2023 Q2 Form 10-Q Financial Statement

#000121390023038552 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $30.02M $19.79M $15.48M
YoY Change -5.56% 27.83% -36.05%
Cost Of Revenue $28.84M $20.07M $15.17M
YoY Change -7.43% 32.28% -32.21%
Gross Profit $1.180M -$277.0K $310.5K
YoY Change 86.09% -189.22% -83.04%
Gross Profit Margin 3.93% -1.4% 2.01%
Selling, General & Admin $1.323M $2.495M $3.301M
YoY Change -29.22% -24.4% 29.18%
% of Gross Profit 112.17% 1063.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.464M $3.686M $3.773M
YoY Change -9.3% -2.31% -7.8%
% of Gross Profit 293.58% 1215.41%
Operating Expenses $1.323M $2.495M $3.301M
YoY Change -29.22% -24.4% 29.18%
Operating Profit -$518.7K -$2.772M -$2.990M
YoY Change -58.03% -7.29% 312.87%
Interest Expense $270.7K $249.2K $119.2K
YoY Change -61.65% 108.98% -103.05%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$902.2K -$2.733M -$2.837M
YoY Change 69.68% -3.67% -36.09%
Income Tax $351.3K -$349.0K
% Of Pretax Income
Net Earnings -$1.253M -$2.733M -$2.488M
YoY Change 335.38% 9.84% -42.65%
Net Earnings / Revenue -4.18% -13.81% -16.07%
Basic Earnings Per Share -$0.12 -$0.27 -$0.25
Diluted Earnings Per Share -$0.12 -$0.27 -$251.2K
COMMON SHARES
Basic Shares Outstanding 10.07M shares 10.07M shares 9.916M shares
Diluted Shares Outstanding 10.07M shares 10.07M shares 9.916M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.98M $16.75M $15.36M
YoY Change -16.48% 9.07% -58.98%
Cash & Equivalents $11.98M $16.75M $15.36M
Short-Term Investments
Other Short-Term Assets $19.26M $18.73M $8.290M
YoY Change 116.52% 125.99% 80.68%
Inventory $6.569M $5.970M $4.355M
Prepaid Expenses $763.00 $27.83K
Receivables $2.417M $2.232M $4.985M
Other Receivables $7.459M $7.795M $15.63M
Total Short-Term Assets $47.69M $51.48M $48.62M
YoY Change -1.56% 5.9% -20.49%
LONG-TERM ASSETS
Property, Plant & Equipment $142.0M $149.8M $176.3M
YoY Change -13.02% -15.03% 23.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.669M $881.9K $11.67M
YoY Change -76.79% -92.44% -66.85%
Total Long-Term Assets $149.1M $155.4M $190.4M
YoY Change -15.8% -18.4% 5.69%
TOTAL ASSETS
Total Short-Term Assets $47.69M $51.48M $48.62M
Total Long-Term Assets $149.1M $155.4M $190.4M
Total Assets $196.7M $206.8M $239.0M
YoY Change -12.74% -13.46% -0.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $127.5K $72.62K
YoY Change 645.87% -96.92%
Accrued Expenses $586.5K $616.7K $2.422M
YoY Change -75.45% -74.54% 36.95%
Deferred Revenue
YoY Change
Short-Term Debt $5.742M $5.674M $5.984M
YoY Change -3.64% -5.19% -6.35%
Long-Term Debt Due $3.762M $5.265M $7.096M
YoY Change -18.84% -25.8% 37.8%
Total Short-Term Liabilities $17.30M $18.13M $19.94M
YoY Change -0.17% -9.07% -1.35%
LONG-TERM LIABILITIES
Long-Term Debt $7.437M $7.102M $3.077M
YoY Change 50.63% 130.78% -36.77%
Other Long-Term Liabilities $1.227M $524.5K $1.808M
YoY Change 50.04% -70.99% -84.84%
Total Long-Term Liabilities $8.664M $7.626M $4.885M
YoY Change 50.55% 56.1% -70.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.30M $18.13M $19.94M
Total Long-Term Liabilities $8.664M $7.626M $4.885M
Total Liabilities $25.97M $25.76M $24.82M
YoY Change 12.48% 3.76% -32.92%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $10.07K $10.07K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $170.8M $181.1M $214.2M
YoY Change
Total Liabilities & Shareholders Equity $196.7M $206.8M $239.0M
YoY Change -12.74% -13.46% -0.94%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.253M -$2.733M -$2.488M
YoY Change 335.38% 9.84% -42.65%
Depreciation, Depletion And Amortization $3.464M $3.686M $3.773M
YoY Change -9.3% -2.31% -7.8%
Cash From Operating Activities $936.8K $4.810M $4.411M
YoY Change -302.93% 9.03% -153.28%
INVESTING ACTIVITIES
Capital Expenditures $5.271M $295.0K -$368.5K
YoY Change -1783.17% -180.06% 726.23%
Acquisitions $6.807M
YoY Change
Other Investing Activities $0.00 $0.00 -$6.807M
YoY Change -100.0% -100.0%
Cash From Investing Activities -$5.271M -$295.0K -$7.176M
YoY Change 3453.11% -95.89% 15989.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 259.0K $2.565M 6.893M
YoY Change -218.07% -62.8% -83.51%
NET CHANGE
Cash From Operating Activities 936.8K $4.810M 4.411M
Cash From Investing Activities -5.271M -$295.0K -7.176M
Cash From Financing Activities 259.0K $2.565M 6.893M
Net Change In Cash -4.075M $7.226M 4.129M
YoY Change 391.37% 75.02% -87.66%
FREE CASH FLOW
Cash From Operating Activities $936.8K $4.810M $4.411M
Capital Expenditures $5.271M $295.0K -$368.5K
Free Cash Flow -$4.334M $4.515M $4.780M
YoY Change 2818.45% -5.54% -158.04%

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CY2023Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
