$ITP

IT TECH PACKAGING, INC.

CIK:0001358190|SEC Filings

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Revenues	$ 25,601,344	$ 25,081,500	$ 61,293,251	$ 58,195,129
Cost of sales	(23,579,498)	(23,164,119)	(57,913,574)	(52,613,335)
Gross Profit	2,021,846	1,917,381	3,379,677	5,581,794
Selling, general and administrative expenses	(3,018,187)	(3,381,502)	(9,516,283)	(9,999,833)
Gain on impairment of assets	3,709		3,709
Loss from Operations	(992,632)	(1,464,121)	(6,132,897)	(4,418,039)
Other Income (Expense):
Interest income	1,146	7,313	4,098	12,303
Interest expense	(150,702)	(171,430)	(427,520)	(593,271)
Gain on derivative liability	303	2	5,651	51
Loss before Income Taxes	(1,141,885)	(1,628,236)	(6,550,668)	(4,998,956)
Income Tax Expenses	(306,362)	(345,710)	(353,190)	(799,273)
Net Loss	(1,448,247)	(1,973,946)	(6,903,858)	(5,798,229)
Other Comprehensive Income
Foreign currency translation adjustment	1,180,212	2,843,180	1,839,953	1,785,411
Total Comprehensive (Loss) Income	$ (268,035)	$ 869,234	$ (5,063,905)	$ (4,012,818)
Basic Losses per Share (in Dollars per share)	$ (0.11)	$ (0.2)	$ (0.51)	$ (0.58)
Diluted Losses per Share (in Dollars per share)	$ (0.11)	$ (0.2)	$ (0.51)	$ (0.58)
Outstanding – Basic (in Shares)	13,617,133	10,065,920	13,617,133	10,065,920
Outstanding – Diluted (in Shares)	13,617,133	10,065,920	13,617,133	10,065,920

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash Flows from Operating Activities:
Net income	$ (6,903,858)	$ (5,798,229)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,664,999	10,346,181
Gain on derivative liability	(5,651)	(51)
Gain from disposal and impairment of property, plant and equipment	(3,709)
(Recovery from) Allowance for bad debts	(26,677)	30,262
Allowances for inventories, net	(31,522)	(2,951)
Deferred tax
Changes in operating assets and liabilities:
Accounts receivable	(1,811,293)	(1,160,996)
Prepayments and other current assets	(1,319,298)	(122,747)
Inventories	(1,477,521)	(2,108,280)
Accounts payable	(1)	(4,979)
Advance from customers		(99,219)
Related parties	245,948	(365,452)
Accrued payroll and employee benefits	158,777	121,000
Other payables and accrued liabilities	673,142	1,651,302
Income taxes payable	225,114	345,270
Net Cash Provided by Operating Activities	388,450	2,831,111
Cash Flows from Investing Activities:
Purchases of property, plant and equipment	(29,977)	(315,152)
Proceeds from sale of property, plant and equipment	4,191
Net Cash Used in Investing Activities	(25,786)	(315,152)
Cash Flows from Financing Activities:
Proceeds from issuance of shares and warrants, net	1,063,124
Proceeds from short term bank loans	5,057,067	845,082
Proceeds from long term loans	4,692,455
Repayment of bank loans	(9,162,791)	(2,957,788)
Net Cash Provided by (Used in) Financing Activities	1,649,855	(2,112,706)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	156,612	97,740
Net Increase in Cash and Cash Equivalents	2,169,131	500,993
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	6,950,576	4,391,921
Cash, Cash Equivalents and Restricted Cash - End of Period	9,119,707	4,892,914
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest, net of capitalized interest cost	434,714	382,493
Cash paid for income taxes	128,076	454,003
Cash and bank balances	8,072,936	4,414,848
Restricted cash	1,046,771	478,066
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 9,119,707	$ 4,892,914

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Current Assets
Cash and bank balances	$ 8,072,936	$ 5,916,373
Restricted cash	1,046,771	1,034,203
Accounts receivable (net of allowance for doubtful accounts of $90,225 and $53,111 as of September 30, 2025 and December 31, 2024, respectively)	2,079,190	287,576
Inventories	3,899,571	2,351,876
Prepayments and other current assets	19,650,854	17,951,267
Total current assets	35,764,365	28,461,303
Prepayment on property, plant and equipment	8,444
Operating lease right-of-use assets, net	347,477	421,868
Property, plant, and equipment, net	137,903,414	146,911,883
Value-added tax recoverable	1,674,492	1,751,732
Deferred tax asset non-current
Total Assets	175,698,192	177,546,786
Current Liabilities
Short-term bank loans	5,094,645	4,451,616
Current portion of long-term loans		3,559,902
Lease liability	113,786	245,604
Accounts payable		1
Advance from customers	11,911	11,773
Accrued payroll and employee benefits	369,886	207,508
Other payables and accrued liabilities	12,393,873	11,545,990
Income taxes payable	308,636	80,905
Total current liabilities	18,667,302	20,146,767
Long-term loans	4,727,324	1,112,904
Lease liability - non-current	254,030	231,147
Derivative liability		5,651
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $18,629,300 and $16,976,765 as of September 30, 2025 and December 31, 2024, respectively)	23,648,656	21,496,469
Commitments and Contingencies
Stockholders’ Equity
Common stock $0.001 par value per share; Authorized: 50,000,000 shares; Issued and outstanding: 16,965,420 shares as of September 30, 2025 and 10,065,920 shares as of December 31, 2024, respectively.	16,965	10,066
Additional paid-in capital	90,228,996	89,172,771
Statutory earnings reserve	6,080,574	6,080,574
Accumulated other comprehensive loss	(11,159,033)	(12,998,986)
Retained earnings	66,882,034	73,785,892
Total stockholders’ equity	152,049,536	156,050,317
Total Liabilities and Stockholders’ Equity	175,698,192	177,546,786
Related Party
Current Assets
Due from related parties	1,015,043	920,008
Current Liabilities
Due to related parties	$ 374,565	$ 43,468