OperatingIncomeLoss`	$14.53M	USD	3 Qtrs
Income from Operations	`OperatingIncomeLoss`	$2.72M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$31.30K	USD	3 Qtrs
Interest income	`InvestmentIncomeInterest`	$7.05K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$41.38K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$130.86K	USD	3 Qtrs
Interest expense	`InterestExpense`	$136.32K	USD	1 Quarter
Interest expense	`InterestExpense`	$489.80K	USD	3 Qtrs
Interest expense	`InterestExpense`	$469.57K	USD	3 Qtrs
Interest expense	`InterestExpense`	$222.74K	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$14.19M	USD	3 Qtrs
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.63M	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$22.01M	USD	3 Qtrs
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$7.32M	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$3.95M	USD	3 Qtrs
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$1.88M	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$864.71K	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$5.86M	USD	3 Qtrs
Net Income	`NetIncomeLoss`	$16.15M	USD	3 Qtrs
Net Income	`NetIncomeLoss`	$10.24M	USD	3 Qtrs
Net Income	`NetIncomeLoss`	$5.43M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$1.76M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$3.62M	USD	3 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$1.51M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$1.16M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$1.84M	USD	3 Qtrs
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$12.08M	USD	3 Qtrs
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$3.28M	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$19.76M	USD	3 Qtrs
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$6.59M	USD	1 Quarter
Basic Earnings per Share	`EarningsPerShareBasic`	$0.30	USD	1 Quarter
Basic Earnings per Share	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
Basic Earnings per Share	`EarningsPerShareBasic`	$0.60	USD	3 Qtrs
Basic Earnings per Share	`EarningsPerShareBasic`	$0.88	USD	3 Qtrs
Fully Diluted Earnings per Share	`EarningsPerShareDiluted`	$0.60	USD	3 Qtrs
Fully Diluted Earnings per Share	`EarningsPerShareDiluted`	$0.30	USD	1 Quarter
Fully Diluted Earnings per Share	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter
Fully Diluted Earnings per Share	`EarningsPerShareDiluted`	$0.88	USD	3 Qtrs
Outstanding - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	18.35M	shares	3 Qtrs
Outstanding - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	18.35M	shares	1 Quarter
Outstanding - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	18.34M	shares	1 Quarter
Outstanding - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	17.13M	shares	3 Qtrs
Outstanding - Fully Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.35M	shares	3 Qtrs
Outstanding - Fully Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.35M	shares	1 Quarter
Outstanding - Fully Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.34M	shares	1 Quarter
Outstanding - Fully Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	17.13M	shares	3 Qtrs

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$16.15M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$10.24M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$5.43M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.76M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.10M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$3.31M	USD	3 Qtrs
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-69.63K	USD	3 Qtrs
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-1.10M	USD	3 Qtrs
Allowance for bad debts	`ProvisionForDoubtfulAccounts`	$12.18K	USD	3 Qtrs
Allowance for bad debts	`ProvisionForDoubtfulAccounts`	$47.03K	USD	3 Qtrs
Stock-based expense for service received	`ShareBasedCompensation`	$30.37K	USD	3 Qtrs
Stock-based expense for service received	`ShareBasedCompensation`	$101.05K	USD	3 Qtrs
Accounts and notes receivable	`IncreaseDecreaseInAccountsAndNotesReceivable`	$1.76M	USD	3 Qtrs
Accounts and notes receivable	`IncreaseDecreaseInAccountsAndNotesReceivable`	$294.49K	USD	3 Qtrs
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-240.46K	USD	3 Qtrs
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$112.10K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$239.07K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-3.92M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.34M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-278.87K	USD	3 Qtrs
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$49.84K	USD	3 Qtrs
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-4.39K	USD	3 Qtrs
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-405.58K	USD	3 Qtrs
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-1.03M	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-670.06K	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-95.53K	USD	3 Qtrs
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$21.73M	USD	3 Qtrs
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$14.09M	USD	3 Qtrs
Prepayment/deposit for purchase of property, plant and equipment	`PaymentsForProceedsFromOtherInvestingActivities`	$133.31K	USD	3 Qtrs
Prepayment/deposit for purchase of property, plant and equipment	`PaymentsForProceedsFromOtherInvestingActivities`	$22.59M	USD	3 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.19M	USD	3 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$29.39M	USD	3 Qtrs
Proceeds from disposal of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$748.00	USD	3 Qtrs
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-29.52M	USD	3 Qtrs
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-23.79M	USD	3 Qtrs
Proceeds from related party loans	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$200.00K	USD	3 Qtrs
Repayment of related party loans	`RepaymentsOfRelatedPartyDebt`	$2.08M	USD	3 Qtrs
Repayment of related party loans	`RepaymentsOfRelatedPartyDebt`	$200.00K	USD	3 Qtrs
Proceeds from bank loans	`ProceedsFromBankDebt`	$8.35M	USD	3 Qtrs
Proceeds from bank loans	`ProceedsFromBankDebt`	$880.23K	USD	3 Qtrs
Repayments of bank loans	`RepaymentsOfBankDebt`	$2.38M	USD	3 Qtrs
Repayments of bank loans	`RepaymentsOfBankDebt`	$4.98M	USD	3 Qtrs
Proceeds from public offering of common stock	`ProceedsFromIssuanceInitialPublicOffering`	$26.57M	USD	3 Qtrs
Reclassification of restricted cash to cash and cash equivalents	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$29.11K	USD	3 Qtrs
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$1.29M	USD	3 Qtrs
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$25.10M	USD	3 Qtrs
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$432.78K	USD	3 Qtrs
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$103.21K	USD	3 Qtrs
Net (Decrease)/ Increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-6.40M	USD	3 Qtrs
Net (Decrease)/ Increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$15.83M	USD	3 Qtrs
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`	$4.95M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$22.78M	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`	$4.95M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$22.78M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$302.58K	USD	3 Qtrs
Cash paid for interest	`InterestPaid`	$512.75K	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$5.96M	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$4.62M	USD	3 Qtrs

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