BAODING, China, May 9, 2019 /PRNewswire/ -- IT Tech
Packaging, Inc. (NYSE MKT: ITP) ("IT Tech Packaging" or the
"Company"), a leading manufacturer and distributor of diversified
paper products in North China,
announced today its unaudited financial results for the three
months ended March 31, 2019.
|
|
For the
Three Months Ended March 31,
|
($
millions)
|
|
2019
|
|
2018
|
|
%
Change
|
Revenues
|
|
17.45
|
|
1.89
|
|
824.2%
|
Regular
Corrugating Medium Paper ("CMP")*
|
|
12.22
|
|
0.91
|
|
1246.8%
|
Light-Weight
CMP**
|
|
3.37
|
|
0.65
|
|
416.2%
|
Offset Printing
Paper
|
|
0.00
|
|
0.33
|
|
-100.0%
|
Tissue Paper
Products
|
|
1.86
|
|
0.00
|
|
NM
|
|
|
|
|
|
|
|
Gross
loss
|
|
-0.19
|
|
-0.70
|
|
-72.3%
|
Gross profit
(loss) margin
|
|
-1.1%
|
|
-36.8%
|
|
35.7 pp
|
Regular
Corrugating Medium Paper ("CMP")*
|
|
-0.4%
|
|
-20.2%
|
|
19.9 pp
|
Light-Weight
CMP**
|
|
-5.3%
|
|
-59.5%
|
|
54.1 pp
|
Offset Printing
Paper
|
|
NM
|
|
-37.7%
|
|
NM
|
Tissue Paper
Products
|
|
1.8%
|
|
NM
|
|
NM
|
|
|
|
|
|
|
|
Operating
loss
|
|
-3.17
|
|
-4.52
|
|
29.8%
|
Net
loss
|
|
-2.72
|
|
-4.09
|
|
33.4%
|
EBITDA
|
|
0.81
|
|
-0.49
|
|
NM
|
Basic and
Diluted earnings (loss) per share
|
|
-0.12
|
|
-0.19
|
|
36.8%
|
|
|
|
|
|
|
|
* Products
from PM6
|
|
|
|
|
|
|
** Products
from PM1
|
|
|
|
|
|
|
*** pp
represents percentage points
|
|
|
|
|
|
|
Revenue for the first quarter of 2019 increased by 824.2% to
$17.45 million, primarily due to the
increase in sales volume of corrugating medium paper ("CMP") and
tissue paper products, partially offset by the decrease in average
selling price ("ASP") of CMP. Gross loss for the first
quarter of 2019 was $0.19 million,
compared to $0.70 million for the
same period of last year. Gross loss margin was 1.1% for the first
quarter of 2019, compared to 36.8% for the same period of last
year. Net loss was $2.72 million, or
loss per share of $0.12, compared to
net loss of $4.09 million, or loss
per share of $0.19, for the same
period of last year. Earnings before interest, taxes, depreciation
and amortization ("EBITDA") was positive $0.81 million for the first quarter of 2019,
compared to negative $0.49 million
for the same period of last year.
Mr. Zhenyong Liu, Chairman and
Chief Executive Officer of the Company, commented, "Our financial
results of the first quarter 2019 showed significant improvement
versus the same period last year mainly as government-mandated
restrictions on natural gas supply caused production suspension
from late January to mid-March of last year. However, on a
sequentially basis, our first quarter 2019 revenue of $17.45 million decreased from the levels of the
prior three quarters, highlighting the seasonal effect of the
Chinese New Year as well as the continued challenges facing our CMP
business. Sales of tissue paper products were the bright spot in
the first quarter of 2019, contributing $1.86 million in revenue, or 10.7% of total
revenue, thanks to the newly launched tissue paper production line
at PM8. With the offset printing paper resuming production in
April 2019, the Company has all the
production lines in operation. As such, we expect to improve the
overall performance in the coming quarters. For the remainder of
the year, we expect no big swings in both market demand and ASP for
our products."
First Quarter 2019 Financial Results
Revenue
For the first quarter of 2019, total revenue increased by
$15.56 million, or 824.2%, to
$17.45 million from $1.89 million for the same period of last year.
