BAODING, China, Nov. 10, 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 nine and three months ended September 30, 2023.

Mr. Zhenyong Liu, Chairman and Chief Executive Officer of the Company, commented, “For the first nine months of 2023, the Company realized a total revenue of $65.58 million with a net loss of $5.96 million, slightly falling from the same period of last year. Looking forward, we can see opportunities and challenges coexist, and the long-term positive fundamentals remain unchanged in the uncertain business environment. We believe with the increased policy support for the private economy, the domestic demand and consumption will accelerate further and industrial economy will continue improving. We will make our efforts for a reasonable profit with measures to balance the production and sales, optimize overall products, develop new customers and increase efficiency with a decreased cost.”

Third Quarter 2023 Unaudited Financial Results

For the Three Months Ended September 30,

 ($ millions)

2023

2022

% Change

 Revenues

15.77

31.71

-50.26 %

 Regular Corrugating Medium Paper (“CMP”)*

11.95

26.06

-54.14 %

 Light-Weight CMP**

3.47

5.30

-34.49 %

 Offset Printing Paper

0.07

 Tissue Paper Products

0.26

0.29

-9.91 %

  Face Masks

0.02

0.06

-73.28 %

 Gross profit (loss)

(0.15)

2.78

-105.50 %

 Gross profit (loss) margin

-0.97 %

8.78 %

-9.75pp***

 Regular Corrugating Medium Paper (“CMP”)*

7.01 %

10.91 %

-3.90pp****

 Light-Weight CMP**

-7.47 %

12.84 %

-20.31pp****

 Offset Printing Paper

7.53 %

7.53pp****

 Tissue Paper Products***

-278.10 %

-258.46 %

-19.64pp****

 

 Face Masks

-15.75 %

29.62 %

-45.37pp****

 Operating incomeloss

(2.48)

(0.59)

-323.29 %

 Net income (loss)

(1.98)

(1.89)

-4.67 %

 EBITDA

1.69

2.43

-30.45 %

 Basic and Diluted earnings (loss) per share

(0.20)

(0.19)

-5.26 %

 * Products from PM6

 ** Products from PM1

 *** Products from PM8 and PM9

 **** pp represents percentage points

 

  • Revenue decreased by 50.26% to approximately $15.77 million, This was mainly due to the decrease of sales volume of corrugating medium paper (“CMP”) and decrease of average selling prices of CMP and tissue paper products. Gross loss increased by 105.50% to approximately $0.15 million. Total gross loss margin decreased by 9.75 percentage point to 0.97%.
  • Loss from operations was approximately $2.48 million, compared to approximately $0.59 million for the same period of last year.
  • Net loss was approximately $1.98 million, or loss per share of $0.20, compared to net loss of approximately $1.89 million, or loss per share of $0.19, for the same period of last year.
  • Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was approximately $1.69million, compared to$2.43 million for the same period of last year.

Revenue

For the third quarter of 2023, total revenue decreased by 50.26%, to approximately $15.77 million from approximately $31.71 million for the same period of last year. This was mainly due to the decrease of sales volume of corrugating medium paper (“CMP”) and decrease of average selling prices of CMP and tissue paper products.

The following table summarizes revenue, volume and ASP by product for the third quarter of 2023 and 2022, respectively:

For the Three Months Ended September 30,

2023

2022

Revenue
($’000)

Volume
(tonne)

ASP
($/tonne)

Revenue
($’000)

Volume
(tonne)

ASP
($/tonne)

 Regular CMP

11,954

34,186

350

26,063

59,848

435

 Light-Weight CMP

3,470

10,210

340

5,296

12,507

423

 Offset Printing Paper

69

170

407

 Tissue Paper Products

264

241

1,096

293

260

1,128

 Total

15,757

44,807

352

31,652

72,615

436

Revenue
($’000)

Volume
(thousand
pieces)

ASP
($/thousand
pieces)

Revenue
($’000)

Volume
(thousand
pieces)

ASP
($/thousand
pieces)

 Face Masks

15

507

30

57

1,282

44

Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by 50.82%, to approximately $15.42 million and accounted for 97.79% of total revenue for the third quarter of 2023, compared to approximately $31.36 million, or 98.89% of total revenue for the same period of last year. The Company sold 44,396tonnes of CMP at an ASP of $347/tonne in the third quarter of 2023, compared to 72,355 tonnes at an ASP of $433/tonne in the same period of last year.

