BAODING, China, May 11, 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
first quarter ended March
31, 2023.
Mr. Zhenyong Liu, Chairman and
Chief Executive Officer of the Company, commented, "In the first
quarter of 2023, we had the revenue increased by 27.83% to
approximately $19.79 million. As the
Chinese government carried out a serious economic stimulus and
support policies, this will definitely improve the demand and
overall operating environment for paper-making industry. We will
seize the chance by taking management measures, such as optimizing
raw material procurement, diversifying the product structure and
reducing cost to improve the profitability and prepare for the
market recovery."
First Quarter
2023Unaudited Financial Results
|
|
|
For the Three Months
Ended March 31,
|
($
millions)
|
|
2023
|
|
2022
|
|
%
Change
|
Revenues
|
|
19.79
|
|
15.48
|
|
27.83 %
|
Regular
Corrugating Medium Paper ("CMP")*
|
|
16.47
|
|
13.10
|
|
25.72 %
|
Light-Weight
CMP**
|
|
3.06
|
|
1.93
|
|
58.77 %
|
Offset Printing
Paper
|
|
-
|
|
-
|
|
-
|
Tissue Paper
Products
|
|
0.22
|
|
0.40
|
|
-44.04 %
|
Face
Masks
|
|
0.04
|
|
0.06
|
|
-37.03 %
|
|
|
|
|
|
|
|
Gross profit
(Loss)
|
|
-0.28
|
|
0.31
|
|
-189.23 %
|
Gross profit
(loss) margin
|
|
-1.40 %
|
|
2.01 %
|
|
-3.41 pp****
|
Regular
Corrugating Medium Paper ("CMP")*
|
|
1.93 %
|
|
5.35 %
|
|
-3.42pp****
|
Light-Weight
CMP**
|
|
3.96 %
|
|
8.15 %
|
|
-4.19 pp****
|
Offset Printing
Paper
|
|
-
|
|
-
|
|
-
|
Tissue Paper
Products***
|
|
-316.80 %
|
|
-141.51 %
|
|
-175.29
pp****
|
Face
Masks
|
|
-7.97 %
|
|
29.47 %
|
|
-37.44pp****
|
|
|
|
|
|
|
|
Operating
loss
|
|
-2.77
|
|
-2.99
|
|
-7.29 %
|
Net
loss
|
|
-2.73
|
|
-2.49
|
|
-9.84 %
|
EBITDA
|
|
1.21
|
|
1.20
|
|
0.83 %
|
Basic and Diluted
loss per share
|
|
-0.27
|
|
-0.25
|
|
-0.08 %
|
|
|
|
|
|
|
|
* Products
from PM6
|
|
|
|
|
|
|
** Products
from PM1
|
|
|
|
|
|
|
*** Products
from PM8 and PM9
|
|
|
|
|
|
|
**** pp
represents percentage points
|
|
|
|
|
|
|
- Revenue increased by 27.83% to approximately $19.79 million, mainly due to the increase in sales volume of
corrugating medium paper ("CMP"), partially offset by the decrease
of average selling prices of CMP.
- Gross loss was approximately $0.28
million, compared with gross profit of $0.31 for the same period of last year. Total
gross loss margin decreased by 3.41 percentage point to negative
1.40%.
- Loss from operations was approximately $2.77 million, compared to approximately $2.99 million for the same period of last
year.
- Net loss was approximately $2.73
million, or loss per share of $0.27, compared to
approximately $2.49 million,
or loss per share of $0.25, for the
same period of last year.
- Earnings before interest, taxes, depreciation and amortization
("EBITDA") was approximately $1.21
million, compared to$1.20 million for the same period of
last year.
Revenue
For the first quarter of 2023, total revenue increased by
27.83%, to approximately $19.79
million from approximately $15.48
million for the same period of last year. This was mainly
due to the increase in sales volume of corrugating medium paper
("CMP"), partially offset by the decrease of average selling prices
of CMP.
