BAODING, China, May 11, 2021 /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, 2021.
|
|
For the
Three Months Ended March 31,
|
($
millions)
|
|
2021
|
|
2020
|
|
%
Change
|
Revenues
|
|
24.21
|
|
8.74
|
|
176.9%
|
Regular
Corrugating Medium Paper ("CMP")*
|
|
16.96
|
|
5.72
|
|
196.5%
|
Light-Weight
CMP**
|
|
3.75
|
|
2.02
|
|
85.9%
|
Offset Printing
Paper
|
|
2.12
|
|
NM
|
|
NM
|
Tissue Paper
Products
|
|
1.25
|
|
1.01
|
|
24.4%
|
Face
Masks
|
|
0.13
|
|
NM
|
|
NM
|
|
|
|
|
|
|
|
Gross
profit
|
|
1.83
|
|
-0.17
|
|
1178.8%
|
Gross profit
(loss) margin
|
|
7.5%
|
|
-1.9%
|
|
9.4 pp****
|
Regular
Corrugating Medium Paper ("CMP")*
|
|
8.5%
|
|
4.9%
|
|
3.6 pp****
|
Light-Weight
CMP**
|
|
10.9%
|
|
12.9%
|
|
-2.0
pp****
|
Offset Printing
Paper
|
|
19.4%
|
|
NM
|
|
NM
|
Tissue Paper
Products***
|
|
-36.5%
|
|
-70.7%
|
|
34.3
pp****
|
Face
Masks
|
|
18.8%
|
|
NM
|
|
NM
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
-0.72
|
|
-2.87
|
|
74.7%
|
Net
income(Loss)
|
|
-4.34
|
|
-2.44
|
|
-78.1%
|
EBITDA
|
|
-0.07
|
|
1.04
|
|
-106.7%
|
Basic and
Diluted earnings (loss) per share
|
|
-0.12
|
|
-0.11
|
|
-8.6%
|
|
|
|
|
|
|
|
* Products
from PM6
|
|
|
|
|
|
|
** Products
from PM1
|
|
|
|
|
|
|
*** Products
from PM8 and PM9
|
|
|
|
|
|
|
**** pp
represents percentage points
|
|
|
|
|
|
|
- Revenue increased by 176.9% to $24.21
million, primarily attributable to increase in sales volume
of CMP and offset printing paper, as well as the increase in
Average Selling Prices ("ASPs") of CMP and tissue paper
products.
- Gross profit was $1.83 million,
compared to gross loss of $0.17
million for the same period of last year. Gross margin was
7.5%, compared to gross loss margin of 1.9% for the same period of
last year.
- Loss from operations was $0.72
million, compared to the loss from operations of
$2.87 million for the same period of
last year.
- Net loss was $4.34 million, or
loss per share of $0.12, compared to net loss of
$2.44 million, or loss per share of
$0.11, for the same period of last
year.
- Earnings before interest, taxes, depreciation and amortization
("EBITDA") was negative $0.07
million, compared to $1.04
million for the same period of last year.
Mr. Zhenyong Liu, Chairman and
Chief Executive Officer of the Company, commented, "We continued to
making improvements in the sales volume of CMP products for this
quarter. Our total revenue had an increase of 176.9% to
$24.2 million, resulted from 129.4%
growth of overall sales volume and a 20.7% increase in average
selling prices over our main products. The average selling prices
of over our main products for this quarter increased 11.9% from the
fourth quarter 2020 .
We took a quick recovery from the impact of global outbreaks of
COVID-19 pandemic, posting growing revenues from sales of tissue
paper, offset printing paper and CMP products. Our production and
sales of tissue paper products have been growing up steadily since
the launch of PM8 and PM9 in December
2018 and November 2019. Currently, we have completed
fundamental constructions on its new tissue paper production line
(the "PM10") and is working on the installation of accessory
equipment. Amid robust domestic market demand for tissue paper
products and improved production efficiency, we anticipate continue
expanding our capacity as we expect to see strong growth from
tissue paper business segment that we believe will greatly boost
our overall performance. In addition, we are also expanding
our business to high and new technology business such as
combined heat and power generation project utilizing bio mass
technology project ("Biomass CHP Project") and expect to diversify
our sources of revenue and ensure our stable modes of
profit-making."
First Quarter 2021 Financial Results
Revenue
For the first quarter of 2021, total revenue increased by
$15.47 million, or 176.9%, to
$24.21 million from $8.74 million for the same period of last year.
