BAODING, China,
May 10
2022 /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, 2022.
Mr. Zhenyong Liu, Chairman and
Chief Executive Officer of the Company, commented, "In the first
quarter of 2022, our business was significantly affected by the
dynamic and challenging macro environment and resurgence of
COVID-19. We have resumed our business operation, and we expect
to actively improve our business plans and launch a
series of initiatives to optimize our revenue structure and
diversify our business to counter the adverse effects of COVID-19
and the governmental policy developments on our operations and
financial results. Looking forward, we believe our business
fundamentals will defend our leading position in the industry and
we remain intently focused on ramping
production,broadening the market, and driving long-term value
for shareholders in 2022 and beyond."
First Quarter 2022Unaudited Financial Results
|
|
For the Three Months
Ended March 31,
|
($
millions)
|
|
2022
|
|
2021
|
|
%
Change
|
Revenues
|
|
15.48
|
|
24.21
|
|
-36.1%
|
Regular
Corrugating Medium Paper ("CMP")*
|
|
13.10
|
|
16.96
|
|
-22.8%
|
Light-Weight
CMP**
|
|
1.93
|
|
3.75
|
|
-48.6%
|
Offset Printing
Paper
|
|
-
|
|
2.12
|
|
-100.0%
|
Tissue Paper
Products
|
|
0.40
|
|
1.25
|
|
-68.2%
|
Face
Masks
|
|
0.06
|
|
0.13
|
|
-56.6%
|
|
|
|
|
|
|
|
Gross
profit
|
|
0.31
|
|
1.83
|
|
-83.0%
|
Gross profit
(loss) margin
|
|
2.0%
|
|
7.6%
|
|
-5.6 pp****
|
Regular
Corrugating Medium Paper ("CMP")*
|
|
5.4%
|
|
8.5%
|
|
-3.1 pp****
|
Light-Weight
CMP**
|
|
8.2%
|
|
10.9%
|
|
-2.7 pp****
|
Offset Printing
Paper
|
|
-
|
|
19.4%
|
|
-19.4 pp****
|
Tissue Paper
Products***
|
|
-141.5%
|
|
-36.5%
|
|
-105.0
pp****
|
Face
Masks
|
|
29.5%
|
|
18.8%
|
|
10.7pp****
|
|
|
|
|
|
|
|
Operating
loss
|
|
-2.96
|
|
-0.72
|
|
-308.2%
|
Net
loss
|
|
-2.49
|
|
-4.34
|
|
42.7%
|
EBITDA
|
|
1.20
|
|
-0.07
|
|
1,814.3%
|
Basic and Diluted
lossper share
|
|
-0.03
|
|
-0.12
|
|
75.0%
|
|
|
|
|
|
|
|
* Products
from PM6
|
|
|
|
|
|
|
** Products
from PM1
|
|
|
|
|
|
|
*** Products
from PM8 and PM9
|
|
|
|
|
|
|
**** pp
represents percentage points
|
|
|
|
|
|
|
- Revenue decreased by 36.1% to approximately $15.48 million, mainly due to the decrease in
sales volume of regular CMP, offset printing paper and tissue
paper products.
- Gross profit decreased by 83.0% to approximately
$0.31 million. Total gross margin
decreased by 5.6 percentage point to 2.0%.
- Loss from operations was approximately $2.96 million, compared to loss from
operations of approximately $0.72 million for the same period of last
year.
- Net loss was approximately $2.49
million, or loss per share of $0.03, compared to net loss of approximately
$4.34 million, or loss per share of
$0.12, for the same period of last
year.
- Earnings before interest, taxes, depreciation and amortization
("EBITDA") was approximately $1.20
million, compared to negative $0.07
million for the same period of last year.
Revenue
For the first quarter of 2022, total revenue decreased by 36.1%,
to approximately $15.48
million from approximately $24.21 million for the same period of last
year. The decrease in total revenue was mainly due to the decrease
in sales volume of regular CMP, offset printing paper and
tissue paper products.
