10-Q Filing

IT TECH PACKAGING, INC. CIK: 1358190 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001213900-16-013175`
Period End Date	20160331
Filing Date	20160511
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	onp-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 30 Cash Flow Statement 58

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$38.87K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$73.69K	USD	Point-in-time
Consolidated VIE, liabilities	`ConsolidatedVariableInterestEntities`	$62.78M	USD	Point-in-time
Consolidated VIE, liabilities	`ConsolidatedVariableInterestEntities`	$59.46M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.89M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.65M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.64M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.54M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$8.73M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$10.78M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	21.45M	shares	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $73,693 and $38,865 as of March 31, 2016 and December 31, 2015, respectively)	`AccountsReceivableNet`	$3.62M	USD	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $73,693 and $38,865 as of March 31, 2016 and December 31, 2015, respectively)	`AccountsReceivableNet`	$1.90M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	20.32M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	21.45M	shares	Point-in-time
Inventories	`InventoryNet`	$9.21M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	20.32M	shares	Point-in-time
Inventories	`InventoryNet`	$9.88M	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$499.46K	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.81M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$26.34M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$26.38M	USD	Point-in-time
Prepayment on property, plant and equipment	`PrepaidExpenseOtherNoncurrent`	$1.41M	USD	Point-in-time
Prepayment on property, plant and equipment	`PrepaidExpenseOtherNoncurrent`	$1.40M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$206.19M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$203.32M	USD	Point-in-time
Value-added tax recoverable	`ValueAddedTaxReceivableNoncurrent`	$3.11M	USD	Point-in-time
Value-added tax recoverable	`ValueAddedTaxReceivableNoncurrent`	$3.27M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$2.03M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$1.42M	USD	Point-in-time
Total Assets	`Assets`	$238.63M	USD	Point-in-time
Total Assets	`Assets`	$236.24M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$13.93M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$13.86M	USD	Point-in-time
Current obligations under capital lease	`CapitalLeaseObligationsCurrent`	$6.76M	USD	Point-in-time
Current obligations under capital lease	`CapitalLeaseObligationsCurrent`	$6.86M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$253.43K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$849.58K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$13.86M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$8.73M	USD	Point-in-time
Due to a related party	`DueToRelatedPartiesCurrent`	$409.29K	USD	Point-in-time
Due to a related party	`DueToRelatedPartiesCurrent`	$368.75K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$531.91K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$291.89K	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$3.90M	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$4.65M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$600.88K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.31M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$36.92M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$40.24M	USD	Point-in-time
Loans from credit union	`OtherLoansPayableLongTerm`	$5.20M	USD	Point-in-time
Loans from credit union	`OtherLoansPayableLongTerm`	$5.17M	USD	Point-in-time
Loans from a related party	`DueToRelatedPartiesNoncurrent`	$13.86M	USD	Point-in-time
Loans from a related party	`DueToRelatedPartiesNoncurrent`	$13.93M	USD	Point-in-time
Deferred gain on sale-leaseback	`SaleLeasebackTransactionDeferredGainNet`	$327.64K	USD	Point-in-time
Deferred gain on sale-leaseback	`SaleLeasebackTransactionDeferredGainNet`	$274.40K	USD	Point-in-time
Long-term obligations under capital lease	`LongTermDebtAndCapitalLeaseObligations`	$3.22M	USD	Point-in-time
Long-term obligations under capital lease	`LongTermDebtAndCapitalLeaseObligations`	$3.17M	USD	Point-in-time
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $59,457,062 and $62,775,049 as of March 31, 2016 and December 31, 2015, respectively)	`Liabilities`	$59.49M	USD	Point-in-time
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $59,457,062 and $62,775,049 as of March 31, 2016 and December 31, 2015, respectively)	`Liabilities`	$62.82M	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, 21,450,316 and 20,316,400 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively	`CommonStockValue`	$20.32K	USD	Point-in-time
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 21,450,316 and 20,316,400 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively	`CommonStockValue`	$21.45K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$49.22M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$50.64M	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`	$6.34M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$7.24M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$112.77M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$114.15M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$175.81M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$176.75M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$238.63M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$236.24M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$27.91M	USD	1 Quarter