The increase in total revenue was mainly due to the increase in
both sales volume and average selling prices of CMP and offset
printing paper products. The following table summarizes revenue,
volume and ASPs by products for the first quarter of 2021 and 2020,
respectively:
|
For the
Three Months Ended March 31,
|
|
2021
|
|
2020
|
|
Revenue
($'000)
|
|
Volume
(tonne)
|
|
ASP
($/tonne)
|
|
Revenue
($'000)
|
|
Volume
(tonne)
|
|
ASP
($/tonne)
|
Regular
CMP
|
16,964
|
|
33,626
|
|
504
|
|
5,722
|
|
13,788
|
|
415
|
Light-Weight
CMP
|
3,748
|
|
7,670
|
|
489
|
|
2,016
|
|
4,889
|
|
412
|
Offset Printing
Paper
|
2,116
|
|
3,142
|
|
673
|
|
NM
|
|
NM
|
|
NM
|
Tissue Paper
Products
|
1,251
|
|
1,120
|
|
1,117
|
|
1,006
|
|
1,185
|
|
849
|
Total
|
24,079
|
|
45,558
|
|
529
|
|
8,744
|
|
19,862
|
|
440
|
|
Revenue
($'000)
|
|
Volume
(thousand
pieces)
|
|
ASP
($/thousand
pieces)
|
|
Revenue
($'000)
|
|
Volume
($/thousand
pieces)
|
|
ASP
($/thousand
pieces)
|
Face
Masks
|
130
|
|
3,836
|
|
34
|
|
NM
|
|
NM
|
|
NM
|
Revenue from CMP, including both regular CMP and Light-Weight
CMP, increased by $12.97 million, or
167.7%, to $20.71 million and
accounted for 85.6% of total revenue for the first quarter of 2021,
compared to $7.74 million, or 88.5%
of total revenue, for the same period of last year. The Company
sold 41,296 tonnes of CMP at an ASP of $502/tonne in the first quarter of 2021, compared
to 18,677 tonnes at an ASP of $414/tonne in the same period of last year.
Of the total CMP sales, revenue from regular CMP increased by
$11.24 million, or 196.5%, to
$16.96 million, resulting from sales
of 33,626 tonnes at an ASP of $504/tonne, during the first quarter of 2021,
compared to revenue of $5.72 million,
resulting from sales of 13,788 tonnes at an ASP of $415/tonne, for the same period of last year.
Revenue from light-weight CMP increased by $1.73 million, or 85.9%, to $3.75 million, resulting from sales of 7,670
tonnes at an ASP of $489/tonne for
the first quarter of 2021, compared to revenue of $2.02 million, resulting from sales of 4,889
tonnes at an ASP of $412/tonne for
the same period of last year.
Revenue from offset printing paper increased by $2.12 million, or 100.0%, to $2.12 million for the first quarter of 2021, from
$nil for the same period of last year. The Company sold 3,142
tonnes of offset printing paper at an ASP of $673/tonne in the first quarter of 2021.
Revenue from tissue paper products increased by $0.24 million, or 24.4%, to $1.25 million, resulting from sales of 1,120
tonnes at an ASP of $1,117/tonne, for
the first quarter of 2021, compared to revenue of $1.01 million, resulting from sales of 1,185
tonnes at an ASP of $849/tonne for
the same period of last year.
Revenue generated from selling face masks was $0.13 million for the first quarter of 2021. The
Company sold 3,836 thousand pieces of face masks in the first
quarter of 2021.
Gross Profit (Loss) and Gross Profit (Loss) Margin
Total cost of sales increased by $13.47
million, or 151.1%, to $22.38
million for the first quarter of 2021, from $8.91 million for the same period of last year.
The increase in total cost of sales was mainly due to the increase
in sales volume of CMP and offset printing paper products, as well
as increase in material costs. Costs of sales per tonne for regular
CMP, light-weight CMP, offset printing paper and tissue paper
products were $462, $435, $543 and
$1,525, respectively, for the first
quarter of 2021, compared to $395,
$359, $nil and $1,450 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 $289/tonne for the
first quarter of 2021, compared to $198/tonne for the same period of last year.
Total gross profit was $1.83
million for the first quarter of 2021, compare to the gross
loss of $0.17 million for the same
period of last year as a result of factors described above. Overall
gross profit margin was 7.6% for the first quarter of 2021,
compared to the gross loss margin of 1.9% for the same period of
last year. Gross profit (loss) margins for regular CMP,
light-weight CMP, offset printing paper, tissue paper and face mask
products were 8.5%, 10.9%, 19.4%, -36.5% and 18.8%,
respectively, for the first quarter of 2021, compared to
4.9%, 12.9%, nil%, -70.7% and nil%, respectively, for the same
period of last year.