The following table summarizes revenue, volume and ASP by
product for the first quarter of 2022 and 2021, respectively:
|
For the Three Months
Ended March 31,
|
|
2022
|
|
2021
|
|
Revenue
($'000)
|
|
Volume
(tonne)
|
|
ASP
($/tonne)
|
|
Revenue
($'000)
|
|
Volume
(tonne)
|
|
ASP
($/tonne)
|
Regular
CMP
|
13,099
|
|
25,245
|
|
519
|
|
16,964
|
|
33,626
|
|
504
|
Light-Weight
CMP
|
1,927
|
|
3,841
|
|
502
|
|
3,748
|
|
7,670
|
|
489
|
Offset Printing
Paper
|
-
|
|
-
|
|
-
|
|
2,116
|
|
3,142
|
|
673
|
Tissue Paper
Products
|
398
|
|
397
|
|
1,003
|
|
1,251
|
|
1,120
|
|
1,117
|
Total
|
15,425
|
|
29,483
|
|
523
|
|
24,079
|
|
45,558
|
|
529
|
|
Revenue
($'000)
|
|
Volume
(thousand
pieces)
|
|
ASP
($/thousand
pieces)
|
|
Revenue
($'000)
|
|
Volume
(thousand
pieces)
|
|
ASP
($/thousand
pieces)
|
Face
Masks
|
57
|
|
3,014
|
|
19
|
|
130
|
|
3,836
|
|
34
|
Revenue from CMP, including both regular CMP and light-Weight
CMP, decreased by 27.5%, to approximately $15.03 million and accounted for 97.1% of
total revenue for the first quarter of 2022, compared
to approximately $20.71 million, or 85.6% of total revenue
for the same period of last year. The Company sold
29,086 tonnes of CMP at an ASP of $517/tonne in the first
quarter of 2022, compared to 41,296 tonnes at an ASP
of $502/tonne in the same period of last year.
Of the total CMP sales, revenue from regular CMP decreased
by 22.8%, to approximately $13.10
million for the first quarter of 2022, compared to revenue
of approximately $16.96 million
for the same period of last year. The Company sold
25,245 tonnes of regular CMPat an ASP of $519/tonne
during the first quarter of 2022, compared to 33,626 tonnes at an
ASP of $504/tonne for the same period of last year. Revenue
from light-weight CMP decreased by 48.6%,
to approximately $1.93 million
for the first quarter of 2022, compared to revenue
of approximately $3.75 million
for the same period of last year. The Company
sold 3,841 tonnes of light-weight CMP at an ASP
of $502/tonne for the first quarter of 2022, compared to
7,670 tonnes at an ASP of $489/tonne for the same period
of last year.
Revenue from offset printing paper was nil for the first
quarter of 2022, compared to revenue
of approximately $2.12 million 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 decreased by 68.2%,
to approximately $0.40 million for the first quarter of 2022,
from approximately $1.25 million for the same period
of last year. The Company sold 397 tonnes of tissue paper
products at an ASP of $1,003/tonne for the first quarter of
2022, compared to 1,120 tonnes at an ASP of $1,117/tonne
for the same period of last year.
Revenue from face masks decreased by 56.6%,
to approximately $56,596 for the first quarter
ended March 31, 2022, from $130,458 for the same period of last year. The
Company sold 3,014 thousand pieces of face masks for the first
quarter of2022, compared to 3,836 thousand pieces of face masks for
the same period oflast year.
Gross Profit and Gross Margin
Total cost of sales decreased by 32.2%, to approximately
$15.17 million for the first
quarter of 2022 from approximately $22.38 million for 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 $491, $461,$nil and $2,424,
respectively, for the first quarter of 2022, compared to
$462, $435, $543 and $1,525,
respectively, for the same period of last year.
Total gross profit was approximately $0.31 million for the first quarter of 2022,
compare to the gross profit of approximately $1.83 million for the same period of last
year as a result of factors described above. Overall gross margin
was 2.0% for the first quarter of 2022, compared to 7.6% 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 5.4%, 8.2%, nil%, -141.5% and 29.5%,
respectively, for the first quarter of 2022, compared to 8.5%,
10.9%, 19.4%, -36.5% and 18.8%, respectively, for the same period
of last year.
Selling, General and Administrative Expenses
Selling, general and administrative expenses ("SG&A")
increased by 29.2%, to approximately $3.30 million for the first quarter of 2022
from approximately $2.56
million for the same period of last year.
