0001213900-22-045939.txt : 20220809 0001213900-22-045939.hdr.sgml : 20220809 20220809164550 ACCESSION NUMBER: 0001213900-22-045939 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20220809 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220809 DATE AS OF CHANGE: 20220809 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: 221149075 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 ea164066-8k_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): August 9, 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 August 9, 2022, IT Tech Packaging, Inc. (the “Company”) issued a press release announcing its unaudited financial results for the six and three months ended June 30, 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.

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.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are filed herewith:

Exhibit Number		Description

99.1		Press Release dated August 9, 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: August 9, 2022	By:	/s/ Zhenyong Liu
		Name:	Zhenyong Liu
		Title:	Chief Executive Officer

2

EX-99.1 2 ea164066ex99-1_ittechpack.htm PRESS RELEASE DATED AUGUST 9, 2022

Exhibit 99.1

IT Tech Packaging, Inc. Announces Second Quarter 2022 Unaudited Financial Results

BAODING, China, August 9, 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 six and three months ended June 30, 2022.

Mr. Zhenyong Liu, Chairman and Chief Executive Officer of the Company, commented, “Despite the negative impact associated with the resurgence of COVID-19 pandemic to our business during the second quarter of 2022, we strived to provide high-quality products to our customers. As business activities gradually return to normal, we expect to take the necessary steps to strengthen our business resilience and improve our competitive advantages to prepare for growth opportunities ahead. With our dedicated team’s effort and our long-term strategy of exploring growth opportunities in the industry, we remain confident about our business fundamentals and potential to grow. Despite the challenging environment, we anticipate to continue to execute our strategic initiatives, expand our business, and improve operating efficiency. In addition, we remain focused on improving our products to meet the evolving demands of our customers and strengthen our relationship with customers. Looking ahead to the remainder of 2022 and beyond, we believe we are well positioned to achieve our growth goals and create long-term values for shareholders.”

Second Quarter 2022 Unaudited Financial Results

		For the Three Months Ended June 30,
($ millions)		2022				2021				% Change
Revenues			31.79				46.53				-31.7	%
Regular Corrugating Medium Paper (“CMP”)*			25.85				30.25				-14.5	%
Light-Weight CMP**			5.44				6.56				-17.1	%
Offset Printing Paper			-				7.18				-100.0	%
Tissue Paper Products			0.41				2.43				-83.1	%
Face Masks			0.09				0.11				-19.6	%

Gross profit			0.63				3.03				-79.1	%
Gross profit (loss) margin			2.0	%			6.5	%			-4.5 pp	****
Regular Corrugating Medium Paper (“CMP”)*			4.3	%			5.1	%			-0.8 pp	****
Light-Weight CMP**			6.0	%			6.7	%			-0.7 pp	****
Offset Printing Paper			-				17.7	%			-17.7 pp	****
Tissue Paper Products***			-198.0	%			-9.6	%			-188.4 pp	****
Face Masks			20.8	%			10.0	%			10.8 pp	****

Operating income (loss)			-1.24				0.43				-386.9	%
Net loss			-0.29				-0.45				36.5	%
EBITDA			3.55				9.03				-60.7	%
Basic and Diluted loss per share			-0.003				-0.01				70.1	%

*

Products from PM6

**

Products from PM1

***

Products from PM8 and PM9

****

pp represents percentage points

●

Revenue decreased by 31.7% to approximately $31.79 million, mainly due to the decrease in sales volume of CMP, offset printing paper and tissue paper products.

●

Gross profit decreased by 79.1% to approximately $0.63 million. Total gross margin decreased by 4.5 percentage point to 2.0%.

●

Loss from operations was approximately $1.24million, compared to income from operations of approximately $0.43 million for the same period of last year.

●

Net loss was approximately $0.29 million, or loss per share of $0.003, compared to net loss of approximately $0.45 million, or loss per share of $0.01, for the same period of last year.

●

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was approximately $3.55million, compared to $9.03 million for the same period of last year.

