2023 Q3 Form 10-Q Financial Statement

#000121390023065618 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $15.77M $30.02M $31.79M
YoY Change -50.26% -5.56% -31.69%
Cost Of Revenue $15.92M $28.84M $31.15M
YoY Change -44.96% -7.43% -28.39%
Gross Profit -$153.2K $1.180M $634.0K
YoY Change -105.5% 86.09% -79.07%
Gross Profit Margin -0.97% 3.93% 1.99%
Selling, General & Admin $2.335M $1.323M $1.870M
YoY Change -30.73% -29.22% -28.02%
% of Gross Profit 112.17% 294.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.420M $3.464M $3.819M
YoY Change -5.68% -9.3% -6.26%
% of Gross Profit 293.58% 602.35%
Operating Expenses $2.335M $1.323M $1.870M
YoY Change -30.73% -29.22% -28.02%
Operating Profit -$2.485M -$518.7K -$1.236M
YoY Change 322.03% -58.03% -386.44%
Interest Expense $247.8K $270.7K $705.9K
YoY Change -3.45% -61.65% -83.34%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.979M -$902.2K -$531.7K
YoY Change 35.98% 69.68% -111.39%
Income Tax -$3.236K $351.3K -$243.8K
% Of Pretax Income
Net Earnings -$1.975M -$1.253M -$287.9K
YoY Change 4.67% 335.38% -36.48%
Net Earnings / Revenue -12.52% -4.18% -0.91%
Basic Earnings Per Share -$0.20 -$0.12 -$0.03
Diluted Earnings Per Share -$0.20 -$0.12 -$29.07K
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 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.400M $11.98M $14.34M
YoY Change -41.31% -16.48% -52.62%
Cash & Equivalents $9.438M $11.98M $14.34M
Short-Term Investments
Other Short-Term Assets $6.300M $19.26M $8.897M
YoY Change -34.66% 116.52% -4.45%
Inventory $5.365M $6.569M $6.630M
Prepaid Expenses $95.76K $763.00
Receivables $2.794M $2.417M $3.820M
Other Receivables $17.10M $7.459M $14.75M
Total Short-Term Assets $41.06M $47.69M $48.45M
YoY Change -15.22% -1.56% -24.0%
LONG-TERM ASSETS
Property, Plant & Equipment $144.6M $142.0M $163.3M
YoY Change -3.3% -13.02% 15.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $900.0K $2.669M $11.50M
YoY Change -92.8% -76.79% -63.42%
Total Long-Term Assets $147.9M $149.1M $177.0M
YoY Change -11.26% -15.8% 1.22%
TOTAL ASSETS
Total Short-Term Assets $41.06M $47.69M $48.45M
Total Long-Term Assets $147.9M $149.1M $177.0M
Total Assets $189.0M $196.7M $225.5M
YoY Change -12.15% -12.74% -5.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $104.1K $127.5K $17.10K
YoY Change -27.78% 645.87% -97.7%
Accrued Expenses $590.2K $586.5K $2.389M
YoY Change -75.45% 30.78%
Deferred Revenue
YoY Change
Short-Term Debt $800.0K $5.742M $5.959M
YoY Change -84.22% -3.64% -7.22%
Long-Term Debt Due $4.708M $3.762M $4.635M
YoY Change 5075.52% -18.84% 38.68%
Total Short-Term Liabilities $12.02M $17.30M $17.33M
YoY Change -31.65% -0.17% 0.83%
LONG-TERM LIABILITIES
Long-Term Debt $6.562M $7.437M $4.937M
YoY Change 24.73% 50.63% -27.41%
Other Long-Term Liabilities $500.0K $1.227M $817.7K
YoY Change -77.81% 50.04% -88.93%
Total Long-Term Liabilities $6.562M $8.664M $5.755M
YoY Change 191.2% 50.55% -59.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.02M $17.30M $17.33M
Total Long-Term Liabilities $6.562M $8.664M $5.755M
Total Liabilities $19.05M $25.97M $23.09M
YoY Change -21.47% 12.48% -26.42%
SHAREHOLDERS EQUITY
Retained Earnings $87.61M
YoY Change
Common Stock $89.18M $10.07K
YoY Change 781109.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $169.9M $170.8M $202.4M
YoY Change
Total Liabilities & Shareholders Equity $189.0M $196.7M $225.5M
YoY Change -12.15% -12.74% -5.51%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$1.975M -$1.253M -$287.9K
YoY Change 4.67% 335.38% -36.48%
Depreciation, Depletion And Amortization $3.420M $3.464M $3.819M
YoY Change -5.68% -9.3% -6.26%
Cash From Operating Activities $1.740M $936.8K -$461.6K
YoY Change -49.99% -302.93% -93.67%
INVESTING ACTIVITIES
Capital Expenditures $3.640M $5.271M -$313.1K
YoY Change -463.88% -1783.17% 146.68%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $164.8K
YoY Change -100.0% -100.0%
Cash From Investing Activities -$3.640M -$5.271M -$148.3K
YoY Change 320.76% 3453.11% 16.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -820.0K 259.0K -219.3K
YoY Change -593.71% -218.07% 78.7%
NET CHANGE
Cash From Operating Activities 1.740M 936.8K -461.6K
Cash From Investing Activities -3.640M -5.271M -148.3K
Cash From Financing Activities -820.0K 259.0K -219.3K
Net Change In Cash -2.720M -4.075M -829.3K
YoY Change -197.83% 391.37% -89.0%
FREE CASH FLOW
Cash From Operating Activities $1.740M $936.8K -$461.6K
Capital Expenditures $3.640M $5.271M -$313.1K
Free Cash Flow -$1.900M -$4.334M -$148.5K
YoY Change -142.41% 2818.45% -97.93%