Of the total CMP sales, revenue from regular CMPdecreased by 54.14%, to approximately $11.95million for the third quarter of 2023, compared to revenue of approximately $26.06 million for the same period of last year. The Company sold 34,186tonnesof regular CMP at an ASP of $350/tonne during the third quarter of 2023, compared to 59,848 tonnes at an ASP of $435/tonne for the same period of last year. Revenue from light-weight CMP decreased by 34.49%, to approximately $3.47 million for the third quarter of 2023, compared to revenue of approximately $5.30 million for the same period of last year. The Company sold 10,210 tonnes of light-weight CMP at an ASP of $340/tonne for the third quarter of 2023, compared to12,507 tonnes at an ASP of $423/tonne for the same period of last year.

The Company sold 170tonnes of offset printing paper at an ASP of $407/tonne in the third quarter of 2023. Revenue from offset printing paper was $nil for the third quarter of 2022.

Revenue from tissue paper products decreased by 9.91%, to approximately $0.26 million for the third quarter of 2023, from approximately $0.29 million for the same period of last year. The Company sold 241 tonnes of tissue paper products at an ASP of $1,096/tonne for the third quarter of 2023, compared to 260tonnes at an ASP of $1,128/tonne for the same period of last year.

Revenue from face masks decreased by 73.28%, to approximately $0.02 million for the third quarter of 2023, from $0.06 million for the same period of last year. The Company sold 507 thousand pieces of face masks for the third quarter of 2023, compared to 1,282 thousand pieces of face masks for the same period of last year.

Gross Profit and Gross Margin

Total cost of sales decreased by 44.95%, to approximately $15.92 million for the third quarter of 2023 from approximately $28.93 million for the same period of last year.  This was mainly due to the decrease in sales quantity and the decrease in the unit material costs of CMP. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were $325, $365,$377 and $4,143, respectively, for the third quarter of 2023, compared to $388, $369,$nil and $4,042 respectively, for the same period of last year.

Total gross loss was approximately $0.15 million for the third quarter of 2023, compare to the gross profit of approximately $2.78 million for the same period of last year as a result of factors described above. Overall gross loss margin was 0.97% for the third quarter of 2023, compared to gross profit margin of 8.78% 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 7.01%, -7.47%, 7.53%, -278.10% and -15.75%, respectively, for the third quarter of 2023, compared to 10.91%, 12.84%, nil%, -258.46% and 29.62%, respectively, for the same period of last year.

Selling, General and Administrative Expenses

Selling, general and administrative expenses (“SG&A”) decreased by 30.73%, to approximately $2.33 million for the third quarter of 2023 from approximately $3.37 million for the same period of last year.

Loss from Operations

Loss from operations was approximately $2.48 million for the third quarter of 2023, a decrease of 323.29%, from loss from operations of approximately $0.59 million for the same period of last year. Operating loss margin was 15.75% for the third quarter of 2023, compared to operating loss margin of 1.85% for the same period of last year.

Net Loss

Net loss was approximately $1.98 million, or loss per share of $0.20, for the third quarter of 2023, compared to net loss of approximately $1.89 million, or loss per share of $0.19, for the same period of last year.

EBITDA

EBITDA was approximately $1.69 million for the third quarter of 2023, compared to approximately $2.43 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 September 30,

 ($ millions)

2023

2022

 Net loss

-1.98

-1.89

 Add: Income tax

0.00

0.43

  Net interest expense

0.25

0.26

  Depreciation and amortization

3.42

3.63

 EBITDA

1.69

2.43

 

Nine Months Ended September 30, 2023 Unaudited Financial Results

For the Nine Months Ended September 30,

 ($ millions)

2023

2022

% Change

 Revenues

65.58

78.98

-16.96 %

 Regular Corrugating Medium Paper (“CMP”)*

50.35

65.02

-22.55 %

 Light-Weight CMP**

11.07

12.66

-12.53 %

 Offset Printing Paper

3.23

 Tissue Paper Products

0.83

1.10

-24.62 %

  Face Masks

0.10

0.20

-52.71 %

 Gross profit

0.75

3.73

-79.89 %

 Gross profit (loss) margin

1.14 %

4.72 %

-3.58 pp****

 Regular Corrugating Medium Paper (“CMP”)*

5.26 %

7.15 %

-1.89 pp****

 Light-Weight CMP**

1.68 %

9.17 %

-7.49 pp****

 Offset Printing Paper

2.53 %

2.53pp****

 Tissue Paper Products***

-258.64 %

-193.65 %

-64.99 pp****

 Face Masks

-9.26 %

25.73 %

-34.99****

 Operating loss

-5.78

-4.81

-20.00 %

 Net loss

-5.96

-4.66

-27.85 %

 EBITDA

5.73

7.19

-20.31 %

 Basic and Diluted loss per share

-0.59

-0.47

-25.53 %

 * Products from PM6

 ** Products from PM1

 *** Products from PM8 and PM9

 **** pp represents percentage points

Revenue

For the nine months ended September 30, 2023, total revenue decreased by 16.96%, to approximately $65.58 million from approximately $78.98 million for the same period of last year. This was mainly due to the decrease in ASP of CMP.