Loss from Operations
Loss from operations was approximately $2.96 million for the first quarter of 2022,
a decrease of 308.2%, from loss from operations
of approximately $0.72
million for the same period of last year. Operating loss
margin was 19.1% for the first quarter of 2022, compared to
operating loss margin of 3.0% for the same period of last year.
Net Loss
Net loss was approximately $2.49
million, or loss per share of $0.03, compared to net loss of approximately
$4.34 million, or loss per share of
$0.12, for the same period of last
year.
EBITDA
EBITDA was approximately $1.20 million for the first quarter of 2022,
compared to approximately negative $0.07 million for the same period of last
year.
Note 1: Non-GAAP Financial Measures
In addition to our U.S. GAAP results, this press release
includes a discussion of EBITDA, a non-GAAP financial measure as
defined by the Securities and Exchange Commission ("SEC"). The
Company defines EBITDA as net income before interest, income taxes,
depreciation and amortization. EBITDA is a key measure used by
management to evaluate our results and make strategic decisions.
Management believes this measure is useful to investors because it
is an indicator of operational performance. Because not all
companies use identical calculations, the Company's presentation of
EBITDA may not be comparable to similarly titled measures of other
companies, and should not be viewed as an alternative to measures
of financial performance or changes in cash flows calculated in
accordance with the U.S. GAAP.
Reconciliation of Net Income to EBITDA
(Amounts expressed in US$)
|
|
|
|
|
|
|
|
For the Three
Months Ended March 31,
|
($
millions)
|
|
2022
|
|
|
2021
|
Net
loss
|
|
-2.49
|
|
|
-4.34
|
Add: Income
tax
|
|
-0.35
|
|
|
-0.10
|
Net interest
expense
|
|
0.27
|
|
|
0.28
|
Depreciation and
amortization
|
|
3.77
|
|
|
4.09
|
EBITDA
|
|
1.20
|
|
|
-0.07
|
Cash, Liquidity and Financial Position
As of March 31, 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)
of approximately $15.36 million, $13.58 million
and $2.99 million, respectively, compared to
approximately $11.20 million, $13.52 million
and $2.98 million, respectively, as of December 31,
2021.
Net accounts receivable was approximately $4.98 million as of March 31, 2022,
compared to approximately $4.87 million as
of December 31, 2021. Net inventory was
approximately $4.35 million as of March 31, 2022,
compared to approximately $5.84 million as
of December 31, 2021. As of March 31, 2022, the Company
had current assets of approximately $48.62 million
and current liabilities
of approximately $19.94 million, resulting in a
working capital of approximately $28.68 million.
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 million as of December 31,
2021.
Net cash provided by operating activities
was approximately $4.41 million for the first
quarter of 2022, compared to net cash used in operating activities
of approximately $8.28 million for the same period of
last year. Net cash used in investing activities
was approximately $7.18 million for the first
quarter of 2022, compared to approximately $0.04
million for the same period of last year. Net cash provided by
financing activities was approximately $6.89
million for the first quarter of 2022, compared to
approximately $41.79 million 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.
