10-Q Filing

IT TECH PACKAGING, INC. CIK: 1358190 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001213900-15-003589`
Period End Date	20150331
Filing Date	20150513
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	onp-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 30 Cash Flow Statement 58

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$76.12K	USD	Point-in-time
Accounts receivable, Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$77.97K	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`	$3.89M	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`	$2.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.13M	USD	Point-in-time
Common stock, Shares issued	`CommonStockSharesIssued`	20.32M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$5.05M	USD	Point-in-time
Common stock, Shares issued	`CommonStockSharesIssued`	20.32M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$8.87M	USD	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $77,970 and $76,125 as of March 31, 2015 and December 31, 2014, respectively)	`AccountsReceivableNet`	$3.82M	USD	Point-in-time
Common stock, Shares outstanding	`CommonStockSharesOutstanding`	20.32M	shares	Point-in-time
Common stock, Shares outstanding	`CommonStockSharesOutstanding`	20.32M	shares	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $77,970 and $76,125 as of March 31, 2015 and December 31, 2014, respectively)	`AccountsReceivableNet`	$3.73M	USD	Point-in-time
Inventories	`InventoryNet`	$7.14M	USD	Point-in-time
Inventories	`InventoryNet`	$10.93M	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$941.25K	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.92M	USD	Point-in-time
Deferred tax asset - non-current	`DeferredTaxAssetsLiabilitiesNetCurrent`	$6.02K	USD	Point-in-time
Deferred tax asset - non-current	`DeferredTaxAssetsLiabilitiesNetCurrent`	-	USD	Point-in-time
Total current assets	`AssetsCurrent`	$26.55M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$23.29M	USD	Point-in-time
Prepayment on property, plant and equipment	`PrepaidExpenseOtherNoncurrent`	$1.49M	USD	Point-in-time
Prepayment on property, plant and equipment	`PrepaidExpenseOtherNoncurrent`	$1.48M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$209.10M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$208.21M	USD	Point-in-time
Recoverable VAT	`ValueAddedTaxReceivableNoncurrent`	$3.23M	USD	Point-in-time
Recoverable VAT	`ValueAddedTaxReceivableNoncurrent`	$3.09M	USD	Point-in-time
Deferred tax asset - non-current	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$281.01K	USD	Point-in-time
Deferred tax asset - non-current	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$424.90K	USD	Point-in-time
Total Assets	`Assets`	$239.77M	USD	Point-in-time
Total Assets	`Assets`	$237.39M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$9.77M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$9.81M	USD	Point-in-time
Current portion of long-term loans from credit union	`LineOfCredit`	$146.53K	USD	Point-in-time
Current portion of long-term loans from credit union	`LineOfCredit`	$147.08K	USD	Point-in-time
Current portion of long-term loan from a related party	`RelatedPartyTransactionDueFromToRelatedPartyCurrent`	$-2.38M	USD	Point-in-time
Current portion of long-term loan from a related party	`RelatedPartyTransactionDueFromToRelatedPartyCurrent`	$-2.39M	USD	Point-in-time
Current obligations under capital lease	`CapitalLeaseObligationsCurrent`	$11.90M	USD	Point-in-time
Current obligations under capital lease	`CapitalLeaseObligationsCurrent`	$12.26M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$839.25K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	-	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$16.11M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$10.09M	USD	Point-in-time
Due to a related party	`DueToRelatedPartiesCurrent`	$267.74K	USD	Point-in-time
Due to a related party	`DueToRelatedPartiesCurrent`	$227.90K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$354.64K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$492.76K	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$2.40M	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$3.51M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.59M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$637.14K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$40.85M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$44.47M	USD	Point-in-time
Loans from credit union	`OtherLoansPayableLongTerm`	$5.74M	USD	Point-in-time
Loans from credit union	`OtherLoansPayableLongTerm`	$5.76M	USD	Point-in-time
Loan from a related party	`DueToRelatedPartiesNoncurrent`	$9.81M	USD	Point-in-time
Loan from a related party	`DueToRelatedPartiesNoncurrent`	$9.77M	USD	Point-in-time
Deferred gain on sale-leaseback	`SaleLeasebackTransactionDeferredGainNet`	$695.39K	USD	Point-in-time
Deferred gain on sale-leaseback	`SaleLeasebackTransactionDeferredGainNet`	$577.30K	USD	Point-in-time
Long-term obligations under capital lease	`LongTermDebtAndCapitalLeaseObligations`	$4.07M	USD	Point-in-time
Long-term obligations under capital lease	`LongTermDebtAndCapitalLeaseObligations`	$4.09M	USD	Point-in-time
Total liabilities	`Liabilities`	$61.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$64.82M	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, 20,316,400 shares issued and outstanding as of March 31, 2015 and December 31, 2014	`CommonStockValue`	$20.32K	USD	Point-in-time
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 20,316,400 shares issued and outstanding as of March 31, 2015 and December 31, 2014	`CommonStockValue`	$20.32K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$49.22M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$49.22M	USD	Point-in-time
Statutory earnings reserve	`RetainedEarningsAppropriated`	$6.08M	USD	Point-in-time
