BAODING, China, May 14, 2020 /PRNewswire/ -- IT Tech Packaging,
Inc. (NYSE MKT: ITP) ("IT Tech Packaging" or the "Company"), a
leading manufacturer and distributor of diversified paper products
in North China,
announced today its unaudited financial results for the three
months ended March 31, 2020.
|
|
For the
Three Months Ended March 31,
|
($
millions)
|
|
2020
|
|
2019
|
|
%
Change
|
Revenues
|
|
8.74
|
|
17.45
|
|
-49.9%
|
Regular
Corrugating Medium Paper ("CMP")*
|
|
5.72
|
|
12.22
|
|
-53.2%
|
Light-Weight
CMP**
|
|
2.02
|
|
3.37
|
|
-40.1%
|
Offset Printing
Paper
|
|
0.00
|
|
0.00
|
|
NM
|
Tissue Paper
Products
|
|
1.01
|
|
1.86
|
|
-45.9%
|
|
|
|
|
|
|
|
Gross
profit
|
|
-0.17
|
|
-0.19
|
|
-11.8%
|
Gross profit
(loss) margin
|
|
-1.9%
|
|
-1.1%
|
|
-0.8
pp****
|
Regular
Corrugating Medium Paper ("CMP")*
|
|
4.9%
|
|
-0.4%
|
|
5.3 pp****
|
Light-Weight
CMP**
|
|
12.9%
|
|
-5.4%
|
|
18.2
pp****
|
Offset Printing
Paper
|
|
NM
|
|
NM
|
|
NM
|
Tissue Paper
Products***
|
|
-70.7%
|
|
1.8%
|
|
-72.5
pp****
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
-2.87
|
|
-3.17
|
|
-9.7%
|
Net income
(loss)
|
|
-2.44
|
|
-2.72
|
|
-10.5%
|
EBITDA
|
|
1.06
|
|
0.81
|
|
30.9%
|
Basic and
Diluted earnings (loss) per share
|
|
-0.11
|
|
-0.12
|
|
-10.6%
|
|
|
|
|
|
|
|
* Products
from PM6
|
|
|
|
|
|
|
** Products
from PM1
|
|
|
|
|
|
|
*** Products
from PM8 and PM9
|
|
|
|
|
|
|
**** pp
represents percentage points
|
|
|
|
|
|
|
Revenue for the first quarter of 2020
decreased by 49.9% to $8.74
million, primarily due to the decrease in sales volume of
corrugating medium paper ("CMP") and tissue paper products, as well
as the decrease in Average Selling Prices ("ASPs") of CMP and
tissue paper products. Gross loss for the first quarter of
2020 was $0.17 million, compared to
$0.19 million for the same period of
last year. Gross loss margin was 1.9% for the first quarter of
2020, compared to 1.1% for the same period of last year. Net loss
was $2.44 million, or loss per share
of $0.11, compared to net loss of
$2.72 million, or loss per share of
$0.12, for the same period of last
year. Earnings before interest, taxes, depreciation and
amortization ("EBITDA") was $1.06
million for the first quarter of 2020, compared to
$0.81 million for the same period of
last year.
Mr. Zhenyong Liu, Chairman and
Chief Executive Officer of the Company, commented, "As we had
expected, our financial results of the first quarter 2020 recorded
some decreases versus the same period of last year mainly as our
production was suspended from mid-January
2020 to early March 2020 due
to the COVID-19 pandemic outbreak as well as the seasonal effect of
the Chinese New Year. While our facilities have been ramping-up
since March, our production and sales in the first quarter were all
impacted, resulting sales decline and profit loss. We returned to
production in mid- March 2020
and resumed full capacity of tissue paper
production and CMP production in early April
2020 and March 2020,
respectively. Despite of the unprecedented challenges
created by the COVID-19 pandemic, our tissue paper products are in
growing demand due to the need to control the spread of COVID-19
and our production lines have been running at full production
capacity since April to fulfill orders secured. In response to the
market demands for tissue paper as daily necessities, we are
scheduling a new tissue paper production line PM10 which we expect
to be launched shortly this year. In addition to adding a tissue
paper production line, we launched a non-medical face masks
production line to meet the huge demands for personal protective
gear needed for the public and workers in different industries. As
such, we are confident the underlying demand for our products
remain strong and we expect to improve the overall performance in
the coming quarters."