Revenue

For the second quarter of 2022, total revenue decreased by 31.7%, to approximately $31.79 million from approximately $46.53 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.

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

		For the Three Months Ended June 30,
		2022												2021
		Revenue ($’000)				Volume (tonne)				ASP ($/tonne)				Revenue ($’000)				Volume (tonne)				ASP ($/tonne)
Regular CMP			25,853				53,943				479				30,252				60,507				500
Light-Weight CMP			5,436				11,642				467				6,561				13,491				486
Offset Printing Paper			-				-				-				7,184				10,415				690
Tissue Paper Products			411				383				1,074				2,428				2,196				1,106
Total			31,701				65,968				481				46,426				86,609				536

		Revenue ($’000)				Volume (thousand pieces)				ASP ($/thousand pieces)				Revenue ($’000)				Volume (thousand pieces)				ASP ($/thousand pieces)
Face Masks			88				3,014				29				109				2,635				41

Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by 15.0%, to approximately $31.29 million and accounted for 98.4% of total revenue for the second quarter of 2022, compared to approximately $36.81million, or 79.1% of total revenue for the same period of last year. The Company sold 65,585 tonnes of CMP at an ASP of $477/tonne in the second quarter of 2022, compared to 73,998 tonnes at an ASP of $497/tonne in the same period of last year.

Of the total CMP sales, revenue from regular CMP decreased by 14.5%, to approximately $25.85 million for the second quarter of 2022, compared to revenue of approximately $30.25 million for the same period of last year. The Company sold 53,943 tonnes of regular CMP at an ASP of $479/tonne during the second quarter of 2022, compared to 60,507 tonnes at an ASP of $500/tonne for the same period of last year. Revenue from light-weight CMP decreased by 17.1%, to approximately $5.44 million for the second quarter of 2022, compared to revenue of approximately $6.56 million for the same period of last year. The Company sold 11,642 tonnes of light-weight CMP at an ASP of $467/tonne for the second quarter of 2022, compared to 13,491 tonnes at an ASP of $486/tonne for the same period of last year.

2

Revenue from offset printing paper was $nil for the second quarter of 2022, compared to revenue of approximately $7.18 million for the same period of last year. The Company sold 10,415 tonnes of offset printing paper at an ASP of $690/tonne in the second quarter of 2021.

Revenue from tissue paper products decreased by 83.1%, to approximately $0.41million for the second quarter of 2022, from approximately $2.43 million for the same period of last year. The Company sold 383 tonnes of tissue paper products at an ASP of $1,074/tonne for the second quarter of 2022, compared to 2,196 tonnes at an ASP of $1,106/tonne for the same period of last year.

Revenue from face masks decreased by 19.6%, to approximately $0.09 million for the second quarter of 2022, from $0.11 million for the same period of last year. The Company sold 3,014 thousand pieces of face masks for the second quarter of 2022, compared to 2,635 thousand pieces of face masks for the same period of last year.

Gross Profit and Gross Margin

Total cost of sales decreased by 28.4%, to approximately $31.15 million for the second quarter of 2022 from approximately $43.51 million for the same period of last year. The decrease in overall cost of sales was mainly due to the decrease in sales quantity of regular CMP, offset printing paper and tissue paper products. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were $459, $439, $nil and $3,200, respectively, for the second quarter of 2022, compared to $475, $454, $567 and $1,211, respectively, for the same period of last year.

Total gross profit was approximately $0.63 million for the second quarter of 2022, compare to the gross profit of approximately $3.03 million for the same period of last year as a result of factors described above. Overall gross margin was 2.0% for the second quarter of 2022, compared to 6.5% 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 4.3%, 6.0%, nil%, -198.0% and 20.8%, respectively, for the second quarter of 2022, compared to 5.1%, 6.7%, 17.7%, -9.6% and 10.0%, respectively, for the same period of last year.

