IT Tech Packaging Inc
NYSE American:ITP

  • LAST PRICE
    0.2190
  • TODAY'S CHANGE (%)
    -0.0110 (-4.7826%)
  • Bid / Lots
    0.2300/ 8
  • Ask / Lots
    0.2350/ 272
  • Open / Previous Close
    0.2234 / 0.2300
  • Day Range
    0.2190
    0.2400
  • 52 Week Range
    0.2015
    0.3700
  • Volume
    48,892

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  • Nov 15, 2024

      Show headlines and story abstract

    • 5:31PM ET on Friday Nov 15, 2024 by MT Newswires
      Companies Mentioned: ITP
      05:31 PM EST, 11/15/2024 (MT Newswires) -- ...

    • 5:30PM ET on Friday Nov 15, 2024 by MT Newswires
      Companies Mentioned: ITP
      05:30 PM EST, 11/15/2024 (MT Newswires) -- ...

    • 5:27PM ET on Friday Nov 15, 2024 by Dow Jones
      Companies Mentioned: ITP

    • 5:27PM ET on Friday Nov 15, 2024 by Dow Jones
      Companies Mentioned: ITP
      2024 2023 2024 2023 ------------- ------------- ------------- ------------- Revenues $ 25,081,500 $ 15,771,560 $ 58,195,129 $ 65,582,351 Cost of sales (23,164,119) (15,924,783) (52,613,335) (64,832,715) ------------ ------------ ------------ ------------ Gross Profit (Loss) 1,917,381 (153,223) 5,581,794 749,636 Selling, general and administrative expenses (3,381,502) (2,334,746) (9,999,833) (6,153,513) Loss on impairment of assets - 3,456 - (371,680) Loss from Operations (1,464,121) (2,484,513) (4,418,039) (5,775,557) Other Income (Expense): Interest income 7,313 93,298 12,303 283,203 Interest expense (171,430) (247,818) (593,271) (767,668) Gain on derivative liability 2 660,429 51 646,020 ------------ ------------ ------------ ------------ Loss before Income Taxes (1,628,236) (1,978,604) (4,998,956) (5,614,002) Income Tax (Expenses) Benefits (345,710) 3,236 (799,273) (348,024) ------------ ------------ ------------ ------------ Net Loss (1,973,946) (1,975,368) (5,798,229) (5,962,026) Other Comprehensive Income (Loss) Foreign currency translation adjustment 2,843,180 1,143,608 1,785,411 (5,417,331) ------------ ------------ ------------ ------------ Total Comprehensive Income (Loss) $ 869,234 $ (831,760) $ (4,012,818) $(11,379,357) ============ ============ ============ ============ Losses Per Share: Basic and Diluted Losses per Share $ (0.20) $ (0.20) $ (0.53) $ (0.59) ------------ ------------ ------------ ------------ Outstanding -- Basic and Diluted 10,065,920 10,065,920 10,065,920 10,065,920 ============ ============ ============ ============ IT TECH PACKAGING, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 (Unaudited) Nine Months Ended September 30, -------------------------- 2024 2023 ------------ ------------ Cash Flows from Operating Activities: Net income $(5,798,229) $(5,962,026) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 10,346,181 10,573,288 (Gain) Loss on derivative liability (51) (646,020) (Gain) Loss from disposal and impairment of property, plant and equipment - 956,406 (Recovery from) Allowance for bad debts 30,262 (815,317) Allowances for inventories, net (2,951) - Changes in operating assets and liabilities: Accounts receivable (1,160,996) (2,037,003) Prepayments and other current assets (122,747) 7,968,553 Inventories (2,108,280) (2,631,661) Accounts payable (4,979) 101,328 Advance from customers (99,219) 19,140 Related parties (365,452) 120,298 Accrued payroll and employee benefits 121,000 141,773 Other payables and accrued liabilities 1,651,302 119,132 Income taxes payable 345,270 (413,777) Net Cash Provided by Operating Activities 2,831,111 7,494,114 ----------- ----------- Cash Flows from Investing Activities: Purchases of property, plant and equipment (315,152) (9,211,711) Net Cash Used in Investing Activities (315,152) (9,211,711) ----------- ----------- Cash Flows from Financing Activities: Proceeds from short term bank loans 845,082 852,988 Proceeds from long term loans - 2,558,963 Repayment of bank loans (2,957,788) (5,549,150) Payment of capital lease obligation - (130,470) Loan to a related party (net) - 4,264,938 Net Cash (Used in) Provided by Financing Activities (2,112,706) 1,997,269 ----------- ----------- Effect of Exchange Rate Changes on Cash and Cash Equivalents 97,740 (366,599) ----------- ----------- Net Increase (Decrease) in Cash and Cash Equivalents 500,993 (86,927) Cash, Cash Equivalents and Restricted Cash - Beginning of Period 4,391,921 9,524,868 ----------- ----------- Cash, Cash Equivalents and Restricted Cash - End of Period $ 4,892,914 $ 9,437,941 ----------- ----------- Supplemental Disclosure of Cash Flow Information: Cash paid for interest, net of capitalized interest cost $ 382,493 $ 1,118,672 ----------- ----------- Cash paid for income taxes $ 454,003 $ 761,801 ----------- ----------- Cash and bank balances 4,414,848 9,437,941 Restricted cash 478,066 - Total cash, cash equivalents and restricted cash shown in the statement of cash flows 4,892,914 9,437,941 =========== ===========

  • Nov 1, 2024

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