0001213900-22-012560.txt : 20220315 0001213900-22-012560.hdr.sgml : 20220315 20220315161542 ACCESSION NUMBER: 0001213900-22-012560 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20220315 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220315 DATE AS OF CHANGE: 20220315 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IT TECH PACKAGING, INC. CENTRAL INDEX KEY: 0001358190 STANDARD INDUSTRIAL CLASSIFICATION: CONVERTED PAPER & PAPERBOARD PRODS (NO CONTAINERS/BOXES) [2670] IRS NUMBER: 204158835 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34577 FILM NUMBER: 22741273 BUSINESS ADDRESS: STREET 1: SCIENCE PARK, JULI ROAD STREET 2: XUSHUI COUNTY, BAODING CITY CITY: HEBEI PROVINCE, STATE: F4 ZIP: 072550 BUSINESS PHONE: (86) 312-8698215 MAIL ADDRESS: STREET 1: SCIENCE PARK, JULI ROAD STREET 2: XUSHUI COUNTY, BAODING CITY CITY: HEBEI PROVINCE, STATE: F4 ZIP: 072550 FORMER COMPANY: FORMER CONFORMED NAME: Orient Paper Inc. DATE OF NAME CHANGE: 20080102 FORMER COMPANY: FORMER CONFORMED NAME: CARLATERAL, INC. DATE OF NAME CHANGE: 20060403 8-K 1 ea156909-8k_ittechpack.htm CURRENT REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): March 15, 2022

IT TECH PACKAGING, INC.

(Exact name of registrant as specified in its charter)

Nevada

(State or other jurisdiction of incorporation)

001-34577		20-4158835
(Commission File Number)		(IRS Employer Identification No.)

Science Park, Juli Road

Xushui District, Baoding City

Hebei Province, People’s Republic of China

072550

(Address of principal executive offices)

(Zip Code)

(86) 312-8698215

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		ITP		NYSE American LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On March 15, 2022, IT Tech Packaging, Inc. (the “Company”) issued a press release announcing its unaudited financial results for the quarter, and audited financial results for the fiscal year, ended December 31, 2021. A copy of the press release making the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed as “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are filed herewith:

Exhibit Number		Description

99.1		Press Release dated March 15, 2022.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	IT TECH PACKAGING, INC.

Date: March 15, 2022	By:	/s/ Zhenyong Liu
		Name:	Zhenyong Liu
		Title:	Chief Executive Officer

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EX-99.1 2 ea156909ex99-1_ittechpack.htm PRESS RELEASE DATED MARCH 15, 2022

Exhibit 99.1

IT Tech Packaging, Inc. Announces Fourth Quarter and Fiscal Year 2021 Financial Results

Company to Host Earnings Conference Call on Tuesday, March 15, 2022, at 8:30 am ET

BAODING, China, March 15, 2022 /PRNewswire/ -- IT Tech Packaging, Inc. (NYSE American: ITP) (“IT Tech Packaging” or the “Company”), a leading manufacturer and distributor of diversified paper products in North China, today announced its unaudited financial results for the fourth quarter and audited financial results for the fiscal year ended December 31, 2021.

Mr. Zhenyong Liu, Chairman and Chief Executive Officer of the Company, commented, “We are pleased with our performance for the fiscal year 2021, as we demonstrated excellent revenue growth and improved business efficiencies. In fiscal year 2021, our business execution was reflected as we reached approximately $160.88 million in revenue with an increase of59% year-over-year and approximately $11.02 millionin gross profit with an increase of 93% year-over-year. In fiscal year 2021, we launched a series of initiatives to optimize our revenue structure and diversify our business, which led to a very encouraging results. We significantly improved our operating and cost efficiency,reducing our sell, general and administrative expense by 14.3%, while maintaining the solid growth of overall sales volume and average selling prices of CMP products and offset printing paper products. Looking forward, with our dedicated effort and commitment, we believe our business fundamentals will continue to support our leading position in the industry and growin the foreseeable future.”

