2024-12-23 12:24:17
Author: IT Tech Packaging, Inc. / 2023-07-24 00:37 / Source: IT Tech Packaging, Inc.

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

BAODING,China,Aug. 10,2022 -- IT Tech Packaging,Inc. (NYSE American: ITP) ("IT Tech Packaging" or the "Company"),a leading manufacturer and distributor of diversified paper products inNorth China,today announced its unaudited financial results for the six and three monthsendedJune 30,2022.

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

Second Quarter 2022 Unaudited Financial Results


For the Three Months Ended June 30,

($ millions)


2022


2021


% Change

Revenues


31.79


46.53


-31.7%

Regular Corrugating Medium Paper ("CMP")*


25.85


30.25


-14.5%

Light-Weight CMP**


5.44


6.56


-17.1%

Offset Printing Paper


-


7.18


-100.0%

Tissue Paper Products


0.41


2.43


-83.1%

Face Masks


0.09


0.11


-19.6%


Gross profit


0.63


3.03


-79.1%

Gross profit (loss) margin


2.0%


6.5%


-4.5 pp****

Regular Corrugating Medium Paper ("CMP")*


4.3%


5.1%


-0.8 pp****

Light-Weight CMP**


6.0%


6.7%


-0.7 pp****

Offset Printing Paper


-


17.7%


-17.7 pp****

Tissue Paper Products***


-198.0%


-9.6%


-188.4 pp****

Face Masks


20.8%


10.0%


10.8 pp****


Operating income (loss)


-1.24


0.43


-386.9%

Net loss


-0.29


-0.45


36.5%

EBITDA


3.55


9.03


-60.7%

Basic and Diluted loss per share


-0.003


-0.01


70.1%


* Products from PM6


** Products from PM1


*** Products from PM8 and PM9


**** pp represents percentage points


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

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

Loss from operations wasapproximately $1.24million,compared to income from operations ofapproximately $0.43 millionfor the same period of last year.

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

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

Revenue

For the second quarter of 2022,total revenue decreased by 31.7%,toapproximately $31.79 millionfromapproximately $46.53 millionfor the same period of last year. The decrease in total revenue was mainly due to the decrease in sales volume of CMP,offset printing paperand tissue paper products.

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


For the Three Months Ended June 30,


2022


2021


Revenue


($'000)


Volume


(tonne)


ASP


($/tonne)


Revenue


($'000)


Volume


(tonne)


ASP


($/tonne)

Regular CMP

25,853


53,943


479


30,252


60,507


500

Light-Weight CMP

5,436


11,642


467


6,561


13,491


486

Offset Printing Paper

-


-


-


7,184


10,415


690

Tissue Paper Products

411


383


1,074


2,428


2,196


1,106

Total

31,701


65,968


481


46,426


86,609


536


Revenue


($'000)


Volume


(thousand


pieces)


ASP


($/thousand


pieces)


Revenue


($'000)


Volume


(thousand


pieces)


ASP


($/thousand


pieces)

Face Masks

88


3,014


29


109


2,635


41

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

Of the total CMP sales,revenue from regular CMPdecreased by 14.5%,toapproximately $25.85 million for the second quarter of 2022,compared to revenue ofapproximately $30.25 million for the same period of last year. The Company sold 53,943tonnesof regular CMPat an ASP of$479/tonne during the second quarter of 2022,compared to 60,507 tonnes at an ASP of$500/tonnefor the same period of last year. Revenue from light-weight CMPdecreased by 17.1%,toapproximately $5.44 million for the second quarter of 2022,compared to revenue ofapproximately $6.56 million for the same period of last year. The Company sold11,642tonnesof light-weight CMPat an ASP of$467/tonne for the second quarter of 2022,compared to 13,491tonnes at an ASP of$486/tonne for the same period of last year.

Revenue from offset printing paper was $nilfor the second quarter of 2022,compared to revenue ofapproximately$7.18 millionfor the same period of last year. The Company sold 10,415tonnes of offset printing paper at an ASP of$690/tonnein the second quarter of 2021.

