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Men's Weekly

  • Written by PR Newswire

BAODING, China, March 24, 2023 /PRNewswire/ -- IT Tech Packaging, Inc. (NYSE American: ITP) ("IT Tech Packaging" or the "Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced its unaudited financial results for the fourth quarter and audited financial results for the fiscal year ended December 31, 2022.

Mr. Zhenyong Liu, Chairman and Chief Executive Officer of the Company, commented, "In fiscal year 2022, our business execution was reflected as we generated approximately $100.35 million in revenue and approximately $4.75 million in gross profit. With the domestic business and markets resumption in an orderly manner as the pandemic is gradually under control in China, we expect that the market demand for our products will recover gradually. "

Fourth Quarter 2022 Financial Results

For the Three Months Ended December 31,

 ($ millions)

2021

2022

 % Change

 Revenues

45.05

21.37

-52.6 %

 Regular Corrugating Medium Paper ("CMP")*

32.66

17.28

47.1 %

 Light-Weight CMP**

7.00

3.77

46.1 %

 Offset Printing Paper

2.97

-

-100.0 %

 Tissue Paper Products

2.28

0.25

-88.9 %

  Face Masks

0.15

0.06

-60.7 %

 Gross profit

4.34

1.03

-76.3 %

 Gross profit (loss) margin

9.6 %

4.8 %

-4.8pp****

 Regular Corrugating Medium Paper ("CMP")*

9.6 %

8.3 %

-1.3 pp****

 Light-Weight CMP**

12.2 %

10.3 %

-1.9 pp****

 Offset Printing Paper

21.5 %

-

-

 Tissue Paper Products***

-13.9 %

-315.2 %

-301.3 pp****

 Face Masks

25.2 %

27.5 %

2.3 pp****

 Operating income (loss)

1.95

-0.49

-125.2 %

 Net income (loss)

4.16

-11.91

-386.6 %

 EBITDA

8.66

3.77

-56.5 %

 Basic and Diluted earnings (loss) per share

0.45

-1.19

-364.4 %

 * Products from PM6

 ** Products from PM1

 *** Products from PM8 and PM9

 **** pp represents percentage points

 

  • Revenue decreased by 52.6% to approximately $21.37 million, primarily attributable to an decrease in sales volume of all categories of products and decrease in ASP of CMP.
  • Gross profit decreased by 76.3% to approximately $1.03 million. Total gross margin decreased by 4.8 percentage point to 4.8%. 
  • Loss from operations was approximately $0.49 million, compared to operation income of approximately $1.95 million for the same period of last year.
  • Net loss was approximately $11.91 million, or loss of $1.19 per basic and diluted share, compared to net income of approximately $4.16 million, or earnings of $0.45 per basic and diluted share, for the same period of last year.
  • Earnings before interest, taxes, depreciation and amortization ("EBITDA") decreased by 56.5% to approximately $3.77million.

Revenue

For the fourth quarter of 2022, total revenue decreased by approximately $23.7 million, or 52.6%, to approximately $21.4 million from approximately $45.0 million for the same period of last year. The decrease in total revenue was mainly due to the decrease in sales volume of CMP, offset printing paper and tissue paper products and the decrease in ASP of CMP and offset printing paper.

The following table summarizes revenue, volume and ASP by product for the fourth quarter of 2022 and 2021, respectively:

 For the Three Months Ended December 31,

2021

2022

 Revenue ($'000)

 Volume  (tonne)

 ASP ($/tonne)

 Revenue ($'000)

 Volume  (tonne)

 ASP ($/tonne)

 Regular CMP

32,662

57,410

569

17,281

41,941

412

 Light-Weight CMP

6,996

12,543

558

3,768

9,365

402

 Offset Printing Paper

2,967

3,911

759

-

-

-

 Tissue Paper Products

2,278

2,292

994

253

234

1,083

 Total

44,903

76,156

590

21,302

51,540

413

 Revenue ($'000)

 Volume (thousand pieces)

 ASP ($/thousand pieces)

 Revenue ($'000)

 Volume ($/thousandpieces)

 ASP ($/thousand pieces)

 Face Masks

146

3,014

49

57

1,330

43

Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by $18.6 million, or 46.9%, to approximately $21.1 million and accounted for 98.5 % of total revenue for the fourth quarter of 2022, compared to approximately $39.7 million, or 88.0% of total revenue, for the same period of last year. The Company sold 51,306 tonnes of CMP at an ASP of $410/tonne in the fourth quarter of 2022, compared to 69,953 tonnes at an ASP of $567/tonne in the same period of last year.