Fourth Quarter 2021 Financial Results

		For the Three Months Ended December 31,
($ millions)		2021				2020				% Change
Revenues			45.05				32.48				38.7	%
Regular Corrugating Medium Paper (“CMP”)*			32.66				19.68				66.0	%
Light-Weight CMP**			7.00				5.24				33.5	%
Offset Printing Paper			2.97				4.88				-39.2	%
Tissue Paper Products			2.28				2.65				-14.0	%
Face Masks			0.15				0.04				314.5	%

Gross profit			4.34				0.75				481.8	%
Gross profit (loss) margin			9.6	%			2.3	%			7.3 pp	****
Regular Corrugating Medium Paper (“CMP”)*			9.6	%			1.4	%			8.2 pp	****
Light-Weight CMP**			12.2	%			3.9	%			8.3 pp	****
Offset Printing Paper			21.5	%			13.6	%			7.9 pp	****
Tissue Paper Products***			-13.9	%			-15.0	%			1.1 pp	****
Face Masks			25.2	%			5.8	%			19.4 pp	****

Operating income (loss)			1.95				-1.97				199.0	%
Net income			4.16				-1.62				357.0	%
EBITDA			8.66				2.63				229.3	%
Basic and Diluted earnings (loss) per share			0.07				-0.06				216.7	%

*	Products from PM6

**	Products from PM1

***	Products from PM8 and PM9

****	pp represents percentage points

	●	Revenue increased by 38.7% to approximately $45.05 million, primarily attributable to an increase in sales volume of CMP products.

	●	Gross profit increased by 481.8% to approximately $4.34 million. Total gross margin increased by 7.3 percentage point to 9.6%.

	●	Income from operations was approximately $1.95 million, compared to loss from operations of approximately $1.97 million for the same period of last year.

	●	Net income was approximately $4.16 million, or $0.07 per basic and diluted share, compared to net loss of approximately $1.62 million, or loss of $0.06 per basic and diluted share, for the same period of last year.

●

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) increased by 229.3% to approximately $8.66 million.

Revenue

For the fourth quarter of 2021, total revenue increased by approximately $12.6 million, or 38.7%, to approximately $45.0 million from approximately $32.5 million for the same period of last year. The increase in total revenue was mainly due to the increase in sales volume of CMP.

The following table summarizes revenue, volume and ASP by product for the fourth quarter of 2021 and 2020, respectively:

		For the Three Months Ended December 31,
		2021												2020
		Revenue ($’000)				Volume (tonne)				ASP ($/tonne)				Revenue ($’000)				Volume (tonne)				ASP ($/tonne)
Regular CMP			32,662				57,410				569				19,677				45,210				435
Light-Weight CMP			6,996				12,543				558				5,242				12,417				422
Offset Printing Paper			2,967				3,911				759				4,877				7,895				618
Tissue Paper Products			2,278				2,292				994				2,648				3,165				837
Total			44,903				76,156				590				32,444				68,687				472

		Revenue ($’000)				Volume (thousand pieces)				ASP ($/thousand pieces)				Revenue ($’000)				Volume ($/thousand pieces)				ASP ($/thousand pieces)
Face Masks			146				3,014				49				35				445				79

Revenue from CMP, including both regular CMP and light-Weight CMP, increased by $14.7 million, or 59.1%, to approximately $39.7 million and accounted for 88.0% of total revenue for the fourth quarter of 2021, compared to approximately $24.9 million, or 76.7% of total revenue, for the same period of last year. The Company sold 69,953tonnes of CMP at an ASP of $567/tonne in the fourth quarter of 2021, compared to 57,627tonnes at an ASP of $432/tonne in the same period of last year.