55849 usd
CY2022Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
51708 usd
CY2022Q1 itp Loan To A Related Partynet
LoanToARelatedPartynet
6945022 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2564646 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6893314 usd
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
146516 usd
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28071 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
7226072 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4156831 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
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16750940 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15358443 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
84040 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
85094 usd
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
424198 usd
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1112820 usd
CY2023Q1 itp Cash And Bank Balances
CashAndBankBalances
16750940 usd
CY2022Q1 itp Cash And Bank Balances
CashAndBankBalances
15358443 usd
CY2023Q1 itp Total Cash Cash Equivalents And Restricted Cash
TotalCashCashEquivalentsAndRestrictedCash
16750940 usd
CY2022Q1 itp Total Cash Cash Equivalents And Restricted Cash
TotalCashCashEquivalentsAndRestrictedCash
15358443 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
215749908 usd
CY2022Q1 us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent
926138 usd
CY2023Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
886995 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
424546 usd
CY2023Q1 us-gaap Other Assets Current
OtherAssetsCurrent
18734461 usd
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
27207127 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-2488214 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
214187832 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
181323892 usd
CY2023Q1 us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent
2502756 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-2733165 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
181093483 usd
CY2022Q2 us-gaap Common Stock No Par Value
CommonStockNoParValue
0.001
CY2023Q1 us-gaap Variable Interest Entity Ownership Percentage
VariableInterestEntityOwnershipPercentage
1 pure
CY2010Q2 us-gaap Capital
Capital
60000000 usd
CY2023Q1 itp Exercise Price Per Share
ExercisePricePerShare
1
CY2010Q4 itp Percentage Share Of Distributable Profit
PercentageShareOfDistributableProfit
1 pure
CY2022Q1 itp Percentage Of Revenue
PercentageOfRevenue
0.9963 pure
CY2023Q1 us-gaap Share Price
SharePrice
0.001
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
290147294 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
286406838 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
140324411 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
134836940 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
149822883 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
151569898 usd
CY2023Q1 us-gaap Gain Or Loss On Sale Of Stock In Subsidiary
GainOrLossOnSaleOfStockInSubsidiary
usd
CY2023Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
4942325 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
1471436 usd
CY2023Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
150075 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
132810 usd
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
877204 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1268376 usd
CY2023Q1 us-gaap Inventory Gross
InventoryGross
5969604 usd
CY2022Q4 us-gaap Inventory Gross
InventoryGross
2872622 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
5969604 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
2872622 usd
CY2023Q1 itp Prepaid Land Lease
PrepaidLandLease
174629 usd
CY2022Q4 itp Prepaid Land Lease
PrepaidLandLease
172300 usd
CY2023Q1 itp Prepayment For Purchase Of Materials
PrepaymentForPurchaseOfMaterials
3557460 usd
CY2022Q4 itp Prepayment For Purchase Of Materials
PrepaymentForPurchaseOfMaterials
12941951 usd
CY2023Q1 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
14087543 usd
CY2022Q4 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
13640868 usd
CY2023Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
27834 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
27462 usd
CY2023Q1 itp Sale Leaseback Transaction Lease Period
SaleLeasebackTransactionLeasePeriod
As of March 31, 2023 and December 31, 2022, land use rights represented twenty three parcels of state-owned lands located in Xushui District and Wei County of Hebei Province in China, with lease terms of 50 years expiring in 2061 and 2068, respectively. 