Of the total CMP sales, revenue from regular CMP decreased by approximately $15.4 million, or 47.1%, to approximately $17.3 million, resulting from sales of 41,941 tonnes at an ASP of $412/tonne, during the fourth quarter of 2022, compared to revenue of approximately$32.7  million, resulting from sales of 57,410 tonnes at an ASP of $569/tonne, for the same period of last year. Revenue from light-weight CMP decreased by approximately $3.2 million, or 46.1%, to approximately $3.8 million, resulting from sales of 9,365 tonnes at an ASP of $402/tonne for the fourth quarter of 2022, compared to revenue of approximately $7.0 million, resulting from sales of 12,543 tonnes at an ASP of $558/tonne for the same period of last year.

Revenue from offset printing paper was $nil for the three months ended December 31, 2022, due to COVID-19, offset printing paper was suspended in 2022.  Revenue from offset printing paper was  approximately $3.0 million for the fourth quarter of 2021, with 3,911 tonnes sold at an ASP of $759/tonne.

Revenue from tissue paper products decreased by $2.0 million, or 88.9%, to approximately $0.3 million, resulting from sales of 234 tonnes at an ASP of $1,083/tonne, for the fourth quarter of 2022, compared to revenue of approximately$2.3million, resulting from sales of 2,292 tonnes at an ASP of $994/tonne for the same period of last year.

Revenue from face masks decreased by $89,508, or 61.2%, to approximately $56,774 for the fourth quarter ended December 31, 2022, from $146,282 for the same period of 2021. The Company sold 1,330 thousand pieces of face masks for the fourth quarter ended December 31, 2022, compared to 3,014 thousand pieces of face masks for the same period of 2021.

Gross Profit and Gross Margin

Total cost of sales decreased by $20.3 million, or 49.9%, to approximately $20.4 million for the fourth quarter of 2022 from approximately $40.7 million for the same period of last year. For paper products, overall cost of sales per tonne was $394 for the fourth quarter of 2022, compared to $533 for the same period of last year. The decrease in overall cost of sales was mainly due to the decrease in sales volume of CMP and offset printing paper and decrease of material costs of CMP in the fourth quarter of 2022.  Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were $378, $361, $nil and $4,494, respectively, for the fourth quarter of 2022, compared to $514, $490, $596, and $1,132, respectively, for the same period of last year.

Total gross profit was approximately $1.0 million for the fourth quarter of 2022, compare to the gross profit of approximately$4.3 million for the same period of last year as a result of factors described above. Overall gross margin was 4.8% for the fourth quarter of 2022, compared to 9.6% for the same period of last year. Gross profit (loss) margins for regular CMP, light-weight CMP, offset printing paper, tissue paper products and face mask products were 8.3%, 10.3%, n/a, -315.2% and 27.5%, respectively, for the fourth quarter of 2022, compared to 9.6%, 12.2%, 21.5%, -13.9% and 25.2%, respectively, for the same period of last year.

Selling, General and Administrative Expenses

Selling, general and administrative expenses ("SG&A") decreased by $0.9million, or 36.4%, to approximately $1.5 million for the fourth quarter of 2022 from approximately$2.4 million for the same period of last year.

Income (Loss) from Operations

Loss from operations was approximately $0.5million for the fourth quarter of 2022, a decrease of $2.4 million, or 125.2%, from income from operations of approximately $2.0 million for the same period of last year. Operating loss margin was -2.3% for the fourth quarter of 2022, compared to operating margin of 4.3% for the same period of last year.

Net Income (Loss)

Net loss was approximately $11.9 million, or $1.19 loss per basic and diluted share for the fourth quarter of 2022, representing a decrease of $16.1 million, or 386.6%, from net income of approximately $4.2 million, or $0.45 earnings per basic and diluted share, for the same period of last year.

