Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): August 12, 2024

IT TECH PACKAGING, INC.

(Exact name of registrant as specified in its charter)

Nevada

(State or other jurisdiction of incorporation)

001-34577		20-4158835
(Commission File Number)		(IRS Employer Identification No.)

Science Park, Juli Road

Xushui District, Baoding City

Hebei Province, People’s Republic of China

072550

(Address of principal executive offices)

(Zip Code)

(86) 312-8698215

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		ITP		NYSE American LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 12, 2024, IT Tech Packaging, Inc. (the “Company”) issued a press release announcing its unaudited financial results for the six and three months ended June 30, 2024. A copy of the press release making the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed as “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are filed herewith:

Exhibit Number		Description

99.1		Press Release dated August 12, 2024.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	IT TECH PACKAGING, INC.

Date: August 13, 2024	By:	/s/ Zhenyong Liu
		Name:	Zhenyong Liu
		Title:	Chief Executive Officer

Exhibit 99.1

IT Tech Packaging, Inc. Announces Second Quarter 2024 Unaudited Financial Results

BAODING, China, August 12, 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 second quarter ended June 30, 2024.

Second Quarter 2024 Unaudited Financial Results

	For the Three Months Ended June 30,
($ millions)	2024			2023			% Change
Revenues		26.25			30.02			-12.56	%
Regular Corrugating Medium Paper (“CMP”)*		21.98			21.93			0.24	%
Light-Weight CMP**		4.23			4.54			-6.93	%
Offset Printing Paper		-			3.16			n/a
Tissue Paper Products		-			0.34			n/a
Face Masks		-			0.04			n/a

Gross profit (loss)		3.27			1.18			176.75	%
Gross profit margin		12.44	%		3.93	%		8.51 pp	****
Regular Corrugating Medium Paper (“CMP”)*		12.22	%		6.81	%		5.41 pp	****
Light-Weight CMP**		12.82	%		7.14	%		5.68 pp	****
Offset Printing Paper		-			2.42	%		n/a
Tissue Paper Products***		-			-206.06	%		n/a
Face Masks		-			-8.06	%		n/a

Operating income (loss)		0.55			-0.52			205.60	%
Net income (loss)		-0.08			-1.25			93.80	%
EBITDA		3.93			2.83			38.87	%
Basic and Diluted earnings (loss) per share		-0.01			-0.12			-93.33	%

Products from PM6

Products from PM1

***

Products from PM8 and PM9

****

pp represents percentage points

●

Revenue decreased by 12.56% to approximately $26.25 million, mainly due to the production suspension of offset printing paper and tissue paper products in the second quarter of 2024.

●

Gross profit was approximately $3.27 million, compared with gross profit of $1.18 for the same period of last year. Total gross profit margin increased by 8.51 percentage point to 12.44%.

●

Income from operations was approximately $0.55 million, compared to loss from operations of approximately $0.52 million for the same period of last year.

●

Net loss was approximately $0.08 million, or loss per share of $0.01, compared to net loss of approximately $1.25 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 $3.93 million, compared to $2.83 million for the same period of last year.

Revenue

For the second quarter of 2024, total revenue decreased by 12.56%, to approximately $26.25 million from approximately $30.02 million for the same period of last year. This was mainly due to the production suspension of offset printing paper and tissue paper products in the second quarter of 2024.

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

	For the Three Months Ended June 30,
	2024						2023
	Revenue ($’000)		Volume (tonne)		ASP ($/tonne)		Revenue ($’000)		Volume (tonne)		ASP ($/tonne)
Regular CMP		21,984		62,813		350		21,931		60.063		365
Light-Weight CMP		4,229		12,552		337		4,544		12,877		353
Offset Printing Paper		-		-		-		3,156		5,403		584
Tissue Paper Products		-		-		-		344		293		1,175
Total		26,213		75,365		348		29,976		78,636		381

		Revenue ($’000)				Volume (thousand pieces)				ASP ($/thousand pieces)				Revenue ($’000)				Volume (thousand pieces)				ASP ($/thousand pieces)
Face Masks			-				-				-				44				1,411				31

Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by 0.99%, to approximately $26.21 million and accounted for 99.86% of total revenue for the second quarter of 2024, compared to approximately $26.48 million, or 88.19% of total revenue for the same period of last year. The Company sold 75,365 tonnes of CMP at an ASP of $348/tonne in the second quarter of 2024, compared to 72,940 tonnes at an ASP of $363/tonne in the same period of last year.

