10-Q Filing

IT TECH PACKAGING, INC. CIK: 1358190 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001144204-14-031184`
Period End Date	20140331
Filing Date	20140515
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	onp-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 86 Income Statement 28 Cash Flow Statement 58

Balance Sheet 86 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$59.44K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$67.59K	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`	$3.13M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.84M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.14M	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
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$4.49M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$2.45M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.75M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.75M	shares	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $59,435 and $67,592 as of March 31, 2014 and December 31, 2013, respectively)	`AccountsReceivableNet`	$3.33M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.75M	shares	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $59,435 and $67,592 as of March 31, 2014 and December 31, 2013, respectively)	`AccountsReceivableNet`	$2.91M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.75M	shares	Point-in-time
Inventories	`InventoryNet`	$11.43M	USD	Point-in-time
Inventories	`InventoryNet`	$12.89M	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.07M	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$876.77K	USD	Point-in-time
Assets held for sale	`AssetsHeldForSaleCurrent`	$4.10M	USD	Point-in-time
Assets held for sale	`AssetsHeldForSaleCurrent`	$4.13M	USD	Point-in-time
Deferred tax asset - current	`DeferredTaxAssetsLiabilitiesNetCurrent`	$413.54K	USD	Point-in-time
Deferred tax asset - current	`DeferredTaxAssetsLiabilitiesNetCurrent`	$410.12K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$31.53M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$25.95M	USD	Point-in-time
Prepayment on property, plant and equipment	`PrepaidExpenseOtherNoncurrent`	$1.48M	USD	Point-in-time
Prepayment on property, plant and equipment	`PrepaidExpenseOtherNoncurrent`	$1.49M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$177.96M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$178.54M	USD	Point-in-time
Recoverable VAT	`ValueAddedTaxReceivableNoncurrent`	$3.28M	USD	Point-in-time
Recoverable VAT	`ValueAddedTaxReceivableNoncurrent`	$3.13M	USD	Point-in-time
Deferred tax asset - non-current	`DeferredTaxAssetsOther`	$268.33K	USD	Point-in-time
Deferred tax asset - non-current	`DeferredTaxAssetsOther`	$103.81K	USD	Point-in-time
Total Assets	`Assets`	$209.53M	USD	Point-in-time
Total Assets	`Assets`	$214.20M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$6.49M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$6.54M	USD	Point-in-time
Current portion of long-term loan from credit union	`LongTermDebtCurrent`	$1.66M	USD	Point-in-time
Current portion of long-term loan from credit union	`LongTermDebtCurrent`	$1.65M	USD	Point-in-time
Current obligations under capital lease	`CapitalLeaseObligationsCurrent`	$8.26M	USD	Point-in-time
Current obligations under capital lease	`CapitalLeaseObligationsCurrent`	$8.19M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$964.26K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$926.57K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$9.09M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$4.91M	USD	Point-in-time
Security deposit from a related party	`SecurityDepositFromRelatedParty`	$1.64M	USD	Point-in-time
Security deposit from a related party	`SecurityDepositFromRelatedParty`	$1.62M	USD	Point-in-time
Due to a related party	`DueToRelatedPartiesCurrent`	$104.58K	USD	Point-in-time
Due to a related party	`DueToRelatedPartiesCurrent`	$64.55K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$498.01K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$432.92K	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$2.65M	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$1.73M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.22M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$32.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.37M	USD	Point-in-time
Loan from credit union	`OtherLoansPayableLongTerm`	$4.25M	USD	Point-in-time
Loan from credit union	`OtherLoansPayableLongTerm`	$4.22M	USD	Point-in-time
Loan from a related party	`DueToRelatedPartiesNoncurrent`	$2.37M	USD	Point-in-time
Loan from a related party	`DueToRelatedPartiesNoncurrent`	$2.39M	USD	Point-in-time
Deferred gain on sale-leaseback	`SaleLeasebackTransactionDeferredGainNet`	$1.04M	USD	Point-in-time
Deferred gain on sale-leaseback	`SaleLeasebackTransactionDeferredGainNet`	$1.16M	USD	Point-in-time
Long-Term obligations under capital lease	`LongTermDebtAndCapitalLeaseObligations`	$12.30M	USD	Point-in-time
Long-Term obligations under capital lease	`LongTermDebtAndCapitalLeaseObligations`	$12.19M	USD	Point-in-time
Total liabilities	`Liabilities`	$51.99M	USD	Point-in-time
Total liabilities	`Liabilities`	$48.47M	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, 18,753,900 and 18,753,900 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively	`CommonStockValue`	$18.75K	USD	Point-in-time
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 18,753,900 and 18,753,900 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively	`CommonStockValue`	$18.75K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$46.91M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$46.91M	USD	Point-in-time
Statutory earnings reserve	`RetainedEarningsAppropriated`	$6.04M	USD	Point-in-time
Statutory earnings reserve	`RetainedEarningsAppropriated`	$6.04M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$15.77M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$17.15M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$93.47M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$90.94M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$162.21M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$161.05M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$214.20M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$209.53M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$19.75M	USD	1 Quarter