EBITDA

EBITDA was approximately $3.8 million for the fourth quarter of 2022, compared to approximately $8.7 million for the same period of last year.

Note 1: Non-GAAP Financial Measures

In addition to our U.S. GAAP results, this press release includes a discussion of EBITDA, a non-GAAP financial measure as defined by the Securities and Exchange Commission ("SEC"). The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company's presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP.

Reconciliation of Net Income to EBITDA

(Amounts expressed in US$)

 For the Three Months Ended December 31,

 ($ millions)

2021

2022

 Net income (loss)

4.16

-11.91

 Add: Income tax

0.60

11.87

  Net interest expense

0.28

0.24

  Depreciation and amortization

3.62

3.57

 EBITDA

8.66

3.77

 

Full Year Ended December 31, 2022 Financial Results

 For the Twelve Months Ended December 31,

 ($ millions)

2021

2022

 % Change

 Revenues

160.88

100.35

-37.62 %

 Regular Corrugating Medium Paper ("CMP")*

111.08

82.30

-25.91 %

 Light-Weight CMP**

23.43

16.43

-29.89 %

 Offset Printing Paper

17.06

0

-100 %

 Tissue Paper Products

8.77

1.36

-84.53 %

  Face Masks

0.54

0.26

-52.1 %

 Gross profit

11.02

4.75

-56.9 %

 Gross profit (loss) margin

6.9 %

4.7 %

-2.2 pp****

 Regular Corrugating Medium Paper ("CMP")*

6.3 %

7.4 %

1.1 pp****

 Light-Weight CMP**

8.7 %

9.4 %

0.7 pp****

 Offset Printing Paper

18.2 %

-

-

 Tissue Paper Products***

-14.3 %

-216.3 %

-202.1 pp****

 Face Masks

19.2 %

26.1 %

6.9 pp****

 Operating income (loss)

1.46

-5.30

-463.5 %

 Net income

0.91

-16.57

-1930.0 %

 EBITDA

22.94

10.96

-52.2 %

 Basic and Diluted earnings (loss) per share

0.10

-1.66

-1,760.0 %

 * Products from PM6

 ** Products from PM1

 *** Products from PM8 and PM9

 **** pp represents percentage points

Revenue

For the year ended December 31, 2022, total revenue decreased by $60.5 million, or 37.6%, to approximately $100.4 million from approximately$160.9 million for 2021. The decrease in total revenue was mainly due to the decrease in sales volume of CMP, offset printing paper and tissue paper and the decrease in ASP of CMP.

The following table summarizes revenue, volume and ASP by product for the years ended December 31, 2021 and 2022, respectively:

 For the Twelve Months Ended December 31,

2021

2022

 Revenue($'000)

 Volume  (tonne)

 ASP($/tonne)

 Revenue($'000)

 Volume  (tonne)

 ASP ($/tonne)

 Regular CMP

111,079

213,490

520

82,297

180,977

455

 Light-Weight CMP

23,432

46,201

507

16,428

37,354

440

 Offset Printing Paper

17,063

24,513

696

-

-

-

 Tissue Paper Products

8,770

8,255

1,062

1,356

1,273

1,065

 Total

160,344

292,459

548

100,082

219,604

456

 Revenue($'000)

 Volume (thousand pieces)

 ASP ($/thousand pieces)

 Revenue ($'000)

 Volume ($/thousand pieces)

 ASP ($/thousand pieces)

 Face Masks

538

12,664

42

258

5,625

46

Revenue from CMP, including both regular CMP and light-Weight CMP decreased by $35.8 million, or 26.6%, to approximately $98.7 million, and accounted for 98.4% of total revenue for the year ended December 31, 2022, compared to approximately$134.5 million, or 83.6% of total revenue for 2021. The Company sold 218,331tonnes of CMP at an ASP of $452/tonne in the year ended December 31, 2022, compared to 259,691tonnes at an ASP of $518/tonne in 2021.