Of the total CMP sales, revenue from regular CMP increased by 0.24%, to approximately $21.98 million for the second quarter of 2024, compared to revenue of approximately $21.93 million for the same period of last year. The Company sold 62,813 tonnes of regular CMP at an ASP of $350/tonne during the second quarter of 2024, compared to 60,063 tonnes at an ASP of $365/tonne for the same period of last year. Revenue from light-weight CMP decreased by 6.93%, to approximately $4.23 million for the second quarter of 2024, compared to revenue of approximately $4.54 million for the same period of last year. The Company sold 12,552 tonnes of light-weight CMP at an ASP of $337/tonne for the second quarter of 2024, compared to 12,877 tonnes at an ASP of $353/tonne for the same period of last year.

Revenue from offset printing paper was $nil and $3.16 million for the second quarter of 2024 and 2023. Production of offset printing products was suspended during the second quarter of 2024.

Revenue from tissue paper products was $nil and $0.34 million for the three months ended June 30, 2024 and 2023, respectively. Production of tissue paper products was suspended during the second quarter of 2024.

Revenue generated from selling face mask were $nil and $0.04 million for the three months ended June 30, 2024 and 2023, respectively.

Gross Profit (Loss) and Gross Margin

Total cost of sales decreased by 20.30%, to approximately $22.98 million for the second quarter of 2024 from approximately $28.84 million for the same period of last year. due to the decrease in sales quantity of offset printing paper and tissue paper products and the decrease of the unit material cost of CMP products.

Total gross profit was approximately $3.27 million for the second quarter of 2024, compared to the gross profit of approximately $1.18 million for the same period of last year as a result of factors described above. Overall gross profit margin was 12.44% for the second quarter of 2024, compared to gross profit margin of 3.93% 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 12.22%, 12.82%, nil%, nil% and nil%, respectively, for the second quarter of 2024, compared to 6.81%, 7.14%, 2.42%, -206.06% and -8.06%, respectively, for the same period of last year.

Selling, General and Administrative Expenses

Selling, general and administrative expenses (“SG&A”) increased by 105.35%, to approximately $2.72 million for the second quarter of 2024 from approximately $1.32 million for the same period of last year. The increase was mainly due to the increase in depreciation of idle fixed assets during production suspension.

Income (Loss) from Operations

Income from operations was approximately $0.55 million for the second quarter of 2024, an increase of 205.60%, from loss from operations of $0.52 million for the same period of last year. Operating margin was 2.09% for the second quarter of 2024, compared to operating loss margin was 1.73% for the same period of last year.

Net Loss

Net loss was approximately $0.08 million, or loss per share of $0.01 for the second quarter of 2024, compared to net loss of $1.25 million, or loss per share of $0.12 for the same period of last year.

EBITDA

EBITDA was approximately $3.93 million for the second quarter of 2024, compared to $2.83 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 June 30,
($ millions)	2024		2023
Net income (loss)		-0.08		-1.25
Add: Income tax		0.42		0.35
Net interest expense		0.21		0.27
Depreciation and amortization		3.38		3.46
EBITDA		3.93		2.83

First Half of 2024 Unaudited Financial Results

	For the Six Months Ended June 30,
($ millions)	2024			2023			% Change
Revenues		33.11			49.81			-33.52	%
Regular Corrugating Medium Paper (“CMP”)*		27.73			38.40			-27.77	%
Light-Weight CMP**		5.31			7.60			-30.23	%
Offset Printing Paper		-			3.16			n/a
Tissue Paper Products		-			0.57			n/a
Face Masks		-			0.08			n/a

Gross profit (loss)		3.66			0.90			305.87	%
Gross profit (loss) margin		11.07	%		1.81	%		9.26 pp	****
Regular Corrugating Medium Paper (“CMP”)*		10.86	%		4.71	%		6.15 pp	****
Light-Weight CMP**		10.90			5.86	%		5.04 pp	****
Offset Printing Paper		-			2.42	%		n/a
Tissue Paper Products***		-			-249.58	%		n/a
Face Masks		-			-8.02	%		n/a