Facts In Submission

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dei Document Quarterly Report
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dei Document Period End Date
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2023-06-30
dei Document Fiscal Year Focus
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dei Document Transition Report
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dei Entity File Number
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dei Entity Registrant Name
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IT TECH PACKAGING, INC.
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NV
dei Entity Tax Identification Number
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Science Park
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127215 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
7588 usd
us-gaap Increase Decrease In Customer Advances
IncreaseDecreaseInCustomerAdvances
10567 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
-90617 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
154398 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-49534 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
743936 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
553308 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-67515 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-859643 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5746719 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3949782 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5565713 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
681640 usd
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
6642665 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5565713 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7324305 usd
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
860919 usd
us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
2582756 usd
us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
507942 usd
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
112136 usd
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
102902 usd
itp Loan To A Related Partynet
LoanToARelatedPartynet
6776889 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2823597 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6673987 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-548712 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-156999 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2455891 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3142465 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
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11980759 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14344077 usd
us-gaap Interest Paid Net
InterestPaidNet
199014 usd
us-gaap Interest Paid Net
InterestPaidNet
165629 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
418775 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1088049 usd
itp Cash And Bank Balances
CashAndBankBalances
11980759 usd
itp Cash And Bank Balances
CashAndBankBalances
14344077 usd
itp Total Cash Cash Equivalents And Restricted Cash
TotalCashCashEquivalentsAndRestrictedCash
11980759 usd
itp Total Cash Cash Equivalents And Restricted Cash
TotalCashCashEquivalentsAndRestrictedCash
14344077 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
215749908 usd
us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent
-10598609 usd
us-gaap Net Income Loss
NetIncomeLoss
-2776127 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
202375172 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
181323892 usd
us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent
-6560939 usd
us-gaap Net Income Loss
NetIncomeLoss
-3986658 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
170776295 usd
CY2022Q2 us-gaap Common Stock No Par Value
CommonStockNoParValue
0.001
us-gaap Variable Interest Entity Ownership Percentage
VariableInterestEntityOwnershipPercentage
1 pure
CY2010Q2 us-gaap Capital
Capital
60000000 usd
itp Exercise Price Per Share
ExercisePricePerShare
1
CY2010Q4 itp Percentage Share Of Distributable Profit
PercentageShareOfDistributableProfit
1 pure
CY2022Q2 itp Percentage Of Revenue
PercentageOfRevenue
0.9973 pure
itp Percentage Of Revenue
PercentageOfRevenue
0.9984 pure
itp Percentage Of Revenue
PercentageOfRevenue
0.997 pure
CY2022Q2 us-gaap Share Price
SharePrice
0.001
CY2023Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
5507151 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