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 MARCH 31, 2022
AND DECEMBER 31, 2021
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
|
2022
|
|
|
2021
|
|
|
|
(Unaudited)
|
|
|
(Audited)
|
|
ASSETS
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash and bank
balances
|
|
$
|
15,358,443
|
|
|
$
|
11,201,612
|
|
Restricted
cash
|
|
|
-
|
|
|
|
-
|
|
Accounts receivable
(net of allowance for doubtful accounts of $73,563 and
$69,053 as of March 31, 2022 and December 31, 2021,
respectively)
|
|
|
4,984,738
|
|
|
|
4,868,934
|
|
Inventories
|
|
|
4,354,676
|
|
|
|
5,844,895
|
|
Prepayments and other
current assets
|
|
|
23,025,189
|
|
|
|
25,796,640
|
|
Due from related
parties
|
|
|
892,743
|
|
|
|
7,804,068
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
48,615,789
|
|
|
|
55,516,149
|
|
|
|
|
|
|
|
|
|
|
Prepayment on property,
plant and equipment
|
|
|
-
|
|
|
|
43,446,210
|
|
Finance lease
right-of-use assets, net
|
|
|
2,254,357
|
|
|
|
2,286,459
|
|
Property, plant, and
equipment, net
|
|
|
174,077,916
|
|
|
|
126,587,428
|
|
Value-added tax
recoverable
|
|
|
2,396,938
|
|
|
|
2,430,277
|
|
Deferred tax asset
non-current
|
|
|
11,666,488
|
|
|
|
11,268,679
|
|
Total
Assets
|
|
$
|
239,011,488
|
|
|
$
|
241,535,202
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
Short-term bank
loans
|
|
$
|
5,984,374
|
|
|
$
|
5,958,561
|
|
Current portion of
long-term loans from credit union
|
|
|
6,868,089
|
|
|
|
6,838,465
|
|
Lease
liability
|
|
|
228,051
|
|
|
|
210,161
|
|
Accounts
payable
|
|
|
72,616
|
|
|
|
10,255
|
|
Advance from
customers
|
|
|
39,866
|
|
|
|
39,694
|
|
Due to related
parties
|
|
|
727,433
|
|
|
|
727,433
|
|
Accrued payroll and
employee benefits
|
|
|
278,287
|
|
|
|
291,206
|
|
Other payables and
accrued liabilities
|
|
|
5,739,631
|
|
|
|
5,250,539
|
|
Income taxes
payable
|
|
|
-
|
|
|
|
1,108,038
|
|
Total current
liabilities
|
|
|
19,938,347
|
|
|
|
20,434,352
|
|
|
|
|
|
|
|
|
|
|
Loans from credit
union
|
|
|
2,992,974
|
|
|
|
2,980,065
|
|
Deferred gain on
sale-leaseback
|
|
|
131,185
|
|
|
|
155,110
|
|
Lease liability -
non-current
|
|
|
84,204
|
|
|
|
152,233
|
|
Derivative
liability
|
|
|
1,676,946
|
|
|
|
2,063,534
|
|
Total liabilities
(including amounts of the consolidated VIE without recourse to
the Company of $17,240,190 and $17,924,475 as of March 31, 2022
and
December 31, 2021, respectively)
|
|
|
24,823,656
|
|
|
|
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 March 31, 2022
and
December, 31,2021.
|
|
|
99,050
|
|
|
|
99,050
|
|
Additional paid-in
capital
|
|
|
88,927,787
|
|
|
|
88,927,787
|
|
Statutory earnings
reserve
|
|
|
6,080,574
|
|
|
|
6,080,574
|
|
Accumulated other
comprehensive income
|
|
|
11,422,306
|
|
|
|
10,496,168
|
|
Retained
earnings
|
|
|
107,658,115
|
|
|
|
110,146,329
|
|
Total stockholders'
equity
|
|
|
214,187,832
|
|
|
|
215,749,908
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
239,011,488
|
|
|
$
|
241,535,202
|
|
IT TECH PACKAGING,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME
|
FOR THE THREE MONTHS
ENDED MARCH 31, 2022 AND 2021
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2022
|
|
|
2021
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
15,481,618
|
|
|
$
|
24,209,427
|
|
Cost of
sales
|
|
|
(15,171,173)
|
|
|
|
(22,378,422)
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
310,445
|
|
|
|
1,831,005
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
|
(3,300,881)
|
|
|
|
(2,555,318)
|
|
Gain on
acquisition
|
|
|
34,003
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Loss from
Operations
|
|
|
(2,956,433)
|
|
|
|
(724,313)
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense):
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
3,455
|
|
|
|
4,333
|
