2023 Q1 Form 10-K Financial Statement

#000121390023022564 Filed on March 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $19.79M $21.37M $100.4M
YoY Change 27.83% -52.56% -37.62%
Cost Of Revenue $20.07M $20.35M $95.60M
YoY Change 32.28% -50.03% -36.21%
Gross Profit -$277.0K $1.026M $4.754M
YoY Change -189.22% -76.33% -56.85%
Gross Profit Margin -1.4% 4.8% 4.74%
Selling, General & Admin $2.495M $1.518M $10.06M
YoY Change -24.4% -36.39% 5.24%
% of Gross Profit 147.89% 211.58%
Research & Development $145.5K
YoY Change 43.51%
% of Gross Profit 3.06%
Depreciation & Amortization $3.686M $3.570M $14.79M
YoY Change -2.31% -1.52% -3.71%
% of Gross Profit 347.89% 311.05%
Operating Expenses $2.495M $1.517M $10.20M
YoY Change -24.4% -36.39% 6.76%
Operating Profit -$2.772M -$491.4K -$5.305M
YoY Change -7.29% -125.19% -463.48%
Interest Expense $249.2K $454.8K $1.028M
YoY Change 108.98% -83.76% -78.56%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.733M -$35.99K -$4.860M
YoY Change -3.67% -100.76% -175.32%
Income Tax $11.87M $11.71M
% Of Pretax Income
Net Earnings -$2.733M -$11.91M -$16.57M
YoY Change 9.84% -386.59% -1929.99%
Net Earnings / Revenue -13.81% -55.72% -16.51%
Basic Earnings Per Share -$0.27 -$1.66
Diluted Earnings Per Share -$0.27 -$1.59 -$1.66
COMMON SHARES
Basic Shares Outstanding 10.07M shares 11.42M shares 9.973M shares
Diluted Shares Outstanding 10.07M shares 9.973M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.75M $9.525M $9.525M
YoY Change 9.07% -14.97% -14.97%
Cash & Equivalents $16.75M $9.525M $9.525M
Short-Term Investments
Other Short-Term Assets $18.73M $27.21M $13.57M
YoY Change 125.99% 146.08% 22.7%
Inventory $5.970M $2.873M $2.873M
Prepaid Expenses $27.83K $27.46K
Receivables $2.232M $0.00 $0.00
Other Receivables $7.795M $21.20M $21.20M
Total Short-Term Assets $51.48M $47.17M $47.17M
YoY Change 5.9% -15.04% -15.04%
LONG-TERM ASSETS
Property, Plant & Equipment $149.8M $151.6M $154.2M
YoY Change -15.03% 17.61% 19.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $881.9K $1.032M $1.032M
YoY Change -92.44% -98.11% -98.11%
Total Long-Term Assets $155.4M $157.3M $157.3M
YoY Change -18.4% -15.45% -15.45%
TOTAL ASSETS
Total Short-Term Assets $51.48M $47.17M $47.17M
Total Long-Term Assets $155.4M $157.3M $157.3M
Total Assets $206.8M $204.4M $204.4M
YoY Change -13.46% -15.36% -15.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.025K $5.030K
YoY Change -51.02% -50.97%
Accrued Expenses $616.7K $608.5K $2.449M
YoY Change -74.54% -71.02% 13.31%
Deferred Revenue
YoY Change
Short-Term Debt $5.674M $5.598M $5.598M
YoY Change -5.19% -6.05% -6.05%
Long-Term Debt Due $5.265M $5.060M $5.060M
YoY Change -25.8% -28.21% -28.21%
Total Short-Term Liabilities $18.13M $17.64M $17.64M
YoY Change -9.07% -13.67% -13.67%
LONG-TERM LIABILITIES
Long-Term Debt $7.102M $4.784M $4.784M
YoY Change 130.78% 52.74% 52.74%
Other Long-Term Liabilities $524.5K $698.6K $698.6K
YoY Change -70.99% -68.51% -68.51%
Total Long-Term Liabilities $7.626M $5.483M $5.483M
YoY Change 56.1% 2.46% 2.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.13M $17.64M $17.64M
Total Long-Term Liabilities $7.626M $5.483M $5.483M
Total Liabilities $25.76M $23.12M $23.12M
YoY Change 3.76% -10.32% -10.32%
SHAREHOLDERS EQUITY
Retained Earnings $93.58M
YoY Change
Common Stock $10.07K $10.07K
YoY Change 1.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $181.1M $181.3M $181.3M
YoY Change
Total Liabilities & Shareholders Equity $206.8M $204.4M $204.4M
YoY Change -13.46% -15.36% -15.36%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$2.733M -$11.91M -$16.57M
YoY Change 9.84% -386.59% -1929.99%
Depreciation, Depletion And Amortization $3.686M $3.570M $14.79M
YoY Change -2.31% -1.52% -3.71%
Cash From Operating Activities $4.810M $3.290M $10.72M
YoY Change 9.03% -17.88% -540.03%
INVESTING ACTIVITIES
Capital Expenditures $295.0K $2.852M $4.534M
YoY Change -180.06% -123.21% -118.08%
Acquisitions $6.364M
YoY Change