First Quarter 2020 Financial Results
Revenue
For the first quarter of 2020, total revenue decreased by
$8.71 million, or 49.9%, to
$8.74 million from $17.45 million for the same period of last year.
The decrease in total revenue was mainly due to the decrease in
both sales volume and average selling prices of CMP and tissue
paper products. The following table summarizes revenue, volume and
ASPs by products for the first quarter of 2020 and 2019,
respectively:
|
For the
Three Months Ended March 31,
|
|
2020
|
|
2019
|
|
Revenue
($'000)
|
|
Volume
(tonne)
|
|
ASP
($/tonne)
|
|
Revenue
($'000)
|
|
Volume
(tonne)
|
|
ASP
($/tonne)
|
Regular
CMP
|
5,722
|
|
13,788
|
|
415
|
|
12,225
|
|
26,293
|
|
465
|
Light-Weight
CMP
|
2,016
|
|
4,889
|
|
412
|
|
3,365
|
|
7,425
|
|
453
|
Offset Printing
Paper
|
-
|
|
-
|
|
NM
|
|
-
|
|
-
|
|
NM
|
Tissue Paper
Products
|
1,006
|
|
1,185
|
|
849
|
|
1,860
|
|
1,603
|
|
1,160
|
Total
|
8,744
|
|
19,862
|
|
440
|
|
17,450
|
|
35,321
|
|
494
|
Revenue from CMP, including both regular CMP and Light-Weight
CMP, decreased by $7.85 million, or
50.4%, to $7.74 million and accounted
for 88.5% of total revenue for the first quarter of 2020, compared
to $15.59 million, or 89.3% of total
revenue, for the same period of last year. The Company sold 18,677
tonnes of CMP at an ASP of $414/tonne
in the first quarter of 2020, compared to 33,718 tonnes at an ASP
of $462/tonne in the same period of
last year.
Of the total CMP sales, revenue from regular CMP decreased by
$6.50 million, or 53.2%, to
$5.72 million, resulting from sales
of 13,788 tonnes at an ASP of $415/tonne, during the first quarter of 2020,
compared to revenue of $12.22
million, resulting from sales of 26,293 tonnes at an ASP of
$465/tonne, for the same period of
last year. Revenue from light-weight CMP decreased by $1.35 million, or 40.1%, to $2.02 million, resulting from sales of 4,889
tonnes at an ASP of $412/tonne for
the first quarter of 2020, compared to revenue of $3.37 million, resulting from sales of 7,425
tonnes at an ASP of $453/tonne for
the same period of last year.
Production of offset printing paper was suspended from
mid-January 2020 to early
March 2020 due to the COVID-19
pandemic outbreak and Chinese New Year. As a result, revenue from
offset printing paper was $nil for the first quarter of 2020. The
Company didn't sell any offset printing paper in the first quarter
of 2019 neither.
Revenue from tissue paper products decreased by $0.85 million, or 45.9%, to $1.01 million, resulting from sales of 1,185
tonnes at an ASP of $849/tonne, for
the first quarter of 2020, compared to revenue of $1.86 million, resulting from sales of 1,603
tonnes at an ASP of $1,160/tonne for
the same period of last year.
Gross Loss and Gross Loss Margin
Total cost of sales decreased by $8.73
million, or 49.5%, to $8.91
million for the first quarter of 2020, from $17.64 million for the same period of last year.
