10-Q Filing

IT TECH PACKAGING, INC. CIK: 1358190 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001213900-20-012270`
Period End Date	20200331
Filing Date	20200514
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	itp-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 30 Cash Flow Statement 59 Stockholders Equity 8

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$36.65K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$59.92K	USD	Point-in-time
Cash and bank balances	`Cash`	$5.84M	USD	Point-in-time
Consolidated VIE, liabilities	`VariableInterestEntityConsolidatedCarryingAmountLiabilities`	$16.34M	USD	Point-in-time
Cash and bank balances	`Cash`	$11.71M	USD	Point-in-time
Consolidated VIE, liabilities	`VariableInterestEntityConsolidatedCarryingAmountLiabilities`	$19.46M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $36,645 and $59,922 as of March 31, 2020 and December 2019, respectively)	`AccountsReceivableNet`	$1.80M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $36,645 and $59,922 as of March 31, 2020 and December 2019, respectively)	`AccountsReceivableNet`	$3.12M	USD	Point-in-time
Inventories	`InventoryNet`	$1.61M	USD	Point-in-time
Inventories	`InventoryNet`	$1.95M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	22.05M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	22.05M	shares	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$11.61M	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.05M	USD	Point-in-time
Due from related parties	`DueFromRelatedPartiesCurrent`	$1.86M	USD	Point-in-time
Due from related parties	`DueFromRelatedPartiesCurrent`	$120.74K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$24.04M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.63M	USD	Point-in-time
Prepayment on property, plant and equipment	`PrepaidExpenseNoncurrent`	$1.41M	USD	Point-in-time
Prepayment on property, plant and equipment	`PrepaidExpenseNoncurrent`	$1.43M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$151.62M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$145.81M	USD	Point-in-time
Value-added tax recoverable	`ValueAddedTaxReceivableNoncurrent`	$2.62M	USD	Point-in-time
Value-added tax recoverable	`ValueAddedTaxReceivableNoncurrent`	$2.55M	USD	Point-in-time
Deferred tax asset non-current	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$10.86M	USD	Point-in-time
Deferred tax asset non-current	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$10.49M	USD	Point-in-time
Total Assets	`Assets`	$182.26M	USD	Point-in-time
Total Assets	`Assets`	$190.20M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$6.16M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$6.07M	USD	Point-in-time
Current portion of long-term loans from credit union	`LoansPayableToBankCurrent`	$1.61M	USD	Point-in-time
Current portion of long-term loans from credit union	`LoansPayableToBankCurrent`	$1.58M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$250.49K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$205.77K	USD	Point-in-time
Advance from customers	`AdvanceFromCustomers`	$151.02K	USD	Point-in-time
Advance from customers	`AdvanceFromCustomers`	$98.31K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	-	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	-	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$539.99K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$617.43K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$225.99K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$291.92K	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$6.50M	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$5.18M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.38M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$16.84M	USD	Point-in-time
Loans from credit union	`DeferredRevenueAndCreditsCurrent`	$7.37M	USD	Point-in-time
Loans from credit union	`DeferredRevenueAndCreditsCurrent`	$7.25M	USD	Point-in-time
Loans from a related party	`DueToRelatedPartiesNoncurrent`	-	USD	Point-in-time
Loans from a related party	`DueToRelatedPartiesNoncurrent`	-	USD	Point-in-time
Other long-term payable	`OtherLiabilities`	-	USD	Point-in-time
Other long-term payable	`OtherLiabilities`	-	USD	Point-in-time
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $16,342,512 and $19,460,257 as of March 31, 2020 and December 31, 2019, respectively)	`Liabilities`	$21.29M	USD	Point-in-time
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $16,342,512 and $19,460,257 as of March 31, 2020 and December 31, 2019, respectively)	`Liabilities`	$24.20M	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, 22,054,816 shares issued	`CommonStockValue`	$22.68K	USD	Point-in-time
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 22,054,816 shares issued	`CommonStockValue`	$22.68K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$51.15M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$51.15M	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 loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-8.65M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-6.06M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$112.36M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$114.79M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$166.00M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$160.97M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$190.20M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$182.26M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$17.45M	USD	1 Quarter
Revenues	`Revenues`	$8.74M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSoldOverhead`	$17.64M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSoldOverhead`	$8.91M	USD	1 Quarter
Gross Loss	`GrossProfit`	$-192.47K	USD	1 Quarter
Gross Loss	`GrossProfit`	$-169.72K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.98M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.70M	USD	1 Quarter
Loss from Operations	`OperatingIncomeLoss`	$-3.17M	USD	1 Quarter