Other Investing Activities $0.00 $143.0K -$6.364M
YoY Change -100.0%
Cash From Investing Activities -$295.0K -$2.709M -$10.90M
YoY Change -95.89% -77.96% -56.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $2.565M -7.720M -$879.6K
YoY Change -62.8% 4.98% -102.57%
NET CHANGE
Cash From Operating Activities $4.810M 3.290M $10.72M
Cash From Investing Activities -$295.0K -2.709M -$10.90M
Cash From Financing Activities $2.565M -7.720M -$879.6K
Net Change In Cash $7.226M -7.139M -$1.677M
YoY Change 75.02% -54.35% -125.08%
FREE CASH FLOW
Cash From Operating Activities $4.810M $3.290M $10.72M
Capital Expenditures $295.0K $2.852M $4.534M
Free Cash Flow $4.515M $438.1K $6.185M
YoY Change -5.54% -97.31% -72.67%

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IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
254966 usd
CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-614738 usd
CY2021 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
832946 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10719388 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2436071 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4534092 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
25071372 usd
CY2022 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
6364439 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10898531 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-25071372 usd
CY2021 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
41837553 usd
CY2022 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
6214020 usd
CY2021 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
5892298 usd
CY2022 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
59195 usd
CY2022 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
6071952 usd
CY2021 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
6512703 usd
CY2022 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
206114 usd
CY2021 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
185050 usd
CY2022 itp Loan Repaid By A Related Party
LoanRepaidByARelatedParty
-874745 usd
CY2021 itp Loan Repaid By A Related Party
LoanRepaidByARelatedParty
-6838274 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-879596 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
34193824 usd
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-618005 usd
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
372794 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1676744 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
7059175 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11201612 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4142437 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9524868 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11201612 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
320568 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
577194 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2049911 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1970984 usd
CY2022Q2 us-gaap Common Stock No Par Value
CommonStockNoParValue
0.001
CY2022 us-gaap Variable Interest Entity Ownership Percentage
VariableInterestEntityOwnershipPercentage
1 pure
CY2010Q2 us-gaap Capital
Capital
60000000 usd
CY2010Q1 itp Exercise Price Per Share
ExercisePricePerShare
1
CY2010Q4 itp Percentage Share Of Distributable Profit
PercentageShareOfDistributableProfit
1 pure
CY2021 us-gaap Description Of Difference Between Reported Amount And Reporting Currency Denominated Amount
DescriptionOfDifferenceBetweenReportedAmountAndReportingCurrencyDenominatedAmount
The current exchange rates used by the Company as of December 31, 2022, and 2021 to translate the Chinese RMB to the U.S. Dollars are 6.9646:1, and6.3757:1, respectively. Revenues and expenses are translated using the average exchange rates prevailing throughout the respective years at 6.7573:1 and6.4474:1 for the years ended December 31, 2022, and 2021, respectively.