Of the total CMP sales, revenue from regular CMP increased by approximately $13.0million, or 66.0%, to approximately $32.7 million, resulting from sales of 57,410tonnes at an ASP of $569/tonne, during the fourth quarter of 2021, compared to revenue of approximately $19.7 million, resulting from sales of 45,210 tonnes at an ASP of $435/tonne, for the same period of last year. Revenue from light-weight CMP increased by approximately $1.8 million, or 33.5%, to approximately $7.0 million, resulting from sales of 12,543tonnes at an ASP of $558/tonne for the fourth quarter of 2021, compared to revenue of approximately $5.2 million, resulting from sales of 12,417 tonnes at an ASP of $422/tonne for the same period of last year.

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Revenue from offset printing paper decreased by $1.9million, or 39.2%, to approximately $3.0 million for the fourth quarter of 2021, from approximately $4.9 million for the same period of last year. The Company sold 3,911tonnes of offset printing paper at an ASP of $759/tonne in the fourth quarter of 2021, compared to 7,895 tonnes at an ASP of $618/tonne in the same period of last year.

Revenue from tissue paper products decreased by $0.4 million, or 14.0%, to approximately $2.3 million, resulting from sales of 2,292tonnes at an ASP of $994/tonne, for the fourth quarter of 2021, compared to revenue of approximately $2.6million, resulting from sales of 3,165tonnes at an ASP of $837/tonne for the same period of last year.

Revenue from face masks increased by $110,993, or 314.5%, to approximately $146,282 for the fourth quarter ended December 31, 2021, from $35,289 for the same period of 2020. The Company sold 3,014 thousand pieces of face masks for the fourth quarter ended December 31, 2021, compared to 445 thousand pieces of face masks for the same period of 2020.

Gross Profit and Gross Margin

Total cost of sales increased by $9.0 million, or 28.3%, to approximately $40.7 million for the fourth quarter of 2021 from approximately $31.7 million for the same period of last year. For paper products, overall cost of sales per tonne was $533 for the fourth quarter of 2021, compared to $462 for the same period of last year. The increase in overall cost of sales was mainly due to the increased manufacturing overhead costs and increased material costs, specifically higher average unit purchase costs of recycled paper board and recycled white scrap paper in the fourth quarter of 2021. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were $514, $490, $596 and $1,132, respectively, for the fourth quarter of 2021, compared to $429, $406, $534, and $962, respectively, for the same period of last year.

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Total gross profit was approximately $4.3million for the fourth quarter of 2021, compare to the gross profit of approximately $0.7 million for the same period of last year as a result of factors described above. Overall gross margin was 9.6% for the fourth quarter of 2021, compared to 2.3% for the same period of last year. Gross profit (loss) margins for regular CMP, light-weight CMP, offset printing paper, tissue paper products and face mask products were 9.6%, 12.2%, 21.5%, -13.9% and 25.2%, respectively, for the fourth quarter of 2021, compared to 1.4%, 3.9%, 13.6%, -15.0% and 5.8%, respectively, for the same period of last year.

Selling, General and Administrative Expenses

Selling, general and administrative expenses (“SG&A”) decreased by $0.3 million, or 12.0%, to approximately $2.4 million for the fourth quarter of 2021 from approximately $2.7 million for the same period of last year.

Income (Loss) from Operations

Income from operations was approximately $2.0 million for the fourth quarter of 2021, an increase of $4.0 million, or 199.0%, from loss from operations of approximately $2.0 million for the same period of last year. Operating margin was 4.3% for the fourth quarter of 2021, compared to operating margin of -6.1% for the same period of last year.

Net Income (Loss)

Net income was approximately $4.2 million, or $0.07 per basic and diluted share for the fourth quarter of 2021, representing an increase of $5.8 million, or 357.0%, from net loss of approximately $1.6 million, or $0.06 loss per basic and diluted share, for the same period of last year.

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EBITDA

EBITDA was approximately $8.7 million for the fourth quarter of 2021, compared to approximately $2.6 million for the same period of last year.

Note 1: Non-GAAP Financial Measures

In addition to our U.S. GAAP results, this press release includes a discussion of EBITDA, a non-GAAP financial measure as defined by the Securities and Exchange Commission (“SEC”). The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company’s presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP.