Loss from Operations	`OperatingIncomeLoss`	$-2.87M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$5.79K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$58.82K	USD	1 Quarter
Subsidy income	`SubsidyIncome`	-	USD	1 Quarter
Subsidy income	`SubsidyIncome`	$143.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$255.27K	USD	1 Quarter
Interest expense	`InterestExpense`	$244.72K	USD	1 Quarter
Loss before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.37M	USD	1 Quarter
Loss before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.96M	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$-526.33K	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$-647.79K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-2.72M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-2.44M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$3.29M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.59M	USD	1 Quarter
Total Comprehensive (Loss) Income	`ComprehensiveIncomeNetOfTax`	$571.09K	USD	1 Quarter
Total Comprehensive (Loss) Income	`ComprehensiveIncomeNetOfTax`	$-5.03M	USD	1 Quarter
Basic and Diluted Losses per Share (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.11	USD	1 Quarter
Basic and Diluted Losses per Share (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.12	USD	1 Quarter
Outstanding - Basic and Diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.02M	shares	1 Quarter
Outstanding - Basic and Diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.05M	shares	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$-2.72M	USD	1 Quarter
Net income	`NetIncomeLoss`	$-2.44M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.77M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.93M	USD	1 Quarter
Allowance for bad debts	`ProvisionForDoubtfulAccounts`	$-10.70K	USD	1 Quarter
Allowance for bad debts	`ProvisionForDoubtfulAccounts`	$-22.65K	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxExpenseBenefit`	$-541.04K	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxExpenseBenefit`	$-647.79K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.32M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$535.22K	USD	1 Quarter
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.49M	USD	1 Quarter
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$187.71K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.18M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-373.47K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.01M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-41.41K	USD	1 Quarter
Advance from customers	`IncreaseDecreaseInAdvanceFromCustomers`	$54.93K	USD	1 Quarter
Advance from customers	`IncreaseDecreaseInAdvanceFromCustomers`	-	USD	1 Quarter
Notes payable	`IncreaseDecreaseInNotesPayableCurrent`	$-3.73M	USD	1 Quarter
Related parties	`IncreaseDecreaseInDueToRelatedParties`	$1.81M	USD	1 Quarter
Related parties	`IncreaseDecreaseInDueToRelatedParties`	$37.27K	USD	1 Quarter
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-62.25K	USD	1 Quarter
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$87.82K	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-326.74K	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-728.63K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-1.38M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-224.35K	USD	1 Quarter
Net Cash Provided by (Used in) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.05M	USD	1 Quarter
Net Cash Provided by (Used in) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$6.86M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$756.51K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.42M	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.42M	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-756.51K	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
Net Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.37M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-229.39K	USD	1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$341.71K	USD	1 Quarter
Net Increase (Decrease) in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$5.87M	USD	1 Quarter
Net Increase (Decrease) in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-9.49M	USD	1 Quarter
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$12.12M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$11.71M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$2.63M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$5.84M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$12.12M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$11.71M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$2.63M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$5.84M	USD	Point-in-time
Cash paid for interest, net of capitalized interest cost	`InterestPaidNet`	$230.95K	USD	1 Quarter
Cash paid for interest, net of capitalized interest cost	`InterestPaidNet`	$116.02K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$224.35K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$1.38M	USD	1 Quarter
Cash and bank balances	`CashBankBalances`	$11.71M	USD	1 Quarter
Cash and bank balances	`CashBankBalances`	$2.63M	USD	1 Quarter
Restricted cash	`NonCashRestrictedCash`	-	USD	1 Quarter
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$12.12M	USD	Point-in-time
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$11.71M	USD	Point-in-time
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$2.63M	USD	Point-in-time
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$5.84M	USD	Point-in-time

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$166.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$160.97M	USD	Point-in-time
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$3.29M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.59M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.72M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.44M	USD	1 Quarter
Balance	`StockholdersEquity`	$166.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$160.97M	USD	Point-in-time

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