1471436 usd
CY2023Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
395327 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
132810 usd
CY2023Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
666845 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1268376 usd
CY2023Q2 us-gaap Inventory Gross
InventoryGross
6569323 usd
CY2022Q4 us-gaap Inventory Gross
InventoryGross
2872622 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
6569323 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
2872622 usd
CY2023Q2 itp Prepaid Land Lease
PrepaidLandLease
166072 usd
CY2022Q4 itp Prepaid Land Lease
PrepaidLandLease
172300 usd
CY2023Q2 itp Prepayment For Purchase Of Materials
PrepaymentForPurchaseOfMaterials
4860289 usd
CY2022Q4 itp Prepayment For Purchase Of Materials
PrepaymentForPurchaseOfMaterials
12941951 usd
CY2023Q2 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
13343141 usd
CY2022Q4 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
13640868 usd
CY2023Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
763 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
27462 usd
CY2023Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
893588 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
424546 usd
CY2023Q2 us-gaap Other Assets Current
OtherAssetsCurrent
19263853 usd
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
27207127 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
279214057 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
286406838 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
137190295 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
134836940 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
142023762 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
151569898 usd
itp Sale Leaseback Transaction Lease Period
SaleLeasebackTransactionLeasePeriod
As of June 30, 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.
CY2023Q2 itp Pledged Asset Not Separately Reported Other Financial Instruments
PledgedAssetNotSeparatelyReportedOtherFinancialInstruments
59048 usd
CY2023Q2 itp Property Plant And Equipment Loan Drawn From Banking Facility
PropertyPlantAndEquipmentLoanDrawnFromBankingFacility
4098523 usd
CY2022Q4 itp Property Plant And Equipment Loan Drawn From Banking Facility
PropertyPlantAndEquipmentLoanDrawnFromBankingFacility
4301204 usd
CY2023Q2 itp Value Of Land Use Right Pledged For Sale Lease Back Financing
ValueOfLandUseRightPledgedForSaleLeaseBackFinancing
3756342 usd
CY2022Q4 itp Value Of Land Use Right Pledged For Sale Lease Back Financing
ValueOfLandUseRightPledgedForSaleLeaseBackFinancing
3948953 usd
us-gaap Payments To Acquire Land Held For Use
PaymentsToAcquireLandHeldForUse
5099089 usd
CY2023Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
375136 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
375136 usd
CY2023Q2 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
3686243 usd
CY2022Q2 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
3819083 usd
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
7150057 usd
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
7592319 usd
CY2020Q3 us-gaap Net Investment In Lease Sale
NetInvestmentInLeaseSale
16000000 cny
CY2020Q3 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.156 pure
CY2020Q3 itp Inception Of Lease
InceptionOfLease
567099 usd
CY2023Q2 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
1796034 usd
CY2022Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
1939970 usd
CY2023Q2 itp Lease Liability
LeaseLiability
18854 usd
CY2022Q4 itp Lease Liability
LeaseLiability
131772 usd
CY2023Q2 us-gaap Deposit Liability Current
DepositLiabilityCurrent
18854 usd
CY2022Q4 us-gaap Deposit Liability Current
DepositLiabilityCurrent
131772 usd
CY2023Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2182 usd
CY2022Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
10862 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
6671 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
24369 usd
itp Deferred Gain Amount
DeferredGainAmount
430695 usd
CY2023Q4 itp Minimum Leases Payments Sale Leaseback Transactions Next Rolling Twelve Months
MinimumLeasesPaymentsSaleLeasebackTransactionsNextRollingTwelveMonths
-19098 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
244 usd
CY2023Q4 itp Lease Payment Gross
LeasePaymentGross
18854 usd
CY2023Q4 itp Less Current Portion Lease Liability
LessCurrentPortionLeaseLiability
18854 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
69196 cny
us-gaap Lease Cost
LeaseCost
69196 cny