Reconciliation of Net Income to EBITDA

(Amounts expressed in US$)

		For the Three Months Ended December 31,
($ millions)		2021				2020
Net income (loss)			4.16				-1.62
Add: Income tax			0.60				-0.52
Net interest expense			0.28				0.28
Depreciation and amortization			3.62				4.49
EBITDA			8.66				2.63

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Full Year Ended December 31, 2021 Financial Results

		For the Twelve Months Ended December 31,
($ millions)		2021				2020				% Change
Revenues			160.88				100.94				59.4	%
Regular Corrugating Medium Paper (“CMP”)*			111.08				62.32				78.2	%
Light-Weight CMP**			23.43				16.84				39.2	%
Offset Printing Paper			17.06				12.27				39.1	%
Tissue Paper Products			8.77				8.41				4.2	%
Face Masks			0.54				1.10				-51.2	%

Gross profit			11.02				5.70				93.2	%
Gross profit (loss) margin			6.9	%			5.7	%			1.2 pp	****
Regular Corrugating Medium Paper (“CMP”)*			6.3	%			5.4	%			1.0 pp	****
Light-Weight CMP**			8.7	%			8.9	%			-0.2 pp	****
Offset Printing Paper			18.2	%			17.3	%			0.9 pp	****
Tissue Paper Products***			-14.3	%			-21.7	%			7.4 pp	****
Face Masks			19.2	%			48.1	%			-28.9 pp	****

Operating income (loss)			1.46				-5.46				126.8	%
Net income			0.91				-5.55				116.3	%
EBITDA			22.94				10.16				125.6	%
Basic and Diluted earnings (loss) per share			0.02				-0.21				109.5	%

*	Products from PM6

**	Products from PM1

***	Products from PM8 and PM9

****	pp represents percentage points

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Revenue

For the year ended December 31, 2021, total revenue increased by $59.9 million, or 59.4%, to approximately $160.9 million from approximately $100.9 million for 2020. The increase in total revenue was mainly due to an increase in sales volume of CMP and offset printing paper and increase in ASPs of CMP, offset printing paper and tissue paper products, partially offset by the decrease in sales volume of tissue paper products.

The following table summarizes revenue, volume and ASP by product for the years ended December 31, 2021 and 2020, respectively:

		For the Twelve Months Ended December 31,
		2021												2020
		Revenue ($’000)				Volume (tonne)				ASP ($/tonne)				Revenue ($’000)				Volume (tonne)				ASP ($/tonne)
Regular CMP			111,079				213,490				520				62,325				154,084				404
Light-Weight CMP			23,432				46,201				507				16,836				42,801				393
Offset Printing Paper			17,063				24,513				696				12,266				20,358				603
Tissue Paper Products			8,770				8,255				1,062				8,415				10,088				834
Total			160,344				292,459				548				99,841				227,331				439

			Revenue ($’000)				Volume (thousand pieces)				ASP ($/thousand pieces)				Revenue ($’000)				Volume ($/thousand pieces)				ASP ($/thousand pieces)
Face Masks			538				12,664				42				1,102				10,301				107

Revenue from CMP, including both regular CMP and light-Weight CMP increased by $55.4 million, or69.9%, to approximately $134.5 million, and accounted for 83.6% of total revenue for the year ended December 31, 2021, compared to approximately $79.2 million, or 78.4% of total revenue for 2020. The Company sold 259,691tonnes of CMP at an ASP of $518/tonne in the year ended December 31, 2021, compared to 196,885tonnes at an ASP of $402/tonne in 2020.

Of the total CMP sales, revenue from regular CMP increased by $48.8 million, or 78.2%, to approximately $111.1 million, resulting from sales of 213,490tonnes at an ASP of $520/tonne during the year ended December 31, 2021, compared to revenue of approximately $62.3 million, resulting from sales of 154,084tonnes at an ASP of $404/tonne for 2020. Revenue from light-weight CMP increased by $6.6 million, or 39.2%, to approximately $23.4million, resulting from sales of 46,201tonnes at an ASP of $507/tonne for the year ended December 31, 2021, compared to revenue of approximately $16.8million, resulting from sales of 42,801tonnes at an ASP of $393/tonne for 2020.