Selling, General and Administrative Expenses

Selling, general and administrative expenses (“SG&A”) decreased by 28.0%, to approximately $1.87 million for the second quarter of 2022 from approximately $2.60 million for the same period of last year.

Loss from Operations

Loss from operations was approximately $1.24 million for the second quarter of 2022, a decrease of 386.9%, from income from operations of approximately $0.43 million for the same period of last year. Operating loss margin was 3.9% for the second quarter of 2022, compared to operating income margin of 0.9% for the same period of last year.

Net Loss

Net loss was approximately $0.29 million, or loss per share of $0.003, for the second quarter of 2022, compared to net loss of approximately $0.45 million, or loss per share of $0.01, for the same period of last year.

3

EBITDA

EBITDA was approximately $3.55 million for the second quarter of 2022, compared to approximately $9.03 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 June 30,
($ millions)		2022				2021
Net loss			-0.29				-0.45
Add: Income tax			-0..24				5.12
Net interest expense			0.26				0.28
Depreciation and amortization			3.82				4.07
EBITDA			3.55				9.03

First Half of 2022 Unaudited Financial Results

		For the Six Months Ended June 30,
($ millions)		2022				2021				% Change
Revenues			47.27				70.74				-33.2	%
Regular Corrugating Medium Paper (“CMP”)*			38.95				47.22				-17.5	%
Light-Weight CMP**			7.36				10.31				-28.6	%
Offset Printing Paper			-				9.30				-100.0	%
Tissue Paper Products			0.81				3.68				-78.0	%
Face Masks			0.14				0.24				-39.8	%

Gross profit			0.94				4.86				-80.6	%
Gross profit (loss) margin			2.0	%			6.9	%			-4.9 pp	****
Regular Corrugating Medium Paper (“CMP”)*			4.6	%			6.3	%			-1.7 pp	****
Light-Weight CMP**			6.5	%			8.3	%			-1.8 pp	****
Offset Printing Paper			-				18.1	%			-18.1 pp	****
Tissue Paper Products***			-170.2	%			-18.7	%			-151.5 pp	****
Face Masks			24.2	%			14.8	%			9.4 pp	****

Operating loss			-4.19				-0.29				-1331.9	%
Net loss			-2.78				-4.79				42.1	%
EBITDA			4.75				8.96				-46.9	%
Basic and Diluted loss per share			-0.03				-0.10				72.7	%

*

Products from PM6

**

Products from PM1

***

Products from PM8 and PM9

****

pp represents percentage points

4

Revenue

For the first half of 2022, total revenue decreased by 33.2%, to approximately $47.27 million from approximately $70.74 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.

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

		For the Six Months Ended June 30,
		2022												2021
		Revenue ($’000)				Volume (tonne)				ASP ($/tonne)				Revenue ($’000)				Volume (tonne)				ASP ($/tonne)
Regular CMP			38,953				79,188				492				47,216				94,133				502
Light-Weight CMP			7,364				15,483				476				10,309				21,161				487
Offset Printing Paper			-				-				-				9,300				13,557				686
Tissue Paper Products			810				780				1,038				3,680				3,317				1,109
Total			47,126				95,451				494				70,505				132,168				533

		Revenue ($’000)				Volume (thousand pieces)				ASP ($/thousand pieces)				Revenue ($’000)				Volume (thousand pieces)				ASP ($/thousand pieces)
Face Masks			144				12,664				11				239				6,470				37

Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by 19.5%, to approximately $46.32 million and accounted for 98.0% of total revenue for first half of 2022, compared to approximately $57.53million, or 81.3% of total revenue for the same period of last year. The Company sold 94,671 tonnes of CMP at an ASP of $489/tonne in first half of 2022, compared to 115,294 tonnes at an ASP of $499/tonne in the same period of last year.

