10-Q Filing

IT TECH PACKAGING, INC. CIK: 1358190 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001213900-22-025226`
Period End Date	20220331
Filing Date	20220510
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	f10q0322_ittechpack_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 34 Cash Flow Statement 65 Stockholders Equity 16

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$69.05K	USD	Point-in-time
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$73.56K	USD	Point-in-time
Consolidated VIE, liabilities (in Dollars)	`VariableInterestEntityConsolidatedCarryingAmountLiabilities1`	$17.24M	USD	Point-in-time
Consolidated VIE, liabilities (in Dollars)	`VariableInterestEntityConsolidatedCarryingAmountLiabilities1`	$17.92M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and bank balances	`Cash`	$15.36M	USD	Point-in-time
Cash and bank balances	`Cash`	$11.20M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	-	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	-	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	99.05M	shares	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $73,563 and $69,053 as of March 31, 2022 and December 31, 2021, respectively)	`AccountsReceivableNet`	$4.87M	USD	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $73,563 and $69,053 as of March 31, 2022 and December 31, 2021, respectively)	`AccountsReceivableNet`	$4.98M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	99.05M	shares	Point-in-time
Inventories	`InventoryNet`	$4.35M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	99.05M	shares	Point-in-time
Inventories	`InventoryNet`	$5.84M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	99.05M	shares	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$23.03M	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$25.80M	USD	Point-in-time
Due from related parties	`DueFromRelatedPartiesCurrent`	$892.74K	USD	Point-in-time
Due from related parties	`DueFromRelatedPartiesCurrent`	$7.80M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$48.62M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$55.52M	USD	Point-in-time
Prepayment on property, plant and equipment	`PrepaidExpenseNoncurrent`	$43.45M	USD	Point-in-time
Finance lease right-of-use assets, net	`FinanceLeaseRightOfUseAsset`	$2.29M	USD	Point-in-time
Finance lease right-of-use assets, net	`FinanceLeaseRightOfUseAsset`	$2.25M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$174.08M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$126.59M	USD	Point-in-time
Value-added tax recoverable	`ValueAddedTaxReceivableNoncurrent`	$2.43M	USD	Point-in-time
Value-added tax recoverable	`ValueAddedTaxReceivableNoncurrent`	$2.40M	USD	Point-in-time
Deferred tax asset non-current	`DeferredIncomeTaxAssetsNet`	$11.27M	USD	Point-in-time
Deferred tax asset non-current	`DeferredIncomeTaxAssetsNet`	$11.67M	USD	Point-in-time
Total Assets	`Assets`	$239.01M	USD	Point-in-time
Total Assets	`Assets`	$241.54M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$5.98M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$5.96M	USD	Point-in-time
Current portion of long-term loans from credit union	`LoansPayableToBankCurrent`	$6.87M	USD	Point-in-time
Current portion of long-term loans from credit union	`LoansPayableToBankCurrent`	$6.84M	USD	Point-in-time
Lease liability	`OperatingLeaseLiabilityCurrent`	$210.16K	USD	Point-in-time
Lease liability	`OperatingLeaseLiabilityCurrent`	$228.05K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.26K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$72.62K	USD	Point-in-time
Advance from customers	`AdvanceFromCustomers1`	$39.69K	USD	Point-in-time
Advance from customers	`AdvanceFromCustomers1`	$39.87K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$727.43K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$727.43K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$278.29K	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$291.21K	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$5.25M	USD	Point-in-time
Other payables and accrued liabilities	`OtherAccountsPayableAndAccruedLiabilities`	$5.74M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.11M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.43M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$19.94M	USD	Point-in-time
Loans from credit union	`DeferredRevenueAndCreditsCurrent`	$2.98M	USD	Point-in-time
Loans from credit union	`DeferredRevenueAndCreditsCurrent`	$2.99M	USD	Point-in-time
Deferred gain on sale-leaseback	`DeferredGainOnSaleleaseback`	$155.11K	USD	Point-in-time
Deferred gain on sale-leaseback	`DeferredGainOnSaleleaseback`	$131.19K	USD	Point-in-time
Lease liability - non-current	`OperatingLeaseLiabilityNoncurrent`	$84.20K	USD	Point-in-time
Lease liability - non-current	`OperatingLeaseLiabilityNoncurrent`	$152.23K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesNoncurrent`	$2.06M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesNoncurrent`	$1.68M	USD	Point-in-time
