0001213900-23-022568.txt : 20230324 0001213900-23-022568.hdr.sgml : 20230324 20230324060400 ACCESSION NUMBER: 0001213900-23-022568 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20230324 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230324 DATE AS OF CHANGE: 20230324 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: 23757580 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 ea175701-8k_ittechpack.htm CURRENT REPORT
0001358190 false CN 0001358190 2023-03-24 2023-03-24 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

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 24, 2023

 

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 24, 2023, IT Tech Packaging, Inc. (the “Company”) issued a press release announcing its financial results and operational results for the fourth quarter and fiscal year ended December 31, 2022. 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.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

The following exhibits are filed herewith:

 

Exhibit Number   Description
99.1   Press Release dated March 24, 2023, announcing financial results and operational results of the Company for the fourth quarter and fiscal year ended December 31, 2022.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

1

 

 

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 24, 2023 By: /s/ Zhenyong Liu
    Name:  Zhenyong Liu
    Title: Chief Executive Officer

 

 

2

 

 

 EX-99.1 2 ea175701ex99-1_ittechpack.htm PRESS RELEASE DATED MARCH 24, 2023, ANNOUNCING FINANCIAL RESULTS AND OPERATIONAL RESULTS OF THE COMPANY FOR THE FOURTH QUARTER AND FISCAL YEAR ENDED DECEMBER 31, 2022

Exhibit 99.1

 

IT Tech Packaging, Inc. Announces Fourth Quarter and Fiscal Year 2022 Financial Results

 

BAODING, China, March 24, 2023 /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, 2022.

 

Mr. Zhenyong Liu, Chairman and Chief Executive Officer of the Company, commented, “In fiscal year 2022, our business execution was reflected as we generated approximately $100.35 million in revenue and approximately $4.75 million in gross profit. With the domestic business and markets resumption in an orderly manner as the pandemic is gradually under control in China, we expect that the market demand for our products will recover gradually. “

 

Fourth Quarter 2022 Financial Results

 

   For the Three Months Ended December 31, 
($ millions)  2021   2022   % Change 
Revenues   45.05    21.37    -52.6%
Regular Corrugating Medium Paper (“CMP”)*   32.66    17.28    47.1%
Light-Weight CMP**   7.00    3.77    46.1%
Offset Printing Paper   2.97    -    -100.0%
Tissue Paper Products   2.28    0.25    -88.9%
Face Masks   0.15    0.06    -60.7%
                
Gross profit   4.34    1.03    -76.3%
Gross profit (loss) margin   9.6%   4.8%   -4.8pp****
Regular Corrugating Medium Paper (“CMP”)*   9.6%   8.3%   -1.3 pp****
Light-Weight CMP**   12.2%   10.3%   -1.9 pp****
Offset Printing Paper   21.5%   -    - 
Tissue Paper Products***   -13.9%   -315.2%   -301.3 pp****
Face Masks   25.2%   27.5%   2.3pp****
Operating income (loss)   1.95    -0.49    -125.2%
Net income (loss)   4.16    -11.91    -386.6%
EBITDA   8.66    3.77    -56.5%
Basic and Diluted earnings (loss) per share   0.45    -1.19    -364.4%

 

*Products from PM6
**Products from PM1
***Products from PM8 and PM9
****pp represents percentage points

 

·Revenue decreased by 52.6% to approximately $21.37 million, primarily attributable to an decrease in sales volume of all categories of products and decrease in ASP of CMP.
·Gross profit decreased by 76.3% to approximately $1.03 million. Total gross margin decreased by 4.8 percentage point to 4.8%.  
·Loss from operations was approximately $0.49 million, compared to operation income of approximately $1.95 million for the same period of last year.
·Net loss was approximately $11.91 million, or loss of $1.19 per basic and diluted share, compared to net income of approximately $4.16 million, or earnings of $0.45 per basic and diluted share, for the same period of last year.
·Earnings before interest, taxes, depreciation and amortization (“EBITDA”) decreased by 56.5% to approximately $3.77million.

 

 

 

Revenue

 

For the fourth quarter of 2022, total revenue decreased by approximately $23.7 million, or 52.6%, to approximately $21.4 million from approximately $45.0 million for the same period of last year. The decrease in total revenue was mainly due to the decrease in sales volume of CMP, offset printing paper and tissue paper products and the decrease in ASP of CMP and offset printing paper.