CY2022 us-gaap Description Of Difference Between Reported Amount And Reporting Currency Denominated Amount
DescriptionOfDifferenceBetweenReportedAmountAndReportingCurrencyDenominatedAmount
The current exchange rates used by the Company as of December 31, 2022, and 2021 to translate the Chinese RMB to the U.S. Dollars are 6.9646:1, and6.3757:1, respectively. Revenues and expenses are translated using the average exchange rates prevailing throughout the respective years at 6.7573:1 and6.4474:1 for the years ended December 31, 2022, and 2021, respectively.
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Use of Estimates</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of December 31, 2022, and 2021, and revenues and expenses for the years ended December 31, 2022, and 2021. The most significant estimates relate to allowance for uncollectible accounts receivable, inventory valuation, useful lives and impairment for property, plant and equipment, valuation allowance for deferred tax assets and contingencies. Actual results could differ from those estimates made by management.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
881878 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
69053 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
69053 usd
CY2020Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
34391 usd
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
843779 usd
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
33480 usd
CY2022 itp Exchange Difference
ExchangeDifference
-30954 usd
CY2021 itp Exchange Difference
ExchangeDifference
1181 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
881878 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
69053 usd
CY2021 us-gaap Advertising Expense
AdvertisingExpense
3972 usd
CY2022Q4 itp Prepayment For Purchase Of Materials
PrepaymentForPurchaseOfMaterials
12941951 usd
CY2022Q4 itp Reserve Fund Percentages
ReserveFundPercentages
0.10 pure
CY2022Q4 itp Registered Capital Percentages
RegisteredCapitalPercentages
0.50 pure
CY2022 itp Net Profit Transferred To Statutory Reserve Fund
NetProfitTransferredToStatutoryReserveFund
75030000 cny
CY2021 itp Net Profit Transferred To Statutory Reserve Fund
NetProfitTransferredToStatutoryReserveFund
11811470 usd
CY2022 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
145538 usd
CY2021 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
101410 usd
CY2021 itp Subsidy Income
SubsidyIncome
198530 usd
CY2022Q4 itp Prepaid Land Lease
PrepaidLandLease
172300 usd
CY2021Q4 itp Prepaid Land Lease
PrepaidLandLease
188215 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
1471436 usd
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
2348154 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
132810 usd
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
96087 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1268376 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3400654 usd
CY2022Q4 us-gaap Inventory Gross
InventoryGross
2872622 usd
CY2021Q4 us-gaap Inventory Gross
InventoryGross
5844895 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
2872622 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
5844895 usd
CY2021Q4 itp Prepayment For Purchase Of Materials
PrepaymentForPurchaseOfMaterials
9190527 usd
CY2022Q4 itp Prepayment For Purchases Of Equipment
PrepaymentForPurchasesOfEquipment
12348 usd
CY2021Q4 itp Prepayment For Purchases Of Equipment
PrepaymentForPurchasesOfEquipment
980786 usd
CY2022Q4 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
13640868 usd
CY2021Q4 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
14740296 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
27462 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
412198 usd
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
696816 usd
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
27207127 usd
CY2021Q4 us-gaap Other Assets Current
OtherAssetsCurrent
25796640 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
286406838 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
258274965 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
134836940 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
131687537 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
151569898 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
126587428 usd
CY2022 itp Sale Leaseback Transaction Lease Period
SaleLeasebackTransactionLeasePeriod
As of December 31, 2022, land use rights represented twenty-three parcel of state-owned lands located in Xushui District and Wei County of Hebei Province in China, with lease terms of 50 years expiring from 2061 to 2068. 
CY2021 itp Sale Leaseback Transaction Lease Period
SaleLeasebackTransactionLeasePeriod
As of December 31, 2021, land use rights represented two parcel of state-owned lands located in Xushui District of Hebei Province in China, with lease terms of 50 years expiring from 2061 to 2066, respectively. 