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $17,240,190 and $17,924,475 as of March 31, 2022 and December 31, 2021, respectively)	`Liabilities`	$24.82M	USD	Point-in-time
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $17,240,190 and $17,924,475 as of March 31, 2022 and December 31, 2021, respectively)	`Liabilities`	$25.79M	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, 99,049,900 shares issued and outstanding as of March 31, 2022 and December, 31,2021.	`CommonStockValue`	$99.05K	USD	Point-in-time
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 99,049,900 shares issued and outstanding as of March 31, 2022 and December, 31,2021.	`CommonStockValue`	$99.05K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$88.93M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$88.93M	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`	$11.42M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$10.50M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$110.15M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$107.66M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$215.75M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$204.28M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$175.08M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$214.19M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$239.01M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$241.54M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$15.48M	USD	1 Quarter
Revenues	`Revenues`	$24.21M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSoldOverhead`	$15.17M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSoldOverhead`	$22.38M	USD	1 Quarter
Gross Profit	`GrossProfit`	$310.44K	USD	1 Quarter
Gross Profit	`GrossProfit`	$1.83M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.56M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.30M	USD	1 Quarter
Gain on acquisition	`GainOrLossOnSaleOfStockInSubsidiary`	$34.00K	USD	1 Quarter
Gain on acquisition	`GainOrLossOnSaleOfStockInSubsidiary`	-	USD	1 Quarter
Loss from Operations	`OperatingIncomeLoss`	$-724.31K	USD	1 Quarter
Loss from Operations	`OperatingIncomeLoss`	$-2.96M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.33K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$3.46K	USD	1 Quarter
Subsidy income	`SubsidyIncome`	-	USD	1 Quarter
Subsidy income	`SubsidyIncome`	$196.79K	USD	1 Quarter
Interest expense	`InterestExpense`	$270.81K	USD	1 Quarter
Interest expense	`InterestExpense`	$278.90K	USD	1 Quarter
Gain (Loss) on derivative liability	`UnrealizedGainLossOnDerivatives`	$386.59K	USD	1 Quarter
Gain (Loss) on derivative liability	`UnrealizedGainLossOnDerivatives`	$-3.64M	USD	1 Quarter
Loss before Income Taxes	`IncomeLossBeforeIncomeTaxes`	$-2.84M	USD	1 Quarter
Loss before Income Taxes	`IncomeLossBeforeIncomeTaxes`	$-4.44M	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$-100.20K	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	$-348.99K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-2.49M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-4.34M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$926.14K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.47M	USD	1 Quarter
Total Comprehensive Loss	`ComprehensiveIncomeNetOfTax`	$-5.81M	USD	1 Quarter
Total Comprehensive Loss	`ComprehensiveIncomeNetOfTax`	$-1.56M	USD	1 Quarter
Basic and Diluted Losses per Share (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.03	USD	1 Quarter
Basic and Diluted Losses per Share (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.12	USD	1 Quarter
Outstanding Basic and Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	36.16M	shares	1 Quarter
Outstanding Basic and Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	99.05M	shares	1 Quarter

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$-2.49M	USD	1 Quarter
Net income	`NetIncomeLoss`	$-4.34M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.77M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$4.09M	USD	1 Quarter
(Gain) Loss on derivative liability	`GainLossOnDerivativeInstrumentsNetPretax`	$-3.64M	USD	1 Quarter
(Gain) Loss on derivative liability	`GainLossOnDerivativeInstrumentsNetPretax`	$386.59K	USD	1 Quarter
Gain on acquisition	`DisposalGroupNotDiscontinuedOperationGainLossOnDisposal`	$34.00K	USD	1 Quarter
Gain on acquisition	`DisposalGroupNotDiscontinuedOperationGainLossOnDisposal`	-	USD	1 Quarter
Allowance for bad debts	`ProvisionForDoubtfulAccounts`	$4.21K	USD	1 Quarter
Allowance for bad debts	`ProvisionForDoubtfulAccounts`	$52.02K	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxExpenseBenefit`	$-589.09K	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxExpenseBenefit`	$-348.99K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.92M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$98.92K	USD	1 Quarter
