10-Q Filing

IT TECH PACKAGING, INC. CIK: 1358190 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001144204-13-029644`
Period End Date	20130331
Filing Date	20130515
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	onp-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 28 Cash Flow Statement 66

Balance Sheet 73 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$48.73K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$57.64K	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`	$5.63M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.14M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.17M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.57M	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, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.46M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.46M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.32M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.59M	USD	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $48,729 and $57,643 as of March 31, 2013 and December 31, 2012, respectively)	`AccountsReceivableNet`	$2.84M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.46M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.46M	shares	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $48,729 and $57,643 as of March 31, 2013 and December 31, 2012, respectively)	`AccountsReceivableNet`	$2.40M	USD	Point-in-time
Inventories	`InventoryNet`	$15.10M	USD	Point-in-time
Inventories	`InventoryNet`	$14.53M	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.40M	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.42M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$38.07M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$39.24M	USD	Point-in-time
Prepayment on property, plant and equipment	`PrepaidExpenseOtherNoncurrent`	$1.46M	USD	Point-in-time
Prepayment on property, plant and equipment	`PrepaidExpenseOtherNoncurrent`	$1.45M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$122.39M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$122.60M	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsOther`	$897.83K	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsOther`	$941.66K	USD	Point-in-time
Total Assets	`Assets`	$164.20M	USD	Point-in-time
Total Assets	`Assets`	$162.85M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$3.96M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$3.99M	USD	Point-in-time
Current portion of long-term loans from credit union	`LongTermDebtCurrent`	$4.17M	USD	Point-in-time
Current portion of long-term loans from credit union	`LongTermDebtCurrent`	$5.77M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.34M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.01M	USD	Point-in-time
Security deposit from related party	`SecurityDepositFromRelatedParty`	$1.08M	USD	Point-in-time
Security deposit from related party	`SecurityDepositFromRelatedParty`	$1.08M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$2.63M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$3.17M	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$205.78K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$292.64K	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$1.26M	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$1.38M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.43M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.26M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$17.83M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$16.20M	USD	Point-in-time
Loan from credit union	`OtherLoansPayableLongTerm`	$1.56M	USD	Point-in-time
Loan from credit union	`OtherLoansPayableLongTerm`	-	USD	Point-in-time
Loan from a related party	`DueToRelatedPartiesNoncurrent`	$2.32M	USD	Point-in-time
Loan from a related party	`DueToRelatedPartiesNoncurrent`	$2.33M	USD	Point-in-time
Total liabilities	`Liabilities`	$20.08M	USD	Point-in-time
Total liabilities	`Liabilities`	$20.16M	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 18,459,775 shares issued and outstanding as of March 31, 2013 and December 31, 2012, respectively	`CommonStockValue`	$18.46K	USD	Point-in-time
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 18,459,775 and 18,459,775 shares issued and outstanding as of March 31, 2013 and December 31, 2012, respectively	`CommonStockValue`	$18.46K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$46.14M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$46.14M	USD	Point-in-time
Statutory earnings reserve	`RetainedEarningsAppropriated`	$5.96M	USD	Point-in-time
Statutory earnings reserve	`RetainedEarningsAppropriated`	$5.96M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$13.29M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$12.33M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$78.32M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$78.63M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$144.04M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$142.77M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$162.85M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$164.20M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$34.41M	USD	1 Quarter
Revenues	`Revenues`	$19.75M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$26.66M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$18.12M	USD	1 Quarter
Gross Profit	`GrossProfit`	$7.75M	USD	1 Quarter
Gross Profit	`GrossProfit`	$1.63M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$887.17K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.04M	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$743.07K	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$6.71M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.72K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$18.99K	USD	1 Quarter
Interest expense	`InterestExpense`	$226.32K	USD	1 Quarter
Interest expense	`InterestExpense`	$204.87K	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$535.74K	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$6.51M	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$1.83M	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$232.68K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$4.68M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$303.06K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$669.49K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$963.57K	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$1.27M	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$5.35M	USD	1 Quarter
Basic and Fully Diluted Earnings per Share	`EarningsPerShareBasicAndDiluted`	$0.25	USD	1 Quarter
Basic and Fully Diluted Earnings per Share	`EarningsPerShareBasicAndDiluted`	$0.02	USD	1 Quarter
Weighted Average Number of Shares Outstanding - Basic and Fully Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.45M	shares	1 Quarter
Weighted Average Number of Shares Outstanding - Basic and Fully Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.46M	shares	1 Quarter

Cash Flow Statement 66 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`	$4.68M	USD	1 Quarter
Net income	`NetIncomeLoss`	$303.06K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$1.96M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$1.93M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$1.96M	USD	1 Quarter
Recovery from for bad debts	`AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts`	$-3.68K	USD	1 Quarter
Recovery from for bad debts	`AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts`	$-9.29K	USD	1 Quarter
Stock-based expense for service received	`ShareBasedCompensation`	-	USD	1 Quarter
Stock-based expense for service received	`ShareBasedCompensation`	$378.06K	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxExpenseBenefit`	$50.06K	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-96.95K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-463.80K	USD	1 Quarter
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.01M	USD	1 Quarter
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-450.45K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-2.17M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-669.64K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$321.98K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.69M	USD	1 Quarter
Notes payable	`IncreaseDecreaseInNotesPayableCurrent`	-	USD	1 Quarter
Notes payable	`IncreaseDecreaseInNotesPayableCurrent`	$-557.60K	USD	1 Quarter
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-88.40K	USD	1 Quarter
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-49.56K	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$113.08K	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$656.54K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$161.73K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.70M	USD	1 Quarter
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$9.35M	USD	1 Quarter
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$4.37M	USD	1 Quarter
Prepayment/deposit for purchase of property, plant and equipment	`PaymentsForProceedsFromOtherInvestingActivities`	$2.45M	USD	1 Quarter
Prepayment/deposit for purchase of property, plant and equipment	`PaymentsForProceedsFromOtherInvestingActivities`	$1.32M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.17M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.89K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.32M	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.62M	USD	1 Quarter
Proceeds from related party loans	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$358.20K	USD	1 Quarter
Proceeds from related party loans	`ProceedsFromRepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Repayment of related party loans	`RepaymentsOfRelatedPartyDebt`	$200.00K	USD	1 Quarter
Repayment of related party loans	`RepaymentsOfRelatedPartyDebt`	$358.20K	USD	1 Quarter
Proceeds from bank loans	`ProceedsFromBankDebt`	$1.98M	USD	1 Quarter
Proceeds from bank loans	`ProceedsFromBankDebt`	-	USD	1 Quarter
Repayments of bank loans	`RepaymentsOfBankDebt`	-	USD	1 Quarter
Repayments of bank loans	`RepaymentsOfBankDebt`	$2.06M	USD	1 Quarter
Decrease in restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$278.80K	USD	1 Quarter
Decrease in restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	-	USD	1 Quarter
Net Cash Provided by/(Used in) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-279.25K	USD	1 Quarter
Net Cash Provided by/(Used in) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$278.80K	USD	1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$99.25K	USD	1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$13.48K	USD	1 Quarter
Net Increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.46M	USD	1 Quarter
Net Increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.43M	USD	1 Quarter
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$5.63M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$13.14M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.17M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$16.57M	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`	$13.14M	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`	$16.57M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$62.83K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$171.01K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$128.57K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$20.90K	USD	1 Quarter
Issuance of 109,584 shares of common stock to directors and officers	`StockIssued1`	-	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.