CY2022Q4 itp Property Plant And Equipment Loan Drawn From Banking Facility
PropertyPlantAndEquipmentLoanDrawnFromBankingFacility
5358441 usd
CY2021Q4 itp Property Plant And Equipment Loan Drawn From Banking Facility
PropertyPlantAndEquipmentLoanDrawnFromBankingFacility
6002195 usd
CY2022Q4 itp Value Of Land Use Right Pledged For Sale Lease Back Financing
ValueOfLandUseRightPledgedForSaleLeaseBackFinancing
3948953 usd
CY2021Q4 itp Value Of Land Use Right Pledged For Sale Lease Back Financing
ValueOfLandUseRightPledgedForSaleLeaseBackFinancing
4407889 usd
CY2022 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
14788036 usd
CY2021 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
15304686 usd
CY2021Q4 us-gaap Longterm Construction Loan Current And Noncurrent
LongtermConstructionLoanCurrentAndNoncurrent
9818530 usd
CY2022Q4 us-gaap Long Term Loans Payable
LongTermLoansPayable
9040002 usd
CY2021Q4 us-gaap Long Term Loans Payable
LongTermLoansPayable
9818530 usd
CY2022Q4 us-gaap Loans Payable To Bank Current
LoansPayableToBankCurrent
4835884 usd
CY2020Q3 us-gaap Net Investment In Lease Sale
NetInvestmentInLeaseSale
16000000 usd
CY2020Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
2349452 usd
CY2020Q3 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.156 pure
CY2020Q3 itp Inception Of Lease
InceptionOfLease
567099 usd
CY2022Q4 itp Lease Liability
LeaseLiability
131772 usd
CY2021Q4 itp Lease Liability
LeaseLiability
362394 usd
CY2022Q4 us-gaap Deposit Liability Current
DepositLiabilityCurrent
131772 usd
CY2021Q4 us-gaap Deposit Liability Current
DepositLiabilityCurrent
210161 usd
CY2022 itp Amortization Of Lease Asset
AmortizationOfLeaseAsset
157854 usd
CY2021 itp Amortization Of Lease Asset
AmortizationOfLeaseAsset
165441 usd
CY2022 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
38954 usd
CY2021 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
71798 usd
CY2022 itp Deferred Gain Amount
DeferredGainAmount
430695 usd
CY2022Q4 itp Future Minimum Payments Due Current
FutureMinimumPaymentsDueCurrent
138701 usd
CY2022Q4 us-gaap Unearned Premiums
UnearnedPremiums
6929 usd
CY2022Q4 itp Total Future Minimum Lease Payments
TotalFutureMinimumLeasePayments
131772 usd
CY2022Q4 itp Current Portion Lease Liability
CurrentPortionLeaseLiability
-131772 usd
CY2022Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
5598311 usd
CY2021Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
5958561 usd
CY2022 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0472 pure
CY2021 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0473 pure
CY2022Q4 us-gaap Longterm Construction Loan Current And Noncurrent
LongtermConstructionLoanCurrentAndNoncurrent
9040002 usd
CY2021Q4 us-gaap Loans Payable To Bank Current
LoansPayableToBankCurrent
6838465 usd
CY2022Q4 us-gaap Other Loans Payable Long Term
OtherLoansPayableLongTerm
4204118 usd
CY2021Q4 us-gaap Other Loans Payable Long Term
OtherLoansPayableLongTerm
2980065 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
4835884 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
4204118 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
9040002 usd
CY2022 us-gaap Interest And Debt Expense
InterestAndDebtExpense
988997 usd
CY2021 us-gaap Interest And Debt Expense
InterestAndDebtExpense
1052904 usd
CY2015Q4 itp Proceeds From Payments To Loan
ProceedsFromPaymentsToLoan
2249279 usd
CY2015Q4 us-gaap Due To Officers Or Stockholders Current
DueToOfficersOrStockholdersCurrent
391374 usd
CY2014Q4 itp Due Date
DueDate
2017-12-10
CY2018Q1 itp Proceeds From Payments To Loan
ProceedsFromPaymentsToLoan
20400 usd
CY2022 itp Loan Due Description
LoanDueDescription
Mr. Zhenyong Liu agreed to extend the loan for additional 3 years and the remaining balance will be due on July 12, 2021.
