10-Q Filing

IT TECH PACKAGING, INC. CIK: 1358190 Q2 2012

Filing Information

Form Type	10-Q
Accession Number	`0001144204-12-044028`
Period End Date	20120630
Filing Date	20120809
Fiscal Year	2012
Fiscal Period	Q2
XBRL Instance	onp-20120630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 58 Cash Flow Statement 62 Stockholders Equity 14

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$60.34K	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`	$6.28M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.16M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.35M	USD	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
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.35M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.46M	shares	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $60,339 and $76,752 as of June 30, 2012 and December 31, 2011, respectively)	`AccountsReceivableNetCurrent`	$3.82M	USD	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $60,339 and $76,752 as of June 30, 2012 and December 31, 2011, respectively)	`AccountsReceivableNetCurrent`	$3.05M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.35M	shares	Point-in-time
Inventories	`InventoryNet`	$10.01M	USD	Point-in-time
Inventories	`InventoryNet`	$8.59M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.46M	shares	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.51M	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.07M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$23.07M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$22.31M	USD	Point-in-time
Prepayment on property, plant and equipment	`PrepaidExpenseOtherNoncurrent`	$7.24M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$129.51M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$114.65M	USD	Point-in-time
Total Assets	`Assets`	$144.96M	USD	Point-in-time
Total Assets	`Assets`	$151.82M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$2.83M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$2.77M	USD	Point-in-time
Current portion of long-term loan from credit union	`LongTermDebtCurrent`	$4.17M	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`	$737.64K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.77M	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$235.85K	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`	$2.38M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.74M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$925.34K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.74M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.53M	USD	Point-in-time
Loan from credit union	`OtherLoansPayableLongTerm`	$1.56M	USD	Point-in-time
Loan from credit union	`OtherLoansPayableLongTerm`	$5.69M	USD	Point-in-time
Total liabilities	`Liabilities`	$17.43M	USD	Point-in-time
Total liabilities	`Liabilities`	$15.09M	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 June 30, 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 June 30, 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`	$12.20M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$11.44M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$64.44M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$72.50M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$136.73M	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`	$151.82M	USD	Point-in-time

Income Statement 58 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$35.52M	USD	1 Quarter
Revenues	`Revenues`	$69.93M	USD	2 Qtrs
Revenues	`Revenues`	$41.53M	USD	1 Quarter
Revenues	`Revenues`	$74.76M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$56.39M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$58.18M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$29.74M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$32.73M	USD	1 Quarter
Gross Profit	`GrossProfit`	$5.79M	USD	1 Quarter
Gross Profit	`GrossProfit`	$8.81M	USD	1 Quarter
Gross Profit	`GrossProfit`	$16.58M	USD	2 Qtrs
Gross Profit	`GrossProfit`	$13.54M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$719.68K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.58M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.73M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$686.13K	USD	1 Quarter
Loss from disposal of property, plant and equipment	`GainLossOnDispositionOfProperty`	$-607.00	USD	1 Quarter
Loss from disposal of property, plant and equipment	`GainLossOnDispositionOfProperty`	$-69.17K	USD	2 Qtrs
Income from Operations	`OperatingIncomeLoss`	$11.81M	USD	2 Qtrs
Income from Operations	`OperatingIncomeLoss`	$5.10M	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$8.09M	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$14.93M	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$13.11K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$24.25K	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$5.99K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$10.71K	USD	2 Qtrs
Interest expense	`InterestExpense`	$136.99K	USD	1 Quarter
Interest expense	`InterestExpense`	$425.63K	USD	2 Qtrs
Interest expense	`InterestExpense`	$220.76K	USD	1 Quarter
Interest expense	`InterestExpense`	$267.06K	USD	2 Qtrs
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$7.97M	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$11.39M	USD	2 Qtrs
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.88M	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$14.69M	USD	2 Qtrs
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$1.27M	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$2.10M	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$3.10M	USD	2 Qtrs
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$3.98M	USD	2 Qtrs
Net Income	`NetIncomeLoss`	$5.86M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$3.61M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$10.71M	USD	2 Qtrs
Net Income	`NetIncomeLoss`	$8.29M	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.79M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$761.83K	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$2.46M	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$92.34K	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$7.65M	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$3.70M	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$13.17M	USD	2 Qtrs
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$9.05M	USD	2 Qtrs
Basic and Fully Diluted Earnings per Share	`EarningsPerShareBasicAndDiluted`	$0.45	USD	2 Qtrs
Basic and Fully Diluted Earnings per Share	`EarningsPerShareBasicAndDiluted`	$0.20	USD	1 Quarter
Basic and Fully Diluted Earnings per Share	`EarningsPerShareBasicAndDiluted`	$0.32	USD	1 Quarter
Basic and Fully Diluted Earnings per Share	`EarningsPerShareBasicAndDiluted`	$0.58	USD	2 Qtrs
Outstanding - Basic and Fully Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.35M	shares	1 Quarter
Outstanding - Basic and Fully Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.46M	shares	1 Quarter
Outstanding - Basic and Fully Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.45M	shares	2 Qtrs
Outstanding - Basic and Fully Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.35M	shares	2 Qtrs

