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Condensed Financial Information of the Parent Company | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information of the Parent Company [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 $86,641,643 and $86,141,643 as of December 31, 2023, and 2022. The following represents condensed unconsolidated financial information of the parent company only:
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
ASSETS |  |  |  |  |  |
Current Assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 678,347 |  |  | $ | 1,930,241 |
Prepayments and other current assets |  |  | - |  |  |  | - |
Total current assets |  |  | 678,347 |  |  |  | 1,930,241 |
Investment in subsidiaries |  |  | 172,382,428 |  |  |  | 184,806,532 |
Total Assets |  | $ | 173,060,775 |  |  | $ | 186,736,773 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |
Inter-company payable |  | $ | 4,026,904 |  |  | $ | 4,070,160 |
Due to related parties |  |  | 727,433 |  |  |  | 727,433 |
Accrued payroll and employee benefit |  |  | - |  |  |  | - |
Accrued liabilities |  |  | - |  |  |  | - |
Income tax payable |  |  | - |  |  |  | - |
Total current liabilities |  |  | 4,754,337 |  |  |  | 4,797,593 |
Derivative liability |  |  | 54 |  |  |  | 646,283 |
Total liabilities |  | $ | 4,754,391 |  |  | $ | 5,443,876 |
Total stockholders’ equity |  |  | 168,306,384 |  |  |  | 181,292,897 |
Total Liabilities and Stockholders’ Equity |  | $ | 173,060,775 |  |  | $ | 186,736,773 |
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
|  | Year Ended |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Revenue |  | - |  |  | - |
Selling, general and administrative expenses |  | $ | 708,638 |  |  | $ | 515,294 |
Loss from Operations |  |  | (708,638 | ) |  |  | (515,294 | )
Equity in earnings of unconsolidated subsidiaries |  |  | (9,883,626 | ) |  |  | (17,489,197 | )
Loss on derivative liability |  |  | 646,229 |  |  |  | 1,417,251 |
Other Income (Expense) |  |  | - |  |  |  | - |
Income before Income Taxes |  |  | (9,946,035 | ) |  |  | (16,587,240 | )
Provision for Income Taxes |  |  | - |  |  |  | (15,062 | )
Net Income |  | $ | (9,946,035 | ) |  | $ | (16,602,302 | )
Other comprehensive income /(loss) |  |  | (3,040,994 | ) |  |  | (18,010,708 | )
Total Comprehensive Income (loss) |  | $ | (12,987,029 | ) |  | $ | (34,613,010 | )
|  | Year Ended |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Net Cash Used in Operating Activities |  | $ | (708,641 | ) |  | $ | (374,357 | )
Net Cash Used in Investing Activities |  |  | (500,000 | ) |  |  | (6,502,000 | )
Net Cash Provided by Financing Activities |  |  | (43,253 | ) |  |  | (329,399 | )
Net Increase (Decrease) in Cash and Cash Equivalents |  |  | (1,251,894 | ) |  |  | (7,205,755 | )
Cash and Cash Equivalents - Beginning of Year |  |  | 1,930,241 |  |  |  | 9,135,996 |
Cash and Cash Equivalents - End of Year |  | $ | 678,347 |  |  | $ | 1,930,241 |
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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- 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://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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