CY2019Q4 itp Proceeds From Payments To Loan
ProceedsFromPaymentsToLoan
94636 usd
CY2022Q4 us-gaap Other Borrowings
OtherBorrowings
7179163 usd
CY2022Q4 us-gaap Other Borrowings
OtherBorrowings
7179163 usd
CY2022Q4 us-gaap Other Borrowings
OtherBorrowings
50000000 cny
CY2022Q4 us-gaap Other Borrowings
OtherBorrowings
50000000 cny
CY2022Q4 us-gaap Due From Affiliate Current
DueFromAffiliateCurrent
727433 usd
CY2021Q4 us-gaap Due From Affiliate Current
DueFromAffiliateCurrent
727433 usd
CY2022Q4 us-gaap Accrued Utilities Current
AccruedUtilitiesCurrent
3036 usd
CY2021Q4 us-gaap Accrued Utilities Current
AccruedUtilitiesCurrent
135360 usd
CY2022Q4 us-gaap Accrued Rent Current
AccruedRentCurrent
56646 usd
CY2021Q4 us-gaap Accrued Rent Current
AccruedRentCurrent
61879 usd
CY2022Q4 itp Value Added Taxes Payable Current
ValueAddedTaxesPayableCurrent
69053 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
608465 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
664666 usd
CY2022Q4 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
3294940 usd
CY2021Q4 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
3379368 usd
CY2022Q4 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
19524 usd
CY2021Q4 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
15274 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
1595354 usd
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
992989 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
18540 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1003 usd
CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
5665558 usd
CY2021Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
5250539 usd
CY2021Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
10813347 usd
CY2022Q4 us-gaap Derivative Liability Fair Value Of Collateral
DerivativeLiabilityFairValueOfCollateral
1417251 usd
CY2021Q4 us-gaap Derivative Liability Fair Value Of Collateral
DerivativeLiabilityFairValueOfCollateral
16693873 usd
CY2022 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1417251 usd
CY2021 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
5880526 usd
CY2022Q1 itp Common Stock Description
CommonStockDescription
On January 20, 2021, the Company offered and sold to certain institutional investors an aggregate of 26,181,818 shares of common stock and 26,181,818warrants to purchase up to 26,181,818 shares of common stock in a best efforts public offering for gross proceeds of approximately $14.4 million.
CY2022 itp Corresponding Price Per Share
CorrespondingPricePerShare
0.55
CY2022 us-gaap Warrant Exercise Price Increase
WarrantExercisePriceIncrease
0.55
CY2021Q1 itp Aggregate Shares Of Common Stock
AggregateSharesOfCommonStock
29277866 shares
CY2021Q1 itp Warrants To Purchase Shares
WarrantsToPurchaseShares
14638933 shares
CY2021Q1 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
14638933 shares
CY2021Q1 itp Public Offering For Gross Proceeds
PublicOfferingForGrossProceeds
21900000 usd
CY2021Q1 itp Corresponding Price Per Share
CorrespondingPricePerShare
0.75
CY2021Q1 us-gaap Warrant Exercise Price Increase
WarrantExercisePriceIncrease
0.75
CY2022Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
the Board of Directors of the Company approved the Reverse Stock Split, at a ratio of 1-for-10, pursuant to Section 78.207 of the Nevada Revised Statutes (“NRS”).
CY2022Q2 itp Stock Issued During Period Price Per Share Reverse Stock Splits
StockIssuedDuringPeriodPricePerShareReverseStockSplits
0.001
CY2022Q3 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
150000 shares
CY2022Q3 us-gaap Stock Granted During Period Value Sharebased Compensation Gross
StockGrantedDuringPeriodValueSharebasedCompensationGross
156000 usd
CY2020Q2 itp Warrant Term Description
WarrantTermDescription
These warrants become exercisable on July 23, 2020 and have a term of exercise equal to five years and six months from the date of issuance till July 23, 2025. 88,000 May 2020 Warrants were exercised in February 2021 at the exercise price of $7.425per share and 352,000 May 2020 Warrants were outstanding as of December 31, 2022.