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

Revenue from face masks decreased by 19.6%,toapproximately $0.09 millionfor the second quarterof 2022,from $0.11 million for the same period of last year. The Company sold 3,014 thousand pieces of face masks for the second quarterof 2022,635 thousand pieces of face masks for the same period of last year.

Gross Profit and Gross Margin

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

Total gross profit wasapproximately $0.63 millionfor the second quarter of 2022,compare to the gross profit ofapproximately $3.03 millionfor the same period of last year as a result of factors described above. Overall gross margin was 2.0% for the second quarter of 2022,compared to 6.5% for the same period of last year. Gross profit(loss) margins for regular CMP,tissue paper products and face mask products were 4.3%,6.0%,nil%,-198.0% and 20.8%,compared to 5.1%,6.7%,17.7%,-9.6% and 10.0%,for the same period of last year.

Selling,General and Administrative Expenses

Selling,general and administrative expenses ("SG&A") decreased by 28.0%,toapproximately $1.87 millionfor the second quarter of 2022 fromapproximately $2.60 millionfor the same period of last year.

Loss from Operations

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

Net Loss

Net loss wasapproximately $0.29 million,for the same period of last year.

EBITDA

EBITDA wasapproximately $3.55 millionfor the second quarter of 2022,compared toapproximately $9.03 millionfor the same period of last year.

Note 1: Non-GAAP Financial Measures

In addition to our U.S. GAAP results,this press release includes a discussion of EBITDA,a non-GAAP financial measure as defined by the Securities and Exchange Commission ("SEC"). The Company defines EBITDA as net income before interest,income taxes,depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations,the Company's presentation of EBITDA may not be comparable to similarly titled measures of other companies,and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP.

Reconciliation of Net Income to EBITDA

(Amounts expressed in US$)


For the Three Months Ended June 30,

($ millions)


2022


2021

Net loss


-0.29


-0.45

Add: Income tax


-0..24


5.12

Net interest expense


0.26


0.28

Depreciation and amortization


3.82


4.07

EBITDA


3.55


9.03

First Half of 2022 Unaudited Financial Results


For the Six Months Ended June 30,

($ millions)


2022


2021


% Change

Revenues


47.27


70.74


-33.2%

Regular Corrugating Medium Paper ("CMP")*


38.95


47.22


-17.5%

Light-Weight CMP**


7.36


10.31


-28.6%

Offset Printing Paper


-


9.30


-100.0%

Tissue Paper Products


0.81


3.68


-78.0%

Face Masks


0.14


0.24


-39.8%


Gross profit


0.94


4.86


-80.6%

Gross profit (loss) margin


2.0%


6.9%


-4.9 pp****

Regular Corrugating Medium Paper ("CMP")*


4.6%


6.3%


-1.7 pp****

Light-Weight CMP**


6.5%


8.3%


-1.8 pp****

Offset Printing Paper


-


18.1%


-18.1 pp****

Tissue Paper Products***


-170.2%


-18.7%


-151.5 pp****

Face Masks


24.2%


14.8%


9.4 pp****


Operating loss


-4.19


-0.29


-1331.9%

Net loss


-2.78


-4.79


42.1%

EBITDA


4.75


8.96


-46.9%

Basic and Diluted loss per share


-0.03


-0.10


72.7%


* Products from PM6


** Products from PM1


*** Products from PM8 and PM9


**** pp represents percentage points


Revenue

For the first half of 2022,total revenue decreased by 33.2%,to approximately $47.27 million from approximately $70.74 million for the same period of last year. The decrease in total revenue was mainly due to the decrease in sales volume of CMP,offset printing paper and tissue paper products.

