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ITP IT Tech Packaging Inc

0.22
0.01 (4.76%)
24 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
IT Tech Packaging Inc AMEX:ITP AMEX Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.01 4.76% 0.22 0.2299 0.21 0.2205 65,247 22:00:00

IT Tech Packaging Inc. Announces third Quarter 2024 Unaudited Financial Results

15/11/2024 10:27pm

PR Newswire (US)


IT Tech Packaging (AMEX:ITP)
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BAODING, China, Nov. 15, 2024 /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, 2024.

Third Quarter 2024 Unaudited Financial Results


For the Three Months Ended September 30,

 ($ millions)

2024


2023


% Change

 Revenues

25.08


15.77


59.03 %

 Regular Corrugating Medium Paper ("CMP")*

20.91


11.95


74.93 %

 Light-Weight CMP**

4.13


3.47


19.16 %

 Offset Printing Paper

-


0.07


-

 Tissue Paper Products

-


0.26


-

  Face Masks

-


0.02


-







 Gross profit (loss)

1.92


(0.15)


1351.37 %

 Gross profit (loss) margin

7.64 %


-0.97 %


8.61pp***

 Regular Corrugating Medium Paper ("CMP")*

7.54 %


7.01 %


0.53pp****

 Light-Weight CMP**

7.33 %


-7.47 %


14.80pp****

 Offset Printing Paper

-


7.53 %


-

 Tissue Paper Products***

-


-278.10 %



 Face Masks

-


-15.75 %


-







 Operating income(loss)

(1.46)


(2.48)


-41.07 %

 Net income (loss)

(1.97)


(1.98)


-0.07 %

 EBITDA

2.03


1.69


20.12 %

 Basic and Diluted earnings (loss) per share

(0.20)


(0.20)


-







 * Products from PM6






 ** Products from PM1






 *** Products from PM8 and PM9






 **** pp represents percentage points






 

  • Revenue increased by 59.03% to approximately $25.08 million as compared to the same period of last year. This was mainly due to the increase of sales volume of corrugating medium paper ("CMP"), partially offset by the decrease in average selling prices ("ASP") of CMP.
  • Gross profit increased by 1351.37% to approximately $1.92 million as compared to the same period of last year. Total gross profit margin increased by 8.61 percentage point to 7.64%.
  • Loss from operations was approximately $1.46 million, compared to approximately $2.48 million for the same period of last year.
  • Net loss was approximately $1.97 million, or loss per share of $0.20, compared to net loss of approximately $1.98 million, or loss per share of $0.20, for the same period of last year.
  • Earnings before interest, taxes, depreciation and amortization ("EBITDA") was approximately $2.03 million, compared to$1.69 million for the same period of last year.

Revenue

For the third quarter of 2024, total revenue increased by 59.03%, to approximately $25.08 million from approximately $15.77 million for the same period of last year. This was mainly due to the increase of sales volume of corrugating medium paper ("CMP"), partially offset by the decrease in average selling prices ("ASP") of CMP.

The following table summarizes revenue, volume and ASP by product for the third quarter of 2024 and 2023, respectively:


For the Three Months Ended September 30,


2024


2023


Revenue
($'000)


Volume
(tonne)


ASP
($/tonne)


Revenue
($'000)


Volume
(tonne)


ASP
($/tonne)

 Regular CMP

20,910


62,121


337


11,954


34,186


350

 Light-Weight CMP

4,134


12,763


324


3,470


10,210


340

 Offset Printing Paper

-


-


-


69


170


407

 Tissue Paper Products

-


-


-


264


241


1,096

 Total

25,044


74,884


334


15,757


44,807


352


Revenue
($'000)


Volume
(thousand
pieces)


ASP
($/thousand
pieces)


Revenue
($'000)


Volume
(thousand
pieces)


ASP
($/thousand
pieces)

 Face Masks

-


-


-


15


507


30

Revenue from CMP, including both regular CMP and light-Weight CMP, increased by 62.38%, to approximately $25.04 million and accounted for 99.85% of total revenue for the third quarter of 2024, compared to approximately $15.42 million, or 97.79% of total revenue for the same period of last year. The Company sold 74,884 tonnes of CMP at an ASP of $334/tonne during the third quarter of 2024, compared to 44,396 tonnes at an ASP of $347/tonne in the same period of last year.

