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Condensed Financial Information of the Parent Company
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of the Parent Company

(25) 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, 2020, and 2019.


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


   December 31,   December 31, 
   2020   2019 
ASSETS        
         
Current Assets        
Cash and cash equivalents  $16,172   $71,991 
           
Total current assets   16,172    71,991 
           
Investment in subsidiaries   181,194,669    170,426,900 
           
Total Assets  $181,210,840   $170,498,891 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
Current Liabilities          
Inter-company payable  $4,287,974   $4,020,394 
Due to related parties   727,433    483,433 
           
Total current liabilities   5,015,407    4,503,827 
           
Derivative liability   1,115,260    - 
           
Total liabilities  $6,130,667   $4,503,827 
           
Total stockholders' equity   175,080,173    165,995,064 
           
Total Liabilities and Stockholders' Equity  $181,210,840   $170,498,891 

   Year Ended 
   December 31, 
   2020   2019 
         
Revenue   -    - 
Selling, general and administrative expenses  $2,082,743   $464,108 
Loss from Operations   (2,082,743)   (464,108)
Equity in earnings of unconsolidated subsidiaries   (3,030,487)   2,700,039 
Loss on derivative liability   (426,055)   - 
Income before Income Taxes   (5,539,285)   2,235,931 
Provision for Income Taxes   (14,717)   (14,747)
Net Income  $(5,554,002)  $2,221,184 
Other comprehensive income /(loss)   11,798,259    (2,793,585)
Total Comprehensive Income (loss)  $6,244,257   $(572,401)

   Year Ended 
   December 31, 
   2020   2019 
Net Cash (Used in) Provided by Operating Activities  $(846,820)  $6,730 
           
Net Cash Used in Investing Activities   (2,000,000)   - 
           
Net Cash Provided by Financing Activities   2,791,000    513,173 
           
Net Increase (Decrease) in Cash and Cash Equivalents   (55,820)   69,268 
           
Cash and Cash Equivalents - Beginning of Year   71,991    2,723 
           
Cash and Cash Equivalents - End of Year  $16,172   $71,991 

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.