10-Q Filing

IT TECH PACKAGING, INC. CIK: 1358190 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001213900-17-004898`
Period End Date	20170331
Filing Date	20170511
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	onp-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 30 Cash Flow Statement 64

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$63.85K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$79.48K	USD	Point-in-time
Consolidated VIE, liabilities	`ConsolidatedVariableInterestEntities`	$35.62M	USD	Point-in-time
Consolidated VIE, liabilities	`ConsolidatedVariableInterestEntities`	$47.50M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.65M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.33M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.65M	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
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$5.80M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$2.16M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $63,851 and $79,478 as of March 31, 2017 and December 31, 2016, respectively)	`AccountsReceivableNet`	$3.13M	USD	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $63,851 and $79,478 as of March 31, 2017 and December 31, 2016, respectively)	`AccountsReceivableNet`	$3.89M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	21.45M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	21.45M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	21.45M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	21.45M	shares	Point-in-time
Inventories	`InventoryNet`	$5.63M	USD	Point-in-time
Inventories	`InventoryNet`	$8.01M	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$455.89K	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.41M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$25.99M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.48M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$190.13M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$187.69M	USD	Point-in-time
Value-added tax recoverable	`ValueAddedTaxReceivableNoncurrent`	$2.94M	USD	Point-in-time
Value-added tax recoverable	`ValueAddedTaxReceivableNoncurrent`	$2.95M	USD	Point-in-time
Deferred tax asset non-current	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$3.26M	USD	Point-in-time
Deferred tax asset non-current	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$3.86M	USD	Point-in-time
Total Assets	`Assets`	$222.92M	USD	Point-in-time
Total Assets	`Assets`	$208.38M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$5.05M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$14.93M	USD	Point-in-time
Current obligations under capital lease	`CapitalLeaseObligationsCurrent`	$8.77M	USD	Point-in-time
Current obligations under capital lease	`CapitalLeaseObligationsCurrent`	$8.79M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$494.04K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$559.95K	USD	Point-in-time
Advance from customers	`CustomerAdvancesCurrent`	$28.83K	USD	Point-in-time
Advance from customers	`CustomerAdvancesCurrent`	-	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$5.80M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$2.16M	USD	Point-in-time
Due to a related party	`DueToRelatedPartiesCurrent`	$56.87K	USD	Point-in-time
Due to a related party	`DueToRelatedPartiesCurrent`	$93.42K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$337.87K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$209.94K	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$2.42M	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$1.04M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.31M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$973.62K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$32.43M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.59M	USD	Point-in-time
Loans from credit union	`OtherLoansPayableLongTerm`	$4.84M	USD	Point-in-time
Loans from credit union	`OtherLoansPayableLongTerm`	$4.87M	USD	Point-in-time
Loans from a related party	`DueToRelatedPartiesNoncurrent`	$10.15M	USD	Point-in-time
Loans from a related party	`DueToRelatedPartiesNoncurrent`	$10.09M	USD	Point-in-time
Deferred gain on sale-leaseback	`SaleLeasebackTransactionDeferredGainNet`	$102.23K	USD	Point-in-time
Deferred gain on sale-leaseback	`SaleLeasebackTransactionDeferredGainNet`	$51.40K	USD	Point-in-time
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $47,495,505 and $35,618,995 as of March 31, 2017 and December 31, 2016, respectively)	`Liabilities`	$47.50M	USD	Point-in-time
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $47,495,505 and $35,618,995 as of March 31, 2017 and December 31, 2016, respectively)	`Liabilities`	$35.62M	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 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$21.45K	USD	Point-in-time
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 21,450,316 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$21.45K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$50.64M	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`	$-5.44M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.49M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$121.46M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$123.17M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$175.42M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$172.76M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$222.92M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$208.38M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$25.29M	USD	1 Quarter
Revenues	`Revenues`	$27.91M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$24.15M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$19.64M	USD	1 Quarter
Gross Profit	`GrossProfit`	$3.77M	USD	1 Quarter
