IT Tech Packaging, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>IT Tech Packaging, Inc. (ITP) has filed its 2023 annual report on Form 10-K, detailing its financial performance and corporate status.</b>

AI Summary

IT TECH PACKAGING, INC. (ITP) filed a Annual Report (10-K) with the SEC on March 27, 2024. IT Tech Packaging, Inc. (ITP) filed its annual report for the fiscal year ended December 31, 2023. The company is registered in Nevada and its principal executive offices are located in Baoding City, Hebei Province, China. ITP's common stock is traded on the NYSE American under the ticker symbol ITP. The filing confirms that the company has met its reporting requirements for the preceding 12 months and the past 90 days. IT Tech Packaging, Inc. was formerly known as Orient Paper Inc. and CARLATERAL, INC.

Why It Matters

For investors and stakeholders tracking IT TECH PACKAGING, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of IT Tech Packaging's operations and financial health for the fiscal year 2023, crucial for investors to assess performance and future prospects. The report confirms ITP's compliance with SEC filing requirements, indicating a level of transparency and operational stability for stakeholders.

Risk Assessment

Risk Level: low — IT TECH PACKAGING, INC. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags, indicating a routine disclosure process.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand IT Tech Packaging's performance and outlook.

Key Numbers

• 20231231 — Fiscal Year End (Period of report)
• 20240327 — Filing Date (Date of submission)
• 001-34577 — Commission File Number (SEC file number)
• 20-4158835 — IRS Number (IRS Employer Identification No.)

Key Players & Entities

• IT Tech Packaging, Inc. (company) — Filer name
• ITP (company) — Trading symbol
• NYSE American (company) — Exchange where common stock is registered
• Nevada (company) — State of incorporation
• Orient Paper Inc. (company) — Former company name
• CARLATERAL, INC. (company) — Former company name

FAQ

Industry Context

IT Tech Packaging, Inc. operates in the paper and packaging industry, specifically in the converted paper and paperboard products sector.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, including the filing of annual reports (10-K).

What Investors Should Do

1. Access and review the full Form 10-K filing for detailed financial statements and operational disclosures.
2. Analyze the Management's Discussion and Analysis of Financial Condition and Results of Operations section for insights into the company's performance drivers and challenges.
3. Examine the Risk Factors section for potential threats and uncertainties affecting IT Tech Packaging's business.

Key Dates

• 2023-12-31: Fiscal Year End — The end date for the reporting period covered by the 10-K.
• 2024-03-27: Filing Date — The date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the annual report for the fiscal year ended December 31, 2023, and follows the standard 10-K format for public companies.

Key Financial Figures

• $0.47 — he closing price of the common stock of $0.47 per share on June 30, 2023. As of Marc
• $0 — he registrant's common stock, par value $0.001, issued and outstanding. DOCUMENTS
• $ — currency of China; all references to "US$," "dollars," "U.S. dollars" and "$" ref

Filing Documents

• ea0202381-10k_ittech.htm (10-K) — 1615KB
• ea020238101ex21-1_ittech.htm (EX-21.1) — 3KB
• ea020238101ex23-1_ittech.htm (EX-23.1) — 4KB
• ea020238101ex23-2_ittech.htm (EX-23.2) — 5KB
• ea020238101ex31-1_ittech.htm (EX-31.1) — 9KB
• ea020238101ex31-2_ittech.htm (EX-31.2) — 10KB
• ea020238101ex32-1_ittech.htm (EX-32.1) — 5KB
• ea020238101ex32-2_ittech.htm (EX-32.2) — 5KB
• ea020238101ex97-1_ittech.htm (EX-97.1) — 30KB
• image_001.jpg (GRAPHIC) — 33KB
• image_002.jpg (GRAPHIC) — 14KB
• image_003.jpg (GRAPHIC) — 16KB
• image_004.jpg (GRAPHIC) — 28KB
• image_005.jpg (GRAPHIC) — 28KB
• image_006.jpg (GRAPHIC) — 28KB
• image_007.jpg (GRAPHIC) — 32KB
• image_008.jpg (GRAPHIC) — 27KB
• image_009.jpg (GRAPHIC) — 29KB
• image_010.jpg (GRAPHIC) — 32KB
• image_011.jpg (GRAPHIC) — 8KB
• image_012.jpg (GRAPHIC) — 5KB
• ex23-1_001.jpg (GRAPHIC) — 38KB
• ex23-1_002.jpg (GRAPHIC) — 9KB
• ex23-1_003.jpg (GRAPHIC) — 46KB
• ex23-2_001.jpg (GRAPHIC) — 8KB
• ex23-2_002.jpg (GRAPHIC) — 5KB
• ex23-2_003.jpg (GRAPHIC) — 7KB
• 0001213900-24-026607.txt (&nbsp;) — 9717KB
• itp-20231231.xsd (EX-101.SCH) — 108KB
• itp-20231231_cal.xml (EX-101.CAL) — 79KB
• itp-20231231_def.xml (EX-101.DEF) — 413KB
• itp-20231231_lab.xml (EX-101.LAB) — 740KB
• itp-20231231_pre.xml (EX-101.PRE) — 416KB
• ea0202381-10k_ittech_htm.xml (XML) — 998KB

BUSINESS

BUSINESS 1 Item 1A.