Of the total CMP sales, revenue from regular CMP decreased by 17.5%, to approximately $38.95 million for first half of 2022, compared to revenue of approximately $47.22 million for the same period of last year. The Company sold 79,188 tonnes of regular CMP at an ASP of $492/tonne during the first half of 2022, compared to 94,133 tonnes at an ASP of $502/tonne for the same period of last year. Revenue from light-weight CMP decreased by 28.6%, to approximately $7.36 million for the first half of 2022, compared to revenue of approximately $10.31 million for the same period of last year. The Company sold 15,483 tonnes of light-weight CMP at an ASP of $476/tonne for the first half of 2022, compared to 21,161tonnes at an ASP of $487/tonne for the same period of last year.

Revenue from offset printing paper was $nil for the first half of 2022, compared to revenue of approximately $9.30 million for the same period of last year. The Company sold 13,557 tonnes of offset printing paper at an ASP of $686/tonne in the first half of 2021.

Revenue from tissue paper products decreased by 78.0%, to approximately $0.81 million for the first half of 2022, from approximately $3.68 million for the same period of last year. The Company sold 780 tonnes of tissue paper products at an ASP of $1,038/tonne for the first half of 2022, compared to 3,317 tonnes at an ASP of $1,109/tonne for the same period of last year.

5

Revenue from face masks decreased by 39.8%, to approximately $0.14 million for the first half of 2022, from $0.24 million for the same period of last year. The Company sold 12,664 thousand pieces of face masks for the first half of 2022, compared to 6,470 thousand pieces of face masks for the same period of last year.

Gross Profit and Gross Margin

Total cost of sales decreased by 29.7%, to approximately $46.33 million for the first half of 2022 from approximately $65.88 million for the same period of last year. The decrease in overall cost of sales was mainly due to the decrease in sales quantity of CMP, offset printing paper and tissue paper products. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were $469, $445,$nil and $2,805, respectively, for the first half of 2022, compared to $470, $447, $562 and $1,317, respectively, for the same period of last year.

Total gross profit was approximately $0.94 million for the first half of 2022, compare to the gross profit of approximately $4.86 million for the same period of last year as a result of factors described above. Overall gross margin was 2.0% for the first half of 2022, compared to 6.9% 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 4.6%, 6.5%, nil%, -170.2% and 24.2%, respectively, for the first half of 2022, compared to 6.3%, 8.3%, 18.1%, -18.7% and 14.8%, respectively, for the same period of last year.

Selling, General and Administrative Expenses

Selling, general and administrative expenses (“SG&A”) increased by 0.3%, to approximately $5.17 million for the first half of 2022 from approximately $5.15 million for the same period of last year.

Loss from Operations

Loss from operations was approximately $4.19 million for the first half of 2022, an increase of 1331.9%, from loss from operations of approximately $0.29 million for the same period of last year. Operating loss margin was 8.9% for the first half of 2022, compared to operating loss margin of 0.4% for the same period of last year.

Net Loss

Net loss was approximately $2.78 million, or loss per share of $0.03, for the first half of 2022, compared to net loss of approximately $4.79 million, or loss per share of $0.10, for the same period of last year.

EBITDA

EBITDA was approximately $4.75 million for the first half of 2022, compared to approximately $8.96 million for the same period of last year.

6

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 Six Months Ended June 30,
($ millions)		2022				2021
Net loss			-2.78				-4.79
Add: Income tax			-0.59				5.02
Net interest expense			0.53				0.56
Depreciation and amortization			7.59				8.17
EBITDA			4.75				8.96

Cash, Liquidity and Financial Position

As of June 30, 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 related party loans) of approximately $14.34million, $11.10million and $4.92million, respectively, compared to approximately $11.20 million, $13.52 million and $2.98 million, respectively, as of December 31, 2021.

Net accounts receivable was approximately $3.82 million as of June 30, 2022, compared to approximately $4.87 million as of December 31, 2021. Net inventory was approximately $6.63 million as of June 30, 2022, compared to approximately $5.84 million as of December 31, 2021. As of June 30, 2022, the Company had current assets of approximately $48.45 million and current liabilities of approximately $17.33million, resulting in a working capital of approximately $31.12 million. This was compared to 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 as of December 31, 2021.