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y1M6D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0756 pure
CY2023Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
5741925 usd
CY2022Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
5598311 usd
CY2023Q2 us-gaap Other Notes Payable
OtherNotesPayable
71743 usd
CY2023Q2 us-gaap Other Short Term Borrowings
OtherShortTermBorrowings
4773174 usd
CY2023Q2 us-gaap Unsecured Debt
UnsecuredDebt
968751 usd
CY2022Q4 us-gaap Other Short Term Borrowings
OtherShortTermBorrowings
5023978 usd
CY2022Q4 us-gaap Unsecured Debt
UnsecuredDebt
574333 usd
CY2023Q2 us-gaap Short Term Debt Weighted Average Interest Rate Over Time
ShortTermDebtWeightedAverageInterestRateOverTime
0.0483 pure
CY2022Q2 us-gaap Short Term Debt Weighted Average Interest Rate Over Time
ShortTermDebtWeightedAverageInterestRateOverTime
0.0479 pure
us-gaap Short Term Debt Weighted Average Interest Rate Over Time
ShortTermDebtWeightedAverageInterestRateOverTime
0.0477 pure
us-gaap Short Term Debt Weighted Average Interest Rate Over Time
ShortTermDebtWeightedAverageInterestRateOverTime
0.0479 pure
CY2023Q2 us-gaap Longterm Construction Loan Current And Noncurrent
LongtermConstructionLoanCurrentAndNoncurrent
11198760 usd
CY2022Q4 us-gaap Longterm Construction Loan Current And Noncurrent
LongtermConstructionLoanCurrentAndNoncurrent
9040002 usd
CY2023Q2 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
11198760 usd
CY2022Q4 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
9040002 usd
CY2023Q2 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
3761521 usd
CY2022Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
4835884 usd
CY2023Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
7437239 usd
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
4204118 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
3761521 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
3955271 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
3481968 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
11198760 usd
CY2023Q2 us-gaap Interest And Debt Expense
InterestAndDebtExpense
268499 usd
CY2022Q2 us-gaap Interest And Debt Expense
InterestAndDebtExpense
248244 usd
us-gaap Interest And Debt Expense
InterestAndDebtExpense
513179 usd
us-gaap Interest And Debt Expense
InterestAndDebtExpense
505550 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
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
CY2023Q2 us-gaap Long Term Loans From Bank
LongTermLoansFromBank
190204 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
us-gaap Interest Income Other
InterestIncomeOther
176847 usd
CY2023Q2 us-gaap Accrued Utilities Current
AccruedUtilitiesCurrent
110803 usd
CY2022Q4 us-gaap Accrued Utilities Current
AccruedUtilitiesCurrent
3036 usd
CY2023Q2 us-gaap Accrued Rent Current
AccruedRentCurrent
123795 usd
CY2022Q4 us-gaap Accrued Rent Current
AccruedRentCurrent
56646 usd
CY2023Q2 itp Value Added Taxes Payable Current
ValueAddedTaxesPayableCurrent
173171 usd
CY2022Q4 itp Value Added Taxes Payable Current
ValueAddedTaxesPayableCurrent
69053 usd
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
586470 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
608465 usd
CY2023Q2 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
3093355 usd
CY2022Q4 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
3294940 usd
CY2023Q2 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
16155 usd
CY2022Q4 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
19524 usd
CY2023Q2 us-gaap Interest Payable Current
InterestPayableCurrent
1847131 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
1595354 usd
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
144926 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
18540 usd
CY2023Q2 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
6095806 usd
CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
5665558 usd
CY2022Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
646283 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
14409 usd
CY2023Q2 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
660692 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
itp Corresponding Price Per Share
CorrespondingPricePerShare
5.5
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
itp Warrant Price Per Share
WarrantPricePerShare
7.5
us-gaap Warrant Exercise Price Increase
WarrantExercisePriceIncrease
7.5
CY2022Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-10
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 June 30, 2023.