Of the total CMP sales, revenue from regular CMP increased by 74.93%, to approximately $20.91 million for the third quarter of 2024, compared to revenue of approximately $11.95 million for the same period of last year. The Company sold 62,121 tonnesof regular CMP at an ASP of $337/tonne during the third quarter of 2024, compared to 34,186 tonnes at an ASP of $350/tonne for the same period of last year. Revenue from light-weight CMP increased by 19.16%, to approximately $4.13 million for the third quarter of 2024, compared to revenue of approximately $3.47 million for the same period of last year. The Company sold 12,763 tonnes of light-weight CMP at an ASP of $324/tonne for the third quarter of 2024, compared to 10,210 tonnes at an ASP of $340/tonne for the same period of last year.

Revenue from offset printing paper was $nil for the three months ended September 30, 2024, compared with revenue of $0.07 million for the same period of last year. The Company sold 170 tonnes of offset printing paper at an ASP of $407/tonne in the third quarter of 2023.

Revenue from tissue paper products was $nil for the third quarter of 2024, compared to $0.26 million for the third quarter of 2023. The Company sold 241 tonnes of tissue paper products at an ASP of $1,096/tonne during the third quarter of 2023.

Revenue from face masks was $nil for the third quarter of 2024, compared to $0.02 nillion for the same period of last year. The Company sold 507 thousand pieces of face masks during the third quarter of 2023.

Gross Profit and Gross Margin

Total cost of sales increased by 45.46%, to approximately $23.16 million for the third quarter of 2024 from approximately $15.92 million for the same period of last year.  This was mainly due to the increase in sales quantity of CMP, partially offset by the decrease of the unit material cost of CMP products. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were $311, $300, $nil and $nil, respectively, for the third quarter of 2024, compared to $325, $365, $377 and $4,143 respectively, for the same period of last year.

Total gross profit was approximately $1.92 million for the third quarter of 2024, compare to the gross loss of approximately $0.15 million for the same period of last year as a result of factors described above. Overall gross profit margin was 7.64% for the third quarter of 2024, compared to gross loss margin of 0.97% 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 7.54%, 7.33%, n/a, n/a and n/a, respectively, for the third quarter of 2024, compared to 7.01%, -7.47%, 7.53%, -278.10% and -15.75%, respectively, for the same period of last year.

Selling, General and Administrative Expenses

Selling, general and administrative expenses ("SG&A") increased by 44.83%, to approximately $3.38 million for the third quarter of 2024 from approximately $2.33 million for the same period of last year.

Loss from Operations

Loss from operations was approximately $1.46 million for the third quarter of 2024, a decrease of 41.07%, from loss from operations of approximately $2.48 million for the same period of last year. Operating loss margin was 5.84% for the third quarter of 2024, compared to operating loss margin of 15.75% for the same period of last year.

Net Loss

Net loss was approximately $1.97 million, or loss per share of $0.20, for the third quarter of 2024, compared to net loss of approximately $1.98 million, or loss per share of $0.20, for the same period of last year.

EBITDA

EBITDA was approximately $2.03 million for the third quarter of 2024, compared to approximately $1.69 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)


2024



2023

 Net loss


-1.97



-1.98

 Add: Income tax


0.35



0.00

  Net interest expense


0.17



0.25

  Depreciation and amortization


3.48



3.42

 EBITDA


2.03



1.69

Nine Months Ended September 30, 2024 Unaudited Financial Results



For the Nine Months Ended September 30,

 ($ millions)


2024


2023


% Change

 Revenues


58.20


65.58


-11.26 %

 Regular Corrugating Medium Paper ("CMP")*


48.64


50.35


-3.39 %

 Light-Weight CMP**


9.44


11.07


-14.76 %

 Offset Printing Paper


-


3.23


-

 Tissue Paper Products


-


0.83


-

  Face Masks


-


0.10


-








 Gross profit


5.58


0.75


644.60 %

 Gross profit (loss) margin


9.59 %


1.14 %


8.45 pp****

 Regular Corrugating Medium Paper ("CMP")*


9.44 %


5.26 %


4.18 pp****

 Light-Weight CMP**


9.33 %


1.68 %


7.65 pp****

 Offset Printing Paper


-


2.53 %


-

 Tissue Paper Products***


-


-258.64 %


-

 Face Masks


-


-9.26 %


-








 Operating loss


(4.42)