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


For the Six Months Ended June 30,


2022


2021


Revenue


($'000)


Volume


(tonne)


ASP


($/tonne)


Revenue


($'000)


Volume


(tonne)


ASP


($/tonne)

Regular CMP

38,953


79,188


492


47,216


94,133


502

Light-Weight CMP

7,364


15,483


476


10,309


21,161


487

Offset Printing Paper

-


-


-


9,300


13,557


686

Tissue Paper Products

810


780


1,038


3,680


3,317


1,109

Total

47,126


95,451


494


70,505


132,168


533


Revenue


($'000)


Volume


(thousand


pieces)


ASP


($/thousand


pieces)


Revenue


($'000)


Volume


(thousand


pieces)


ASP


($/thousand


pieces)

Face Masks

144


12,664


11


239


6,470


37

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

Of the total CMP sales,revenue from regular CMPdecreased by 17.5%,toapproximately $38.95 million for first half of 2022,compared to revenue ofapproximately $47.22 million for the same period of last year. The Company sold 79,188tonnesof regular CMPat an ASP of$492/tonne during the first half of 2022,compared to 94,133 tonnes at an ASP of$502/tonnefor the same period of last year. Revenue from light-weight CMPdecreased by 28.6%,toapproximately $7.36 million for the first half of 2022,compared to revenue ofapproximately $10.31 million for the same period of last year. The Company sold15,483tonnesof light-weight CMPat an ASP of$476/tonne for the first half of 2022,compared to 21,161tonnes at an ASP of$487/tonne for the same period of last year.

Revenue from offset printing paper was $nilfor the first half of 2022,compared to revenue ofapproximately$9.30 millionfor the same period of last year. The Company sold 13,557tonnes of offset printing paper at an ASP of$686/tonnein the first halfof 2021.

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

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

Gross Profit and Gross Margin

Total cost of sales decreased by 29.7%,toapproximately $46.33 millionfor the first half of 2022 fromapproximately $65.88 millionfor the same period of last year. The decrease in overall cost of sales was mainly due to the decrease in sales quantity of CMP,and tissue paper products were$469,$445,$nil and$2,805,for the first halfof 2022,compared to $470,$447,$562and$1,317,for the same period of last year.

Total gross profit wasapproximately $0.94 millionfor the first half of 2022,compare to the gross profit ofapproximately $4.86 millionfor the same period of last year as a result of factors described above. Overall gross margin was 2.0% for the first halfof 2022,compared to 6.9% for the same period of last year. Gross profit(loss) margins for regular CMP,tissue paper products and face mask products were 4.6%,6.5%,-170.2% and 24.2%,compared to 6.3%,8.3%,18.1%,-18.7% and 14.8%,general and administrative expenses ("SG&A") increased by 0.3%,toapproximately $5.17 millionfor the first half of 2022 fromapproximately $5.15 millionfor the same period of last year.

Loss from Operations

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

Net Loss

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

EBITDA

EBITDA wasapproximately $4.75 millionfor the first half of 2022,compared toapproximately $8.96 millionfor the same period of last year.

Note 1: Non-GAAP Financial Measures

In addition to our U.S. GAAP results,and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP.

Reconciliation of Net Income to EBITDA

(Amounts expressed in US$)


For the Six Months Ended June 30,

($ millions)


2022


2021

Net loss


-2.78


-4.79

Add: Income tax


-0.59


5.02

Net interest expense


0.53


0.56

Depreciation and amortization


7.59


8.17

EBITDA


4.75


8.96

Cash,Liquidity and Financial Position

As ofJune 30,2022,the Company had cash and bank balances,short-term debt (including bank loans,current portion of long-term loans from credit union and related party loans),and long-term debt (including related party loans) ofapproximately $14.34million,$11.10million and$4.92million,comparedto approximately$11.20million,$13.52million and$2.98 million,as ofDecember 31,2021.

