10-Q Filing

IT TECH PACKAGING, INC. CIK: 1358190 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001213900-19-008147`
Period End Date	20190331
Filing Date	20190509
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	itp-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 32 Cash Flow Statement 70

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$58.71K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$49.17K	USD	Point-in-time
Consolidated VIE, liabilities	`VariableInterestEntityConsolidatedCarryingAmountLiabilities`	$24.82M	USD	Point-in-time
Consolidated VIE, liabilities	`VariableInterestEntityConsolidatedCarryingAmountLiabilities`	$34.01M	USD	Point-in-time
Cash and bank balances	`Cash`	$8.47M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and bank balances	`Cash`	$2.63M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$3.64M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	-	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`	21.45M	shares	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $49,173 and $58,707 as of March 31, 2019 and December 2018, respectively)	`AccountsReceivableNet`	$2.88M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	22.02M	shares	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $49,173 and $58,707 as of March 31, 2019 and December 2018, respectively)	`AccountsReceivableNet`	$2.41M	USD	Point-in-time
Inventories	`InventoryNet`	$2.92M	USD	Point-in-time
Inventories	`InventoryNet`	$4.16M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	22.02M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	21.45M	shares	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.21M	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.24M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$24.16M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.41M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$167.25M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$167.83M	USD	Point-in-time
Value-added tax recoverable	`ValueAddedTaxReceivableNoncurrent`	$2.81M	USD	Point-in-time
Value-added tax recoverable	`ValueAddedTaxReceivableNoncurrent`	$2.82M	USD	Point-in-time
Deferred tax asset non-current	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$9.08M	USD	Point-in-time
Deferred tax asset non-current	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$8.28M	USD	Point-in-time
Total Assets	`Assets`	$194.56M	USD	Point-in-time
Total Assets	`Assets`	$203.08M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$6.68M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$11.80M	USD	Point-in-time
Current portion of long-term loans from credit union	`LoansPayableToBankCurrent`	$2.54M	USD	Point-in-time
Current portion of long-term loans from credit union	`LoansPayableToBankCurrent`	$2.49M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.65M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$629.05K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	-	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$3.64M	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$513.42K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$413.34K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$305.15K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$213.54K	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$8.72M	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$10.22M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$219.31K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.41M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$29.63M	USD	Point-in-time
Loans from credit union	`OtherLoansPayableLongTerm`	$4.80M	USD	Point-in-time
Loans from credit union	`OtherLoansPayableLongTerm`	$4.71M	USD	Point-in-time
Loans from a related party	`DueToRelatedPartiesNoncurrent`	$2.19M	USD	Point-in-time
Loans from a related party	`DueToRelatedPartiesNoncurrent`	$2.23M	USD	Point-in-time
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $24,815,967 and $34,008,908 as of March 31, 2019 and December 31, 2018, respectively)	`Liabilities`	$27.44M	USD	Point-in-time
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $24,815,967 and $34,008,908 as of March 31, 2019 and December 31, 2018, respectively)	`Liabilities`	$36.53M	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, 22,022,316 and 21,450,316 shares issued and outstanding as of March 31, 2019 and December 31,2018, respectively	`CommonStockValue`	$22.36K	USD	Point-in-time
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 22,022,316 and 21,450,316 shares issued and outstanding as of March 31, 2019 and December 31,2018, respectively	`CommonStockValue`	$22.36K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$51.14M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$51.14M	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 (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$29.73K	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.26M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$109.85M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$112.57M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$166.55M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$167.12M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$203.08M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$194.56M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$1.89M	USD	1 Quarter
Revenues	`Revenues`	$17.45M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSoldOverhead`	$17.64M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSoldOverhead`	$2.58M	USD	1 Quarter
Gross Loss	`GrossProfit`	$-695.31K	USD	1 Quarter
Gross Loss	`GrossProfit`	$-192.47K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.81M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.98M	USD	1 Quarter
Loss from disposal of property, plant and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Loss from disposal of property, plant and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-10.38K	USD	1 Quarter
Loss from Operations	`OperatingIncomeLoss`	$-3.17M	USD	1 Quarter
Loss from Operations	`OperatingIncomeLoss`	$-4.52M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$44.76K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$58.82K	USD	1 Quarter