CY2021Q1 itp Common Stock Issued To Purchase Stock
CommonStockIssuedToPurchaseStock
2618182 shares
CY2021Q1 itp Warrant Term Description
WarrantTermDescription
The January 2021 Warrants became exercisable on January20, 2021 at an exercise price of $5.5 and will expire on January 20, 2026. 1,410,690 January 2021 Warrants were exercised in January and February of 2021 at the exercise price of $5.5 per share. 1,207,492 January 2021 Warrants were outstanding as of December 31, 2022.
CY2021Q1 itp Common Stock Issued To Purchase Stock
CommonStockIssuedToPurchaseStock
1463893 shares
CY2021Q1 itp Warrant Term Description
WarrantTermDescription
The March 2021 Warrants became exercisable on March 1, 2021 at an exercise price of $7.5 and will expire on March1, 2026. 6,750 March 2021 Warrants were exercised in January and March 2021 at the exercise price of $7.5 per share and 1,457,143 March 2021 Warrants were outstanding as of December 31, 2022.
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3016635 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.6907
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3016635 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.6907
CY2022 itp Schedule Of Outstanding And Exercisable Warrants
ScheduleOfOutstandingAndExercisableWarrants
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="8" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Warrants Outstanding</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Warrants Exercisable</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Weighted</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Remaining</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="font-weight: bold; text-align: center">Number of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Contractual life</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Number of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">(in years)</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Price</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Price</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td><td style="width: 20%; text-align: right">3,016,635</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 17%; text-align: right">3.09</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 17%; text-align: right">6.6907</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 17%; text-align: right">3,016,635</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 17%; text-align: right">6.6907</td><td style="width: 1%; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
905535 usd
CY2022 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
9972788 shares
CY2021 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
9133440 shares
CY2022 itp Net Incomeloss Per Share
NetIncomelossPerShare
-1.66
CY2021 itp Net Incomeloss Per Share
NetIncomelossPerShare
0.1
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-16571308 usd
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
905535 usd
CY2022 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
9972788 shares
CY2021 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
9133440 shares
CY2022 us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
9972788 shares
CY2021 us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
9133440 shares
CY2022 us-gaap Earnings Per Share Diluted Pro Forma Adjustment
EarningsPerShareDilutedProFormaAdjustment
-1.66
CY2021 us-gaap Earnings Per Share Diluted Pro Forma Adjustment
EarningsPerShareDilutedProFormaAdjustment
0.1
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.25 pure
CY2022 us-gaap Current Foreign Tax Expense Benefit
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CY2021 us-gaap Current Foreign Tax Expense Benefit
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CY2022 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Current Income Tax Expense Benefit
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CY2022 us-gaap Deferred Other Tax Expense Benefit
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CY2021 us-gaap Deferred Other Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022 itp Description Of Carry Forwards Expire
DescriptionOfCarryForwardsExpire
These carry forwards would expire, if not utilized, during the period of 2030 through 2035.