Operating income (loss)		-2.95			-3.29			-10.24	%
Net income (loss)		-3.82			-3.99			-4.07	%
EBITDA		3.91			4.03			-2.98
Basic and Diluted loss per share		-0.38			-0.40			-5.00	%

Products from PM6

Products from PM1

***

Products from PM8 and PM9

****

pp represents percentage points

Revenue

For the first half of 2024, total revenue decreased by 33.52%, to approximately $33.11 million from approximately $49.81 million for the same period of last year. The increase in total revenue was mainly due to the production suspension of CMP in January and February of 2024, and production suspension of offset printing paper and tissue paper products in the first half of 2024.

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

	For the Six Months Ended June 30,
	2024						2023
	Revenue ($’000)		Volume (tonne)		ASP ($/tonne)		Revenue ($’000)		Volume (tonne)		ASP ($/tonne)
Regular CMP		27,734		78,452		354		38,399		101,726		377
Light-Weight CMP		5,305		15,582		340		7,604		20,896		364
Offset Printing Paper		-		-		-		3,156		5,403		584
Tissue Paper Products		-		-		-		567		484		1,172
Total		33,040		94,034		351		49,726		128,509		387

		Revenue ($’000)				Volume (thousand pieces)				ASP ($/thousand pieces)				Revenue ($’000)				Volume (thousand pieces)				ASP ($/thousand pieces)
Face Masks			-				-				-				79				2,516				32

Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by 28.18%, to approximately $33.04 million and accounted for 99.78% of total revenue for first half of 2024, compared to approximately $46.00million, or 92.36% of total revenue for the same period of last year. The Company sold 94,034tonnes of CMP at an ASP of $351/tonne in first half of 2024, compared to 122,622 tonnes at an ASP of $375/tonne in the same period of last year.

Of the total CMP sales, revenue from regular CMP decreased by 27.77%, to approximately $27.73 million for first half of 2024, compared to revenue of approximately $38.40 million for the same period of last year. The Company sold 78,452 tonnes of regular CMP at an ASP of $354/tonne during the first half of 2024, compared to 101,726 tonnes at an ASP of $377/tonne for the same period of last year. Revenue from light-weight CMP decreased by 30.23%, to approximately $5.31 million for the first half of 2024, compared to revenue of approximately $7.60 million for the same period of last year. The Company sold 15,582 tonnesof light-weight CMP at an ASP of $340/tonne for the first half of 2024, compared to 20,896 tonnes at an ASP of $364/tonne for the same period of last year.

Revenue from offset printing paper was $nil for the first half of 2024.

Revenue from tissue paper products was $nil for the first half of 2024,from approximately $0.57 million for the same period of last year. The Company sold nil tonnes of tissue paper products for the first half of 2024, compared to 484 tonnes at an ASP of $1,172/tonne for the same period of last year.

Revenue from face masks was $nil for the first half of 2024, from $0.08 million for the same period of last year. The Company sold nil thousand pieces of face masks for the first half of 2024, compared to 2,516 thousand pieces of face masks for the same period of last year.

Gross Profit and Gross Margin

Total cost of sales decreased by 39.79%, to approximately $29.45 million for the first half of 2024 from approximately $48.91million for the same period of last year. The increase was mainly a result of 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 $315, $303,$nil and $nil, respectively, for the first half of 2024, compared to $360, $343, $570 and $4,097, respectively, for the same period of last year.

Total gross profit was approximately $3.66 million for the first half of 2024, compared to the gross profit of approximately $0.90 million for the same period of last year as a result of factors described above. Overall gross margin was 11.07% for the first half of 2024, compared to 1.81% 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 10.86%, 10.90%, nil%, nil% and nil%, respectively, for the first half of 2024, compared to 4.71%, 5.86%, 2.42%, -249.58% and -8.02%, respectively, for the same period of last year.

Selling, General and Administrative Expenses

Selling, general and administrative expenses (“SG&A”) increased by 73.31%, to approximately $6.62 million for the first half of 2024 from approximately $3.82 million for the same period of last year.

Income (Loss) from Operations

Loss from operations was approximately $2.95 million for the first half of 2024, representing a decrease of 10.24%, from loss from operations of approximately $3.29 million for the same period of last year. Operating loss margin was 8.92% for the first half of 2024, compared to operating loss margin of 6.61% for the same period of last year.