|
Subsidy
income
|
|
|
-
|
|
|
|
196,787
|
|
Interest
expense
|
|
|
(270,813)
|
|
|
|
(278,901)
|
|
Gain (Loss) on
derivative liability
|
|
|
386,588
|
|
|
|
(3,636,967)
|
|
Loss before Income
Taxes
|
|
|
(2,837,203)
|
|
|
|
(4,439,061)
|
|
|
|
|
|
|
|
|
|
|
Provision for Income
Taxes
|
|
|
348,989
|
|
|
|
100,205
|
|
|
|
|
|
|
|
|
|
|
Net
Loss
|
|
|
(2,488,214)
|
|
|
|
(4,338,856)
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive
Income (Loss)
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
926,138
|
|
|
|
(1,468,770)
|
|
|
|
|
|
|
|
|
|
|
Total Comprehensive
Loss
|
|
$
|
(1,562,076)
|
|
|
$
|
(5,807,626)
|
|
|
|
|
|
|
|
|
|
|
Losses Per
Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
Losses per Share
|
|
$
|
(0.03)
|
|
|
$
|
(0.12)
|
|
|
|
|
|
|
|
|
|
|
Outstanding – Basic
and Diluted
|
|
|
99,049,900
|
|
|
|
36,156,280
|
|
IT TECH PACKAGING,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
FOR THE THREE MONTHS
ENDED MARCH 31, 2022 AND 2021
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2022
|
|
|
2021
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
Net income
|
|
$
|
(2,488,214)
|
|
|
$
|
(4,338,856)
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
3,773,236
|
|
|
|
4,092,487
|
|
(Gain) Loss on
derivative liability
|
|
|
(386,588)
|
|
|
|
3,636,967
|
|
Gain on
acquisition
|
|
|
(34,001)
|
|
|
|
-
|
|
Allowance for bad
debts
|
|
|
4,211
|
|
|
|
52,018
|
|
Deferred tax
|
|
|
(348,989)
|
|
|
|
(589,094)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(98,921)
|
|
|
|
(2,920,798)
|
|
Prepayments and other
current assets
|
|
|
3,056,189
|
|
|
|
(3,645,323)
|
|
Inventories
|
|
|
1,515,515
|
|
|
|
(6,270,151)
|
|
Accounts
payable
|
|
|
62,315
|
|
|
|
1,785,742
|
|
Related
parties
|
|
|
-
|
|
|
|
(311,679)
|
|
Accrued payroll and
employee benefits
|
|
|
(14,181)
|
|
|
|
86,375
|
|
Other payables and
accrued liabilities
|
|
|
483,666
|
|
|
|
(84,719)
|
|
Income taxes
payable
|
|
|
(1,112,820)
|
|
|
|
226,699
|
|
Net Cash Provided by
(Used in) Operating Activities
|
|
|
4,411,418
|
|
|
|
(8,280,332)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
|
|
(368,504)
|
|
|
|
(44,599)
|
|
Acquisition of
land
|
|
|
(6,807,468)
|
|
|
|
-
|
|
Net Cash Used in
Investing Activities
|
|
|
(7,175,972)
|
|
|
|
(44,599)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
|
Proceeds from issuance
of shares and warrants, net
|
|
|
-
|
|
|
|
41,837,553
|
|
Payment of capital
lease obligation
|
|
|
(51,708)
|
|
|
|
(43,230)
|
|
Loan repaid by a
related party
|
|
|
6,945,022
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by
Financing Activities
|
|
|
6,893,314
|
|
|
|
41,794,323
|
|
|
|
|
|
|
|
|
|
|
Effect of Exchange
Rate Changes on Cash and Cash Equivalents
|
|
|
28,071
|
|
|
|
(170,838)
|
|
|
|
|
|
|
|
|
|
|
Net Increase in Cash
and Cash Equivalents
|
|
|
4,156,831
|
|
|
|
33,298,554
|
|
|
|
|
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash - Beginning of
Period
|
|
|
11,201,612
|
|
|
|
4,142,437
|
|
|
|
|
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash - End of Period
|
|
$
|
15,358,443
|
|
|
$
|
37,440,991
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
|
|
Cash paid for interest,
net of capitalized interest cost
|
|
$
|
85,094
|
|
|
$
|
97,642
|
|
Cash paid for income
taxes
|
|
$
|
1,112,820
|
|
|
$
|
262,191
|
|
|
|
|
|
|
|
|
|
|
Cash and bank
balances
|
|
|
15,358,443
|
|
|
|
37,440,991
|
|
Restricted
cash
|
|
|
-
|
|
|
|
-
|
|
Total cash, cash
equivalents and restricted cash shown in the statement of cash
flows
|
|
|
15,358,443
|
|
|
|
37,440,991
|
|
View original
content:https://www.prnewswire.com/news-releases/it-tech-packaging-inc-announces-first-quarter-2022-unaudited-financial-results-301544224.html
SOURCE IT Tech Packaging, Inc.