RISK FACTORS

RISK FACTORS 23 Item 1B. UNRESOLVED STAFF COMMENTS 45 Item 1C CYBERSECURITY 45 Item 2.

PROPERTIES

PROPERTIES 45 Item 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 46 Item 4. MINE SAFETY DISCLOSURES 46 PART II Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 47 Item 6. [RESERVED] 47 Item 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 48 Item 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 60 Item 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 60 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 61 Item 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 61 Item 9B. OTHER INFORMATION 61 Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION. 61 PART III Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 62 Item 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 65 Item 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 66 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 67 Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 68 PART IV Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 69 Item 16 FORM 10-K SUMMARY 72

SIGNATURES

SIGNATURES 73 i INTRODUCTION All references to "we," "us," "our," or similar terms used in this annual report refer to IT Tech Packaging, Inc., a Nevada corporation, including its wholly-owned subsidiaries, and, in the context of describing our operations and consolidated financial information, our variable interest entity in China, Hebei Baoding Dongfang Paper Milling Company Limited, or Dongfang Paper. "IT Tech Packaging" refers to IT Tech Packaging, Inc. "VIE" or "Dongfang Paper" refers to our variable interest entity in China. "Baoding Shengde" refers to our wholly-owned subsidiary, Baoding Shengde Paper Co., Ltd, a PRC company. "Qianrong", refers to our indirect wholly-owned subsidiary, QianrongQianhui Hebei Technology Co., Ltd, a PRC company. "Tengsheng Paper" refers to the subsidiary of Dongfang Paper, Hebei Tengsheng Paper Co., Ltd., a PRC company. All references to "PRC" or "China" refers to the People's Republic of China, including, for the purpose of this annual report, Taiwan, Hong Kong and Macau; all references to "RMB" or "Renminbi" refer to the legal currency of China; all references to "US$," "dollars," "U.S. dollars" and "$" refer to the legal currency of the United States. This annual report on Form 10-K includes our audited consolidated statements of income and comprehensive income and our audited consolidated balance sheets as of December 31, 2023 and 2022.

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K contains "forward-looking statements." These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terms such as "may," "will," "expects," "anticipates," "future," "intend," "plan," "believe," "estimate," "is/are likely to" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, our anticipated revenues from the corrugating medium paper business segment and offset printing paper business, our ability to implement the planned capacity expansion of tissue paper, our ability to introduce new products, market acceptance of new products, general economic and business conditions, the ability to attract or retain qualified senior management personnel and research and development staff, and those specifically addressed under the headings "Risks Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." The forward-looking statements made in this annual report relate only to events as of the date on which the statements are made. We undertake no obligation, beyond any than as required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though our situation changes in the future. We operate in an emerging and evolving environment. New risk factors emerge from time to time and it is impossible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may

Business

Item 1. Business IT Tech Packaging, Inc. (the "Company," "IT Tech Packaging," or "ITP") is not an operating company but a Nevada holding company with operations primarily conducted by its subsidiaries and through contractual arrangements with Hebei Baoding Dongfang Paper Milling Company Limited, a People's Republic of China company ("Dongfang Paper"), the variable interest entity, or VIE, based in China. IT Tech Packaging operated its business in China through its wholly-owned PRC subsidiaries, namely Baoding Shengde Paper Co., Ltd., a People's Republic of China company ("Baoding Shengde") and QianrongQianhui Hebei Technology Co., Ltd., a People's Republic of China company ("Qianrong") (together with Baoding Shengde, the "PRC Subsidiaries"), and Dongfang Paper, which we refer to as our VIE in this annual report, and rely on contractual arrangements that establish the VIE structure among Baoding Shengde, the VIE and VIE's shareholders to operate our business in China. IT Tech Packaging is a Nevada holding company with no operations of its own. Operations in China are primarily conducted through Dongfang Paper, the consolidated VIE. Dongfang Paper is consolidated for accounting purposes but is not an entity in which you own equity. Investors in our common stock should be aware that they may never directly hold equity interests in the Chinese operating entities, but rather purchasing equity solely in IT Tech Packaging Inc., our Nevada holding company, which does not directly own substantially all of our business in China conducted by our PRC Subsidiaries and VIE. As a holding company with no material operations of our own, we conduct our operations through the VIE established in the PRC. We do not have any equity ownership of the VIE; instead, we control and receive the economic benefits of the VIE's business operations through the VIE Agreements, and we consolidate the VIE for accounting purposes only because we met the conditions under the U.S. GAAP to consolidat

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View this 10-K filing on SEC EDGAR