 

The following table summarizes revenue, volume and ASP by product for the fourth quarter of 2022 and 2021, respectively:

 

   For the Three Months Ended December 31, 
   2021   2022 
   Revenue
($’000)		   Volume
(tonne)		   ASP
($/tonne)		   Revenue
($’000)		   Volume
(tonne)		   ASP
($/tonne)		 
Regular CMP   32,662    57,410    569    17,281    41,941    412 
Light-Weight CMP   6,996    12,543    558    3,768    9,365    402 
Offset Printing Paper   2,967    3,911    759    -    -    - 
Tissue Paper Products   2,278    2,292    994    253    234    1,083 
Total   44,903    76,156    590    21,302    51,540    413 

 

   Revenue ($’000)   Volume (thousand pieces)   ASP ($/thousand pieces)   Revenue ($’000)   Volume ($/thousand pieces)   ASP ($/thousand pieces) 
Face Masks   146    3,014    49    57    1,330    43 

 

Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by $18.6 million, or 46.9%, to approximately $21.1 million and accounted for 98.5 % of total revenue for the fourth quarter of 2022, compared to approximately $39.7 million, or 88.0% of total revenue, for the same period of last year. The Company sold 51,306 tonnes of CMP at an ASP of $410/tonne in the fourth quarter of 2022, compared to 69,953 tonnes at an ASP of $567/tonne in the same period of last year.

 

Of the total CMP sales, revenue from regular CMP decreased by approximately $15.4 million, or 47.1%, to approximately $17.3 million, resulting from sales of 41,941 tonnes at an ASP of $412/tonne, during the fourth quarter of 2022, compared to revenue of approximately$32.7 million, resulting from sales of 57,410 tonnes at an ASP of $569/tonne, for the same period of last year. Revenue from light-weight CMP decreased by approximately $3.2 million, or 46.1%, to approximately $3.8 million, resulting from sales of 9,365 tonnes at an ASP of $402/tonne for the fourth quarter of 2022, compared to revenue of approximately $7.0 million, resulting from sales of 12,543 tonnes at an ASP of $558/tonne for the same period of last year.

 

Revenue from offset printing paper was $nil for the three months ended December 31, 2022, due to COVID-19, offset printing paper was suspended in 2022. Revenue from offset printing paper was  approximately $3.0 million for the fourth quarter of 2021, with 3,911 tonnes sold at an ASP of $759/tonne.

 

Revenue from tissue paper products decreased by $2.0 million, or 88.9%, to approximately $0.3 million, resulting from sales of 234 tonnes at an ASP of $1,083/tonne, for the fourth quarter of 2022, compared to revenue of approximately$2.3million, resulting from sales of 2,292 tonnes at an ASP of $994/tonne for the same period of last year.

 

Revenue from face masks decreased by $89,508, or 61.2%, to approximately $56,774  for the fourth quarter ended December 31, 2022, from $146,282 for the same period of 2021. The Company sold 1,330 thousand pieces of face masks for the fourth quarter ended December 31, 2022, compared to 3,014 thousand pieces of face masks for the same period of 2021.

 

2

 

 

Gross Profit and Gross Margin

 

Total cost of sales decreased by $20.3 million, or 49.9%, to approximately $20.4 million for the fourth quarter of 2022 from approximately $40.7 million for the same period of last year. For paper products, overall cost of sales per tonne was $394 for the fourth quarter of 2022, compared to $533 for the same period of last year. The decrease in overall cost of sales was mainly due to the decrease in sales volume of CMP and offset printing paper and decrease of material costs of CMP in the fourth quarter of 2022.  Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were $378, $361, $nil and $4,494, respectively, for the fourth quarter of 2022, compared to  $514, $490, $596, and $1,132, respectively, for the same period of last year.

 

Total gross profit was approximately $1.0 million for the fourth quarter of 2022, compare to the gross profit of approximately$4.3 million for the same period of last year as a result of factors described above. Overall gross margin was 4.8% for the fourth quarter of 2022, compared to 9.6% 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 8.3%, 10.3%, n/a, -315.2% and 27.5%, respectively, for the fourth quarter of 2022, compared to 9.6%, 12.2%, 21.5%, -13.9% and 25.2%, respectively, for the same period of last year.