(5.78)


-23.50 %

 Net loss


(5.80)


(5.96)


-2.75 %

 EBITDA


5.94


5.73


3.66 %

 Basic and Diluted loss per share


(0.58)


(0.59)


-1.69 %








 * Products from PM6







 ** Products from PM1







 *** Products from PM8 and PM9







 **** pp represents percentage points







Revenue

For the nine months ended September 30, 2024, total revenue decreased by 11.26%, to approximately $58.20 million from approximately $65.58 million for the same period of last year. This was mainly due to the decrease in ASP of CMP, partially offset by the increase in sales quantity of regular CMP.

The following table summarizes revenue, volume and ASP by product for the nine months ended September 30, 2024 and 2023, respectively:


For the Nine Months EndedSeptember30,



2024


2023



Revenue
($'000)


Volume
(tonne)


ASP
($/tonne)


Revenue
($'000)


Volume
(tonne)


ASP
($/tonne)

 Regular CMP

48,644


140,574


346


50,353


135,912


370

 Light-Weight CMP

9,440


28.345


333


11,074


31,106


356

 Offset Printing Paper

-


-


-


3,225


5,573


579

 Tissue Paper Products

-


-


-


831


726


1,145

 Total

58,084


168,919


344


65,483


173,317


378


Revenue
($'000)


Volume
(thousand
pieces)


ASP
($/thousand
pieces)


Revenue
($'000)


Volume
(thousand
pieces)


ASP
($/thousand
pieces)

 Face Masks

-


-


-


95


3,023


31
















Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by 5.44%, to approximately $58.08 million and accounted for 99.81% of total revenue for the nine months ended September 30, 2024, compared to approximately $61.43 million, or 93.66% of total revenue for the same period of last year. The Company sold 168,919 tonnes of CMP at an ASP of $344/tonne in nine months ended September 30, 2024, compared to 167,018 tonnes at an ASP of $368/tonne in the same period of last year.

Of the total CMP sales, revenue from regular CMP decreased by 3.39%, to approximately $48.64 million for the nine months ended September 30, 2024, compared to revenue of approximately $50.35 million for the same period of last year. The Company sold 140,574 tonnesof regular CMP at an ASP of $346/tonne during the nine months ended September 30, 2024, compared to 135,912 tonnes at an ASP of $370/tonne for the same period of last year. Revenue from light-weight CMP decreased by 14.76%, to approximately $9.44 million for the nine months ended September 30, 2023, compared to revenue of approximately $11.07 million for the same period of last year. The Company sold 28,345 tonnes of light-weight CMP at an ASP of $333/tonne during the nine months ended September 30, 2023, compared to 31,106 tonnes at an ASP of $356/tonne for the same period of last year.

Revenue from offset printing paper was $nil for the nine months ended September 30, 2024, compared to $3.23 million for the same period of last year. 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 tissue paper products was $nil for the nine months ended September 30, 2024, compared to $0.83million for the same period of last year. The Company sold 726 tonnes of tissue paper products at an ASP of $1,145/tonne during the nine months ended September 30, 2023.

Revenue from face masks was $nil for the nine months ended September 30, 2024, compared to $0.10 million for the same period of last year. The Company sold 3,023 thousand pieces of face masks during the nine months ended September 30, 2023.

Gross Profit and Gross Margin

Total cost of sales decreased by 18.85%, to approximately $52.61 million for the nine months ended September 30, 2024 from approximately $64.83 million for the same period of last year. This was mainly due to 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 $313, $302, n/a and n/a, respectively, for the nine months ended September 30, 2024, compared to $351, $350, $564 and $4,107, respectively, for the same period of last year.

Total gross profit was approximately $5.58 million for the nine months ended September 30, 2024, compare to the gross profit of approximately $0.75 million for the same period of last year as a result of factors described above. Overall gross margin was 9.59% for the nine months ended September 30, 2024, compared to 1.14% 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 9.44%, 9.33%, n/a, n/a and n/a, respectively, for the nine months ended September 30, 2024, compared to 5.26%, 1.68%, 2.53%, -258.64% and -9.26%, respectively, for the same period of last year.