Of the total CMP sales, revenue from regular CMP decreased by $28.8 million, or 25.9%, to approximately $82.3 million, resulting from sales of 180,977 tonnes at an ASP of $455/tonne during the year ended December 31, 2022, compared to revenue of approximately$111.1 million, resulting from sales of 213,490 tonnes at an ASP of $520/tonne for 2021. Revenue from light-weight CMP decreased by $7.0 million, or 29.9%, to approximately$16.4 million, resulting from sales of 37,354 tonnes at an ASP of $440/tonne for the year ended December 31, 2022, compared to revenue of approximately$23.4million, resulting from sales of 46,201tonnes at an ASP of $507/tonne for 2021.

Revenue from offset printing paper was $nil for the year ended December 31, 2022 compared to the revenue of $17.1 for the year ended December 31, 2021. Due to COVID-19, our paper production was restricted and production of offset printing paper was suspended in 2022.

Revenue from tissue paper products decreased by $7.4 million, or 84.5%, to approximately $1.4 million, resulting from sales of 1,273 tonnes at an ASP of $1,065/tonne, for the year ended December 31, 2022, compared to revenue of approximately $8.8 million, resulting from sales of 8,255 tonnes at an ASP of $1,062/tonne for 2021.

Revenue from face masks decreased by $0.3 million, or 52.1%, to approximately $0.3 million for the year ended December 31, 2022, from approximately $0.5 million for 2021. The Company sold 5,625 thousand pieces of face masks for the year ended December 31, 2022, compared to 12,664 thousand pieces of face masks for 2021.

Gross Profit and Gross Margin

Total cost of sales decreased by $54.2 million, or 36.1%, to approximately $95.6 million for the year ended December 31, 2022 from approximately $149.9 million for 2021. The decrease in overall cost of sales was mainly due to the decreased sales volume of CMP and offset printing paper and decreased material costs of CMP in the year ended December 31, 2022.  Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, tissue paper products were, $421, $398, $nil, and $3,370, respectively, for the year ended December 31, 2022 compared to $487, $463, $570, and $1,214, respectively, for 2021.

Total gross profit decreased by $6.3 million, or 56.9%, to approximately $4.8 million for the year ended December 31, 2022 from approximately $11.0 million for 2021. Overall gross margin decreased by 2.2 percentage points to 4.7% for the year ended December 31, 2022 from 6.9% for 2021. Gross margins for regular CMP, light-weight CMP, offset printing paper, tissue paper products and face mask products were 7.4%, 9.4%, nil, -216.3% and 26.1%, respectively, for the year ended December 31, 2022, compared to 6.3%, 8.7%, 18.2%, 14.3% and 19.2%, respectively, for 2021.

Selling, General and Administrative Expenses

SG&A expenses increased by $0.5 million, or 5.24%, to approximately $10.1 million for the year ended December 31, 2022 from approximately $9.6 million for 2021. As a percentage of total revenue, SG&A expenses was 10.0% for the year ended December 31, 2022, compared to 5.9% for 2021.

Income (Loss) from Operations

Loss from operations decreased by $6.8 million, or 463.5% to approximately $5.3 million for the year ended December 31, 2022 from income from operations of approximately $1.5 million for 2021. Operating loss margin was -5.3% for the year ended December 31, 2022, compared to operating margin of 0.9% for 2021.

Net Income (Loss)

Net loss decreased by $17.5 million, or 1930.0%, to approximately $16.6 million, or losses per basic and diluted share of $1.66, for the year ended December 31, 2022, compared to net income of approximately $0.9 million, or  earnings per basic and diluted share of $0.10 for 2021.

EBITDA

EBITDA decreased by $12.0 million, or 52.2%, to approximately $11.0 million for the year ended December 31, 2022 from approximately $22.9 million for 2021.

Note 1: Non-GAAP Financial Measures

In addition to our U.S. GAAP results, this press release includes a discussion of EBITDA, a non-GAAP financial measure as defined by the Securities and Exchange Commission ("SEC"). The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company's presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP.