Selling, General and Administrative Expenses
Selling, general and administrative expenses ("SG&A")
decreased by $0.14 million, or 5.3%,
to $2.56 million for the first
quarter of 2021 from $2.70 million
for the same period of last year. As a percentage of total revenue,
SG&A was 10.6% for the first quarter of 2021, compared to 30.8%
for the same period of last year.
Loss from Operations
Loss from operations was $0.72
million for the first quarter of 2021, compared to the loss
from operations of $2.87 million for
the same period of last year. The decrease in loss from operations
was primarily due to the increase in gross profit. Operating loss
margin was 3.0% for the first quarter of 2021, compared to 32.8%
for the same period of last year.
Net Loss and Net Loss per Share
Net loss was $4.34 million, or $0.12 loss per basic and diluted share, for
the first quarter of 2021, compared to the net loss of $2.44 million, or $0.11 per basic and diluted share, for the
same period of last year.
EBITDA
EBITDA was $-0.07 million for the
first quarter of 2021, compared to $1.04
million for the same period of the prior year.
Note 1: Non-GAAP Financial Measures
In addition to our U.S. GAAP results, this press release
includes a discussion of EBITDA, a non-GAAP financial measure as
defined by the Securities and Exchange Commission ("SEC"). The
Company defines EBITDA as net income before interest, income taxes,
depreciation and amortization. EBITDA is a key measure used by
management to evaluate our results and make strategic decisions.
Management believes this measure is useful to investors because it
is an indicator of operational performance. Because not all
companies use identical calculations, the Company's presentation of
EBITDA may not be comparable to similarly titled measures of other
companies, and should not be viewed as an alternative to measures
of financial performance or changes in cash flows calculated in
accordance with the U.S. GAAP.
|
|
For the
Three Months Ended March 31,
|
($
millions)
|
|
2021
|
|
|
2020
|
Net income
(loss)
|
|
-4.34
|
|
|
-2.44
|
Add: Income
tax
|
|
-0.10
|
|
|
-0.53
|
Net
interest expense
|
|
0.28
|
|
|
0.24
|
Depreciation and amortization
|
|
4.09
|
|
|
3.77
|
EBITDA
|
|
-0.07
|
|
|
1.04
|
Cash, Liquidity and Financial Position
As of March 31, 2021, 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
$37.44 million, $12.08 million and $4.57 million, respectively, compared to
$4.14 million, $12.16 million and $4.60 million, respectively, as of
December 31, 2020.
Net accounts receivable was $5.21 million as of March 31, 2021, compared to $2.39 million as of December 31, 2020. Net inventory was $7.43 million as of March 31, 2021, compared to $1.23 million as of December 31, 2020. As of March 31, 2021, the Company had current assets of
$61.14 million and current
liabilities of $20.21 million,
resulting in a working capital of $40.93 million. This was compared to current
assets of $14.91 million and
current liabilities of $18.34 million, resulting in a working
capital deficit of $3.43 million
as of December 31, 2020.
Net cash used in operating activities was $8.28 million for the first quarter of 2021,
compared to net cash provided by operating activities of
$6.86 million for the same period of
last year. Net cash used in investing activities was $0.04 million for the first quarter of 2021,
compared to $0.76 million for the
same period of last year. Net cash provided by financing activities
was $41.79 million for the first
quarter of 2021, compared to net cash from financing activities of
$nil for the same period of last year.
Recent development
On April 7, 2021, the Company
announced it has obtained qualification to supply central heating
in industrial parks after month-long review process for its
combined heat and power generation project utilizing bio mass
technology ("Biomass CHP Project").
On April 20, 2021, the Company
announced it has completed fundamental constructions on its new
tissue paper production line (the "PM10") and is working on the
installation of accessory equipment.
Earnings Conference Call
The Company's management will host a conference call to discuss
its first quarter 2021 unaudited financial results at 8:00 am
US Eastern Time on Wednesday, May 12, 2021. To attend the
conference call, please use the information below.