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$5.86M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.61M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.71M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$8.29M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$2.09M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$4.05M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$1.10M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.19M	USD	2 Qtrs
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-69.17K	USD	2 Qtrs
(Recovery from)/allowance for bad debts	`ProvisionAndRecoveryForDoubtfulAccounts`	$19.66K	USD	2 Qtrs
(Recovery from)/allowance for bad debts	`ProvisionAndRecoveryForDoubtfulAccounts`	$-16.88K	USD	2 Qtrs
Stock-based expense for service received	`ShareBasedCompensation`	$378.06K	USD	2 Qtrs
Stock-based expense for service received	`ShareBasedCompensation`	$30.37K	USD	2 Qtrs
Accounts and notes receivable	`IncreaseDecreaseInAccountsAndNotesReceivable`	$727.35K	USD	2 Qtrs
Accounts and notes receivable	`IncreaseDecreaseInAccountsAndNotesReceivable`	$-806.86K	USD	2 Qtrs
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$358.55K	USD	2 Qtrs
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-594.87K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-1.43M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-1.48M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.05M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$957.16K	USD	2 Qtrs
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-73.87K	USD	2 Qtrs
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$18.75K	USD	2 Qtrs
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-787.12K	USD	2 Qtrs
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$1.25M	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-829.44K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$155.93K	USD	2 Qtrs
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$13.88M	USD	2 Qtrs
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$13.71M	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`	$4.26M	USD	2 Qtrs
Refund of prepayment for purchase of property, plant and equipment	`ProceedsFromOtherInvestingActivities`	$3.11M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.25M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$22.35M	USD	2 Qtrs
Proceeds from disposal of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$743.00	USD	2 Qtrs
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.40M	USD	2 Qtrs
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-22.48M	USD	2 Qtrs
Proceeds from related party loans	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$500.00K	USD	2 Qtrs
Repayment of related party loans	`RepaymentsOfRelatedPartyDebt`	$700.00K	USD	2 Qtrs
Proceeds from bank loans	`ProceedsFromBankDebt`	$1.98M	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`	$2.06M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividendsCommonStock`	$230.75K	USD	2 Qtrs
Net Cash (Used in)/Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-509.94K	USD	2 Qtrs
Net Cash (Used in)/Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$3.50M	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`	$18.14K	USD	2 Qtrs
Net Increase/(Decrease) in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.07M	USD	2 Qtrs
Net Increase/(Decrease) in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.99M	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`	$6.16M	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`	$4.17M	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`	$6.16M	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`	$4.17M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$262.10K	USD	2 Qtrs
Cash paid for interest	`InterestPaid`	$357.97K	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$3.93M	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$3.82M	USD	2 Qtrs

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$136.73M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$127.53M	USD	Point-in-time
Issuance of shares to officer and directors	`StockIssuedDuringPeriodValueIssuedForServices`	$378.06K	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.79M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$761.83K	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$2.46M	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$92.34K	USD	1 Quarter
Cash dividend paid	`DividendsCommonStockCash`	$230.75K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$5.86M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.61M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.71M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$8.29M	USD	2 Qtrs
Ending Balance	`StockholdersEquity`	$136.73M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$127.53M	USD	Point-in-time

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