Reconciliation of Net Income to EBITDA

(Amounts expressed in US$)

 For the Twelve Months Ended December 31,

 ($ millions)

2021

2022

 Net income (loss)

0.91

-16.57

 Add: Income tax

5.55

11.71

  Net interest expense

1.12

1.03

  Depreciation and amortization

15.36

14.79

 EBITDA

22.94

10.96

Cash, Liquidity and Financial Position

As of December 31, 2022, the Company had cash and bank balances, short-term debt (including bank loans, current portion of long-term loans from credit union and related party loans), and long-term debt (including loan from credit union) of approximately $9.5 million, $11.2 million and $4.2 million, respectively, compared to approximately $11.2 million, $13.5 million and $3.0 million, respectively, at the end of 2021.

Net accounts receivable was approximately $0.9 million as of December 31, 2022, compared to approximately $4.9 million as of December 31, 2021. Net inventory was approximately $2.9 million as of December 31, 2022, compared to approximately $5.8 million at the end of 2021. As of December 31, 2022, the Company had current assets of approximately $47.2 million and current liabilities of approximately $17.6 million, resulting in a working capital of approximately $29.6 million. This was compared to current assets of approximately $55.5 million and current liabilities of approximately $20.4 million, resulting in a working capital of approximately $35.1 million at the end of 2021.

Net Cash provided by operating activities was approximately $10.7 million for the year ended December 31, 2022, compared to net cash used in operating activities of approximately $2.4 million for 2021. Net cash used in investing activities was approximately $10.9 million for the year ended December 31, 2022, compared to approximately $25.1 million for 2021. Net cash used in financing activities was approximately $0.9 million for the year ended December 31, 2022, compared to net cash provided by financing activities of approximately $34.2 million for 2021.

About IT Tech Packaging, Inc.

Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products and single-use face masks in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products), ITP produces and distributes three categories of paper products: corrugating medium paper, offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China's Hebei Province, ITP is located strategically close to the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE American since December 2009. For more information, please visit: https://www.itpackaging.cn/.

Safe Harbor Statements

This press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's latest annual report on Form 10-K. All information provided in this press release speaks as of the date hereof. Except as otherwise required by law, the Company undertakes no obligation to update or revise its forward-looking statements.

 

IT TECH PACKAGING, INC.

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2022 AND 2021

December 31,

December 31,

2022

2021

ASSETS

Current Assets

Cash and bank balances

$

9,524,868

$

11,201,612

Accounts receivable (net of allowance for doubtful accounts of $881,878 and $69,053 as of December 31, 2022 and December 31, 2021, respectively)

-

4,868,934

Inventories

2,872,622

5,844,895

Prepayments and other current assets

27,207,127

25,796,640

Due from related parties

7,561,858

7,804,068

Total current assets

47,166,475

55,516,149

Prepayment on property, plant and equipment

1,031,502

43,446,210

Operating lease right-of-use assets, net

672,722

-

Finance lease right-of-use assets, net

1,939,970

2,286,459

Property, plant, and equipment, net

151,569,898

126,587,428

Value-added tax recoverable

2,066,666

2,430,277

Deferred tax asset non-current

-

11,268,679

Total Assets

$

204,447,233

$

241,535,202

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities

Short-term bank loans

$

5,598,311

$

5,958,561

Current portion of long-term loans

4,835,884

6,838,465

Lease liability

224,497

210,161

Accounts payable

5,025

10,255

Advance from customers

-

39,694

Due to related parties

727,462

727,433

Accrued payroll and employee benefits

165,986

291,206

Other payables and accrued liabilities

5,665,558

5,250,539

Income taxes payable

417,906

1,108,038

Total current liabilities

17,640,629

20,434,352

Long-term loans

4,204,118

2,980,065

Deferred gain on sale-leaseback

52,314

155,110

Lease liability - non-current

579,997

152,233

Derivative liability

646,283

2,063,534

Total liabilities (including amounts of the consolidated VIE without recourse to the Company of$16,784,878 and $17,924,475 as of December 31, 2022 and 2021, respectively)

23,123,341

25,785,294

Commitments and Contingencies

Stockholders' Equity

Common stock, 50,000,000 shares authorized, $0.001 par value per share, 10,065,920 and 9,915,920 shares issued and outstanding as of December 31, 2022 and December, 31, 2021, respectively.