The following table summarizes revenue, volume and ASP by product for the nine months ended September 30, 2023 and 2022, respectively:

For the Nine Months EndedSeptember30,

2023

2022

Revenue
($’000)

Volume
(tonne)

ASP
($/tonne)

Revenue
($’000)

Volume
(tonne)

ASP
($/tonne)

 Regular CMP

50,353

135,912

370

65,015

139,036

468

 Light-Weight CMP

11,074

31,106

356

12,660

27,990

452

 Offset Printing Paper

3,225

5,573

579

 Tissue Paper Products

831

726

1,145

1,103

1,040

1,061

 Total

65,483

173,317

378

78,778

168,066

469

Revenue
($’000)

Volume
(thousand
pieces)

ASP
($/thousand
pieces)

Revenue
($’000)

Volume
(thousand
pieces)

ASP
($/thousand
pieces)

 Face Masks

95

3,023

31

201

4,295

47

Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by 20.92%, to approximately $61.43 million and accounted for 93.66% of total revenue for nine months ended September 30, 2023, compared to approximately $77.68 million, or 98.35% of total revenue for the same period of last year. The Company sold 167,018tonnes of CMP at an ASP of $368/tonne in nine months ended September 30, 2023, compared to 167,026 tonnes at an ASP of $465/tonne in the same period of last year.

Of the total CMP sales, revenue from regular CMP decreased by 22.55%, to approximately $50.35 million for nine months ended September 30, 2023, compared to revenue of approximately $65.02 million for the same period of last year. The Company sold 135,912tonnesof regular CMP at an ASP of $370/tonne during the nine months ended September 30, 2023, compared to 139,036 tonnes at an ASP of $468/tonne for the same period of last year. Revenue from light-weight CMP decreased by 12.53%, to approximately $11.07 million for the nine months ended September 30, 2023, compared to revenue of approximately $12.66 million for the same period of last year. The Company sold 31,106 tonnes of light-weight CMP at an ASP of $356/tonne for the nine months ended September 30, 2023, compared to 27,990 tonnes at an ASP of $452/tonne for the same period of last year.

Revenue from offset printing paper was $3.22 million for the nine months ended September 30, 2023. The Company sold 5,573tonnes of offset printing paper at an ASP of $579/tonne in the nine months ended September 30, 2023. Revenue from offset printing paper was $nil for the nine months ended September 30, 2022.

Revenue from tissue paper products decreased by 24.62%, to approximately $0.83million for the nine months ended September 30, 2023, from approximately $1.10 million for the same period of last year. The Company sold 726 tonnes of tissue paper products at an ASP of $1,145/tonne for the nine months ended September 30, 2023, compared to 1,040tonnes at an ASP of $1,061/tonne for the same period of last year.

Revenue from face masks decreased by 52.71%, to approximately $0.10 million for the nine months ended September 30, 2023, from $0.20 million for the same period of last year. The Company sold 3,023 thousand pieces of face masks for the nine months ended September 30, 2023, compared to 4,295 thousand pieces of face masks for the same period of last year.

Gross Profit and Gross Margin

Total cost of sales decreased by 13.85%, to approximately $64.83 million for the nine months ended September 30, 2023 from approximately $75.25 million for the same period of last year. This was mainly due to the decrease of material costs of CMP.  Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were $351, $350, $564 and $4,107, respectively, for the nine months ended September 30, 2023, compared to $434, $411,$nil and $3,114, respectively, for the same period of last year.

Total gross profit was approximately $0.75 million for the nine months ended September 30, 2023, compare to the gross profit of approximately $3.73 million for the same period of last year as a result of factors described above. Overall gross margin was 1.14% for the nine months ended September 30, 2023, compared to 4.72% 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 5.26%, 1.68%, 2.53%, -258.64% and -9.26%, respectively, for the nine months ended September 30, 2023, compared to 7.15%, 9.17%, nil%, -193.65% and 25.73%, respectively, for the same period of last year.