CY2021Q1 us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
2618182 shares
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 June 30, 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 June 30, 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
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3016635 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.6907
itp Schedule Of Outstanding And Exercisable Warrants
ScheduleOfOutstandingAndExercisableWarrants
<span style="font-family: Times New Roman, Times, Serif; color: #000000">The following table summarizes information relating to outstanding and exercisable warrants as of June 30, 2023.</span><table cellpadding="0" cellspacing="0" style="font-family: Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #000000; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Warrants Outstanding</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #000000"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #000000"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #000000; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Warrants Exercisable</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #000000"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #000000; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Number of<br/> Shares</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: #000000"><span style="font-family: Times New Roman, Times, Serif"><b> <br/>  </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: #000000"><span style="font-family: Times New Roman, Times, Serif"><b> <br/>  </b></span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #000000; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Weighted Average Remaining<br/> Contractual life <br/> (in years)</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: #000000"><span style="font-family: Times New Roman, Times, Serif"><b> <br/>  </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: #000000"><span style="font-family: Times New Roman, Times, Serif"><b> <br/>  </b></span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #000000; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Weighted Average<br/> Exercise Price</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: #000000"><span style="font-family: Times New Roman, Times, Serif"><b> <br/>  </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: #000000"><span style="font-family: Times New Roman, Times, Serif"><b> <br/>  </b></span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #000000; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Number of<br/> Shares</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: #000000"><span style="font-family: Times New Roman, Times, Serif"><b> <br/>  </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: #000000"><span style="font-family: Times New Roman, Times, Serif"><b> <br/>  </b></span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #000000; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Weighted Average<br/> Exercise Price</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: #000000"><span style="font-family: Times New Roman, Times, Serif"><b> <br/>  </b></span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #000000; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18%; color: #000000; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,016,635</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #000000; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #000000"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #000000; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 17%; color: #000000; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.59</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #000000; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #000000"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #000000; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 17%; color: #000000; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6.6907</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #000000; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #000000"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #000000; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 17%; color: #000000; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,016,635</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #000000; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #000000"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #000000; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 17%; color: #000000; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6.6907</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #000000; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table>
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10065920 shares
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CY2022Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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CY2023Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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CY2022Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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9915920 shares
CY2023Q2 us-gaap Earnings Per Share Diluted Pro Forma Adjustment
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-0.12
CY2022Q2 us-gaap Earnings Per Share Diluted Pro Forma Adjustment
EarningsPerShareDilutedProFormaAdjustment
-0.03
us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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9915920 shares
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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10065920 shares
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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us-gaap Earnings Per Share Diluted Pro Forma Adjustment
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us-gaap Earnings Per Share Diluted Pro Forma Adjustment
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CY2023Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
351260 usd
CY2022Q2 us-gaap Current Income Tax Expense Benefit
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us-gaap Current Income Tax Expense Benefit
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us-gaap Other Tax Expense Benefit
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itp Description Of Carry Forwards Expire
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These carry forwards would expire, if not utilized, during the period of 2030 through 2035.
CY2023Q2 itp Deferred Tax Assets Valuation Allowance Percentage
DeferredTaxAssetsValuationAllowancePercentage
1 pure
CY2022Q4 itp Deferred Tax Assets Valuation Allowance Percentage
DeferredTaxAssetsValuationAllowancePercentage
1 pure
CY2023Q2 itp Deferred Tax Assets Depreciation Of Amortization Property Plant And Equipment Current
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15256619 usd
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15474485 usd
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CY2022Q4 itp Deferred Tax Assets Impairment Of Amortization Property Plant And Equipment Current
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796559 usd
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519603 usd
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us-gaap Effective Income Tax Rate Continuing Operations
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0.459 pure
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us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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0.176 pure
itp Income Tax Statute Of Limitations Period
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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
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150000 shares
CY2023Q2 us-gaap Equity Fair Value Disclosure
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156000 usd
CY2013Q3 itp Cash Prices Description
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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
CY2023Q2 us-gaap Deferred Rent Receivables Net
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143486 usd
CY2023Q2 us-gaap Deferred Rent Receivables Net
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1000000 cny
CY2023Q2 itp Commitments For Purchase Or Construction Of Capital Assets
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CY2022Q4 itp Commitments For Purchase Or Construction Of Capital Assets
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4329279 usd
itp Performance Holdback On New Tissue Paper Payment Description
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The Company expected to pay off all the balances within 1-3 years.
CY2023Q2 itp Longterm Loan From Financial Institutions
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4290182 usd
CY2022Q4 itp Longterm Loan From Financial Institutions
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31000000 cny
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CY2015Q2 us-gaap Federal Deposit Insurance Corporation Premium Expense
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CY2023Q2 us-gaap Cash Fdic Insured Amount
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us-gaap Repayments Of Bank Debt
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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dei Amendment Flag
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false
dei Current Fiscal Year End Date
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--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001358190

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