Net accounts receivable wasapproximately $3.82million as ofJune 30,compared to approximately$4.87million as ofDecember 31,2021. Net inventory was approximately$6.63million as ofJune 30,compared toapproximately$5.84million as ofDecember 31,2021. As ofJune 30,the Company had current assets ofapproximately$48.45million and current liabilities ofapproximately$17.33million,resulting in a working capital ofapproximately$31.12million. This was compared to current assets of approximately $55.52 million and current liabilities of approximately $20.43 million,resulting in a working capital of approximately $35.09 millionas ofDecember 31,2021.

Net cash provided by operating activities wasapproximately$3.95millionfor the first half of 2022,compared to net cash used in operating activities of approximately$15.57 millionfor the same period of last year. Net cash used in investing activities wasapproximately$7.32 millionfor the first half of 2022,compared toapproximately$0.17 millionfor the same period of last year. Net cash provided by financing activities wasapproximately$6.67 millionfor the first half of 2022,compared to approximately$41.67million 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 inNorth 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 inNorth China'sHebei Province,ITP is located strategically close to theBeijingandTianjinregion,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 sinceDecember 2009. For more information,please visit:http://www.itpackaging.cn/.

Forward-looking Statement

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

For more information,please contact:

At the Company


Email: ir@itpackaging.cn


Tel: +86 312 8698215

Investor Relations


Ascent Investor Relations LLC


Ms. Tina Xiao


Email: tina.xiao@ascent-ir.com


Tel: +1-917-609-0333

IT TECH PACKAGING,INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30,2022 AND DECEMBER 31,2021

(Unaudited)


June 30,


December31,


2022


2021


ASSETS


Current Assets


Cash and bank balances


$

14,344,077


$

11,201,612


Restricted cash




Accounts receivable (net of allowance for doubtful accounts of $51,319 and

$69,053 as of June 30,2022 and December 31,2021,respectively)


3,820,123


4,868,934


Inventories


6,629,657


5,844,895


Prepayments and other current assets


22,807,300


25,796,640


Due from related parties


844,431


7,804,068


Total current assets


48,445,588


55,516,149


Prepayment on property,plant and equipment



43,446,210


Finance lease right-of-use assets,net


2,092,625


2,286,459


Property,plant,and equipment,net


161,195,384


126,587,428


Value-added tax recoverable


2,226,703


2,430,277


Deferred tax asset non-current


11,501,093


11,268,679


Total Assets


$

225,461,393


$

241,535,202


LIABILITIES AND STOCKHOLDERS' EQUITY


Current Liabilities


Short-term bank loans


$

5,958,518


$

5,561


Current portion of long-term loans from credit union


4,410,406


6,838,465


Lease liability


224,219


210,161


Accounts payable


17,098


10,255


Advance from customers


37,709


39,694


Due to related parties


727,433


727,433


Accrued payroll and employee benefits


228,624


291,206


Other payables and accrued liabilities


5,507,880


5,250,539


Income taxes payable


219,307


1,108,038


Total current liabilities


17,331,194


20,434,352


Loans from credit union


4,917,007


2,980,065


Deferred gain on sale-leaseback


100,820


155,110


Lease liability - non-current


20,299


152,233


Derivative liability


716,901


2,063,534


Total liabilities (including amounts of the consolidated VIE without recourse


to the Company of $16,668,603 and $17,924,475 as of June 30,2022 and


December 31,respectively)


23,086,221


25,785,294


Commitments and Contingencies


Stockholders' Equity


Common stock,500,000,000 shares authorized,$0.001 par value per share,


99,049,900 shares issued and outstanding as of June 30,2022 and


December,31,2021.


