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Condensed Financial Information of the Parent Company
 12 Months Ended
Dec. 31, 2024
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 $82,691,643 and $82,641,643 as of December 31, 2024, and 2023.

 

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

 

   December 31,   December 31, 
   2024   2023 
ASSETS        
         
Current Assets        
Cash and cash equivalents  $1,694   $678,347 
Prepayments and other current assets   -    - 
           
Total current assets   1,694    678,347 
           
Investment in subsidiaries   160,751,140    172,382,428 
           
Total Assets  $160,752,834   $173,060,775 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
Current Liabilities          
Inter-company payable  $4,726,897   $4,026,904 
Due to related parties   
-
    727,433 
Income tax payable   -    - 
           
Total current liabilities   4,726,897    4,754,337 
           
Derivative liability   5,651    54 
           
Total liabilities  $4,732,548   $4,754,391 
           
Total stockholders’ equity   156,020,286    168,306,384 
           
Total Liabilities and Stockholders’ Equity  $160,752,834   $173,060,775 

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

 

   Year Ended December 31, 
   2024   2023 
         
Revenue   
-
    
-
 
Selling, general and administrative expenses  $562,421   $708,638 
Loss from Operations   (562,421)   (708,638)
Equity in earnings of unconsolidated subsidiaries   (9,238,283)   (9,883,626)
Loss on derivative liability   (5,597)   646,229 
Other Income (Expense)   -      - 
Income before Income Taxes   (9,806,301)   (9,946,035)
Provision for Income Taxes   (36,793)      - 
Net Income  $(9,843,094)  $(9,946,035)
Other comprehensive income /(loss)   (2,443,452)   (3,040,994)
Total Comprehensive Income (loss)  $(12,286,546)  $(12,987,029)

 

   Year Ended December 31, 
   2024   2023 
Net Cash Used in Operating Activities  $(591,173)  $(708,641)
           
Net Cash Used in Investing Activities   (50,000)   (500,000)
           
Net Cash Provided by Financing Activities   (35,480)   (43,253)
           
Net Increase (Decrease) in Cash and Cash Equivalents   (676,653)   (1,251,894)
           
Cash and Cash Equivalents - Beginning of Year   678,347    1,930,241 
           
Cash and Cash Equivalents - End of Year  $1,694   $678,347 

 

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.