The decrease in total cost of sales was mainly due to the decrease
in sales volume of CMP and tissue paper products, as well as
decrease in material costs. Costs of sales per tonne for regular
CMP, light-weight CMP, offset printing paper and tissue paper
products were $395, $359, $nil and $1,450, respectively, for the first quarter of
2020, compared to $467, $477, $nil and $1,140 per tonne, respectively, for the same
period of last year. Average unit purchase costs of recycled
paper board, major raw material used for our production, was
approximately $198/tonne for the
first quarter of 2020, compared to $242/tonne for the same period of last year.
Total gross loss was $0.17 million
for the first quarter of 2020, compare to the gross loss of
$0.19 million for the same period of
last year as a result of factors described above. Overall gross
loss margin was 1.9% for the first quarter of 2020, compared to
1.1% for the same period of last year. Gross profit (loss) margins
for regular CMP, light-weight CMP, offset printing paper and tissue
paper products were 4.9%, 12.9%, nil% and -70.7%, respectively, for
the first quarter of 2020, compared to -0.4%, -5.4%, nil% and 1.8%,
respectively, for the same period of last year.
Selling, General and Administrative Expenses
Selling, general and administrative expenses ("SG&A")
decreased by $0.28 million, or 9.5%,
to $2.70 million for the first
quarter of 2020 from $2.98 million
for the same period of last year. The decrease in SG&A was
mainly due to a decrease in commission to sales staff and a
depreciation of RMB against USD. As a percentage of total revenue,
SG&A was 30.8% for the first quarter of 2020, compared to 17.1%
for the same period of last year.
Loss from Operations
Loss from operations was $2.87
million for the first quarter of 2020, compared to the loss
from operations of $3.17 million for
the same period of last year. Operating loss margin was 32.8% for
the first quarter of 2020, compared to 18.2% for the same period of
last year.
Net Loss and Net Loss per Share
Net loss was $2.44 million
for the first quarter of 2020, compare to the net loss of
$2.72 million for the same period of
last year.
Net loss per basic and diluted share improved by $0.01, or 10.6%, to $0.11 for the first quarter of 2020 from
$0.12 for the same period of last
year.
EBITDA
EBITDA was $1.06 million for the
first quarter of 2020, compared to $0.81
million for the same period of the prior year.
Note 1: Non-GAAP Financial Measures
In addition to our U.S. GAAP results, this press release
includes a discussion of EBITDA, a non-GAAP financial measure as
defined by the Securities and Exchange Commission ("SEC"). The
Company defines EBITDA as net income before interest, income taxes,
depreciation and amortization. EBITDA is a key measure used by
management to evaluate our results and make strategic decisions.
Management believes this measure is useful to investors because it
is an indicator of operational performance. Because not all
companies use identical calculations, the Company's presentation of
EBITDA may not be comparable to similarly titled measures of other
companies, and should not be viewed as an alternative to measures
of financial performance or changes in cash flows calculated in
accordance with the U.S. GAAP.
|
|
For the
Three Months Ended March 31,
|
($
millions)
|
|
2020
|
|
|
2019
|
Net income
(loss)
|
|
-2.44
|
|
|
-2.72
|
Add: Income
tax
|
|
-0.53
|
|
|
-0.65
|
Net
interest expense
|
|
0.24
|
|
|
0.26
|
Depreciation and amortization
|
|
3.77
|
|
|
3.93
|
EBITDA
|
|
1.06
|
|
|
0.81
|
Cash, Liquidity and Financial Position
As of March 31, 2020, 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
$11.71 million, $8.27 million and $7.25
million, respectively, compared to $5.84 million, $8.31
million and $7.37 million,
respectively, at the end of 2019.
Net accounts receivable was $1.80
million as of March 31, 2020,
compared to $3.12 million as of
December 31, 2019. Net inventory was
$1.95 million as of March 31, 2020, compared to $1.61 million at the end of 2019. As of
March 31, 2020, the Company had
current assets of $21.63 million and
current liabilities of $14.03
million, resulting in a working capital of $7.60 million. This was compared to current
assets of $24.04 million and
current liabilities of $16.84 million, resulting in a working
capital of $7.21 million at the
end of 2019.