Net Income (Loss)

Net loss was approximately $3.82 million, or loss per share of $0.38, for the first half of 2024, compared to net loss of approximately $3.99 million, or loss per share of $0.40, for the same period of last year.

EBITDA

EBITDA was approximately $3.91 million for the first half of 2024, compared to approximately $4.03 million for the same period of last year.

Note 1: Non-GAAP Financial Measures

Reconciliation of Net Income to EBITDA

(Amounts expressed in US$)

	For the Six Months Ended June 30,
($ millions)	2024		2023
Net income (loss)		-3.82		-3.99
Add: Income tax		0.45		0.35
Net interest expense		0.42		0.52
Depreciation and amortization		6.86		7.15
EBITDA		3.91		4.03

Cash, Liquidity and Financial Position

As of June 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 $5.14 million, $8.39 million and $4.49 million, respectively, compared to approximately $3.92 million, $8.03 million and $4.50 million, respectively, as of December 31, 2023.

Net accounts receivable was approximately $2.64 million as of June 30, 2024, compared to approximately $0.58 million as of December 31, 2023. Net inventory was approximately $5.28 million as of June 30, 2024, compared to approximately $3.56 million as of December 31, 2023. As of June 30, 2024, the Company had current assets of approximately $33.43 million and current liabilities of approximately $22.92 million, resulting in a working capital of approximately $10.51 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 $1.35 million for the second quarter of 2024, compared to approximately $5.75 million for the same period of last year. Net cash used in investing activities was approximately $0.06 million for the second quarter of 2024, compared to approximately $5.57 million for the same period of last year. Net cash provided by financing activities was approximately $0.42 million for the second quarter of 2024, compared to approximately $2.82 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

IT TECH PACKAGING, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2024 AND DECEMBER 31, 2023

(unaudited)

	June 30,			December 31,
	2024			2023
ASSETS

Current Assets
Cash and bank balances	$	5,144,414		$	3,918,938
Restricted cash		899,508			472,983
Accounts receivable (net of allowance for doubtful accounts of $61,000 and $11,745 as of June 30, 2024 and December 31, 2023, respectively)		2,638,219			575,526
Inventories		5,282,420			3,555,235
Prepayments and other current assets		18,246,164			18,981,290
Due from related parties		1,219,553			853,929
Total current assets		33,430,278			28,357,901

Operating lease right-of-use assets, net		476,771			528,648
Property, plant, and equipment, net		155,624,752			163,974,022
Value-added tax recoverable		1,830,425			1,883,078
Deferred tax asset non-current		-			-

Total Assets	$	191,362,226		$	194,743,649

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities
Short-term bank loans	$	841,893		$	423,567
Current portion of long-term loans		6,817,927			6,874,497
Lease liability		103,568			100,484
Accounts payable		-			4,991
Advance from customers		73,386			136,167
Notes payable		429,451			-
Due to related parties		731,486			728,869
Accrued payroll and employee benefits		369,565			237,842
Other payables and accrued liabilities		13,135,687			12,912,517
Income taxes payable		415,635			-
Total current liabilities		22,918,598			21,418,934

Long-term loans		4,490,094			4,503,932
Lease liability - non-current		498,718			483,866
Derivative liability		5			54

Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $21,006,676 and $20,084,995 as of June 30, 2024 and December 31, 2023, respectively)		27,907,415			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 June 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		(11,613,303	)		(10,555,534	)
Retained earnings		79,804,703			83,628,986

Total stockholders’ equity		163,454,811			168,336,863

Total Liabilities and Stockholders’ Equity	$	191,362,226		$	194,743,649

T TECH PACKAGING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023

Revenues	$	26,249,788		$	30,019,914		$	33,113,629		$	49,810,791
Cost of sales		(22,984,488	)		(28,840,056	)		(29,449,216	)		(48,907,932	)
Gross Profit		3,265,300			1,179,858			3,664,413			902,859
Selling, general and administrative expenses		(2,717,548	)		(1,323,405	)		(6,618,331	)		(3,818,767	)
Loss on impairment of assets		-			(375,136	)		-			(375,136	)