The following table summarizes revenue, volume and ASP by
product for the first quarter of 2023 and 2022, respectively:
|
For the Three Months
Ended March 31,
|
|
2023
|
|
2022
|
|
Revenue
($'000)
|
|
Volume
(tonne)
|
|
ASP
($/tonne)
|
|
Revenue
($'000)
|
|
Volume
(tonne)
|
|
ASP
($/tonne)
|
Regular
CMP
|
16,468
|
|
41,663
|
|
395
|
|
13,099
|
|
25,245
|
|
519
|
Light-Weight
CMP
|
3,060
|
|
8,019
|
|
382
|
|
1,927
|
|
3,841
|
|
502
|
Offset Printing
Paper
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Tissue Paper
Products
|
223
|
|
191
|
|
1,167
|
|
398
|
|
397
|
|
1,003
|
Total
|
19,751
|
|
49,873
|
|
396
|
|
15,425
|
|
29,483
|
|
523
|
|
Revenue
($'000)
|
|
Volume
(thousand
pieces)
|
|
ASP
($/thousand
pieces)
|
|
Revenue
($'000)
|
|
Volume
(thousand
pieces)
|
|
ASP
($/thousand
pieces)
|
Face
Masks
|
35
|
|
1,105
|
|
32
|
|
57
|
|
1,160
|
|
49
|
Revenue from CMP, including both regular CMP and light-Weight
CMP, increased by 29.96%, to approximately $19.53 million and accounted for 98.67% of total
revenue for the first quarter of 2023, compared to approximately
$15.03 million, or 97.06% of total
revenue for the same period of last year. The Company sold 49,682
tonnes of CMP at an ASP of $393/tonne in the first quarter of
2023, compared to 29,086 tonnes at an ASP of $517/tonne
in the same period of last year.
Of the total CMP sales, revenue from regular CMP increased by 25.72%, to approximately
$16.47 million for the first quarter
of 2023, compared to revenue of approximately $13.10 million for the same period of last year.
The Company sold 41,663 tonnes of regular CMPat an ASP
of $395/tonne during the first quarter of 2023, compared to
25,245 tonnes at an ASP of $519/tonne
for the same period of last year. Revenue from light-weight CMP
increased by 58.77%, to approximately $3.06
million for the first quarter of 2023, compared to revenue
of approximately $1.93 million
for the same period of last year. The Company sold 8,019 tonnes of
light-weight CMP at an ASP of $382/tonne for the first quarter
of 2023, compared to3,841 tonnes at an ASP of $502/tonne for the same period of last year.
Revenue from offset printing paper was $nil for the first
quarter of 2023 and 2022.
Revenue from tissue paper products decreased by 44.04%, to
approximately $0.22 million for the
first quarter of 2023, from approximately $0.40 million for the same period of last year.
The Company sold 191 tonnes of tissue paper products at an ASP of
$1,167/tonne for the first quarter of
2023, compared to 397 tonnes at an ASP of $1,003/tonne for the same period of last
year.
Revenue from face masks decreased by 37.03%, to approximately
$35,637 for the first quarter ended
March 31, 2023, from $56,596 for the same period of last year. The
Company sold 1,105 thousand pieces of face masks for the first
quarter of 2023, compared to1,160 thousand pieces of face masks for
the same period of last year.
Gross Profit (Loss) and Gross Margin
Total cost of sales increased by 32.30%, to approximately
$20.02 million for the first quarter
of 2023 from approximately $15.13
million for the same period of last year. The increase in
overall cost of sales was mainly
due to the increase in sales quantity of CMP, partially offset by
the decrease in material costs of CMP. Costs of sales per tonne for
regular CMP, light-weight CMP, offset printing paper, and tissue
paper products were $388,
$367, $nil and $4,865, respectively, for the first quarter of
2023, compared to $491, $461, $nil and $2,424, respectively, for the same period of last
year.
Total gross loss was
approximately $0.28 million for
the first quarter of 2023, compared to the gross profit
of approximately $0.31
million for the same period of last year as a result of
factors described above. Overall gross loss margin was 1.40% for the first quarter
of 2023, compared to gross profit margin that was 2.01% 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 1.93%,
3.96%, nil%, -316.80% and -7.97%, respectively, for the first
quarter of 2023, compared to 5.35%, 8.15%, nil%, -141.51% and
29.47%, respectively, for the same period of last year.