CY2022Q4 itp Deferred Tax Assets Valuation Allowance Percentage
DeferredTaxAssetsValuationAllowancePercentage
1 pure
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CY2021Q4 itp Deferred Tax Assets Depreciation Of Amortization Property Plant And Equipment Current
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CY2021Q4 itp Deferred Tax Assets Impairment Of Amortization Property Plant And Equipment Current
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783433 usd
CY2022Q4 itp Deferred Tax Assets Miscellaneous Current
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615436 usd
CY2021Q4 itp Deferred Tax Assets Miscellaneous Current
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CY2022Q4 us-gaap Deferred Tax Assets Gross
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.25 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 itp Effect Of Expenses Not Deductible For Prc Tax Purposes
EffectOfExpensesNotDeductibleForPrcTaxPurposes
-0.17 pure
CY2021 itp Effect Of Expenses Not Deductible For Prc Tax Purposes
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-2.49 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.775 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-2.41 pure
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.86 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
-2.41 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.86 pure
CY2022 itp Income Tax Statute Of Limitations Period
IncomeTaxStatuteOfLimitationsPeriod
P5Y
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
150000 shares
CY2013Q3 itp Cash Prices Description
CashPricesDescription
On August 7, 2013, the Company’s Audit Committee and the Board of Directors approved the sale of the land use right of the Headquarters Compound (the “LUR”), the office building and essentially all industrial-use buildings in the Headquarters Compound (the “Industrial Buildings”), and three employee dormitory buildings located within the Headquarters Compound (the “Dormitories”) to Hebei Fangsheng for cash prices of approximately $2.77 million, $1.15 million, and $4.31 million respectively.
CY2022Q4 itp Commitments For Purchase Or Construction Of Capital Assets
CommitmentsForPurchaseOrConstructionOfCapitalAssets
4329279 usd
CY2021Q4 itp Commitments For Purchase Or Construction Of Capital Assets
CommitmentsForPurchaseOrConstructionOfCapitalAssets
4700927 usd
CY2022 itp Performance Holdback On New Tissue Paper Payment Description
PerformanceHoldbackOnNewTissuePaperPaymentDescription
The Company expected to pay off all the balances within 1-3 years.
CY2022Q4 itp Longterm Loan From Financial Institutions
LongtermLoanFromFinancialInstitutions
4451081 usd
CY2022Q4 itp Longterm Loan From Financial Institutions
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31000000 cny
CY2021Q4 itp Longterm Loan From Financial Institutions
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4862211 usd
CY2021Q4 itp Longterm Loan From Financial Institutions
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CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 pure
CY2022 us-gaap Number Of Reportable Segments
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3 pure
CY2021 itp Concentration Credit Risk Percentage
ConcentrationCreditRiskPercentage
0.10 pure
CY2015Q2 us-gaap Federal Deposit Insurance Corporation Premium Expense
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CY2022Q4 us-gaap Cash Fdic Insured Amount
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CY2022 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
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CY2022Q4 us-gaap Accounts Receivable Net
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CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 itp Deferred Tax Asset Noncurrent
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CY2022Q4 itp Advance From Customers1
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CY2022Q4 us-gaap Commitments And Contingencies
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CY2022 itp Subsidy Income
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CY2021 us-gaap Gain Or Loss On Sale Of Stock In Subsidiary
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CY2021 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
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CY2021 us-gaap Allocated Share Based Compensation Expense
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CY2021 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2022 us-gaap Proceeds From Issuance Of Warrants
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CY2021 us-gaap Proceeds From Issuance Of Other Long Term Debt
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CY2022 itp Allowances For Obsolete Inventories Net
AllowancesForObsoleteInventoriesNet
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CY2021 itp Allowances For Obsolete Inventories Net
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CY2022 itp Transfers Of Reserve Fund
TransfersOfReserveFund
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CY2021 itp Transfers Of Reserve Fund
TransfersOfReserveFund
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CY2022Q4 us-gaap Accrued Employee Benefits Current
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CY2021Q4 us-gaap Accrued Employee Benefits Current
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CY2022 us-gaap Advertising Expense
AdvertisingExpense
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CY2022 itp Subsidy Income
SubsidyIncome
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CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
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CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
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CY2021Q4 us-gaap Prepaid Expense Current
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2021Q4 itp Value Added Taxes Payable Current
ValueAddedTaxesPayableCurrent
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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CY2022Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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CY2022 itp Effect Of Dilution
EffectOfDilution
CY2021 itp Effect Of Dilution
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CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
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CY2022 dei Amendment Flag
AmendmentFlag
false
CY2022 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2022 dei Entity Central Index Key
EntityCentralIndexKey
0001358190

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