Income (Loss) from Operations		547,752			(518,683	)		(2,953,918	)		(3,291,044	)

Other Income (Expense):
Interest income		2,807			53,637			4,990			189,905
Interest expense		(211,551	)		(270,681	)		(421,841	)		(519,850	)
Gain (Loss) on derivative liability		15			(166,506	)		49			(14,409	)
Income (Loss) before Income Taxes		339,023			(902,233	)		(3,370,720	)		(3,635,398	)
Provision for Income Taxes		(416,770	)		(351,260	)		(453,563	)		(351,260	)

Net Loss		(77,747	)		(1,253,493	)		(3,824,283	)		(3,986,658	)

Other Comprehensive Loss
Foreign currency translation adjustment		(756,150	)		(9,063,695	)		(1,057,769	)		(6,560,939	)
Total Comprehensive Loss	$	(833,897	)	$	(10,317,188	)	$	(4,882,052	)	$	(10,547,597	)

Losses Per Share:

Basic and Diluted Losses per Share	$	(0.008	)	$	(0.12	)	$	(0.38	)	$	(0.40	)


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 SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(Unaudited)

	Six Months Ended
	June 30,
	2024			2023

Cash Flows from Operating Activities:
Net income	$	(3,824,283	)	$	(3,986,658	)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		6,862,883			7,150,057
(Gain) Loss on derivative liability		(49	)		14,409
Loss from disposal and impairment of property, plant and equipment		-			501,934
(Recovery from) Allowance for bad debts		49,462			(830,847	)
Allowances for inventories, net		(2,948	)		-
Deferred tax		-			-
Changes in operating assets and liabilities:
Accounts receivable		(2,121,357	)		(1,674,665	)
Prepayments and other current assets		660,470			7,634,922
Inventories		(1,751,011	)		(3,940,417	)
Accounts payable		(4,974	)		127,215
Advance from customers		(62,107	)		10,567
Notes payable		430,624			-
Related parties		(369,287	)		(90,617	)
Accrued payroll and employee benefits		133,504			154,398
Other payables and accrued liabilities		928,640			743,936
Income taxes payable		416,770			(67,515	)
Net Cash Provided by Operating Activities		1,346,337			5,746,719

Cash Flows from Investing Activities:
Purchases of property, plant and equipment		(62,640	)		(5,565,713	)
Proceeds from sale of property, plant and equipment		-			-
Acquisition of land		-			-

Net Cash Used in Investing Activities		(62,640	)		(5,565,713	)

Cash Flows from Financing Activities:
Proceeds from issuance of shares and warrants, net		-			-
Proceeds from short term bank loans		844,191			860,919
Proceeds from long term loans		-			2,582,756
Repayment of bank loans		(422,095	)		(507,942	)
Payment of capital lease obligation		-			(112,136	)
Loan to a related party (net)		-			-

Net Cash Provided by Financing Activities		422,096			2,823,597

Effect of Exchange Rate Changes on Cash and Cash Equivalents		(53,792	)		(548,712	)

Net Increase in Cash and Cash Equivalents		1,652,001			2,455,891

Cash, Cash Equivalents and Restricted Cash - Beginning of Period		4,391,921			9,524,868

Cash, Cash Equivalents and Restricted Cash - End of Period	$	6,043,922		$	11,980,759

Supplemental Disclosure of Cash Flow Information:
Cash paid for interest, net of capitalized interest cost	$	278,188		$	199,014
Cash paid for income taxes	$	36,793		$	418,775


Cash and bank balances		5,144,414			11,980,759
Restricted cash		899,508			-
Total cash, cash equivalents and restricted cash shown in the statement of cash flows		6,043,922			11,980,759

Cover	Aug. 12, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 12, 2024
Entity File Number	001-34577
Entity Registrant Name	IT TECH PACKAGING, INC.
Entity Central Index Key	0001358190
Entity Tax Identification Number	20-4158835
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	Science Park, Juli Road
Entity Address, Address Line Two	Xushui District
Entity Address, Address Line Three	Baoding City
Entity Address, City or Town	Hebei Province
Entity Address, Country	CN
Entity Address, Postal Zip Code	072550
City Area Code	86
Local Phone Number	312-8698215
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	ITP
Security Exchange Name	NYSEAMER
Entity Emerging Growth Company	false