Selling, General and Administrative Expenses
Selling, general and administrative expenses ("SG&A")
decreased by 24.40%, to approximately $2.50
million for the first quarter of 2023 from approximately
$3.30 million for the same period of
last year.
Loss from Operations
Loss from operations was approximately $2.77 million for the first quarter of 2023, a
decrease of 7.29%, from $2.99 million
for the same period of last year. Operating loss margin was 14.01%
for the first quarter of 2023, compared to 19.32% for the same
period of last year.
Net Loss
Net loss was approximately $2.73
million, or loss per share of $0.27 for the first quarter of 2023, compared to
$2.49 million, or loss per share of
$0.25 for the same period of last
year.
EBITDA
EBITDA was approximately $1.21
million for the first quarter of 2023, compared to
$1.20 million for the same period of
last year.
Note 1: Non-GAAP Financial Measures
In addition to our U.S. GAAP results, this press release
includes a discussion of EBITDA, a non-GAAP financial measure as
defined by the Securities and Exchange Commission ("SEC"). The
Company defines EBITDA as net income before interest, income taxes,
depreciation and amortization. EBITDA is a key measure used by
management to evaluate our results and make strategic decisions.
Management believes this measure is useful to investors because it
is an indicator of operational performance. Because not all
companies use identical calculations, the Company's presentation of
EBITDA may not be comparable to similarly titled measures of other
companies, and should not be viewed as an alternative to measures
of financial performance or changes in cash flows calculated in
accordance with the U.S. GAAP.
Reconciliation of
Net Income to EBITDA (Amounts expressed in
US$)
|
|
|
For the Three
Months Ended March 31,
|
($
millions)
|
|
2023
|
|
|
2022
|
Net
loss
|
|
-2.73
|
|
|
-2.49
|
Add: Income
tax
|
|
-
|
|
|
-0.35
|
Net interest expense
|
|
0.25
|
|
|
0.27
|
Depreciation and amortization
|
|
3.69
|
|
|
3.77
|
EBITDA
|
|
1.21
|
|
|
1.20
|
Cash, Liquidity and Financial Position
As of March 31, 2023, 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 $16.75 million,
$11.67 million and $6.51 million, respectively, compared to
approximately $9.52 million,
$11.16 million and $4.20 million, respectively, as of December 31, 2022.
Net accounts receivable was approximately $2.23 million as of March
31, 2023, compared to approximately $nil million as of
December 31, 2022. Net inventory was
approximately $5.97 million as of
March 31, 2023, compared to
approximately $2.87 million as of
December 31, 2022. As of March 31, 2023, the Company had current assets of
approximately $51.48 million and
current liabilities of approximately $18.13
million, resulting in a working capital of approximately
$33.35 million. This was compared to
current assets of approximately $47.17
million and current liabilities of approximately
$17.64 million, resulting in a
working capital of approximately $29.53
million as of December 31,
2022.
Net cash provided by operating activities was approximately
$4.81million for the first quarter of
2023, compared to approximately $4.41
million for the same period of last year. Net cash used in
investing activities was approximately $0.30
million for the first quarter of 2023, compared to
approximately $7.18 million for the
same period of last year. Net cash provided by financing activities
was approximately $2.56 million for
the first quarter of 2023, compared to approximately $6.89 for the same period of last year.
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/.
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.