Net cash provided by operating activities was $6.86 million for the first quarter of 2020,
compared to net cash used in operating activities of $3.05 million for the same period of last year.
Net cash used in investing activities was $0.76 million for the first quarter of 2020,
compared to $1.42 million for the
same period of last year. Net cash from financing activities was
$nil for the first quarter of 2020, compared to net cash used in
financing activities of $5.37 million
for the same period of last year.
Recent development
On April 29, 2020, the Company
announced that it launched its production line of non-medical
single-use face masks as planned, following completion of raw
materials preparation, trial run of the equipment and the sample
products inspection. The Company has two sets of mask production
equipment that produces approximately 100,000 single-use face masks
per day.
On April 30, 2020, the Company
announced it has entered into a securities purchase agreement,
dated April 29, 2020, and amended on
May 4, 2020, with certain
institutional investors to purchase approximately $2.6 million worth of its common stock in a
registered direct offering and warrants to purchase shares of
common stock in a concurrent private placement. Pursuant to the
terms of the securities purchase agreement, the Company sold 4.4
million shares of the Company's common stock and issued
unregistered warrants to purchase up to an additional 4.4 million
shares of the Company's common stock in a concurrent private
placement transaction. The purchase price for one share of common
stock and a corresponding warrant is $0.58.
On May 5, 2020, the Company
announced it planed commercial launch of a new tissue paper
production line PM10 and the Company has signed an agreement to
purchase paper machine with paper machine supplier. The company
expected the new tissue paper production line to be launched after
the completion of trail run.
Earnings Conference Call
The Company's management will host a conference call to discuss
its first quarter 2020 financial results at 8:00 am US Eastern
Time on Friday, May 15, 2020. To attend the conference call,
please use the information below.
Date/Time: 8:00 am US Eastern Time
(5:00 am US Pacific Time/8:00 pm Beijing Time) on Friday, May
15, 2020
Conference Title: IT Tech Packaging, Inc. First Quarter 2020
Earnings Conference Call
Conference ID: 6335349
To attend the conference call, please register in advance of the
conference using the link:
http://apac.directeventreg.com/registration/event/6335349 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/r5rx5984 . 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 May 15,
2020 to 9:59 am ET on
May 23, 2020. 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 6335349 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 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 MKT since December 2009. For more information, please
visit: http://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
Investor Relations:
Janice Wang
EverGreen Consulting Inc.
Email: ir@changqingconsulting.com
IT TECH PACKAGING,
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
AS OF MARCH 31,
2020 AND DECEMBER 31, 2019
|
(Unaudited)
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2020
|
|
|
2019
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash and bank
balances
|
|
$
|
11,712,152
|
|
|
$
|
5,837,745
|
|
Restricted
cash
|
|
|
-
|
|
|
|
-
|
|