Net cash provided by operating activities was approximately $3.95million for the first half of 2022, compared to net cash used in operating activities of approximately $15.57 million for the same period of last year. Net cash used in investing activities was approximately $7.32 million for the first half of 2022, compared to approximately $0.17 million for the same period of last year. Net cash provided by financing activities was approximately $6.67 million for the first half of 2022, compared to approximately $41.67 million for the same period of last year.

7

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/.

Forward-looking Statement

This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinion, belief or forecasts of future events and performance. A statement identified by the use of forward-looking words including “will,” “may,” “expects,” “projects,” “anticipates,” “plans,” “believes,” “estimate,” “should,” and certain of the other foregoing statements may be deemed forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including market and other conditions. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company undertakes no obligation to update any such forward-looking statements after the date hereof to conform to actual results or changes in expectations, except as required by law.

For more information, please contact:

At the Company
Email: ir@itpackaging.cn

Tel: +86 312 8698215

Investor Relations

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

Tel: +1-917-609-0333

8

IT TECH PACKAGING, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Unaudited)

		June 30,				December 31,
		2022				2021
ASSETS

Current Assets
Cash and bank balances		$	14,344,077			$	11,201,612
Restricted cash			—				—
Accounts receivable (net of allowance for doubtful accounts of $51,319 and $69,053 as of June 30, 2022 and December 31, 2021, respectively)			3,820,123				4,868,934
Inventories			6,629,657				5,844,895
Prepayments and other current assets			22,807,300				25,796,640
Due from related parties			844,431				7,804,068

Total current assets			48,445,588				55,516,149

Prepayment on property, plant and equipment			—				43,446,210
Finance lease right-of-use assets, net			2,092,625				2,286,459
Property, plant, and equipment, net			161,195,384				126,587,428
Value-added tax recoverable			2,226,703				2,430,277
Deferred tax asset non-current			11,501,093				11,268,679

Total Assets		$	225,461,393			$	241,535,202

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities
Short-term bank loans		$	5,958,518			$	5,958,561
Current portion of long-term loans from credit union			4,410,406				6,838,465
Lease liability			224,219				210,161
Accounts payable			17,098				10,255
Advance from customers			37,709				39,694
Due to related parties			727,433				727,433
Accrued payroll and employee benefits			228,624				291,206
Other payables and accrued liabilities			5,507,880				5,250,539
Income taxes payable			219,307				1,108,038
Total current liabilities			17,331,194				20,434,352

Loans from credit union			4,917,007				2,980,065
Deferred gain on sale-leaseback			100,820				155,110
Lease liability - non-current			20,299				152,233
Derivative liability			716,901				2,063,534
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $16,668,603 and $17,924,475 as of June 30, 2022 and December 31, 2021, respectively)			23,086,221				25,785,294

Commitments and Contingencies

Stockholders’ Equity
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 99,049,900 shares issued and outstanding as of June 30, 2022 and December, 31,2021.			99,050				99,050
Additional paid-in capital			88,927,787				88,927,787
Statutory earnings reserve			6,080,574				6,080,574
Accumulated other comprehensive (loss) income			(102,441	)			10,496,168
Retained earnings			107,370,202				110,146,329
Total stockholders’ equity			202,375,172				215,749,908
Total Liabilities and Stockholders’ Equity		$	225,461,393			$	241,535,202

9

IT TECH PACKAGING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(Unaudited)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2022				2021				2022				2021
Revenues		$	31,788,884			$	46,534,915			$	47,270,502			$	70,744,342

Cost of sales			(31,154,847	)			(43,505,895	)			(46,326,020	)			(65,884,317	)

Gross Profit			634,037				3,029,019				944,482				4,860,024

Selling, general and administrative expenses			(1,869,802	)			(2,597,611	)			(5,170,683	)			(5,152,929	)
Gain on acquisition			(1,840	)			—				32,163				—

(Loss) Income from Operations			(1,237,605	)			431,408				(4,194,038	)			(292,905	)

