IT Tech Packaging Inc

NYSE American:ITPUnited States

May 10, 2024

Show headlines and story abstract

• IT Tech Packaging, Inc. Announces First Quarter 2024 Unaudited Financial Results, from 10:22PM ET on Friday May 10, 2024 by PR Newswire

  10:22PM ET on Friday May 10, 2024 by PR Newswire
  Companies Mentioned: ITP

  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 first quarter ended March 31, 2024.

• IT Tech Packaging, Inc. Announces First Quarter 2024 Unaudited Financial Results, from 10:22PM ET on Friday May 10, 2024 by Dow Jones

  10:22PM ET on Friday May 10, 2024 by Dow Jones
  Companies Mentioned: ITP
  Other Income (Expense): Interest income 2,183 136,268 Interest expense (210,290) (249,169) Gain (Loss) on derivative liability 34 152,097 ----------- ------------ Loss before Income Taxes (3,709,743) (2,733,165) Provision for Income Taxes (36,793) - ----------- ------------ Net Loss (3,746,536) (2,733,165) Other Comprehensive (Loss) Income Foreign currency translation adjustment (301,619) 2,502,756 ----------- ------------ Total Comprehensive Loss $(4,048,155) $ (230,409) =========== ============ Losses Per Share: Basic and Diluted Losses per Share $ (0.37) $ (0.27) Outstanding -- Basic and Diluted 10,065,920 10,065,920 ----------- ------------ IT TECH PACKAGING, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (Unaudited) Three Months Ended March 31, -------------------------- 2024 2023 ------------ ------------ Cash Flows from Operating Activities: Net income $(3,746,536) $(2,733,165) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,481,788 3,686,243 (Gain) Loss on derivative liability (34) (152,097) (Gain) Loss from disposal and impairment of property, plant and equipment - 12,926 (Recovery from) Allowance for bad debts 36,942 (246,386) Allowances for inventories, net (2,951) Changes in operating assets and liabilities: Accounts receivable (1,847,112) (1,988,921) Prepayments and other current assets 1,276,805 9,461,336 Inventories 59,612 (3,062,782) Accounts payable 236,603 (5,101) Advance from customers (25,123) - Notes payable 246,299 - Related parties (187,484) (128,625) Accrued payroll and employee benefits 73,213 126,986 Other payables and accrued liabilities 1,022,398 263,712 Income taxes payable - (424,198) Net Cash Provided by Operating Activities 624,420 4,809,928 ----------- ----------- Cash Flows from Investing Activities: Purchases of property, plant and equipment (9,027) (295,018) ----------- ----------- Net Cash Used in Investing Activities (9,027) (295,018) ----------- ----------- Cash Flows from Financing Activities: Proceeds from short term bank loans 422,488 - Proceeds from long term loans - 2,623,410 Repayment of bank loans - (2,915) Payment of capital lease obligation - (55,849) Net Cash Provided by Financing Activities 422,488 2,564,646 ----------- ----------- Effect of Exchange Rate Changes on Cash and Cash Equivalents (12,242) 146,516 ----------- ----------- Net Increase in Cash and Cash Equivalents 1,025,639 7,226,072 Cash, Cash Equivalents and Restricted Cash - Beginning of Period 4,391,921 9,524,868 ----------- ----------- Cash, Cash Equivalents and Restricted Cash - End of Period $ 5,417,560 $ 16,750,940 ----------- ----------- Supplemental Disclosure of Cash Flow Information: Cash paid for interest, net of capitalized interest cost $ 137,340 $ 84,040 ----------- ----------- Cash paid for income taxes $ $36,793 $ 424,198 ----------- ----------- Cash and bank balances 4,514,020 16,750,940 Restricted cash 903,540 - Total cash, cash equivalents and restricted cash shown in the statement of cash flows 5,417,560 16,750,940 =========== ===========
  

• *DJ IT Tech Packaging 1Q Loss/Shr 37c >ITP, from 10:22PM ET on Friday May 10, 2024 by Dow Jones

  10:22PM ET on Friday May 10, 2024 by Dow Jones
  Companies Mentioned: ITP
  Other Income (Expense): Interest income 2,183 136,268 Interest expense (210,290) (249,169) Gain (Loss) on derivative liability 34 152,097 ----------- ------------ Loss before Income Taxes (3,709,743) (2,733,165) Provision for Income Taxes (36,793) - ----------- ------------ Net Loss (3,746,536) (2,733,165) Other Comprehensive (Loss) Income Foreign currency translation adjustment (301,619) 2,502,756 ----------- ------------ Total Comprehensive Loss $(4,048,155) $ (230,409) =========== ============ Losses Per Share: Basic and Diluted Losses per Share $ (0.37) $ (0.27) Outstanding -- Basic and Diluted 10,065,920 10,065,920 ----------- ------------ IT TECH PACKAGING, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (Unaudited) Three Months Ended March 31, -------------------------- 2024 2023 ------------ ------------ Cash Flows from Operating Activities: Net income $(3,746,536) $(2,733,165) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,481,788 3,686,243 (Gain) Loss on derivative liability (34) (152,097) (Gain) Loss from disposal and impairment of property, plant and equipment - 12,926 (Recovery from) Allowance for bad debts 36,942 (246,386) Allowances for inventories, net (2,951) Changes in operating assets and liabilities: Accounts receivable (1,847,112) (1,988,921) Prepayments and other current assets 1,276,805 9,461,336 Inventories 59,612 (3,062,782) Accounts payable 236,603 (5,101) Advance from customers (25,123) - Notes payable 246,299 - Related parties (187,484) (128,625) Accrued payroll and employee benefits 73,213 126,986 Other payables and accrued liabilities 1,022,398 263,712 Income taxes payable - (424,198) Net Cash Provided by Operating Activities 624,420 4,809,928 ----------- ----------- Cash Flows from Investing Activities: Purchases of property, plant and equipment (9,027) (295,018) ----------- ----------- Net Cash Used in Investing Activities (9,027) (295,018) ----------- ----------- Cash Flows from Financing Activities: Proceeds from short term bank loans 422,488 - Proceeds from long term loans - 2,623,410 Repayment of bank loans - (2,915) Payment of capital lease obligation - (55,849) Net Cash Provided by Financing Activities 422,488 2,564,646 ----------- ----------- Effect of Exchange Rate Changes on Cash and Cash Equivalents (12,242) 146,516 ----------- ----------- Net Increase in Cash and Cash Equivalents 1,025,639 7,226,072 Cash, Cash Equivalents and Restricted Cash - Beginning of Period 4,391,921 9,524,868 ----------- ----------- Cash, Cash Equivalents and Restricted Cash - End of Period $ 5,417,560 $ 16,750,940 ----------- ----------- Supplemental Disclosure of Cash Flow Information: Cash paid for interest, net of capitalized interest cost $ 137,340 $ 84,040 ----------- ----------- Cash paid for income taxes $ $36,793 $ 424,198 ----------- ----------- Cash and bank balances 4,514,020 16,750,940 Restricted cash 903,540 - Total cash, cash equivalents and restricted cash shown in the statement of cash flows 5,417,560 16,750,940 =========== ===========