 

Selling, General and Administrative Expenses

 

Selling, general and administrative expenses (“SG&A”) decreased by $0.9million, or 36.4%, to approximately $1.5 million for the fourth quarter of 2022 from approximately$2.4 million for the same period of last year.

 

Income (Loss) from Operations

 

Loss from operations was approximately $0.5million for the fourth quarter of 2022, a decrease of $2.4 million, or 125.2%, from income from operations of approximately $2.0 million for the same period of last year. Operating loss margin was -2.3% for the fourth quarter of 2022, compared to operating margin of 4.3% for the same period of last year.

 

Net Income (Loss)

 

Net loss was approximately $11.9 million, or $1.19 loss per basic and diluted share for the fourth quarter of 2022, representing a decrease of $16.1 million, or 386.6%, from net income of approximately $4.2 million, or $0.45 earnings per basic and diluted share, for the same period of last year.

 

EBITDA

 

EBITDA was approximately $3.8 million for the fourth quarter of 2022, compared to approximately $8.7 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.

 

3

 

 

Reconciliation of Net Income to EBITDA

 

(Amounts expressed in US$)

 

   For the Three Months Ended December 31, 
($ millions)  2021   2022 
Net income (loss)   4.16    -11.91 
Add: Income tax   0.60    11.87 
Net interest expense   0.28    0.24 
Depreciation and amortization   3.62    3.57 
EBITDA   8.66    3.77 

 

Full Year Ended December 31, 2022 Financial Results

 

   For the Twelve Months Ended December 31, 
($ millions)  2021   2022   % Change 
Revenues   160.88    100.35    -37.62%
Regular Corrugating Medium Paper (“CMP”)*   111.08    82.30    -25.91%
Light-Weight CMP**   23.43    16.43    -29.89%
Offset Printing Paper   17.06    0    -100%
Tissue Paper Products   8.77    1.36    -84.53%
Face Masks   0.54    0.26    -52.1%
                
Gross profit   11.02    4.75    -56.9%
Gross profit (loss) margin   6.9%   4.7%   -2.2 pp****
Regular Corrugating Medium Paper (“CMP”)*   6.3%   7.4%   1.1 pp****
Light-Weight CMP**   8.7%   9.4%   0.7 pp****
Offset Printing Paper   18.2%   -    - 
Tissue Paper Products***   -14.3%   -216.3%   -202.1 pp****
Face Masks   19.2%   26.1%   6.9 pp****
Operating income (loss)   1.46    -5.30    -463.5%
Net income   0.91    -16.57    -1930.0%
EBITDA   22.94    10.96    -52.2%
Basic and Diluted earnings (loss) per share   0.10    -1.66    -1,760.0%

 

*Products from PM6
**Products from PM1
***Products from PM8 and PM9
****pp represents percentage points

 

Revenue

 

For the year ended December 31, 2022, total revenue decreased by $60.5 million, or 37.6%, to approximately $100.4 million from approximately$160.9 million for 2021. The decrease in total revenue was mainly due to the decrease in sales volume of CMP, offset printing paper and tissue paper and the decrease in ASP of CMP.

 

4

 

 

The following table summarizes revenue, volume and ASP by product for the years ended December 31, 2021 and 2022, respectively:

 

   For the Twelve Months Ended December 31, 
   2021   2022 
   Revenue
($’000)		   Volume
(tonne)		   ASP
($/tonne)		   Revenue
($’000)		   Volume
(tonne)		   ASP
($/tonne)		 
Regular CMP   111,079    213,490    520    82,297    180,977    455 
Light-Weight CMP   23,432    46,201    507    16,428    37,354    440 
Offset Printing Paper   17,063    24,513    696    -    -    - 
Tissue Paper Products   8,770    8,255    1,062    1,356    1,273    1,065 
Total   160,344    292,459    548    100,082    219,604    456 

 

   Revenue ($’000)   Volume (thousand pieces)   ASP ($/thousand pieces)   Revenue ($’000)   Volume ($/thousand pieces)   ASP ($/thousand pieces) 
Face Masks   538    12,664    42    258    5,625    46 

 

Revenue from CMP, including both regular CMP and light-Weight CMP decreased by $35.8 million, or 26.6%, to approximately $98.7 million, and accounted for 98.4% of total revenue for the year ended December 31, 2022, compared to  approximately$134.5 million, or 83.6% of total revenue for 2021. The Company sold 218,331tonnes of CMP at an ASP of $452/tonne in the year ended December 31, 2022, compared to 259,691tonnes at an ASP of $518/tonne in 2021.