Selling, General and Administrative Expenses

Selling, general and administrative expenses ("SG&A") increased by 62.51%, to approximately $10.00 million for the nine months ended September 30, 2024 from approximately $6.15 million for the same period of last year.

Loss from Operations

Loss from operations was approximately $4.42 million for the nine months ended September 30, 2024, a decrease of 23.50%, from loss from operations of approximately $5.78 million for the same period of last year. Operating loss margin was 7.59% for the nine months ended September 30, 2024, compared to operating loss margin of 8.81% for the same period of last year.

Net Loss

Net loss was approximately $5.80 million, or loss per share of $0.58, for the nine months ended September 30, 2024, compared to net loss of approximately $5.96 million, or loss per share of $0.59, for the same period of last year.

EBITDA

EBITDA was approximately $5.94 million for the nine months ended September 30, 2024, compared to approximately $5.73 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)


2024



2023

 Net loss


-5.80



-5.96

 Add: Income tax


0.80



0.35

  Net interest expense


0.59



0.77

  Depreciation and amortization


10.35



10.57

 EBITDA


5.94



5.73

Cash, Liquidity and Financial Position

As of September 30, 2024, 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 $4.41million, $5.95million and $4.57 million, respectively, compared to approximately $3.92million, $8.03million and $4.50 million, respectively, as of December 31, 2023.

Net accounts receivable was approximately $1.73 million as of September 30, 2024, compared to $0.58 million as of December 31, 2023. Net inventory was approximately $5.73 million as of September 30, 2024, compared to approximately $3.56 million as of December 31, 2023. As of September 30, 2023, the Company had current assets of approximately $32.97 million and current liabilities of approximately$20.75 million, resulting in a working capital of approximately $12.22 million. This was compared to current assets of approximately $28.36 million and current liabilities of approximately $21.42 million, resulting in a working capital of approximately $6.94 million as of December 31, 2023.

Net cash provided by operating activities was approximately $2.83 million for the nine months ended September 30, 2024, compared to approximately $7.49 million for the same period of last year. Net cash used in investing activities was approximately $0.32 million for the nine months ended September 30, 2024, compared to approximately $9.21 million for the same period of last year. Net cash provided by financing activities was approximately $2.11 million for the nine months ended September 30, 2024, compared to approximately $2.00 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/.

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, 2024 AND DECEMBER 31, 2023

(unaudited)




September 30,



December 31,



2024



2023

ASSETS
















Current Assets








Cash and bank balances


$

4,414,848



$

3,918,938

Restricted cash



478,066




472,983

Accounts receivable (net of allowance for doubtful
accounts of $42,533 and $11,745 as of September 30,
2024 and December 31, 2023, respectively)



1,727,370




575,526

Inventories



5,732,539




3,555,235

Prepayments and other current assets



19,384,595




18,981,290

Due from related parties



1,237,479




853,929









Total current assets



32,974,897




28,357,901









Operating lease right-of-use assets, net



459,612




528,648

Property, plant, and equipment, net



154,755,386




163,974,022

Value-added tax recoverable



1,828,344




1,883,078

















Total Assets


$

190,018,239



$

194,743,649









LIABILITIES AND STOCKHOLDERS' EQUITY
















Current Liabilities








Short-term bank loans


$

856,238



$

423,567

Current portion of long-term loans



4,365,385




6,874,497

Lease liability



249,976




100,484

Accounts payable



-




4,991

Advance from customers



37,101




136,167

Due to related parties



732,982




728,869

Accrued payroll and employee benefits



362,996




237,842

Other payables and accrued liabilities



13,800,118




12,912,517

Income taxes payable



349,828




-









Total current liabilities



20,754,624




21,418,934









Long-term loans



4,566,601




4,503,932

Lease liability - non-current



372,966




483,866

Derivative liability



3




54









Total liabilities (including amounts of the consolidated
VIE without recourse to the Company of $19,074 627 and
$20,084,995 as of September 30, 2024 and December 31,
2023, respectively)



25,694,194




26,406,786









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, 2024 and December, 31, 2023.