Gross Profit	`GrossProfit`	$5.65M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.78M	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`	$2.87M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$17.95K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$30.79K	USD	1 Quarter
Subsidy income	`SubsidyIncome`	$40.71K	USD	1 Quarter
Subsidy income	`SubsidyIncome`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$720.89K	USD	1 Quarter
Interest expense	`InterestExpense`	$679.08K	USD	1 Quarter
Income (Loss) before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.25M	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`	$543.28K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-1.37M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$1.71M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$956.29K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$897.20K	USD	1 Quarter
Total Comprehensive Income (Loss)	`ComprehensiveIncomeNetOfTax`	$-476.70K	USD	1 Quarter
Total Comprehensive Income (Loss)	`ComprehensiveIncomeNetOfTax`	$2.66M	USD	1 Quarter
Basic and Diluted Earnings (Loss) per Share	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.06	USD	1 Quarter
Basic and Diluted Earnings (Loss) per Share	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$0.08	USD	1 Quarter
Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	21.31M	shares	1 Quarter
Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	20.45M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-1.37M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.71M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.62M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$4.17M	USD	1 Quarter
Allowance for (Recovery from) bad debts	`ProvisionForDoubtfulAccounts`	$34.33K	USD	1 Quarter
Allowance for (Recovery from) bad debts	`ProvisionForDoubtfulAccounts`	$-16.11K	USD	1 Quarter
Share-based compensation expenses	`ShareBasedCompensation`	-	USD	1 Quarter
Share-based compensation expenses	`ShareBasedCompensation`	$1.42M	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxExpenseBenefit`	$-591.96K	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxExpenseBenefit`	$-578.14K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-805.60K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.72M	USD	1 Quarter
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.94M	USD	1 Quarter
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.48M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$624.28K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.36M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-69.19K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$589.58K	USD	1 Quarter
Advance from customers	`IncreaseDecreaseInAdvanceFromCustomers`	$-29.08K	USD	1 Quarter
Advance from customers	`IncreaseDecreaseInAdvanceFromCustomers`	-	USD	1 Quarter
Notes payable	`IncreaseDecreaseInNotesPayableCurrent`	$-5.15M	USD	1 Quarter
Notes payable	`IncreaseDecreaseInNotesPayableCurrent`	$3.63M	USD	1 Quarter
Due to a related party	`IncreaseDecreaseInDueToRelatedParties`	$38.35K	USD	1 Quarter
Due to a related party	`IncreaseDecreaseInDueToRelatedParties`	$36.35K	USD	1 Quarter
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$127.18K	USD	1 Quarter
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-240.52K	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-1.23M	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$795.49K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$695.39K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-345.59K	USD	1 Quarter
Net Cash Provided by (Used in) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$1.36M	USD	1 Quarter
Net Cash Provided by (Used in) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-485.98K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.26M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$428.84K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-428.84K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.26M	USD	1 Quarter
Proceeds from related party loans	`ProceedsFromRelatedPartyDebt`	$14.00K	USD	1 Quarter
Proceeds from related party loans	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Repayments of related party loans	`RepaymentsOfRelatedPartyDebt`	$14.00K	USD	1 Quarter
Repayments of related party loans	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Proceeds from bank loans	`ProceedsFromBankDebt`	-	USD	1 Quarter
Proceeds from bank loans	`ProceedsFromBankDebt`	$9.89M	USD	1 Quarter
Payment of capital lease obligation	`RepaymentsOfDebtAndCapitalLeaseObligations`	$198.93K	USD	1 Quarter
Payment of capital lease obligation	`RepaymentsOfDebtAndCapitalLeaseObligations`	$63.61K	USD	1 Quarter
Release of (Increase in) restricted cash	`IncreaseDecreaseInRestrictedCash`	$3.63M	USD	1 Quarter
Release of (Increase in) restricted cash	`IncreaseDecreaseInRestrictedCash`	$-2.09M	USD	1 Quarter
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$6.19M	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`	$37.19K	USD	1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$23.22K	USD	1 Quarter
Net Increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.32M	USD	1 Quarter
Net Increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.01M	USD	1 Quarter
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$3.65M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.33M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.65M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.64M	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`	$2.33M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.65M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.64M	USD	Point-in-time
Cash paid for interest, net of capitalized interest cost	`InterestPaid`	$713.20K	USD	1 Quarter
Cash paid for interest, net of capitalized interest cost	`InterestPaid`	$539.99K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$1.47M	USD	1 Quarter

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