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Revenue from offset printing paper increased by $4.8 million, or 39.1%, to approximately $17.1 million for the year ended December 31, 2021 from approximately $12.3 million for 2020. The Company sold 24,513tonnes of offset printing paper at an ASP of $696/tonne in the year ended December 31, 2021, compared to 20,358tonnes at an ASP of $603/tonne in 2020.

Revenue from tissue paper products increased by $0.4 million, or 4.2%, to approximately $8.8 million, resulting from sales of 8,255tonnes at an ASP of $1,062/tonne, for the year ended December 31, 2021, compared to revenue of approximately $8.4 million, resulting from sales of 10,088tonnes at an ASP of $834/tonne for 2020.

Revenue from face masks decreased by $0.6 million, or 51.2%, to approximately $0.5 million for the year ended December 31, 2021, from approximately $1.1 million for 2020. The Company sold 12,664 thousand pieces of face masks for the year ended December 31, 2021, compared to 10,301 thousand pieces of face masks for 2020.

Gross Profit and Gross Margin

Total cost of sales increased by $54.6 million, or 57.4%, to approximately $149.9 million for the year ended December 31, 2021 from approximately $95.2 million for 2020. The increase in overall cost of sales was mainly due to the increased sales volume of CMP and offset printing paper and increased material costs in the year ended December 31, 2021. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, tissue paper products were, $487, $463, $570, and $1,214, respectively, for the year ended December 31, 2021 compared to $383, $358, $498, and $1,015, respectively, for 2020.

Total gross profit increased by $5.3million, or 93.2%, to approximately $11.0million for the year ended December 31, 2021 from approximately $5.7 million for 2020. Overall gross margin increased by 1.2percentage points to 6.9% for the year ended December 31, 2021 from 5.7% for 2020. Gross margins for regular CMP, light-weight CMP, offset printing paper, tissue paper products and face mask products were 6.3%, 8.7%, 18.2%, -14.3% and 19.2%, respectively, for the year ended December 31, 2021, compared to 5.4%, 8.9%, 17.3%, -21.7% and 48.1%, respectively, for 2020.

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Selling, General and Administrative Expenses

SG&A expenses decreased by $1.6 million, or 14.3%, to approximately $9.6 million for the yearended December 31, 2021 from approximately $11.2 million for 2020. As a percentage of total revenue, SG&A expenses was 5.9% for the year ended December 31, 2021, compared to 11.1% for 2020.

Income (Loss) from Operations

Income from operations increased by $6.9 million, or 126.8% to approximately $1.5 million for the year ended December 31, 2021 from loss from operations of approximately $5.5 million for 2020. Operating margin was 0.9% for the year ended December 31, 2021, compared to operating loss margin of 5.4% for 2020.

Net Income (Loss)

Net Income increased by $6.5 million, or 116.3%, to approximately $0.9 million, or earnings per basic and diluted share of $0.02, for the year ended December 31, 2021, compared to net loss of approximately $5.6 million, or loss per basic and diluted share of $0.21 for 2020.

EBITDA

EBITDA increased by $12.7million, or 125.6%, to approximately $22.9 million for the year ended December 31, 2021 from approximately $10.2 million for 2020.

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Note 1: Non-GAAP Financial Measures

In addition to our U.S. GAAP results, this press release includes a discussion of EBITDA, a non-GAAP financial measure as defined by the Securities and Exchange Commission (“SEC”). The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company’s presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP.

Reconciliation of Net Income to EBITDA

(Amounts expressed in US$)

		For the Twelve Months Ended December 31,
($ millions)		2021				2020
Net income (loss)			0.91				-5.55
Add: Income tax			5.55				-1.10
Net interest expense			1.12				1.03
Depreciation and amortization			15.36				15.79
EBITDA			22.94				10.16

Cash, Liquidity and Financial Position

As of December 31, 2021, the Company had cash and bank balances, short-term debt (including bank loans, current portion of long-term loans from credit union and related party loans), and long-term debt (including loan from credit union) of approximately $11.20 million, $13.52 million and $2.98 million, respectively, compared to approximately $4.14 million, $12.16 million and $4.60 million, respectively, at the end of 2020.