99,050


99,050


Additional paid-in capital


88,927,787


88,787


Statutory earnings reserve


6,080,574


6,574


Accumulated other comprehensive (loss) income


(102,441)


10,496,168


Retained earnings


107,370,202


110,146,329


Total stockholders' equity


202,375,172


215,749,908


Total Liabilities and Stockholders' Equity


$

225,202


IT TECH PACKAGING,INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

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

(Unaudited)


Three Months Ended


Six Months Ended


June 30,


June 30,


2022


2021


2022


2021


Revenues


$

31,788,884


$

46,534,915


$

47,270,502


$

70,744,342


Cost of sales


(31,154,847)


(43,505,895)


(46,326,020)


(65,884,317)


Gross Profit


634,037


3,029,019


944,482


4,860,024


Selling,general and administrative expenses


(1,869,802)


(2,597,611)


(5,170,683)


(5,152,929)


Gain on acquisition


(1,840)



32,163



(Loss) Income from Operations


(1,237,605)


431,408


(4,194,038)


(292,905)


Other Income (Expense):


Interest income


4,924


11,719


8,379


16,052


Subsidy income



1,104



197,891


Interest expense


(259,106)


(283,899)


(529,919)


(562,800)


Gain (Loss) on derivative liability


960,045


4,509,007


1,346,633


872,040


(Loss) Income before Income Taxes


(531,742)


4,669,339


(3,368,945)


230,278


Provision for Income Taxes


243,829


(5,122,587)


592,818


(5,022,382)


Net Loss


(287,913)


(453,248)


(2,776,127)


(4,792,104)


Other Comprehensive (Loss) Income


Foreign currency translation adjustment


(11,524,747)


3,416,162


(10,598,609)


1,947,392


Total Comprehensive (Loss) Income


$

(11,812,660)


$

2,962,914


$

(13,374,736)


$

(2,712)


Losses Per Share:


Basic and Diluted Losses per Share


$

(0.003)


$

(0.01)


$

(0.03)


$

(0.10)


Outstanding – Basic and Diluted


99,900


46,638,550


99,550


IT TECH PACKAGING,INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30,2022 AND 2021

(Unaudited)


Six Months Ended


June 30,


2022


2021


Cash Flows from Operating Activities:


Net income


$

(2,127)


$

(4,104)


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


Depreciation and amortization


7,592,319


8,166,403


(Gain) Loss on derivative liability


(1,633)


(872,040)


Gain on acquisition


(33,178)



(Recovery from) Allowance for bad debts


(14,731)


53,074


Deferred tax


(821,225)


3,764,689


Changes in operating assets and liabilities:


Accounts receivable


845,450


(3,229,340)


Prepayments and other current assets


1,963,348


(8,060,524)


Inventories


(1,111,160)


(10,412,117)


Accounts payable


7,588


144,206


Related parties



(860,721)


Accrued payroll and employee benefits


(49,534)


86,928


Other payables and accrued liabilities


553,308


15,529


Income taxes payable


(859,643)


425,654


Net Cash Provided by (Used in) Operating Activities


3,949,782


(15,570,363)


Cash Flows from Investing Activities:


Purchases of property,plant and equipment


(681,640)


(171,541)


Acquisition of land


(6,642,665)



Net Cash Used in Investing Activities


(7,324,305)


(171,541)


Cash Flows from Financing Activities:


Proceeds from issuance of shares and warrants,net



41,837,553


Repayment of bank loans



(77,301)


Payment of capital lease obligation


(102,902)


(88,661)


Loan repaid by a related party


6,889



Net Cash Provided by Financing Activities


6,673,987


41,671,591


Effect of Exchange Rate Changes on Cash and Cash Equivalents


(156,999)


201,419


Net Increase in Cash and Cash Equivalents


3,142,465


26,131,106


Cash,Cash Equivalents and Restricted Cash - Beginning of Period


11,612


4,437


Cash,Cash Equivalents and Restricted Cash - End of Period


$

14,077


$

30,273,543


Supplemental Disclosure of Cash Flow Information:


Cash paid for interest,net of capitalized interest cost


$

165,629


$

312,344


Cash paid for income taxes


$

1,088,049


$

265,450


Cash and bank balances


14,077


30,543


Restricted cash




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


flows


14,543


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

View original content:https://www.prnewswire.com/news-releases/it-tech-packaging-inc-announces-second-quarter-2022-unaudited-financial-results-301602339.html

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