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Condensed Financial Information of the Parent Company

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of the Parent Company

(24) Condensed Financial Information of the Parent Company

The condensed financial statements of IT Tech Packaging Inc. (“ITP”, the “parent company”) have been prepared in accordance with accounting principles generally accepted in the United States of America. Under the PRC laws and regulations, the Company’s PRC subsidiaries are restricted in their ability to transfer certain of their net assets to the parent company in the form of dividend payments, loans or advances. The amounts restricted include paid-in capital, capital surplus and statutory reserves, as determined pursuant to PRC generally accepted accounting principles, totaling $45,589,643 as of December 31, 2018 and 2017, respectively.

The following represents condensed unconsolidated financial information of the parent company only:

CONDENSED BALANCE SHEETS

		December 31,				December 31,
		2018				2017
ASSETS
Current Assets
Cash and cash equivalents		$	2,723			$	5,158
Prepayments and other current assets			17,400				-
Total current assets			20,123				5,158
Investment in subsidiaries			170,520,446				188,894,696
Total Assets		$	170,520,446			$	188,899,854
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Inter-company payable		$	3,990,654			$	3,567,962
Accrued payroll and employee benefit			-				-
Accrued liabilities			-				-
Income tax payable			-				6,528
Total current liabilities			3,990,654				3,574,490
Total liabilities		$	3,990,654			$	3,574,490
Total stockholders’ equity			166,529,792				185,325,364
Total Liabilities and Stockholders’ Equity		$	170,520,446			$	188,899,854

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

		Year Ended
		December 31,
		2018				2017
Revenue			-				-
Selling, general and administrative expenses		$	895,995			$	402,579
Loss from Operations			(895,995	)			(402,579	)
Equity in (loss)/earnings of unconsolidated subsidiaries			(9,641,498	)			2,068,895
Other Income (Expense)			-				-
(Loss)/Income before Income Taxes			(10,537,493	)			1,666,316
Provision for Income Taxes			(8,189	)			(6,528	)
Net Income		$	(10,545,682	)		$	1,659,788
Other comprehensive income /(loss)			(9,974,338	)			10,910,190
Total Comprehensive Income (loss)		$	(19,298,598	)		$	12,569,978

CONDENSED STATEMENTS OF CASH FLOWS

		Year Ended
		December 31,
		2018				2017
Net Cash (Used in) Provided by Operating Activities		$	(425,127	)		$	(402,579	)
Net Cash Used in Investing Activities			-				-
Net Cash Provided by Financing Activities			422,692				406,280
Net Increase (Decrease) in Cash and Cash Equivalents			(2,435	)			3,701
Cash and Cash Equivalents - Beginning of Year			5,158				1,457
Cash and Cash Equivalents - End of Year		$	2,723			$	5,158

BASIS OF PRESENTATION

The condensed financial information has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company has used equity method to account for its investments in the subsidiaries.

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- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884

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