CY2023Q1 itp Pledged Asset Not Separately Reported Other Financial Instruments
PledgedAssetNotSeparatelyReportedOtherFinancialInstruments
93136 usd
CY2023Q1 itp Property Plant And Equipment Loan Drawn From Banking Facility
PropertyPlantAndEquipmentLoanDrawnFromBankingFacility
4334537 usd
CY2022Q4 itp Property Plant And Equipment Loan Drawn From Banking Facility
PropertyPlantAndEquipmentLoanDrawnFromBankingFacility
4301204 usd
CY2023Q1 itp Value Of Land Use Right Pledged For Sale Lease Back Financing
ValueOfLandUseRightPledgedForSaleLeaseBackFinancing
3976123 usd
CY2022Q4 itp Value Of Land Use Right Pledged For Sale Lease Back Financing
ValueOfLandUseRightPledgedForSaleLeaseBackFinancing
3948953 usd
CY2023Q1 us-gaap Payments To Acquire Land Held For Use
PaymentsToAcquireLandHeldForUse
5396364 usd
CY2023Q1 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
3686243 usd
CY2022Q1 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
3773236 usd
CY2020Q3 us-gaap Net Investment In Lease Sale
NetInvestmentInLeaseSale
16000000 usd
CY2023Q1 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.156 pure
CY2020Q3 itp Inception Of Lease
InceptionOfLease
567099 usd
CY2023Q1 itp Lease Liability
LeaseLiability
77789 usd
CY2022Q4 itp Lease Liability
LeaseLiability
131772 usd
CY2023Q1 us-gaap Deposit Liability Current
DepositLiabilityCurrent
77789 usd
CY2022Q4 us-gaap Deposit Liability Current
DepositLiabilityCurrent
131772 usd
CY2023Q1 itp Amortization Of Lease Asset
AmortizationOfLeaseAsset
38865 usd
CY2022Q1 itp Amortization Of Lease Asset
AmortizationOfLeaseAsset
42006 usd
CY2023Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
4490 usd
CY2022Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
13507 usd
CY2023Q1 itp Deferred Gain Amount
DeferredGainAmount
430695 usd
CY2023Q1 itp Minimum Leases Payments Sale Leaseback Transactions Next Rolling Twelve Months
MinimumLeasesPaymentsSaleLeasebackTransactionsNextRollingTwelveMonths
80329 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2540 usd
CY2023Q1 itp Lease Payment Gross
LeasePaymentGross
77789 usd
CY2023Q1 itp Less Current Portion Lease Liability
LessCurrentPortionLeaseLiability
77789 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
36381 cny
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
36381 cny
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
608465 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y4M24D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0756 pure
CY2023Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
5673996 usd
CY2022Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
5598311 usd
CY2023Q1 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0472 pure
CY2022 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0479 pure
CY2023Q1 us-gaap Longterm Construction Loan Current And Noncurrent
LongtermConstructionLoanCurrentAndNoncurrent
11778745 usd
CY2022Q4 us-gaap Longterm Construction Loan Current And Noncurrent
LongtermConstructionLoanCurrentAndNoncurrent
9040002 usd
CY2023Q1 us-gaap Long Term Loans Payable
LongTermLoansPayable
11778745 usd
CY2022Q4 us-gaap Long Term Loans Payable
LongTermLoansPayable
9040002 usd
CY2023Q1 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
5265073 usd
CY2022Q4 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
4835884 usd
CY2023Q1 us-gaap Other Loans Payable Long Term
OtherLoansPayableLongTerm
6513672 usd
CY2022Q4 us-gaap Other Loans Payable Long Term
OtherLoansPayableLongTerm
4204118 usd
CY2023Q1 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
3327926 usd
CY2022Q4 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