 

Of the total CMP sales, revenue from regular CMP decreased by $28.8 million, or 25.9%, to approximately $82.3 million, resulting from sales of 180,977 tonnes at an ASP of $455/tonne during the year ended December 31, 2022, compared to revenue of approximately$111.1 million, resulting from sales of 213,490 tonnes at an ASP of $520/tonne for 2021. Revenue from light-weight CMP decreased by $7.0 million, or 29.9%, to approximately$16.4 million, resulting from sales of 37,354 tonnes at an ASP of $440/tonne for the year ended December 31, 2022, compared to revenue of approximately$23.4million, resulting from sales of 46,201tonnes at an ASP of $507/tonne for 2021.

 

Revenue from offset printing paper was $nil for the year ended December 31, 2022 compared to the revenue of $17.1 for the year ended December 31, 2021. Due to COVID-19, our paper production was restricted and production of offset printing paper was suspended in 2022.

 

Revenue from tissue paper products decreased by $7.4 million, or 84.5%, to approximately $1.4 million, resulting from sales of 1,273 tonnes at an ASP of $1,065/tonne, for the year ended December 31, 2022, compared to revenue of approximately $8.8 million, resulting from sales of 8,255 tonnes at an ASP of $1,062/tonne for 2021.

 

Revenue from face masks decreased by $0.3 million, or 52.1%, to approximately $0.3 million for the year ended December 31, 2022, from approximately $0.5 million for 2021. The Company sold 5,625 thousand pieces of face masks for the year ended December 31, 2022, compared to 12,664 thousand pieces of face masks for 2021.

 

Gross Profit and Gross Margin

 

Total cost of sales decreased by $54.2 million, or 36.1%, to approximately $95.6 million for the year ended December 31, 2022 from approximately $149.9 million for 2021. The decrease in overall cost of sales was mainly due to the decreased sales volume of CMP and offset printing paper and decreased material costs of CMP in the year ended December 31, 2022.  Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, tissue paper products were, $421, $398, $nil, and $3,370, respectively, for the year ended December 31, 2022 compared to $487, $463, $570, and $1,214, respectively, for 2021.

 

Total gross profit decreased by $6.3 million, or 56.9%, to approximately $4.8 million for the year ended December 31, 2022 from approximately $11.0 million for 2021. Overall gross margin decreased by 2.2 percentage points to 4.7% for the year ended December 31, 2022 from 6.9% for 2021. Gross margins for regular CMP, light-weight CMP, offset printing paper, tissue paper products and face mask products were 7.4%, 9.4%, nil, -216.3% and 26.1%, respectively, for the year ended December 31, 2022, compared to 6.3%, 8.7%, 18.2%, 14.3% and 19.2%, respectively, for 2021.

 

Selling, General and Administrative Expenses

 

SG&A expenses increased by $0.5 million, or 5.24%, to approximately $10.1 million for the year ended December 31, 2022 from approximately $9.6 million for 2021. As a percentage of total revenue, SG&A expenses was 10.0% for the year ended December 31, 2022, compared to 5.9% for 2021.

 

Income (Loss) from Operations

 

Loss from operations decreased by $6.8 million, or 463.5% to approximately $5.3 million for the year ended December 31, 2022 from income from operations of approximately $1.5 million for 2021. Operating loss margin was -5.3% for the year ended December 31, 2022, compared to operating margin of 0.9% for 2021.

 

5

 

 

 

Net Income (Loss)

 

Net loss decreased by $17.5 million, or 1930.0%, to approximately $16.6 million, or losses per basic and diluted share of $1.66, for the year ended December 31, 2022, compared to net income of approximately $0.9 million, or earnings per basic and diluted share of $0.10 for 2021.