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Net accounts receivable was approximately $4.87 million as of December 31, 2021, compared to approximately $2.39 million as of December 31, 2020. Net inventory was approximately $5.84 million as of December 31, 2021, compared to approximately $1.23 million at the end of 2020. As of December 31, 2021, the Company had current assets of approximately $55.52 million and current liabilities of approximately $20.43 million, resulting in a working capital of approximately $35.09 million. This was compared to current assets of approximately $14.91 million and current liabilities of approximately $18.34million, resulting in a working capital deficit of approximately $3.43 million at the end of 2020.

Net cash usedin operating activities was approximately $2.44 million for the year ended December 31, 2021, compared to net cash provided by operating activities ofapproximately $16.14 million for 2020. Net cash used in investing activities was approximately $25.07 million for the year ended December 31, 2021, compared to approximately $20.53 million for 2020. Net cash provided by financing activities was approximately $34.19 million for the year ended December 31, 2021, compared to net cash provided by financing activities of approximately $2.05 million for 2020.

Recent development

On December 7, 2021, the Companyannounced that it has officially started its surgical masks production after a month of trial production since the end of November 2021. The Company’s surgical masks comply with China’s pharmaceutical industry standard YY0469-2011.

Earnings Conference Call

The Company’s management will host a conference call to discuss its fourth quarter and fiscal year 2021 financial results at 8:30 am U.S. Eastern Time on Tuesday, March 15, 2022. To attend the conference call, please use the information below.

Conference Topic: IT Tech Packaging Inc. Fourth Quarter and Fiscal Year 2021 Earnings Conference Call and Webcast

Date of call: March 15, 2022

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Time of call: 8:30 AM Eastern Time (8:30 PM Beijing/Hong Kong Time)

Conference ID: 4898872

To attend the conference call, please register in advance of the conference using the link:http://apac.directeventreg.com/registration/event/4898872 to complete the online registration at least 15 minutes prior to the start of the call. Upon registering, the conference access information including participant dial-in numbers, a Direct Event passcode and a registrant ID will be provided to you via an email.

This conference call will be broadcast live on the Internet and can be accessed by all interested parties at https://edge.media-server.com/mmc/p/57zkixzh. Please access the link at least 15 minutes prior to the start of the call to register, download, and install any necessary audio software.

A playback will be available through 11:00 am ET on March 15, 2022 to 8:59 am ET on March 23, 2022. To listen, please dial+1-855-452-5696 if calling from the United States, or +61-281-990-299 if calling internationally. Use the conference ID 4898872 to access the replay.

About IT Tech Packaging, Inc.

Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products and single-use face masks in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products), ITP produces and distributes three categories of paper products: corrugating medium paper, offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China’s Hebei Province, ITP is located strategically close to the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE American since December 2009. For more information, please visit: http://www.itpackaging.cn/.

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Safe Harbor Statements

This press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company’s public filings with the Securities and Exchange Commission, including the Company’s latest annual report on Form 10-K. All information provided in this press release speaks as of the date hereof. Except as otherwise required by law, the Company undertakes no obligation to update or revise its forward-looking statements.

For more information, please contact:

At the Company
Email: ir@itpackaging.cn

Tel: +86 0312 8698215

Investor Relations

Ascent Investor Relations LLC
Ms. Tina Xiao
Email: tina.xiao@ascent-ir.com

Tel: +1-917-609-0333

13

IT TECH PACKAGING, INC.