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-3.06M	USD	1 Quarter
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.65M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$6.27M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.52M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$1.79M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$62.31K	USD	1 Quarter
Related parties	`IncreaseDecreaseInDueToRelatedParties`	$-311.68K	USD	1 Quarter
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-14.18K	USD	1 Quarter
Accrued payroll and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$86.38K	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$483.67K	USD	1 Quarter
Other payables and accrued liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-84.72K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-1.11M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$226.70K	USD	1 Quarter
Net Cash Provided by (Used in) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$4.41M	USD	1 Quarter
Net Cash Provided by (Used in) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.28M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$44.60K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$368.50K	USD	1 Quarter
Acquisition of land	`AcquisitionOfLand`	-	USD	1 Quarter
Acquisition of land	`AcquisitionOfLand`	$6.81M	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.18M	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-44.60K	USD	1 Quarter
Proceeds from issuance of shares and warrants, net	`ProceedsFromBankDebt`	-	USD	1 Quarter
Proceeds from issuance of shares and warrants, net	`ProceedsFromBankDebt`	$41.84M	USD	1 Quarter
Payment of capital lease obligation	`RepaymentsOfDebtAndCapitalLeaseObligations`	$43.23K	USD	1 Quarter
Payment of capital lease obligation	`RepaymentsOfDebtAndCapitalLeaseObligations`	$51.71K	USD	1 Quarter
Loan repaid by a related party	`LoanRepaidByARelatedParty`	-	USD	1 Quarter
Loan repaid by a related party	`LoanRepaidByARelatedParty`	$6.95M	USD	1 Quarter
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$6.89M	USD	1 Quarter
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$41.79M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$28.07K	USD	1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-170.84K	USD	1 Quarter
Net Increase in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.16M	USD	1 Quarter
Net Increase in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$33.30M	USD	1 Quarter
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$37.44M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.14M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.20M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.36M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$37.44M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.14M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.20M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.36M	USD	Point-in-time
Cash paid for interest, net of capitalized interest cost	`InterestPaidNet`	$97.64K	USD	1 Quarter
Cash paid for interest, net of capitalized interest cost	`InterestPaidNet`	$85.09K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$1.11M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$262.19K	USD	1 Quarter
Cash and bank balances	`CashBankBalances`	$37.44M	USD	1 Quarter
Cash and bank balances	`CashBankBalances`	$15.36M	USD	1 Quarter
Restricted cash	`NonCashRestrictedCash`	-	USD	1 Quarter
Restricted cash	`NonCashRestrictedCash`	-	USD	1 Quarter
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`TotalCashEquivalentsAndRestrictedCash`	$37.44M	USD	1 Quarter
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`TotalCashEquivalentsAndRestrictedCash`	$15.36M	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$215.75M	USD	Point-in-time
Balance	`StockholdersEquity`	$204.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$175.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$214.19M	USD	Point-in-time
Issuance of shares to institutional investors	`StockIssuedDuringPeriodValueOther`	$8.03M	USD	1 Quarter
Issuance of shares to institutional investors (in Shares)	`StockIssuedDuringPeriodSharesOther`	14.64M	shares	Point-in-time
Issuance of shares to public investors	`StockIssuedDuringPeriodValuePublicInvestors`	$15.62M	USD	1 Quarter
Exercise of warrants	`StockIssuedDuringPeriodValueStockOptionsExercised`	$11.36M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$926.14K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-1.47M	USD	1 Quarter
Net income	`ProfitLoss`	$-4.34M	USD	1 Quarter
Net income	`ProfitLoss`	$-2.49M	USD	1 Quarter
Balance	`StockholdersEquity`	$215.75M	USD	Point-in-time
Balance	`StockholdersEquity`	$204.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$175.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$214.19M	USD	Point-in-time

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