Other Income (Expense):
Interest income			4,924				11,719				8,379				16,052
Subsidy income			—				1,104				—				197,891
Interest expense			(259,106	)			(283,899	)			(529,919	)			(562,800	)
Gain (Loss) on derivative liability			960,045				4,509,007				1,346,633				872,040

(Loss) Income before Income Taxes			(531,742	)			4,669,339				(3,368,945	)			230,278

Provision for Income Taxes			243,829				(5,122,587	)			592,818				(5,022,382	)

Net Loss			(287,913	)			(453,248	)			(2,776,127	)			(4,792,104	)

Other Comprehensive (Loss) Income
Foreign currency translation adjustment			(11,524,747	)			3,416,162				(10,598,609	)			1,947,392

Total Comprehensive (Loss) Income		$	(11,812,660	)		$	2,962,914			$	(13,374,736	)		$	(2,844,712	)

Losses Per Share:

Basic and Diluted Losses per Share		$	(0.003	)		$	(0.01	)		$	(0.03	)		$	(0.10	)

Outstanding – Basic and Diluted			99,049,900				46,638,550				99,049,900				46,638,550

10

IT TECH PACKAGING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(Unaudited)

		Six Months Ended
		June 30,
		2022				2021
Cash Flows from Operating Activities:
Net income		$	(2,776,127	)		$	(4,792,104	)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			7,592,319				8,166,403
(Gain) Loss on derivative liability			(1,346,633	)			(872,040	)
Gain on acquisition			(33,178	)			—
(Recovery from) Allowance for bad debts			(14,731	)			53,074
Deferred tax			(821,225	)			3,764,689
Changes in operating assets and liabilities:
Accounts receivable			845,450				(3,229,340	)
Prepayments and other current assets			1,963,348				(8,060,524	)
Inventories			(1,111,160	)			(10,412,117	)
Accounts payable			7,588				144,206
Related parties			—				(860,721	)
Accrued payroll and employee benefits			(49,534	)			86,928
Other payables and accrued liabilities			553,308				15,529
Income taxes payable			(859,643	)			425,654
Net Cash Provided by (Used in) Operating Activities			3,949,782				(15,570,363	)

Cash Flows from Investing Activities:
Purchases of property, plant and equipment			(681,640	)			(171,541	)
Acquisition of land			(6,642,665	)			—

Net Cash Used in Investing Activities			(7,324,305	)			(171,541	)

Cash Flows from Financing Activities:
Proceeds from issuance of shares and warrants, net			—				41,837,553
Repayment of bank loans			—				(77,301	)
Payment of capital lease obligation			(102,902	)			(88,661	)
Loan repaid by a related party			6,776,889				—

Net Cash Provided by Financing Activities			6,673,987				41,671,591

Effect of Exchange Rate Changes on Cash and Cash Equivalents			(156,999	)			201,419

Net Increase in Cash and Cash Equivalents			3,142,465				26,131,106

Cash, Cash Equivalents and Restricted Cash - Beginning of Period			11,201,612				4,142,437

Cash, Cash Equivalents and Restricted Cash - End of Period		$	14,344,077			$	30,273,543

Supplemental Disclosure of Cash Flow Information:
Cash paid for interest, net of capitalized interest cost		$	165,629			$	312,344
Cash paid for income taxes		$	1,088,049			$	265,450

Cash and bank balances			14,344,077				30,273,543
Restricted cash			—				—
Total cash, cash equivalents and restricted cash shown in the statement of cash flows			14,344,077				30,273,543

11

EX-101.SCH 3 itp-20220809.xsd XBRL SCHEMA FILE 00000001 - Document - Cover link:presentationLink link:calculationLink link:definitionLink EX-101.LAB 4 itp-20220809_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-20220809_pre.xml XBRL PRESENTATION FILE XML 6 R1.htm IDEA: XBRL DOCUMENT

Cover	Aug. 09, 2022
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 09, 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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