IT TECH PACKAGING,
INC. CONDENSED CONSOLIDATED BALANCE SHEETS AS
OF MARCH 31, 2023 AND DECEMBER 31, 2022
|
|
|
March
31,
|
|
|
December
31,
|
|
|
2023
|
|
|
2022
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
Cash and bank
balances
|
|
$
|
16,750,940
|
|
|
$
|
9,524,868
|
Restricted
cash
|
|
|
-
|
|
|
|
-
|
Accounts receivable
(net of allowance for doubtful accounts of
$647,787 and $881,878 as of March 31, 2023 and December 31,
2022,
respectively)
|
|
|
2,231,924
|
|
|
|
-
|
Inventories
|
|
|
5,969,604
|
|
|
|
2,872,622
|
Prepayments and other
current assets
|
|
|
18,734,461
|
|
|
|
27,207,127
|
Due from related
parties
|
|
|
7,795,442
|
|
|
|
7,561,858
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
51,482,371
|
|
|
|
47,166,475
|
|
|
|
|
|
|
|
|
Prepayment on property,
plant and equipment
|
|
|
881,878
|
|
|
|
1,031,502
|
Operating lease
right-of-use assets, net
|
|
|
681,817
|
|
|
|
672,722
|
Finance lease
right-of-use assets, net
|
|
|
1,927,390
|
|
|
|
1,939,970
|
Property, plant, and
equipment, net
|
|
|
149,822,883
|
|
|
|
151,569,898
|
Value-added tax
recoverable
|
|
|
2,053,290
|
|
|
|
2,066,666
|
Deferred tax asset
non-current
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
206,849,629
|
|
|
$
|
204,447,233
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
Short-term bank
loans
|
|
$
|
5,673,996
|
|
|
$
|
5,598,311
|
Current portion of
long-term loans
|
|
|
5,265,073
|
|
|
|
4,835,884
|
Lease
liability
|
|
|
171,768
|
|
|
|
224,497
|
Accounts
payable
|
|
|
-
|
|
|
|
5,025
|
Due to related
parties
|
|
|
730,387
|
|
|
|
727,462
|
Accrued payroll and
employee benefits
|
|
|
295,024
|
|
|
|
165,986
|
Other payables and
accrued liabilities
|
|
|
5,993,904
|
|
|
|
5,665,558
|
Income taxes
payable
|
|
|
-
|
|
|
|
417,906
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
18,130,152
|
|
|
|
17,640,629
|
|
|
|
|
|
|
|
|
Long-term
loans
|
|
|
6,513,672
|
|
|
|
4,204,118
|
Deferred gain on
sale-leaseback
|
|
|
30,298
|
|
|
|
52,314
|
Lease liability -
non-current
|
|
|
587,838
|
|
|
|
579,997
|
Derivative
liability
|
|
|
494,186
|
|
|
|
646,283
|
|
|
|
|
|
|
|
|
Total liabilities
(including amounts of the consolidated VIE without
recourse to the Company of $19,412,310 and $16,784,878 as of
March
31, 2023 and December 31, 2022, respectively)
|
|
|
25,756,146
|
|
|
|
23,123,341
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
Common stock,
50,000,000 shares authorized, $0.001 par value per
share, 10,065,920 shares issued and outstanding as of March 31,
2023
and December, 31, 2022.
|
|
|
10,066
|
|
|
|
10,066
|
Additional paid-in
capital
|
|
|
89,172,771
|
|
|
|
89,172,771
|
Statutory earnings
reserve
|
|
|
6,080,574
|
|
|
|
6,080,574
|
Accumulated other
comprehensive loss
|
|
|
(5,011,784)
|
|
|
|
(7,514,540)
|
Retained
earnings
|
|
|
90,841,856
|
|
|
|
93,575,021
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
|
181,093,483
|
|
|
|
181,323,892
|
|
|
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
206,849,629
|
|
|
$
|
204,447,233
|
IT TECH PACKAGING,
INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED MARCH 31,
2023 AND 2022 (Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
19,790,877
|
|
$
|
15,481,618
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
|
|
(20,067,876)
|
|
|
(15,171,173)
|
|
|
|
|
|
|
|
|
Gross (Loss)
Profit
|
|
|
|
(276,999)
|
|
|
310,445
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
|
|
(2,495,362)
|
|
|
(3,300,881)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
Operations
|
|
|
|
(2,772,361)
|
|
|
(2,990,436)
|
|
|
|
|
|
|
|
|
Other Income
(Expense):
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
136,268
|
|
|
3,455
|
Subsidy
income
|