Date/Time: 8:00 am US Eastern Time
(8:00 PM Beijing/Hong Kong
Time) on Wednesday, May 12, 2021
Conference Title: IT Tech Packaging, Inc. First Quarter 2021
Earnings Conference Call
Conference ID: 8863957
To attend the conference call, please register in advance of the
conference using the
link: http://apac.directeventreg.com/registration/event/8863957
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/4vc6vupv. 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 12,
2021 to 9:59 am ET on
May 20, 2021. 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 8863957 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, 2021 AND DECEMBER 31, 2020
(Unaudited)
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
2021
|
|
2020
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash and bank
balances
|
|
$
|
37,440,991
|
|
$
|
4,142,437
|
Restricted
cash
|
|
|
-
|
|
|
-
|
Accounts receivable
(net of allowance for doubtful accounts of
$85,637 and $34,391 as of March 31, 2021 and December 2020,
respectively)
|
|
|
5,211,806
|
|
|
2,389,057
|
Inventories
|
|
|
7,431,502
|
|
|
1,233,801
|
Prepayments and other
current assets
|
|
|
10,655,539
|
|
|
7,051,515
|
Due from related
parties
|
|
|
400,650
|
|
|
92,795
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
61,140,488
|
|
|
14,909,605
|
|
|
|
|
|
|
|
Prepayment on
property, plant and equipment
|
|
|
21,000,411
|
|
|
21,149,749
|
Finance lease
right-of-use assets, net
|
|
|
2,340,142
|
|
|
2,397,653
|
Property, plant, and
equipment, net
|
|
|
140,109,827
|
|
|
145,142,642
|
Value-added tax
recoverable
|
|
|
2,502,526
|
|
|
2,566,195
|
Deferred tax asset
non-current
|
|
|
14,194,939
|
|
|
13,708,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
241,288,333
|
|
$
|
199,874,474
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Short-term bank
loans
|
|
$
|
6,389,908
|
|
$
|
6,435,348
|
Current portion of
long-term loans from credit union
|
|
|
4,960,967
|
|
|
4,996,245
|
Lease
liability
|
|
|
188,723
|
|
|
182,852
|
Accounts
payable
|
|
|
2,355,798
|
|
|
592,391
|
Advance from
customers
|
|
|
82,042
|
|
|
82,625
|
Due to related
parties
|
|
|
727,433
|
|
|
727,433
|
Accrued payroll and
employee benefits
|
|
|
308,838
|
|
|
224,930
|
Other payables and
accrued liabilities
|
|
|
4,715,970
|
|
|
4,838,601
|
Income taxes
payable
|
|
|
482,209
|
|
|
259,649
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
20,211,888
|
|
|
18,340,074
|
|
|
|
|
|
|
|
Loans from credit
union
|
|
|
4,565,307
|
|
|
4,597,772
|
Deferred gain on
sale-leaseback
|
|
|
347,158
|
|
|
387,087
|
Lease liability -
non-current
|
|
|
301,654
|
|
|
354,107
|
Derivative
liability
|
|
|
11,581,027
|
|
|
1,115,260
|
|
|
|
|
|
|
|
Total liabilities (including
amounts of the consolidated VIE without
recourse to the Company of $19,683,842 and $17,950,224 as of
March 31, 2021 and December 31, 2020,
respectively)
|
|
|
37,007,034
|
|
|
24,794,300
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
Common stock,
500,000,000 shares authorized, $0.001 par value per
share, 99,049,900 and 28,535,816 shares issued and outstanding as
of
March 31, 2021 and December, 31,2020, respectively
|
|
|
99,050
|
|
|
28,536
|
Additional paid-in
capital
|
|
|
88,927,786
|
|
|
53,989,548
|
Statutory earnings
reserve
|
|
|
6,080,574
|
|
|
6,080,574
|
Accumulated other
comprehensive income
|
|
|
4,271,952
|
|
|
5,740,722
|
Retained
earnings
|
|
|
104,901,937
|
|
|
109,240,794
|
|
|
|
|
|
|
|
Total
stockholders' equity
|
|
|
204,281,299
|
|
|
175,080,174
|
|
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
241,288,333
|
|
$
|
199,874,474
|
IT TECH PACKAGING,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME
FOR THE THREE
MONTHS ENDED MARCH 31, 2021 AND 2020
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
24,209,427
|
|
$
|
8,743,851
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
|
(22,378,422)
|
|
|
(8,913,570)
|
|
|
|
|
|
|
|
|
|
Gross Profit
(Loss)
|
|