 

EBITDA

 

EBITDA decreased by $12.0 million, or 52.2%, to approximately $11.0 million for the year ended December 31, 2022 from approximately $22.9 million for 2021.

 

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   2022 
 Net income (loss)   0.91    -16.57 
 Add: Income tax   5.55    11.71 
Net interest expense   1.12    1.03 
Depreciation and amortization   15.36    14.79 
 EBITDA   22.94    10.96 

 

Cash, Liquidity and Financial Position

 

As of December 31, 2022, 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 $9.5 million, $11.2 million and $4.2 million, respectively, compared to  approximately $11.2 million, $13.5 million and $3.0 million, respectively, at the end of 2021.

 

6

 

 

Net accounts receivable was approximately $0.9 million as of December 31, 2022, compared to  approximately $4.9 million as of December 31, 2021. Net inventory was approximately $2.9 million as of December 31, 2022, compared to approximately $5.8 million at the end of 2021. As of December 31, 2022, the Company had current assets of approximately $47.2 million and current liabilities of approximately $17.6 million, resulting in a working capital of approximately $29.6 million. This was compared to current assets of approximately $55.5 million and current liabilities of approximately $20.4 million, resulting in a working capital of approximately $35.1 million at the end of 2021.

 

Net Cash provided by operating activities was approximately $10.7 million for the year ended December 31, 2022, compared to net cash used in operating activities of approximately $2.4 million for 2021. Net cash used in investing activities was approximately $10.9 million for the year ended December 31, 2022, compared to approximately $25.1 million for 2021. Net cash used in financing activities was approximately $0.9 million for the year ended December 31, 2022, compared to net cash provided by financing activities of approximately $34.2 million for 2021.

 

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: https://www.itpackaging.cn/.

 

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

 

7

 

 

IT TECH PACKAGING, INC.

 CONSOLIDATED BALANCE SHEETS

 AS OF DECEMBER 31, 2022 AND 2021

 

   December 31,   December 31, 
   2022   2021 
ASSETS        
         
Current Assets        
Cash and bank balances  $9,524,868   $11,201,612 
Accounts receivable (net of allowance for doubtful accounts of $881,878 and $69,053 as of December 31, 2022 and December 31, 2021, respectively)   -    4,868,934 
Inventories   2,872,622    5,844,895 
Prepayments and other current assets   27,207,127    25,796,640 
Due from related parties   7,561,858    7,804,068 
           
Total current assets   47,166,475    55,516,149 
           
Prepayment on property, plant and equipment   1,031,502    43,446,210 
Operating lease right-of-use assets, net   672,722    - 
Finance lease right-of-use assets, net   1,939,970    2,286,459 
Property, plant, and equipment, net   151,569,898    126,587,428 
Value-added tax recoverable   2,066,666    2,430,277 
Deferred tax asset non-current   -    11,268,679 
           
Total Assets  $204,447,233   $241,535,202 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
Current Liabilities          
Short-term bank loans  $5,598,311   $5,958,561 
Current portion of long-term loans   4,835,884    6,838,465 
Lease liability   224,497    210,161 
Accounts payable   5,025    10,255 
Advance from customers   -    39,694 
Due to related parties   727,462    727,433 
Accrued payroll and employee benefits   165,986    291,206 
Other payables and accrued liabilities   5,665,558    5,250,539 
Income taxes payable   417,906    1,108,038 
           
Total current liabilities   17,640,629    20,434,352 
           
Long-term loans   4,204,118    2,980,065 
Deferred gain on sale-leaseback   52,314    155,110 
Lease liability - non-current   579,997    152,233 
Derivative liability   646,283    2,063,534 
           
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $16,784,878 and $17,924,475 as of December 31, 2022 and 2021, respectively)   23,123,341    25,785,294 
           
Commitments and Contingencies          
           
Stockholders’ Equity          
Common stock, 50,000,000 shares authorized, $0.001 par value per share, 10,065,920 and 9,915,920 shares issued and outstanding as of December 31, 2022 and December, 31, 2021, respectively.   10,066    9,916 
Additional paid-in capital   89,172,771    89,016,921 
Statutory earnings reserve   6,080,574    6,080,574 
Accumulated other comprehensive (loss) income   (7,514,540)   10,496,168 
Retained earnings   93,575,021    110,146,329 
           
Total stockholders’ equity   181,323,892    215,749,908 
           
Total Liabilities and Stockholders’ Equity  $204,447,233   $241,535,202 

 

8

 

 

IT TECH PACKAGING, INC.