|
|
|
-
|
|
|
-
|
Interest
expense
|
|
|
|
(249,169)
|
|
|
(270,813)
|
Gain on
acquisition
|
|
|
|
-
|
|
|
34,003
|
Gain (Loss) on
derivative liability
|
|
|
|
152,097
|
|
|
386,588
|
|
|
|
|
|
|
|
|
Loss before Income
Taxes
|
|
|
|
(2,733,165)
|
|
|
(2,837,203)
|
|
|
|
|
|
|
|
|
Provision for Income
Taxes
|
|
|
|
-
|
|
|
348,989
|
|
|
|
|
|
|
|
|
Net
Loss
|
|
|
|
(2,733,165)
|
|
|
(2,488,214)
|
|
|
|
|
|
|
|
|
Other Comprehensive
Income
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
|
2,502,756
|
|
|
926,138
|
|
|
|
|
|
|
|
|
Total Comprehensive
Loss
|
|
|
$
|
(230,409)
|
|
$
|
(1,562,076)
|
|
|
|
|
|
|
|
|
Losses Per
Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
Losses per Share
|
|
|
$
|
(0.27)
|
|
$
|
(0.25)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding – Basic
and Diluted
|
|
|
|
10,065,920
|
|
|
9,915,920
|
IT TECH PACKAGING,
INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND
2022 (Unaudited)
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
Net income
|
|
$
|
(2,733,165)
|
|
$
|
(2,488,214)
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
3,686,243
|
|
|
3,773,236
|
(Gain) Loss on
derivative liability
|
|
|
(152,097)
|
|
|
(386,588)
|
(Gain) Loss from
disposal and impairment of property, plant and equipment
|
12,926
|
|
|
-
|
(Recovery from)
Allowance for bad debts
|
|
|
(246,386)
|
|
|
4,211
|
Gain on
acquisition
|
|
|
-
|
|
|
(34,001)
|
Deferred tax
|
|
|
-
|
|
|
(348,989)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(1,988,921)
|
|
|
(98,921)
|
Prepayments and other
current assets
|
|
|
9,461,336
|
|
|
3,056,189
|
Inventories
|
|
|
(3,062,782)
|
|
|
1,515,515
|
Accounts
payable
|
|
|
(5,101)
|
|
|
62,315
|
Related
parties
|
|
|
(128,625)
|
|
|
-
|
Accrued payroll and
employee benefits
|
|
|
126,986
|
|
|
(14,181)
|
Other payables and
accrued liabilities
|
|
|
263,712
|
|
|
483,666
|
Income taxes
payable
|
|
|
(424,198)
|
|
|
(1,112,820)
|
Net Cash Provided by
Operating Activities
|
|
|
4,809,928
|
|
|
4,411,418
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
|
|
(295,018)
|
|
|
(368,504)
|
Acquisition of
land
|
|
|
-
|
|
|
(6,807,468)
|
|
|
|
|
|
|
|
Net Cash Used in
Investing Activities
|
|
|
(295,018)
|
|
|
(7,175,972)
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
Proceeds from long term
loans
|
|
|
2,623,410
|
|
|
-
|
Repayment of bank
loans
|
|
|
(2,915)
|
|
|
-
|
Payment of capital
lease obligation
|
|
|
(55,849)
|
|
|
(51,708)
|
Loan to a related party
(net)
|
|
|
-
|
|
|
6,945,022
|
|
|
|
|
|
|
|
Net Cash Provided by
Financing Activities
|
|
|
2,564,646
|
|
|
6,893,314
|
|
|
|
|
|
|
|
Effect of Exchange
Rate Changes on Cash and Cash Equivalents
|
|
|
146,516
|
|
|
28,071
|
|
|
|
|
|
|
|
Net Increase in Cash
and Cash Equivalents
|
|
|
7,226,072
|
|
|
4,156,831
|
|
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash - Beginning of
Period
|
|
|
9,524,868
|
|
|
11,201,612
|
|
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash - End of Period
|
|
$
|
16,750,940
|
|
$
|
15,358,443
|
|
|
|
|
|
|
|
Supplemental
Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
Cash paid for interest,
net of capitalized interest cost
|
|
$
|
84,040
|
|
$
|
85,094
|
Cash paid for income
taxes
|
|
$
|
424,198
|
|
$
|
1,112,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and bank
balances
|
|
|
16,750,940
|
|
|
15,358,443
|
Restricted
cash
|
|
|
-
|
|
|
-
|
Total cash, cash
equivalents and restricted cash shown in the statement of cash
flows
|
|
|
16,750,940
|
|
|
15,358,443
|
View original
content:https://www.prnewswire.com/news-releases/it-tech-packaging-inc-announces-first-quarter-2023-unaudited-financial-results-301822622.html
SOURCE IT Tech Packaging, Inc.