|
1,831,005
|
|
|
(169,719)
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
|
(2,555,318)
|
|
|
(2,696,963)
|
|
Gain on acquisition
of a subsidiary
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
Operations
|
|
|
(724,313)
|
|
|
(2,866,682)
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense):
|
|
|
|
|
|
|
|
Interest
income
|
|
|
4,333
|
|
|
5,790
|
|
Subsidy
income
|
|
|
196,787
|
|
|
142,998
|
|
Interest
expense
|
|
|
(278,901)
|
|
|
(244,718)
|
|
Loss on derivative
liability
|
|
|
(3,636,967)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Loss before Income
Taxes
|
|
|
(4,439,061)
|
|
|
(2,962,612)
|
|
|
|
|
|
|
|
|
|
Provision for
Income Taxes
|
|
|
100,205
|
|
|
526,325
|
|
|
|
|
|
|
|
|
|
Net
Loss
|
|
|
(4,338,856)
|
|
|
(2,436,287)
|
|
|
|
|
|
|
|
|
|
Other
Comprehensive Loss
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
(1,468,770)
|
|
|
(2,589,754)
|
|
|
|
|
|
|
|
|
|
Total
Comprehensive Loss
|
|
$
|
(5,807,626)
|
|
$
|
(5,026,041)
|
|
|
|
|
|
|
|
|
|
Losses Per
Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
Losses per Share
|
|
$
|
(0.12)
|
|
$
|
(0.11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding –
Basic and Diluted
|
|
|
36,156,280
|
|
|
22,054,816
|
|
IT TECH PACKAGING,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE
MONTHS ENDED MARCH 31, 2021 AND 2020
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
Net income
|
|
$
|
(4,338,856)
|
|
$
|
(2,436,287)
|
Adjustments to
reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
4,092,487
|
|
|
3,774,674
|
Loss on derivative
liability
|
|
|
3,636,967
|
|
|
|
(Recovery from)
Allowance for bad debts
|
|
|
52,018
|
|
|
(22,650)
|
Deferred
tax
|
|
|
(589,094)
|
|
|
(541,042)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(2,920,798)
|
|
|
1,315,128
|
Prepayments and other
current assets
|
|
|
(3,645,323)
|
|
|
5,486,216
|
Inventories
|
|
|
(6,270,151)
|
|
|
(373,470)
|
Accounts
payable
|
|
|
1,785,742
|
|
|
(41,405)
|
Advance from
customers
|
|
|
-
|
|
|
54,930
|
Related
parties
|
|
|
(311,679)
|
|
|
1,814,228
|
Accrued payroll and
employee benefits
|
|
|
86,375
|
|
|
(62,252)
|
Other payables and
accrued liabilities
|
|
|
(84,719)
|
|
|
(728,633)
|
Income taxes
payable
|
|
|
226,699
|
|
|
(1,379,130)
|
Net Cash (Used in)
Provided by Operating Activities
|
|
|
(8,280,332)
|
|
|
6,860,307
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
Purchases of
property, plant and equipment
|
|
|
(44,599)
|
|
|
(756,514)
|
|
|
|
|
|
|
|
Net Cash Used in
Investing Activities
|
|
|
(44,599)
|
|
|
(756,514)
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
Proceeds from
issuance of shares and warrants, net
|
|
|
41,837,553
|
|
|
-
|
Payment of capital
lease obligation
|
|
|
(43,230)
|
|
|
-
|
|
|
|
|
|
|
|
Net Cash Provided
by Financing Activities
|
|
|
41,794,323
|
|
|
-
|
|
|
|
|
|
|
|
Effect of Exchange
Rate Changes on Cash and Cash Equivalents
|
|
|
(170,838)
|
|
|
(229,386)
|
|
|
|
|
|
|
|
Net Increase in
Cash and Cash Equivalents
|
|
|
33,298,554
|
|
|
5,874,407
|
|
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash - Beginning of
Period
|
|
|
4,142,437
|
|
|
5,837,745
|
|
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash - End of Period
|
|
$
|
37,440,991
|
|
$
|
11,712,152
|
|
|
|
|
|
|
|
Supplemental
Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
Cash paid for
interest, net of capitalized interest cost
|
|
$
|
97,642
|
|
$
|
116,019
|
Cash paid for income
taxes
|
|
$
|
262,191
|
|
$
|
1,379,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and bank
balances
|
|
|
37,440,991
|
|
|
11,712,152
|
Restricted
cash
|
|
|
-
|
|
|
-
|
Total cash, cash
equivalents and restricted cash shown in the
statement of cash flows
|
|
|
37,440,991
|
|
|
11,712,152
|
View original
content:http://www.prnewswire.com/news-releases/it-tech-packaging-inc-announces-first-quarter-2021-unaudited-financial-results-301289162.html
SOURCE IT Tech Packaging, Inc.