3294940 usd
CY2023Q1 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
17325 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
5265073 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
6487478 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
26194 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
11778745 usd
CY2003Q1 itp Lease Term
LeaseTerm
P2Y
CY2023Q1 us-gaap Loans Payable To Bank Current
LoansPayableToBankCurrent
2255628 usd
CY2015Q4 itp Proceeds From Payments To Loan
ProceedsFromPaymentsToLoan
2249279 usd
CY2014Q4 itp Due Date
DueDate
2017-12-10
CY2018Q1 itp Proceeds From Payments To Loan
ProceedsFromPaymentsToLoan
20400 usd
CY2023Q1 itp Loan Due Description
LoanDueDescription
Mr. Zhenyong Liu agreed to extend the loan for additional 3 years and the remaining balance was due on July 12, 2021.
CY2019Q4 itp Proceeds From Payments To Loan
ProceedsFromPaymentsToLoan
94636 usd
CY2023Q1 us-gaap Long Term Loans From Bank
LongTermLoansFromBank
200006 usd
CY2022Q4 us-gaap Other Borrowings
OtherBorrowings
7276220 usd
CY2022Q4 us-gaap Other Borrowings
OtherBorrowings
7276220 usd
CY2022Q4 us-gaap Other Borrowings
OtherBorrowings
50000000 cny
CY2022Q4 us-gaap Other Borrowings
OtherBorrowings
50000000 cny
CY2023Q1 us-gaap Interest Income Other
InterestIncomeOther
131553 usd
CY2023Q1 us-gaap Accrued Utilities Current
AccruedUtilitiesCurrent
131800 usd
CY2022Q4 us-gaap Accrued Utilities Current
AccruedUtilitiesCurrent
3036 usd
CY2023Q1 us-gaap Accrued Rent Current
AccruedRentCurrent
93793 usd
CY2022Q4 us-gaap Accrued Rent Current
AccruedRentCurrent
56646 usd
CY2023Q1 itp Value Added Taxes Payable Current
ValueAddedTaxesPayableCurrent
717 usd
CY2022Q4 itp Value Added Taxes Payable Current
ValueAddedTaxesPayableCurrent
69053 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
616691 usd
CY2022Q4 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
19524 usd
CY2023Q1 us-gaap Interest Payable Current
InterestPayableCurrent
1781801 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
1595354 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
23851 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
18540 usd
CY2023Q1 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
5993904 usd
CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
5665558 usd
CY2022Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
646283 usd
CY2023Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-152097 usd
CY2023Q1 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
494186 usd
CY2021Q1 itp Aggregate Shares
AggregateShares
2618182 shares
CY2021Q1 itp Common Stock Issued To Purchase Of Warrants
CommonStockIssuedToPurchaseOfWarrants
2618182 shares
CY2021Q1 us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
2618182 shares
CY2021Q1 itp Gross Proceeds
GrossProceeds
14400000
CY2023Q1 itp Corresponding Price Per Share
CorrespondingPricePerShare
5.5
CY2023Q1 itp Exercise Price Per Warrant1
ExercisePricePerWarrant1
5.5
CY2021Q1 itp Aggregate Shares Of Common Stock
AggregateSharesOfCommonStock
2927786 shares
CY2021Q1 itp Warrants To Purchase Shares
WarrantsToPurchaseShares
1463893 shares
CY2021Q1 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
1463893 shares
CY2021Q1 itp Public Offering For Gross Proceeds
PublicOfferingForGrossProceeds
21900000 usd
CY2023Q1 itp Warrant Price Per Share
WarrantPricePerShare
7.5
CY2023Q1 us-gaap Warrant Exercise Price Increase
WarrantExercisePriceIncrease
7.5
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 $7.425 per share and 352,000 May 2020 Warrants were outstanding as of March 31, 2023.
