10-Q Filing

IT TECH PACKAGING, INC. CIK: 1358190 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001144204-12-027615`
Period End Date	20120331
Filing Date	20120510
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	onp-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 29 Cash Flow Statement 57

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$73.49K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$76.75K	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`	$4.17M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.63M	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`	$11.68M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.46M	shares	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $73,491 and $76,752 as of March 31, 2012 and December 31, 2011, respectively)	`AccountsReceivableNetCurrent`	$3.75M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.35M	shares	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $73,491 and $76,752 as of March 31, 2012 and December 31, 2011, respectively)	`AccountsReceivableNetCurrent`	$3.82M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.35M	shares	Point-in-time
Inventories	`InventoryNet`	$7.90M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.46M	shares	Point-in-time
Inventories	`InventoryNet`	$10.01M	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.65M	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.07M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.92M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$23.07M	USD	Point-in-time
Prepayment on property, plant and equipment	`PrepaidExpenseOtherNoncurrent`	$7.24M	USD	Point-in-time
Prepayment on property, plant and equipment	`PrepaidExpenseOtherNoncurrent`	$7.28M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$114.65M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$120.67M	USD	Point-in-time
Total Assets	`Assets`	$144.96M	USD	Point-in-time
Total Assets	`Assets`	$149.87M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$2.77M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$2.83M	USD	Point-in-time
Loan from related parties	`DueToRelatedPartiesCurrent`	$2.31M	USD	Point-in-time
Loan from related parties	`DueToRelatedPartiesCurrent`	$2.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.77M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$99.40K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$260.00K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$308.29K	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$1.59M	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$2.00M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.74M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$3.45M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.74M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.89M	USD	Point-in-time
Loans from credit union	`OtherLoansPayableLongTerm`	$5.69M	USD	Point-in-time
Loans from credit union	`OtherLoansPayableLongTerm`	$5.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$17.43M	USD	Point-in-time
Total liabilities	`Liabilities`	$16.61M	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, 18,459,775 and 18,350,191 shares issued and outstanding as of March 31, 2012 and December 31, 2011, respectively	`CommonStockValue`	$18.35K	USD	Point-in-time
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 18,459,775 and 18,350,191 shares issued and outstanding as of March 31, 2012 and December 31, 2011, respectively	`CommonStockValue`	$18.46K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$46.14M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$45.76M	USD	Point-in-time
Statutory earnings reserve	`RetainedEarningsAppropriated`	$5.86M	USD	Point-in-time
Statutory earnings reserve	`RetainedEarningsAppropriated`	$5.86M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$12.11M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$11.44M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$69.12M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$64.44M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$133.25M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$127.53M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$144.96M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$149.87M	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$34.41M	USD	1 Quarter
Revenues	`Revenues`	$33.23M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$25.45M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$26.66M	USD	1 Quarter
Gross Profit	`GrossProfit`	$7.75M	USD	1 Quarter
Gross Profit	`GrossProfit`	$7.77M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.04M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$860.29K	USD	1 Quarter
Loss from disposal of property, plant and equipment	`GainLossOnDispositionOfProperty`	$-68.56K	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$6.84M	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$6.71M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.72K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$11.15K	USD	1 Quarter
Interest expense	`InterestExpense`	$204.87K	USD	1 Quarter
Interest expense	`InterestExpense`	$130.07K	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$6.51M	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$6.72M	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$1.87M	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$1.83M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$4.85M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$4.68M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$663.50K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$669.49K	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$5.35M	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$5.52M	USD	1 Quarter
Basic and Fully Diluted Earnings per Share	`EarningsPerShareBasicAndDiluted`	$0.26	USD	1 Quarter
Basic and Fully Diluted Earnings per Share	`EarningsPerShareBasicAndDiluted`	$0.25	USD	1 Quarter
Outstanding - Basic and Fully Diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	18.45M	shares	1 Quarter
Outstanding - Basic and Fully Diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	18.35M	shares	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Issuance of common stock to directors and officers, shares	`IssuanceOfCommonStockSharesForService`	109,584.00	shares	1 Quarter
Net income	`NetIncomeLoss`	$4.85M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.68M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$1.08M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$1.96M	USD	1 Quarter
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-68.56K	USD	1 Quarter
(Recovery from)/allowance for bad debts	`ProvisionForReductionOfDoubtfulAccounts`	$-24.40K	USD	1 Quarter
(Recovery from)/allowance for bad debts	`ProvisionForReductionOfDoubtfulAccounts`	$3.68K	USD	1 Quarter
Stock-based expense for service received	`ShareBasedCompensation`	$378.06K	USD	1 Quarter
Stock-based expense for service received	`ShareBasedCompensation`	$30.37K	USD	1 Quarter
Accounts and notes receivable	`IncreaseDecreaseInAccountsAndNotesReceivable`	$910.29K	USD	1 Quarter
Accounts and notes receivable	`IncreaseDecreaseInAccountsAndNotesReceivable`	$-96.95K	USD	1 Quarter
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-450.45K	USD	1 Quarter
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.62K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.99M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-2.17M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$384.20K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.69M	USD	1 Quarter
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$704.00	USD	1 Quarter
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-49.56K	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-545.57K	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$656.54K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.61M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.70M	USD	1 Quarter
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$8.59M	USD	1 Quarter
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$9.35M	USD	1 Quarter
Prepayment/deposit for purchase of property, plant and equipment	`PaymentsForProceedsFromOtherInvestingActivities`	$2.45M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.17M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.84M	USD	1 Quarter
Proceeds from disposal of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$736.00	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.62M	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.84M	USD	1 Quarter
Repayment of related party loans	`RepaymentsOfRelatedPartyDebt`	$200.00K	USD	1 Quarter
Proceeds from bank loans	`ProceedsFromBankDebt`	$1.49M	USD	1 Quarter
Proceeds from bank loans	`ProceedsFromBankDebt`	$1.98M	USD	1 Quarter
Repayments of bank loans	`RepaymentsOfBankDebt`	$2.06M	USD	1 Quarter
Repayments of bank loans	`RepaymentsOfBankDebt`	$3.99M	USD	1 Quarter
Net Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-279.25K	USD	1 Quarter
Net Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.49M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$13.48K	USD	1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$75.23K	USD	1 Quarter
Net Increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.46M	USD	1 Quarter
Net Increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$329.89K	USD	1 Quarter
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.17M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$5.63M	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`	$11.68M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.17M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$5.63M	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`	$11.68M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$171.01K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$187.54K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$259.85K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$128.57K	USD	1 Quarter
Disposal of property, plant and equipment in lieu of payment for construction cost of a new plant	`DisposalOfAssetInSettlementOfObligation`	$243.48K	USD	1 Quarter
Issuance of 109,584 shares of common stock to directors and officers	`StockIssued1`	$378.06K	USD	1 Quarter

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