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

 FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021

 

   Year Ended 
   December 31, 
   2022   2021 
         
Revenues  $100,352,434   $160,881,720 
           
Cost of sales   (95,598,238)   (149,864,161)
           
Gross Profit   4,754,196    11,017,559 
           
Selling, general and administrative expenses   (10,058,723)   (9,558,190)
           
(Loss) Income from Operations   (5,304,527)   1,459,369 
           
Other Income (Expense):          
Interest income   24,264    38,766 
Subsidy income   -    198,530 
Interest expense   (1,027,951)   (1,124,702)
Gain on acquisition   30,994    - 
Gain (Loss) on derivative liability   1,417,251    5,880,526 
           
(Loss) Income before Income Taxes   (4,859,969)   6,452,489 
           
Provision for Income Taxes   (11,711,339)   (5,546,954)
           
Net (Loss) Income   (16,571,308)   905,535 
           
Other Comprehensive (Loss) Income          
Foreign currency translation adjustment   (18,010,708)   4,755,448 
           
Total Comprehensive (Loss) Income  $(34,582,016)  $5,660,983 
           
(Losses) Earnings Per Share:          
           
Basic and Diluted (Losses) Earnings per Share  $(1.66)  $0.10 
           
Outstanding – Basic and Diluted   9,972,788    9,133,440 

 

9

 

 

IT TECH PACKAGING, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

 FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021

 

   Year Ended 
   December 31, 
   2022   2021 
         
Cash Flows from Operating Activities:        
Net income  $(16,571,308)  $905,535 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization   14,788,036    15,358,452 
(Gain) Loss on derivative liability   (1,417,251)   (5,880,526)
Gain on acquisition   (30,992)   - 
(Recovery from) for bad debts   843,779    33,480 
Share-based compensation and expenses   156,000    - 
Deferred tax   10,261,104    2,730,050 
Changes in operating assets and liabilities:          
Accounts receivable   3,750,196    (2,430,495)
Prepayments and other current assets   (3,976,010)   (8,350,716)
Inventories   2,554,072    (4,531,263)
Accounts payable   (4,496)   (589,371)
Advance from customers   (37,452)   (44,366)
Related parties   444,291    (785,097)
Accrued payroll and employee benefits   (103,683)   60,334 
Other payables and accrued liabilities   677,840    254,966 
Income taxes payable   (614,738)   832,946 
Net Cash (Used in) Provided by Operating Activities   10,719,388    (2,436,071)
           
Cash Flows from Investing Activities:          
Purchases of property, plant and equipment   (4,534,092)   (25,071,372)
Proceeds from sale of property, plant and equipment   -    - 
Acquisition of land   (6,364,439)   - 
Net Cash Used in Investing Activities   (10,898,531)   (25,071,372)
           
Cash Flows from Financing Activities:          
Proceeds from issuance of shares and warrants, net   -    41,837,553 
Proceeds from short term bank loans   6,214,020    5,892,298 
Proceeds from long term loans   59,195    - 
Repayment of bank loans   (6,071,952)   (6,512,703)
Payment of capital lease obligation   (206,114)   (185,050)
Loan to a related party (net)   (874,745)   (6,838,274)
Net Cash Provided by (Used in) Financing Activities   (879,596)   34,193,824 
           
Effect of Exchange Rate Changes on Cash and Cash Equivalents   (618,005)   372,794 
           
Net (Decrease) Increase in Cash and Cash Equivalents   (1,676,744)   7,059,175 
           
Cash, Cash Equivalents - Beginning of Year   11,201,612    4,142,437 
           
Cash, Cash Equivalents - End of Year  $9,524,868   $11,201,612 
           
Supplemental Disclosure of Cash Flow Information:          
Cash paid for interest, net of capitalized interest cost  $320,568   $577,194 
Cash paid for income taxes  $2,049,911   $1,970,984 

 

 

10

 

 

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Cover
Mar. 24, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Mar. 24, 2023
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 NYSEAMER
Entity Emerging Growth Company false
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