CY2021Q1 itp Common Stock Issued To Purchase Stock
CommonStockIssuedToPurchaseStock
2618182 shares
CY2021Q1 itp Warrant Term Description
WarrantTermDescription
The January 2021 Warrants became exercisable on January 20, 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 March 31, 2023.
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 March 1, 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 March 31, 2023.
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
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3016635 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.6907
CY2023Q1 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="5" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Warrants Outstanding</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Warrants Exercisable</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Weighted Average</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Remaining</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">Number of</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 style="font-weight: bold; text-align: center">Weighted Average</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Number of</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Weighted Average</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares</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 style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Exercise Price</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">Shares</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">Exercise Price</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; text-align: center">3,016,635</td><td style="text-align: center; width: 1%"> </td> <td style="width: 19%; text-align: center">2.84</td><td style="text-align: center; width: 1%"> </td> <td style="width: 19%; text-align: center">$6.6907</td><td style="text-align: center; width: 1%"> </td> <td style="width: 19%; text-align: center">3,016,635</td><td style="text-align: center; width: 1%"> </td> <td style="width: 19%; text-align: center">$6.6907</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2733165 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2488214 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
10065920 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
9915920 shares
CY2023Q1 itp Net Incomeloss Per Share
NetIncomelossPerShare
-0.27
CY2022Q1 itp Net Incomeloss Per Share
NetIncomelossPerShare
-0.25
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2733165 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2488214 usd
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
10065920 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
9915920 shares
CY2023Q1 us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
10065920 shares
CY2022Q1 us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
9915920 shares
CY2023Q1 us-gaap Earnings Per Share Diluted Pro Forma Adjustment
EarningsPerShareDilutedProFormaAdjustment
-0.27
CY2022Q1 us-gaap Earnings Per Share Diluted Pro Forma Adjustment
EarningsPerShareDilutedProFormaAdjustment
-0.25
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.25 pure
CY2022Q1 us-gaap Deferred Other Tax Expense Benefit
DeferredOtherTaxExpenseBenefit
-348989 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-348989 usd
CY2022 itp Description Of Carry Forwards Expire
DescriptionOfCarryForwardsExpire
These carry forwards would expire, if not utilized, during the period of 2030 through 2035.
CY2023Q1 itp Deferred Tax Assets Valuation Allowance Percentage
DeferredTaxAssetsValuationAllowancePercentage
1 pure
CY2023Q1 itp Deferred Tax Assets Depreciation Of Amortization Property Plant And Equipment Current
DeferredTaxAssetsDepreciationOfAmortizationPropertyPlantAndEquipmentCurrent
15688773 usd
CY2022Q4 itp Deferred Tax Assets Depreciation Of Amortization Property Plant And Equipment Current
DeferredTaxAssetsDepreciationOfAmortizationPropertyPlantAndEquipmentCurrent
15474485 usd
CY2023Q1 itp Deferred Tax Assets Impairment Of Amortization Property Plant And Equipment Current
DeferredTaxAssetsImpairmentOfAmortizationPropertyPlantAndEquipmentCurrent
818158 usd
CY2022Q4 itp Deferred Tax Assets Impairment Of Amortization Property Plant And Equipment Current
DeferredTaxAssetsImpairmentOfAmortizationPropertyPlantAndEquipmentCurrent
796559 usd
CY2023Q1 itp Deferred Tax Assets Miscellaneous Current
DeferredTaxAssetsMiscellaneousCurrent
585399 usd
CY2022Q4 itp Deferred Tax Assets Miscellaneous Current
DeferredTaxAssetsMiscellaneousCurrent
615436 usd
CY2023Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
233286 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
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CY2022Q4 us-gaap Deferred Tax Assets Gross
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CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
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17325616 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
17100100 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q1 itp Effect Of Different Tax Jurisdictionin Dollars
EffectOfDifferentTaxJurisdictioninDollars
0.25 pure
CY2022Q1 itp Effect Of Different Tax Jurisdictionin Dollars
EffectOfDifferentTaxJurisdictioninDollars
0.25 pure
CY2023Q1 itp Effect Of Expenses Not Deductible For Prc Tax Purposes