Subsidy income	`SubsidyIncome`	-	USD	1 Quarter
Subsidy income	`SubsidyIncome`	$253.28K	USD	1 Quarter
Interest expense	`InterestExpense`	$403.81K	USD	1 Quarter
Interest expense	`InterestExpense`	$255.27K	USD	1 Quarter
Loss before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-4.63M	USD	1 Quarter
Loss before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.37M	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$-538.97K	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$-647.79K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-2.72M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-4.09M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$7.38M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$3.29M	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$571.09K	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$3.29M	USD	1 Quarter
Basic and Diluted Losses per Share	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.19	USD	1 Quarter
Basic and Diluted Losses per Share	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.12	USD	1 Quarter
Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.02M	shares	1 Quarter
Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	21.45M	shares	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$-2.72M	USD	1 Quarter
Net income	`NetIncomeLoss`	$-4.09M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.73M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.93M	USD	1 Quarter
Loss from disposal and impairment of property, plant and equipment	`GainLossOnDispositionOfAssets1`	-	USD	1 Quarter
Loss from disposal and impairment of property, plant and equipment	`GainLossOnDispositionOfAssets1`	$-10.38K	USD	1 Quarter
Allowance for bad debts	`ProvisionForDoubtfulAccounts`	$-22.30K	USD	1 Quarter
Allowance for bad debts	`ProvisionForDoubtfulAccounts`	$-10.70K	USD	1 Quarter
Share-based compensation expenses	`ShareBasedCompensation`	-	USD	1 Quarter
Share-based compensation expenses	`ShareBasedCompensation`	-	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxExpenseBenefit`	$-538.97K	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxExpenseBenefit`	$-647.79K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.11M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-535.22K	USD	1 Quarter
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.54M	USD	1 Quarter
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-187.71K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$202.69K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.18M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-129.77K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.01M	USD	1 Quarter
Advance from customers	`IncreaseDecreaseInAdvanceFromCustomers`	-	USD	1 Quarter
Advance from customers	`IncreaseDecreaseInAdvanceFromCustomers`	-	USD	1 Quarter
Notes payable	`IncreaseDecreaseInNotesPayableCurrent`	$-3.73M	USD	1 Quarter
Notes payable	`IncreaseDecreaseInNotesPayableCurrent`	$-2.37M	USD	1 Quarter
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$39.58K	USD	1 Quarter
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$37.27K	USD	1 Quarter
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$87.82K	USD	1 Quarter
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$66.87K	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$69.84K	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-326.74K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-224.35K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.86M	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.05M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.42M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$707.16K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-707.16K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.42M	USD	1 Quarter
Proceeds from related party loans	`ProceedsFromRelatedPartyDebt`	$4.75M	USD	1 Quarter
Proceeds from related party loans	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Repayments of related party loans	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Repayments of related party loans	`RepaymentsOfRelatedPartyDebt`	$9.50M	USD	1 Quarter
Proceeds from short term bank loans	`ProceedsFromBankDebt`	$9.97M	USD	1 Quarter
Proceeds from short term bank loans	`ProceedsFromBankDebt`	$4.02M	USD	1 Quarter
Repayment of bank loans	`RepaymentsOfBankDebt`	$9.39M	USD	1 Quarter
Repayment of bank loans	`RepaymentsOfBankDebt`	$4.43M	USD	1 Quarter
Net Cash (Used in) Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$791.50K	USD	1 Quarter
Net Cash (Used in) Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.37M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$471.90K	USD	1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$341.71K	USD	1 Quarter
Net Decrease in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-4.30M	USD	1 Quarter
Net Decrease in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-9.49M	USD	1 Quarter
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.63M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$12.12M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$9.02M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.72M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.63M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$12.12M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$9.02M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.72M	USD	Point-in-time
Cash paid for interest, net of capitalized interest cost	`InterestPaidNet`	$787.35K	USD	1 Quarter
Cash paid for interest, net of capitalized interest cost	`InterestPaidNet`	$230.95K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$224.35K	USD	1 Quarter
Cash and bank balances	`CashBankBalances`	$2.63M	USD	1 Quarter
Cash and bank balances	`CashBankBalances`	$740.31K	USD	1 Quarter
Restricted cash	`NonCashRestrictedCash`	$3.98M	USD	1 Quarter
Restricted cash	`NonCashRestrictedCash`	-	USD	1 Quarter
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`TotalCashEquivalentsAndRestrictedCash`	$2.63M	USD	1 Quarter
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`TotalCashEquivalentsAndRestrictedCash`	$4.72M	USD	1 Quarter

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