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2021 AND 2020

		December 31,				December 31,
		2021				2020
ASSETS

Current Assets
Cash and bank balances		$	11,201,612			$	4,142,437
Restricted cash			-				-
Accounts receivable (net of allowance for doubtful accounts of $69,053 and $34,391 as of December 31, 2021 and December 31, 2020, respectively)			4,868,934				2,389,057
Inventories			5,844,895				1,233,801
Prepayments and other current assets			25,796,640				7,051,515
Due from related parties			7,804,068				92,795

Total current assets			55,516,149				14,909,605

Prepayment on property, plant and equipment			43,446,210				21,149,749
Finance lease right-of-use assets, net			2,286,459				2,397,653
Property, plant, and equipment, net			126,587,428				145,142,642
Value-added tax recoverable			2,430,277				2,566,195
Deferred tax asset non-current			11,268,679				13,708,630

Total Assets		$	241,535,202			$	199,874,474

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities
Short-term bank loans		$	5,958,561			$	6,435,348
Current portion of long-term loans from credit union			6,838,465				4,996,245
Lease liability			210,161				182,852
Accounts payable			10,255				592,391
Advance from customers			39,694				82,625
Due to related parties			727,433				727,433
Accrued payroll and employee benefits			291,206				224,930
Other payables and accrued liabilities			5,250,539				4,838,601
Income taxes payable			1,108,038				259,649

Total current liabilities			20,434,352				18,340,074

Loans from credit union			2,980,065				4,597,772
Deferred gain on sale-leaseback			155,110				387,087
Lease liability - non-current			152,233				354,107
Derivative liability			2,063,534				1,115,260

Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $17,924,475 and $17,950,224 as of December 31, 2021 and 2020, respectively)			25,785,294				24,794,300

Commitments and Contingencies

Stockholders’ Equity
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 99,049,900 and 28,535,816 shares issued and outstanding as of December 31, 2021 and December, 31,2020, respectively			99,050				28,536
Additional paid-in capital			88,927,787				53,989,548
Statutory earnings reserve			6,080,574				6,080,574
Accumulated other comprehensive income			10,496,168				5,740,722
Retained earnings			110,146,329				109,240,794

Total stockholders’ equity			215,749,908				175,080,174

Total Liabilities and Stockholders’ Equity		$	241,535,202			$	199,874,474

14

IT TECH PACKAGING, INC.

CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020

		Year Ended
		December 31,
		2021				2020

Revenues		$	160,881,720			$	100,943,269
Cost of sales			(149,864,161	)			(95,241,284	)

Gross Profit			11,017,559				5,701,985

Selling, general and administrative expenses			(9,558,190	)			(11,157,789	)
Gain on acquisition of a subsidiary			-				-

Income (Loss) from Operations			1,459,369				(5,455,804	)

Other Income (Expense):
Interest income			38,766				32,033
Subsidy income			198,530				220,478
Interest expense			(1,124,702	)			(1,026,512	)
Gain (Loss) on derivative liability			5,880,526				(426,055	)

Income (Loss) before Income Taxes			6,452,489				(6,655,860	)

Provision for Income Taxes			(5,546,954	)			1,101,858

Net Income (Loss)			905,535				(5,554,002	)

Other Comprehensive Income (Loss)
Foreign currency translation adjustment			4,755,446				11,798,259
Total Comprehensive Income (Loss)		$	5,660,981			$	6,244,257

Earnings (Losses) Per Share:

Basic and Diluted Earnings (Losses) per Share		$	0.02			$	(0.21	)
Outstanding – Basic and Diluted			59,849,082				26,498,298

15

IT TECH PACKAGING, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020

		Year Ended
		December 31,
		2021				2020

Cash Flows from Operating Activities:
Net income		$	905,535			$	(5,554,002	)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			15,358,452				15,793,854
(Gain) Loss on derivative liability			(5,880,526	)			426,055
(Recovery from) Allowance for bad debts			33,480				(28,087	)
Share-based compensation and expenses			-				1,256,700
Deferred tax			2,730,050				(2,364,575	)
Changes in operating assets and liabilities:
Accounts receivable			(2,430,495	)			923,429
Prepayments and other current assets			(8,350,716	)			5,301,953
Inventories			(4,531,263	)			458,878
Accounts payable			(589,371	)			307,198
Advance from customers			(44,366	)			(21,281	)
Related parties			(785,097	)			1,984,619
Accrued payroll and employee benefits			60,334				(82,516	)
Other payables and accrued liabilities			254,966				(1,105,508	)
Income taxes payable			832,946				(1,153,191	)
Net Cash (Used in) Provided by Operating Activities			(2,436,071	)			16,143,526