Statutory earnings reserve	`RetainedEarningsAppropriated`	$6.08M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$17.02M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$16.35M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$104.71M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$102.60M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$174.95M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$176.38M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$237.39M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$239.77M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$26.50M	USD	1 Quarter
Revenues	`Revenues`	$25.75M	USD	1 Quarter
Cost of Sales	`CostOfGoodsSold`	$21.08M	USD	1 Quarter
Cost of Sales	`CostOfGoodsSold`	$21.52M	USD	1 Quarter
Gross Profit	`GrossProfit`	$4.99M	USD	1 Quarter
Gross Profit	`GrossProfit`	$4.67M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$908.92K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.71M	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$3.76M	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$3.28M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$5.40K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$48.81K	USD	1 Quarter
Subsidy income	`SubsidyIncome`	-	USD	1 Quarter
Subsidy income	`SubsidyIncome`	$230.04K	USD	1 Quarter
Interest expense	`InterestExpense`	$648.22K	USD	1 Quarter
Interest expense	`InterestExpense`	$275.29K	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$3.49M	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.91M	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$958.73K	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$805.49K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.11M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.53M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-667.55K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.38M	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$1.44M	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$1.16M	USD	1 Quarter
Basic and Fully Diluted Earnings per Share	`EarningsPerShareBasicAndDiluted`	$0.10	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`	20.32M	shares	1 Quarter
Weighted Average Number of Shares Outstanding - Basic and Fully Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.75M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$2.11M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.53M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.51M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$1.94M	USD	1 Quarter
Allowance for/(Recovery from) bad debts	`AllowanceForLoanAndLeaseLossRecoveryOfBadDebts`	$-2.13K	USD	1 Quarter
Allowance for/(Recovery from) bad debts	`AllowanceForLoanAndLeaseLossRecoveryOfBadDebts`	$7.65K	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxExpenseBenefit`	$163.51K	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxExpenseBenefit`	$-150.97K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$106.60K	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`	$-2.09M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.57M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.82M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$45.70K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$839.25K	USD	1 Quarter
Notes payable	`IncreaseDecreaseInNotesPayableCurrent`	$4.25M	USD	1 Quarter
Notes payable	`IncreaseDecreaseInNotesPayableCurrent`	$-5.96M	USD	1 Quarter
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-136.26K	USD	1 Quarter
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-61.85K	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-866.46K	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-315.74K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$956.46K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$699.67K	USD	1 Quarter
Net Cash (Used in)/Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$7.83M	USD	1 Quarter
Net Cash (Used in)/Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.98M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$15.97K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.70K	USD	1 Quarter
Payment for construction in progress	`PaymentForConstructionInProgressExpenditure`	$2.96M	USD	1 Quarter
Payment for construction in progress	`PaymentForConstructionInProgressExpenditure`	$2.66M	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.67M	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.97M	USD	1 Quarter
Proceeds from related party loans	`ProceedsFromRelatedPartyDebt`	$80.00K	USD	1 Quarter
Proceeds from related party loans	`ProceedsFromRelatedPartyDebt`	$123.50K	USD	1 Quarter
Repayment of related party loans	`RepaymentsOfRelatedPartyDebt`	$123.50K	USD	1 Quarter
Repayment of related party loans	`RepaymentsOfRelatedPartyDebt`	$80.00K	USD	1 Quarter
Payment of capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$6.04K	USD	1 Quarter
Payment of capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$471.46K	USD	1 Quarter
Decrease/(Increase) in restricted cash	`IncreaseDecreaseInRestrictedCash`	$2.08M	USD	1 Quarter
Decrease/(Increase) in restricted cash	`IncreaseDecreaseInRestrictedCash`	$-3.79M	USD	1 Quarter
Net Cash Provided by/(Used in) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$3.32M	USD	1 Quarter
Net Cash Provided by/(Used in) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.08M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-69.83K	USD	1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-21.69K	USD	1 Quarter
Net (Decrease)/Increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.35M	USD	1 Quarter
Net (Decrease)/Increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.71M	USD	1 Quarter
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$3.89M	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`	$2.54M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$3.13M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$3.89M	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`	$2.54M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$3.13M	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`	$302.28K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$95.55K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

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