Accounts receivable
(net of allowance for doubtful accounts of $36,645 and $59,922
as of March 31, 2020 and December 2019, respectively)
|
|
|
1,795,671
|
|
|
|
3,119,311
|
|
Inventories
|
|
|
1,951,376
|
|
|
|
1,607,463
|
|
Prepayments and other
current assets
|
|
|
6,054,096
|
|
|
|
11,613,241
|
|
Due from related
parties
|
|
|
120,744
|
|
|
|
1,863,479
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
21,634,039
|
|
|
|
24,041,239
|
|
|
|
|
|
|
|
|
|
|
Prepayment on
property, plant and equipment
|
|
|
1,411,413
|
|
|
|
1,433,445
|
|
Property, plant, and
equipment, net
|
|
|
145,805,724
|
|
|
|
151,616,852
|
|
Value-added tax
recoverable
|
|
|
2,547,211
|
|
|
|
2,621,841
|
|
Deferred tax asset
non-current
|
|
|
10,857,911
|
|
|
|
10,485,053
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
182,256,298
|
|
|
$
|
190,198,430
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
Short-term bank
loans
|
|
$
|
6,069,075
|
|
|
$
|
6,163,814
|
|
Current portion of
long-term loans from credit union
|
|
|
1,580,782
|
|
|
|
1,605,459
|
|
Accounts
payable
|
|
|
205,769
|
|
|
|
250,486
|
|
Advance from
customers
|
|
|
151,016
|
|
|
|
98,311
|
|
Notes
payable
|
|
|
-
|
|
|
|
-
|
|
Due to related
parties
|
|
|
617,433
|
|
|
|
539,985
|
|
Accrued payroll and
employee benefits
|
|
|
225,993
|
|
|
|
291,924
|
|
Other payables and
accrued liabilities
|
|
|
5,182,548
|
|
|
|
6,503,010
|
|
Income taxes
payable
|
|
|
-
|
|
|
|
1,382,471
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
14,032,616
|
|
|
|
16,835,460
|
|
|
|
|
|
|
|
|
|
|
Loans from credit
union
|
|
|
7,254,661
|
|
|
|
7,367,908
|
|
Loans from a related
party
|
|
|
-
|
|
|
|
-
|
|
Other long-term
payable
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
(including amounts of the consolidated VIE without recourse to
the
Company of $16,342,512 and $19,460,257 as of March 31, 2020 and
December
31, 2019, respectively)
|
|
|
21,287,277
|
|
|
|
24,203,368
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
Common stock,
500,000,000 shares authorized, $0.001 par value per share,
22,054,816 shares issued
|
|
|
22,685
|
|
|
|
22,685
|
|
Additional paid-in
capital
|
|
|
51,154,544
|
|
|
|
51,154,544
|
|
Statutory earnings
reserve
|
|
|
6,080,574
|
|
|
|
6,080,574
|
|
Accumulated other
comprehensive loss
|
|
|
(8,647,291)
|
|
|
|
(6,057,537)
|
|
Retained
earnings
|
|
|
112,358,509
|
|
|
|
114,794,796
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity
|
|
|
160,969,021
|
|
|
|
165,995,062
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
182,256,298
|
|
|
$
|
190,198,430
|
|
IT TECH PACKAGING,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME
|
FOR THE THREE
MONTHS ENDED MARCH 31, 2020 AND 2019
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2020
|
|
|
2019
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
8,743,851
|
|
|
$
|
17,450,292
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
|
(8,913,570)
|
|
|
|
(17,642,758)
|
|
|
|
|
|
|
|
|
|
|
Gross
Loss
|
|
|
(169,719)
|
|
|
|
(192,466)
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
|
(2,696,963)
|
|
|
|
(2,981,473)
|
|
|
|
|
|
|
|
|
|
|
Loss from
Operations
|
|
|
(2,866,682)
|
|
|
|
(3,173,939)
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense):
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
5,790
|
|
|
|
58,818
|
|
Subsidy
income
|
|
|
142,998
|
|
|
|
-
|
|
Interest
expense
|
|
|
(244,718)
|
|
|
|
(255,269)
|
|
|
|
|
|
|
|
|
|
|
Loss before Income
Taxes
|
|
|