Cash Flows from Investing Activities:
Purchases of property, plant and equipment			(25,071,372	)			(21,106,210	)
Proceeds from sale of property, plant and equipment			-				580,206

Net Cash Used in Investing Activities			(25,071,372	)			(20,526,004	)

Cash Flows from Financing Activities:
Proceeds from issuance of shares and warrants, net			41,837,553				2,273,360
Proceeds from short term bank loans			5,892,298				6,090,715
Repayment of bank loans			(6,512,703	)			(6,237,217	)
Payment of capital lease obligation			(185,050	)			(72,003	)
Loan to a related party			(6,838,274	)			-

Net Cash Provided by (Used in) Financing Activities			34,193,824				2,054,855

Effect of Exchange Rate Changes on Cash and Cash Equivalents			372,794				632,315

Net Increase (Decrease) in Cash and Cash Equivalents			7,059,175				(1,695,308	)

Cash, Cash Equivalents and Restricted Cash - Beginning of Year			4,142,437				5,837,745

Cash, Cash Equivalents and Restricted Cash - End of Year		$	11,201,612			$	4,142,437

Supplemental Disclosure of Cash Flow Information:
Cash paid for interest, net of capitalized interest cost		$	577,194			$	592,140
Cash paid for income taxes		$	1,970,984			$	2,401,191

Cash and bank balances			11,201,612				4,142,437
Restricted cash			-				-
Total cash, cash equivalents and restricted cash shown in the statement of cash flows			11,201,612				4,142,437

16

EX-101.SCH 3 itp-20220315.xsd XBRL SCHEMA FILE 00000001 - Document - Cover link:presentationLink link:calculationLink link:definitionLink EX-101.LAB 4 itp-20220315_lab.xml XBRL LABEL FILE Cover [Abstract] Document Type Amendment Flag Amendment Description Document Registration Statement Document Annual Report Document Quarterly Report Document Transition Report Document Shell Company Report Document Shell Company Event Date Document Period Start Date Document Period End Date Document Fiscal Period Focus Document Fiscal Year Focus Current Fiscal Year End Date Entity File Number Entity Registrant Name Entity Central Index Key Entity Primary SIC Number Entity Tax Identification Number Entity Incorporation, State or Country Code Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Three Entity Address, City or Town Entity Address, State or Province Entity Address, Country Entity Address, Postal Zip Code Country Region City Area Code Local Phone Number Extension Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) Security No Trading Symbol Flag Trading Symbol Security Exchange Name Title of 12(g) Security Security Reporting Obligation Annual Information Form Audited Annual Financial Statements Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Entity Emerging Growth Company Elected Not To Use the Extended Transition Period Document Accounting Standard Other Reporting Standard Item Number Entity Shell Company Entity Public Float Entity Bankruptcy Proceedings, Reporting Current Entity Common Stock, Shares Outstanding Documents Incorporated by Reference [Text Block] EX-101.PRE 5 itp-20220315_pre.xml XBRL PRESENTATION FILE XML 6 R1.htm IDEA: XBRL DOCUMENT

Cover	Mar. 15, 2022
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Mar. 15, 2022
Entity File Number	001-34577
Entity Registrant Name	IT TECH PACKAGING, INC.
Entity Central Index Key	0001358190
Entity Tax Identification Number	20-4158835
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	Science Park, Juli Road
Entity Address, Address Line Two	Xushui District
Entity Address, Address Line Three	Baoding City
Entity Address, City or Town	Hebei Province
Entity Address, Country	CN
Entity Address, Postal Zip Code	072550
City Area Code	86
Local Phone Number	312-8698215
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	ITP
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

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