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



(8,770,123)




(10,555,534)

Retained earnings



77,830,757




83,628,986









Total stockholders' equity



164,324,045




168,336,863









Total Liabilities and Stockholders' Equity


$

190,018,239



$

194,743,649

 

 

IT TECH PACKAGING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Unaudited)




Three Months Ended


Nine Months Ended



September 30,


September 30,



2024



2023


2024


2023















Revenues


$

25,081,500



$

15,771,560


$

58,195,129


$

65,582,351















Cost of sales



(23,164,119)




(15,924,783)



(52,613,335)



(64,832,715)















Gross Profit (Loss)



1,917,381




(153,223)



5,581,794



749,636















Selling, general and
administrative expenses



(3,381,502)




(2,334,746)



(9,999,833)



(6,153,513)

Loss on impairment of
assets



-




3,456



-



(371,680)





























Loss from Operations



(1,464,121)




(2,484,513)



(4,418,039)



(5,775,557)















Other Income
(Expense):














Interest income



7,313




93,298



12,303



283,203

Interest expense



(171,430)




(247,818)



(593,271)



(767,668)

Gain on derivative
liability



2




660,429



51



646,020















Loss before Income
Taxes



(1,628,236)




(1,978,604)



(4,998,956)



(5,614,002)















Income Tax (Expenses)
Benefits



(345,710)




3,236



(799,273)



(348,024)















Net Loss



(1,973,946)




(1,975,368)



(5,798,229)



(5,962,026)















Other Comprehensive
Income (Loss)














Foreign currency
translation adjustment



2,843,180




1,143,608



1,785,411



(5,417,331)















Total Comprehensive
Income (Loss)


$

869,234



$

(831,760)


$

(4,012,818)


$

(11,379,357)















Losses Per Share:




























Basic and Diluted
Losses per Share


$

(0.20)



$

(0.20)


$

(0.53)


$

(0.59)





























Outstanding – Basic and
Diluted



10,065,920




10,065,920



10,065,920



10,065,920

 

 

IT TECH PACKAGING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Unaudited)




Nine Months Ended



September 30,



2024


2023








Cash Flows from Operating Activities:







Net income


$

(5,798,229)


$

(5,962,026)

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







Depreciation and amortization



10,346,181



10,573,288

(Gain) Loss on derivative liability



(51)



(646,020)

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

-



956,406

(Recovery from) Allowance for bad debts



30,262



(815,317)

Allowances for inventories, net



(2,951)



-

Changes in operating assets and liabilities:







Accounts receivable



(1,160,996)



(2,037,003)

Prepayments and other current assets



(122,747)



7,968,553

Inventories



(2,108,280)



(2,631,661)

Accounts payable



(4,979)



101,328

Advance from customers



(99,219)



19,140

Related parties



(365,452)



120,298

Accrued payroll and employee benefits



121,000



141,773

Other payables and accrued liabilities



1,651,302



119,132

Income taxes payable



345,270



(413,777)

Net Cash Provided by Operating Activities



2,831,111



7,494,114








Cash Flows from Investing Activities:







Purchases of property, plant and equipment



(315,152)



(9,211,711)








Net Cash Used in Investing Activities



(315,152)



(9,211,711)








Cash Flows from Financing Activities:







Proceeds from short term bank loans



845,082



852,988

Proceeds from long term loans



-



2,558,963

Repayment of bank loans



(2,957,788)



(5,549,150)

Payment of capital lease obligation



-



(130,470)

Loan to a related party (net)



-



4,264,938








Net Cash (Used in) Provided by Financing Activities



(2,112,706)



1,997,269








Effect of Exchange Rate Changes on Cash and Cash Equivalents



97,740



(366,599)








Net Increase (Decrease) in Cash and Cash Equivalents



500,993



(86,927)








Cash, Cash Equivalents and Restricted Cash - Beginning of Period



4,391,921



9,524,868








Cash, Cash Equivalents and Restricted Cash - End of Period


$

4,892,914


$

9,437,941








Supplemental Disclosure of Cash Flow Information:







Cash paid for interest, net of capitalized interest cost


$

382,493


$

1,118,672

Cash paid for income taxes


$

454,003


$

761,801















Cash and bank balances



4,414,848



9,437,941

Restricted cash



478,066



-

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



4,892,914



9,437,941

 

 

Cision View original content:https://www.prnewswire.com/news-releases/it-tech-packaging-inc-announces-third-quarter-2024-unaudited-financial-results-302307510.html

SOURCE IT Tech Packaging, Inc.

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