(2,962,612)
|
|
|
|
(3,370,390)
|
|
|
|
|
|
|
|
|
|
|
Provision for
Income Taxes
|
|
|
526,325
|
|
|
|
647,795
|
|
|
|
|
|
|
|
|
|
|
Net
Loss
|
|
|
(2,436,287)
|
|
|
|
(2,722,595)
|
|
|
|
|
|
|
|
|
|
|
Other
Comprehensive (Loss) Income
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
(2,589,754)
|
|
|
|
3,293,680
|
|
|
|
|
|
|
|
|
|
|
Total
Comprehensive (Loss) Income
|
|
$
|
(5,026,041)
|
|
|
$
|
571,085
|
|
|
|
|
|
|
|
|
|
|
Losses Per
Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
Losses per Share
|
|
$
|
(0.11)
|
|
|
$
|
(0.12)
|
|
|
|
|
|
|
|
|
|
|
Outstanding –
Basic and Diluted
|
|
|
22,054,816
|
|
|
|
22,022,316
|
|
IT TECH PACKAGING,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
FOR THE THREE
MONTHS ENDED MARCH 31, 2020 AND 2019
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2020
|
|
|
2019
|
|
|
|
|
|
|
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
Net income
|
|
$
|
(2,436,287)
|
|
|
$
|
(2,722,595)
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
3,774,674
|
|
|
|
3,930,060
|
|
Allowance for bad
debts
|
|
|
(22,650)
|
|
|
|
(10,704)
|
|
Deferred
tax
|
|
|
(541,042)
|
|
|
|
(647,795)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
1,315,128
|
|
|
|
535,220
|
|
Prepayments and other
current assets
|
|
|
5,486,216
|
|
|
|
187,711
|
|
Inventories
|
|
|
(373,470)
|
|
|
|
(1,181,371)
|
|
Accounts
payable
|
|
|
(41,405)
|
|
|
|
1,009,834
|
|
Advance from
customers
|
|
|
54,930
|
|
|
|
-
|
|
Notes
payable
|
|
|
-
|
|
|
|
(3,726,504)
|
|
Related
parties
|
|
|
1,814,228
|
|
|
|
37,265
|
|
Accrued payroll and
employee benefits
|
|
|
(62,252)
|
|
|
|
87,823
|
|
Other payables and
accrued liabilities
|
|
|
(728,633)
|
|
|
|
(326,741)
|
|
Income taxes
payable
|
|
|
(1,379,130)
|
|
|
|
(224,355)
|
|
Net Cash Provided
by (Used in) Operating Activities
|
|
|
6,860,307
|
|
|
|
(3,052,152)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
|
Purchases of
property, plant and equipment
|
|
|
(756,514)
|
|
|
|
(1,415,761)
|
|
|
|
|
|
|
|
|
|
|
Net Cash Used in
Investing Activities
|
|
|
(756,514)
|
|
|
|
(1,415,761)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
|
Proceeds from short
term bank loans
|
|
|
-
|
|
|
|
4,024,625
|
|
Repayment of bank
loans
|
|
|
-
|
|
|
|
(9,390,791)
|
|
|
|
|
|
|
|
|
|
|
Net Cash Used in
Financing Activities
|
|
|
-
|
|
|
|
(5,366,166)
|
|
|
|
|
|
|
|
|
|
|
Effect of Exchange
Rate Changes on Cash and Cash Equivalents
|
|
|
(229,386)
|
|
|
|
341,713
|
|
|
|
|
|
|
|
|
|
|
Net Increase
(Decrease) in Cash and Cash Equivalents
|
|
|
5,874,407
|
|
|
|
(9,492,366)
|
|
|
|
|
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash - Beginning of
Period
|
|
|
5,837,745
|
|
|
|
12,117,425
|
|
|
|
|
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash - End of Period
|
|
$
|
11,712,152
|
|
|
$
|
2,625,059
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
|
|
Cash paid for
interest, net of capitalized interest cost
|
|
$
|
116,019
|
|
|
$
|
230,953
|
|
Cash paid for income
taxes
|
|
$
|
1,379,130
|
|
|
$
|
224,355
|
|
|
|
|
|
|
|
|
|
|
Cash and bank
balances
|
|
|
11,712,152
|
|
|
|
2,625,059
|
|
Restricted
cash
|
|
|
-
|
|
|
|
-
|
|
Total cash, cash
equivalents and restricted cash shown in the statement of cash
flows
|
|
|
11,712,152
|
|
|
|
2,625,059
|
|
View original
content:http://www.prnewswire.com/news-releases/it-tech-packaging-inc-announces-first-quarter-2020-unaudited-financial-results-301059320.html
SOURCE IT Tech Packaging, Inc.