Revenues	`Revenues`	$25.75M	USD	1 Quarter
Cost of Sales	`CostOfGoodsSold`	$21.08M	USD	1 Quarter
Cost of Sales	`CostOfGoodsSold`	$18.12M	USD	1 Quarter
Gross Profit	`GrossProfit`	$1.63M	USD	1 Quarter
Gross Profit	`GrossProfit`	$4.67M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$887.17K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$908.92K	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$743.07K	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$3.76M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$5.40K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$18.99K	USD	1 Quarter
Interest expense	`InterestExpense`	$226.32K	USD	1 Quarter
Interest expense	`InterestExpense`	$275.29K	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$535.74K	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$3.49M	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$232.68K	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$958.73K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$303.06K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$2.53M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.38M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$963.57K	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$1.16M	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$1.27M	USD	1 Quarter
Basic and Fully Diluted Earnings per Share	`EarningsPerShareBasicAndDiluted`	$0.02	USD	1 Quarter
Basic and Fully Diluted Earnings per Share	`EarningsPerShareBasicAndDiluted`	$0.14	USD	1 Quarter
Weighted Average Number of Shares Outstanding - Basic and Fully Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.75M	shares	1 Quarter
Weighted Average Number of Shares Outstanding - Basic and Fully Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.46M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$303.06K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.53M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$1.93M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$1.94M	USD	1 Quarter
Recovery from bad debts	`AllowanceForLoanAndLeaseLossRecoveryOfBadDebts`	$9.29K	USD	1 Quarter
Recovery from bad debts	`AllowanceForLoanAndLeaseLossRecoveryOfBadDebts`	$7.65K	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxExpenseBenefit`	$50.06K	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxExpenseBenefit`	$163.51K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-463.80K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-398.19K	USD	1 Quarter
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-305.38K	USD	1 Quarter
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.01M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.57M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-669.64K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$321.98K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$45.70K	USD	1 Quarter
Notes payable	`IncreaseDecreaseInNotesPayableCurrent`	$-557.60K	USD	1 Quarter
Notes payable	`IncreaseDecreaseInNotesPayableCurrent`	$4.25M	USD	1 Quarter
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-61.85K	USD	1 Quarter
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-88.40K	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$113.08K	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-866.46K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$699.67K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$161.73K	USD	1 Quarter
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$7.83M	USD	1 Quarter
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$4.37M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.89K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.70K	USD	1 Quarter
Payment for construction in progress	`PaymentForConstructionInProgressExpenditures`	$2.96M	USD	1 Quarter
Payment for construction in progress	`PaymentForConstructionInProgressExpenditures`	$1.32M	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.32M	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.97M	USD	1 Quarter
Proceeds from related party loans	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$123.50K	USD	1 Quarter
Proceeds from related party loans	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$358.20K	USD	1 Quarter
Repayment of related party loans	`RepaymentsOfRelatedPartyDebt`	$123.50K	USD	1 Quarter
Repayment of related party loans	`RepaymentsOfRelatedPartyDebt`	$358.20K	USD	1 Quarter
Payment of capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$6.04K	USD	1 Quarter
Payment of capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	-	USD	1 Quarter
(Increase) Decrease in restricted cash	`IncreaseDecreaseInRestrictedCash`	$2.08M	USD	1 Quarter
(Increase) Decrease in restricted cash	`IncreaseDecreaseInRestrictedCash`	$-278.80K	USD	1 Quarter
Net Cash (Used in) Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.08M	USD	1 Quarter
Net Cash (Used in) Provided by 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`	$-69.83K	USD	1 Quarter
Net Increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.43M	USD	1 Quarter
Net Increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.71M	USD	1 Quarter
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$3.13M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$5.84M	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`	$16.57M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$3.13M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$5.84M	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`	$16.57M	USD	Point-in-time
Cash paid for interest, net of capitalized cost	`InterestPaid`	$111.29K	USD	1 Quarter
Cash paid for interest, net of capitalized cost	`InterestPaid`	$62.83K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$20.90K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$95.55K	USD	1 Quarter

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