Revenues	`Revenues`	$26.50M	USD	1 Quarter
Cost of Sales	`CostOfGoodsSold`	$21.52M	USD	1 Quarter
Cost of Sales	`CostOfGoodsSold`	$24.15M	USD	1 Quarter
Gross Profit	`GrossProfit`	$4.99M	USD	1 Quarter
Gross Profit	`GrossProfit`	$3.77M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.71M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.35M	USD	1 Quarter
Income (Loss) from Operations	`OperatingIncomeLoss`	$-580.37K	USD	1 Quarter
Income (Loss) from Operations	`OperatingIncomeLoss`	$3.28M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$30.79K	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`	$720.89K	USD	1 Quarter
Interest expense	`InterestExpense`	$648.22K	USD	1 Quarter
Income (Loss) before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.91M	USD	1 Quarter
Income (Loss) before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.27M	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$103.43K	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$805.49K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$2.11M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-1.37M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$897.20K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-667.55K	USD	1 Quarter
Total Comprehensive Income(Loss)	`ComprehensiveIncomeNetOfTax`	$-476.70K	USD	1 Quarter
Total Comprehensive Income(Loss)	`ComprehensiveIncomeNetOfTax`	$1.44M	USD	1 Quarter
Basic and Fully Diluted Earnings per Share	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.06	USD	1 Quarter
Basic and Fully Diluted Earnings per Share	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$0.10	USD	1 Quarter
Outstanding - Basic and Fully Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	20.32M	shares	1 Quarter
Outstanding - Basic and Fully Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	21.31M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$2.11M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.37M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$4.17M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.51M	USD	1 Quarter
Allowance for bad debts	`ProvisionForDoubtfulAccounts`	$34.33K	USD	1 Quarter
Allowance for bad debts	`ProvisionForDoubtfulAccounts`	$2.13K	USD	1 Quarter
Share-based compensation expenses	`ShareBasedCompensation`	$1.42M	USD	1 Quarter
Share-based compensation expenses	`ShareBasedCompensation`	-	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxExpenseBenefit`	$-150.97K	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxExpenseBenefit`	$-591.96K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.72M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$106.60K	USD	1 Quarter
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.09M	USD	1 Quarter
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.48M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$624.28K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.82M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$589.58K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$839.25K	USD	1 Quarter
Notes payable	`IncreaseDecreaseInNotesPayableCurrent`	$-5.15M	USD	1 Quarter
Notes payable	`IncreaseDecreaseInNotesPayableCurrent`	$-5.96M	USD	1 Quarter
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-240.52K	USD	1 Quarter
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-136.26K	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-315.74K	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$833.84K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$695.39K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$956.46K	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-485.98K	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.98M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.67M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$428.84K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.67M	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-428.84K	USD	1 Quarter
Proceeds from related party loans	`ProceedsFromRelatedPartyDebt`	$80.00K	USD	1 Quarter
Proceeds from related party loans	`ProceedsFromRelatedPartyDebt`	$14.00K	USD	1 Quarter
Repayments of related party loans	`RepaymentsOfRelatedPartyDebt`	$14.00K	USD	1 Quarter
Repayments of related party loans	`RepaymentsOfRelatedPartyDebt`	$80.00K	USD	1 Quarter
Payment of capital lease obligation	`RepaymentsOfDebtAndCapitalLeaseObligations`	$471.46K	USD	1 Quarter
Payment of capital lease obligation	`RepaymentsOfDebtAndCapitalLeaseObligations`	$198.93K	USD	1 Quarter
Release of restricted cash	`IncreaseDecreaseInRestrictedCash`	$-2.09M	USD	1 Quarter
Release of restricted cash	`IncreaseDecreaseInRestrictedCash`	$-3.79M	USD	1 Quarter
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$3.32M	USD	1 Quarter
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$1.89M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-21.69K	USD	1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$37.19K	USD	1 Quarter
Net Increase/(Decrease) in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.35M	USD	1 Quarter
Net Increase/(Decrease) in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.01M	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`	$3.65M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.64M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.54M	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`	$3.65M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.64M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.54M	USD	Point-in-time
Cash paid for interest, net of capitalized interest cost	`InterestPaid`	$539.99K	USD	1 Quarter
Cash paid for interest, net of capitalized interest cost	`InterestPaid`	$302.28K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	-	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.