Selling, General and Administrative Expenses

Selling, general and administrative expenses (“SG&A”) decreased by 27.96%, to approximately $6.15 million for the nine months ended September 30, 2023 from approximately $8.54 million for the same period of last year.

Loss from Operations

Loss from operations was approximately $5.78 million for the nine months ended September 30, 2023, a decrease of 20.00%, from loss from operations of approximately $4.81 million for the same period of last year. Operating loss margin was 8.81% for the nine months ended September 30, 2023, compared to operating loss margin of 6.09% for the same period of last year.

Net Loss

Net loss was approximately $5.96 million, or loss per share of $0.59, for the nine months ended September 30, 2023, compared to net loss of approximately $4.66 million, or loss per share of $0.47, for the same period of last year.

EBITDA

EBITDA was approximately $5.73 million for the nine months ended September 30, 2023, compared to approximately $7.19 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 Nine Months Ended September 30,

 ($ millions)

2023

2022

 Net loss

-5.96

-4.66

 Add: Income tax

0.35

-0.16

  Net interest expense

0.77

0.79

  Depreciation and amortization

10.57

11.22

 EBITDA

5.73

7.19

Cash, Liquidity and Financial Position

As of September 30, 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 $9.44million, $6.65million and $6.56 million, respectively, compared to approximately$9.52million, $11.16million and $4.20 million, respectively, as of December 31, 2022.

Net accounts receivable was approximately $2.79 million as of September 30, 2023, compared to $nil as of December 31, 2022. Net inventory was approximately $5.36 million as of September 30, 2023, compared to approximately $2.87 million as of December 31, 2022. As of September 30, 2023, the Company had current assets of approximately $41.06 million and current liabilities of approximately$12.02million, resulting in a working capital of approximately $29.04 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 $7.50million for the nine months ended September 30, 2023, compared to approximately $7.43 million for the same period of last year. Net cash used in investing activities was approximately $9.21 million for the nine months ended September 30, 2023, compared to approximately $8.19 million for the same period of last year. Net cash provided by financing activities was approximately $2.00 million for the nine months ended September 30, 2023, compared to approximately $6.84million 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/.

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:

Email: ir@itpackaging.cn
Tel: +86 312 8698215

 

IT TECH PACKAGING, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(unaudited)

September 30,

December 31,

2023

2022

ASSETS

Current Assets

Cash and bank balances

$

9,437,941

$

9,524,868

Restricted cash

Accounts receivable (net of allowance for doubtful accounts of $56,674 and $881,878
as of September 30, 2023 and December 31, 2022, respectively)

2,794,437

Inventories

5,364,777

2,872,622

Prepayments and other current assets

20,049,101

27,207,127

Due from related parties

3,414,815

7,561,858

Total current assets

41,061,071

47,166,475

Prepayment on property, plant and equipment

877,462

1,031,502

Operating lease right-of-use assets, net

562,612

672,722

Finance lease right-of-use assets, net

1,939,970

Property, plant, and equipment, net

144,603,052

151,569,898

Value-added tax recoverable

1,893,510

2,066,666

Deferred tax asset non-current

Total Assets

$

188,997,707

$

204,447,233

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities

Short-term bank loans

$

835,678

$

5,598,311

Current portion of long-term loans

4,707,652

4,835,884

Lease liability

96,746

224,497

Accounts payable

104,146

5,025

Advance from customers

18,751

Due to related parties

1,103,317

727,462

Accrued payroll and employee benefits

299,908

165,986

Other payables and accrued liabilities

4,858,444

5,665,558

Income taxes payable

417,906

Total current liabilities

12,024,642

17,640,629

Long-term loans

6,562,401

4,204,118

Deferred gain on sale-leaseback

52,314

Lease liability – non-current

465,866

579,997

Derivative liability

263

646,283

Total liabilities (including amounts of the consolidated VIE without recourse to the
Company of $12,010,014 and $16,784,878 as of September 30, 2023 and December
31, 2022, respectively)

19,053,172

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 September 30, 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

(12,931,871)

(7,514,540)

Retained earnings

87,612,995

93,575,021

Total stockholders’ equity

169,944,535

181,323,892

Total Liabilities and Stockholders’ Equity

$

188,997,707

$

204,447,233

See accompanying notes to condensed consolidated financial statements.