EffectOfExpensesNotDeductibleForPrcTaxPurposes
-0.167 pure
CY2022Q1 itp Effect Of Expenses Not Deductible For Prc Tax Purposes
EffectOfExpensesNotDeductibleForPrcTaxPurposes
-0.127 pure
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.083 pure
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.123 pure
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0 pure
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.123 pure
CY2023Q1 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
CY2022Q3 us-gaap Employee Stock Ownership Plan Esop Number Of Suspense Shares
EmployeeStockOwnershipPlanESOPNumberOfSuspenseShares
150000 shares
CY2022Q3 us-gaap Equity Fair Value Disclosure
EquityFairValueDisclosure
156000 usd
CY2023Q1 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
145745 usd
CY2023Q1 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
1000000 cny
CY2013Q3 itp Cash Prices Description
CashPricesDescription
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 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
145524 usd
CY2023Q1 itp Commitments For Purchase Or Construction Of Capital Assets
CommitmentsForPurchaseOrConstructionOfCapitalAssets
5930832 usd
CY2022Q4 itp Commitments For Purchase Or Construction Of Capital Assets
CommitmentsForPurchaseOrConstructionOfCapitalAssets
4329279 usd
CY2023Q1 itp Performance Holdback On New Tissue Paper Payment Description
PerformanceHoldbackOnNewTissuePaperPaymentDescription
The Company expected to pay off all the balances within 1-3 years.
CY2023Q1 itp Longterm Loan From Financial Institutions
LongtermLoanFromFinancialInstitutions
4511256 usd
CY2023Q1 itp Longterm Loan From Financial Institutions
LongtermLoanFromFinancialInstitutions
31000000 cny
CY2023Q1 itp Concentration Credit Risk Percentage
ConcentrationCreditRiskPercentage
0.14 pure
CY2015Q2 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
500000 cny
CY2015Q2 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
72762 usd
CY2023Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
14684586 usd
CY2023Q1 us-gaap Deferred Costs
DeferredCosts
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
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CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2022Q1 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
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CY2023Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
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CY2022Q1 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
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CY2022Q1 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
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CY2023Q1 itp Loan To A Related Partynet
LoanToARelatedPartynet
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CY2023Q1 us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan
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CY2023Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
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CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
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CY2023Q1 itp Prepayment For Purchases Of Equipment
PrepaymentForPurchasesOfEquipment
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CY2022Q4 itp Prepayment For Purchases Of Equipment
PrepaymentForPurchasesOfEquipment
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CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
usd
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
cny
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
cny
CY2023Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
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CY2022Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
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CY2023Q1 us-gaap Interest Expense Other
InterestExpenseOther
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CY2022Q1 us-gaap Interest Expense Other
InterestExpenseOther
usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
CY2023Q1 itp Addition Of New Derivatives Recognized As Warrant
AdditionOfNewDerivativesRecognizedAsWarrant
usd
CY2023Q1 us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
usd
CY2023Q1 itp Exercise Of Warrant
ExerciseOfWarrant
usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
CY2023Q1 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
usd
CY2022Q1 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
usd
CY2023Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
usd
CY2022Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
usd
CY2023Q1 us-gaap Deferred Other Tax Expense Benefit
DeferredOtherTaxExpenseBenefit
usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
usd
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
pure
CY2023Q1 dei Amendment Flag
AmendmentFlag
false
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001358190

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0001213900-23-038552.txt Edgar Link pending
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f10q0323ex31-1_ittechpack.htm Edgar Link pending
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itp-20230331.xsd Edgar Link pending
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itp-20230331_cal.xml Edgar Link unprocessable
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