10,066

9,916

Additional paid-in capital

89,172,771

89,016,921

Statutory earnings reserve

6,080,574

6,080,574

Accumulated other comprehensive (loss) income

(7,514,540)

10,496,168

Retained earnings

93,575,021

110,146,329

Total stockholders' equity

181,323,892

215,749,908

Total Liabilities and Stockholders' Equity

$

204,447,233

$

241,535,202

 

IT TECH PACKAGING, INC.

CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021

Year Ended

December 31,

2022

2021

Revenues

$

100,352,434

$

160,881,720

Cost of sales

(95,598,238)

(149,864,161)

Gross Profit

4,754,196

11,017,559

Selling, general and administrative expenses

(10,058,723)

(9,558,190)

(Loss) Income from Operations

(5,304,527)

1,459,369

Other Income (Expense):

Interest income

24,264

38,766

Subsidy income

-

198,530

Interest expense

(1,027,951)

(1,124,702)

Gain on acquisition

30,994

-

Gain (Loss) on derivative liability

1,417,251

5,880,526

(Loss) Income before Income Taxes

(4,859,969)

6,452,489

Provision for Income Taxes

(11,711,339)

(5,546,954)

Net (Loss) Income

(16,571,308)

905,535

Other Comprehensive (Loss) Income

Foreign currency translation adjustment

(18,010,708)

4,755,448

Total Comprehensive (Loss) Income

$

(34,582,016)

$

5,660,983

(Losses) Earnings Per Share:

Basic and Diluted (Losses) Earnings per Share

$

(1.66)

$

0.1

0

Outstanding – Basic and Diluted

9,972,788

9,133,440

 

IT TECH PACKAGING, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021

Year Ended

December 31,

2022

2021

Cash Flows from Operating Activities:

Net income

$

(16,571,308)

$

905,535

Adjustments to reconcile net income to net cash provided by operatingactivities:

Depreciation and amortization

14,788,036

15,358,452

(Gain) Loss on derivative liability

(1,417,251)

(5,880,526)

Gain on acquisition

(30,992)

-

(Recovery from) for bad debts

843,779

33,480

Share-based compensation and expenses

156,000

-

Deferred tax

10,261,104

2,730,050

Changes in operating assets and liabilities:

Accounts receivable

3,750,196

(2,430,495)

Prepayments and other current assets

(3,976,010)

(8,350,716)

Inventories

2,554,072

(4,531,263)

Accounts payable

(4,496)

(589,371)

Advance from customers

(37,452)

(44,366)

Related parties

444,291

(785,097)

Accrued payroll and employee benefits

(103,683)

60,334

Other payables and accrued liabilities

677,840

254,966

Income taxes payable

(614,738)

832,946

Net Cash (Used in) Provided by Operating Activities

10,719,388

(2,436,071)

Cash Flows from Investing Activities:

Purchases of property, plant and equipment

(4,534,092)

(25,071,372)

Proceeds from sale of property, plant and equipment

-

-

Acquisition of land

(6,364,439)

-

Net Cash Used in Investing Activities

(10,898,531)

(25,071,372)

Cash Flows from Financing Activities:

Proceeds from issuance of shares and warrants, net

-

41,837,553

Proceeds from short term bank loans

6,214,020

5,892,298

Proceeds from long term loans

59,195

-

Repayment of bank loans

(6,071,952)

(6,512,703)

Payment of capital lease obligation

(206,114)

(185,050)

Loan to a related party (net)

(874,745)

(6,838,274)

Net Cash Provided by (Used in) Financing Activities

(879,596)

34,193,824

Effect of Exchange Rate Changes on Cash and Cash Equivalents

(618,005)

372,794

Net (Decrease) Increase in Cash and Cash Equivalents

(1,676,744)

7,059,175

Cash, Cash Equivalents - Beginning of Year

11,201,612

4,142,437

Cash, Cash Equivalents - End of Year

$

9,524,868

$

11,201,612

Supplemental Disclosure of Cash Flow Information:

Cash paid for interest, net of capitalized interest cost

$

320,568

$

577,194

Cash paid for income taxes

$

2,049,911

$

1,970,984

 

Read more https://www.prnasia.com/story/archive/4045351_CN45351_0

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