 

1

IT TECH PACKAGING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2023

2022

2023

2022

Revenues

$

15,771,560

$

31,709,214

$

65,582,351

$

78,979,716

Cost of sales

(15,924,783)

(28,925,626)

(64,832,715)

(75,251,646)

Gross (Loss) Profit

(153,223)

2,783,588

749,636

3,728,070

Selling, general and administrative expenses

(2,334,746)

(3,370,541)

(6,153,513)

(8,541,224)

Loss on impairment of assets

3,456

(371,680)

Loss from Operations

(2,484,513)

(586,953)

(5,775,557)

(4,813,154)

Other Income (Expense):

Interest income

93,298

7,729

283,203

16,108

Interest expense

(247,818)

(256,678)

(767,668)

(786,597)

Gain on acquisition

(1,759)

30,404

Gain (Loss) on derivative liability

660,429

(617,370)

646,020

729,263

Loss before Income Taxes

(1,978,604)

(1,455,031)

(5,614,002)

(4,823,976)

Provision for Income Taxes

3,236

(432,287)

(348,024)

160,531

Net Loss

(1,975,368)

(1,887,318)

(5,962,026)

(4,663,445)

Other Comprehensive Income (Loss)

Foreign currency translation adjustment

1,143,608

(11,171,156)

(5,417,331)

(21,769,765)

Total Comprehensive Loss

$

(831,760)

$

(13,058,474)

$

(11,379,357)

$

(26,433,210)

Losses Per Share:

Basic and Diluted Losses per Share

$

(0.20)

$

(0.19)

$

(0.59)

$

(0.47)

Outstanding – Basic and Diluted

10,065,920

9,991,744

10,065,920

9,941,288

See accompanying notes to condensed consolidated financial statements.

 

2

IT TECH PACKAGING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited)

Nine Months Ended

September 30,

2023

2022

Cash Flows from Operating Activities:

Net income

$

(5,962,026)

$

(4,663,445)

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

10,573,288

11,218,254

(Gain) Loss on derivative liability

(646,020)

(729,263)

(Gain) Loss from disposal and impairment of property, plant and equipment

956,406

Allowance for bad debts

(815,317)

(791)

Share-based compensation and expenses

1,560,000

Gain on acquisition

(30,404)

Deferred tax

(1,197,630)

Changes in operating assets and liabilities:

Accounts receivable

(2,037,003)

146,250

Prepayments and other current assets

7,968,553

(422,092)

Inventories

(2,631,661)

863,170

Accounts payable

101,328

144,331

Advance from customers

19,140

Related parties

120,298

(149,827)

Accrued payroll and employee benefits

141,773

(42,738)

Other payables and accrued liabilities

119,132

1,000,945

Income taxes payable

(413,777)

(265,493)

Net Cash Provided by Operating Activities

7,494,114

7,431,267

Cash Flows from Investing Activities:

Purchases of property, plant and equipment

(9,211,711)

(1,681,979)

Acquisition of land

(6,507,431)

Net Cash Used in Investing Activities

(9,211,711)

(8,189,410)

Cash Flows from Financing Activities:

Proceeds from short term bank loans

852,988

602,319

Proceeds from long term loans

2,558,963

60,232

Repayment of bank loans

(5,549,150)

(307,182)

Payment of capital lease obligation

(130,470)

(154,212)

Loan to a related party (net)

4,264,938

6,638,923

Net Cash Provided by Financing Activities

1,997,269

6,840,080

Effect of Exchange Rate Changes on Cash and Cash Equivalents

(366,599)

(1,266,146)

Net (Decrease) Increase in Cash and Cash Equivalents

(86,927)

4,815,791

Cash, Cash Equivalents and Restricted Cash – Beginning of Period

9,524,868

11,201,612

Cash, Cash Equivalents and Restricted Cash – End of Period

$

9,437,941

$

16,017,403

Supplemental Disclosure of Cash Flow Information:

Cash paid for interest, net of capitalized interest cost

$

1,118,672

$

248,275

Cash paid for income taxes

$

761,801

$

1,287,530

Cash and bank balances

9,437,941

16,017,403

Restricted cash

Total cash, cash equivalents and restricted cash shown in the statement of cash flows

9,437,941

16,017,403

 

Source : IT Tech Packaging, Inc. Announces third Quarter 2023 Unaudited Financial Results

The information provided in this article was created by Cision PR Newswire, our news partner. The author's opinions and the content shared on this page are their own and may not necessarily represent the perspectives of Thailand Business Directory.

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