The increase in total revenue was mainly due to the increase in
both sales volume of CMP and tissue paper products, partially
offset by the decrease in ASP of CMP. The following table
summarizes revenue, volume and ASP by product for the first quarter
of 2019 and 2018, respectively:
|
For the
Three Months Ended March 31,
|
|
2019
|
|
2018
|
|
Revenue
($'000)
|
|
Volume
(tonne)
|
|
ASP
($/tonne)
|
|
Revenue
($'000)
|
|
Volume
(tonne)
|
|
ASP
($/tonne)
|
Regular
CMP
|
12,225
|
|
26,293
|
|
465
|
|
908
|
|
1,672
|
|
543
|
Light-Weight
CMP
|
3,365
|
|
7,425
|
|
453
|
|
652
|
|
1,251
|
|
521
|
Offset Printing
Paper
|
-
|
|
-
|
|
-
|
|
329
|
|
379
|
|
867
|
Tissue Paper
Products
|
1,860
|
|
1,603
|
|
1,160
|
|
-
|
|
-
|
|
-
|
Total
|
17,450
|
|
35,321
|
|
494
|
|
1,888
|
|
3,302
|
|
572
|
Revenue from CMP, including both regular CMP and Light-Weight
CMP, increased by $14.03 million, or
899.6%, to $15.59 million and
accounted for 89.3% of total revenue for the first quarter of 2019,
compared to $1.56 million, or 82.6%
of total revenue, for the same period of last year. The Company
sold 33,718 tonnes of CMP at an ASP of $462/tonne in the first quarter of 2019, compared
to 2,923 tonnes at an ASP of $534/tonne in the same period of last year.
Of the total CMP sales, revenue from regular CMP increased by
$11.32 million, or 1,246.8%, to
$12.22 million, resulting from sales
of 26,293 tonnes at an ASP of $465/tonne, during the first quarter of 2019,
compared to revenue of $0.91 million,
resulting from sales of 1,672 tonnes at an ASP of $543/tonne, for the same period of last year.
Revenue from light-weight CMP increased by $2.71 million, or 416.2%, to $3.37 million, resulting from sales of 7,425
tonnes at an ASP of $453/tonne for
the first quarter of 2019, compared to revenue of $0.65 million, resulting from sales of 1,251
tonnes at an ASP of $521/tonne for
the same period of last year.
Production of offset printing paper was suspended from
August 2018 to March 2019 due to equipment maintenance and
restriction on production volume by the government attributable to
environmental concerns. Production of offset printing paper was
resumed in April 2019. As a result,
revenue from offset printing paper was $nil for the first quarter
of 2019, compared to $0.33 million
for the same period of last year. The Company didn't sell any
offset printing paper in the first quarter of 2019, compared to
sale volume of 379 tonnes at an ASP of $867/tonne in the same period of last year.
We process base tissue paper purchased from a long-term supplier
and produce finished tissue paper products, including toilet paper,
boxed and soft-packed tissues, handkerchief tissues and paper
napkins, as well as bathroom and kitchen paper towels that are
marketed and sold under the Dongfang Paper brand. In December 2018, we completed the construction and
installation and test of operation of PM8 and announced the
commercial launch of tissue paper production. Revenue from tissue
paper products was $1.86 million,
resulting from sales of 1,603 tonnes at an ASP of $1,160/tonne, for the first quarter of 2019.
Gross Loss and Gross Loss Margin
Total cost of sales increased by $15.06
million, or 582.9%, to $17.64
million for the first quarter of 2019, from $2.58 million for the same period of last year.
The increase in total cost of sales was mainly due to the increase
in sales volume of CMP and tissue paper products, partially offset
by a decrease in unit material purchase costs. Cost of sales per
tonne was $499 for the first quarter
of 2019, compared to $782 per tonne
for the same period of last year. Costs of sales per tonne for
regular CMP, light-weight CMP, offset printing paper and tissue
paper products were $467,
$477, $nil and $1,140, respectively, for the first quarter of
2019, compared to $653, $831, $1,194 and
$nil per tonne, respectively, for the same period of last year.
Average unit purchase costs of recycled paper board, major
raw material used for our production, was approximately
$242/tonne for the first quarter of
2019, compared to $325/tonne for the
same period of last year.
Total gross loss decreased by $0.50
million, or 72.3%, to $0.19
million for the first quarter of 2019 from $0.70 million for the same period of last year as
a result of factors described above. Overall gross loss margin was
1.1% for the first quarter of 2019, compared to 36.8% for the same
period of last year. Gross profit (loss) margins for regular CMP,
light-weight CMP, offset printing paper and tissue paper products
were -0.4%, -5.4%, nil% and 1.8%, respectively, for the first
quarter of 2019, compared to -20.2%, -59.5%, -37.7% and nil%,
respectively, for the same period of last year.
Selling, General and Administrative Expenses
Selling, general and administrative expenses ("SG&A")
decreased by $0.83 million, or 21.8%,
to $2.98 million for the first
quarter of 2019 from $3.81 million
for the same period of last year. The decrease in SG&A was
mainly due to additional repair and maintenance costs incurred
during the production suspension period in 2018. As a percentage of
total revenue, SG&A was 17.1% for the first quarter of 2019,
compared to 202.0% for the same period of last year.
Loss from Operations
Loss from operations was $3.17
million for the first quarter of 2019, compared to
$4.52 million for the same period of
last year. Operating loss margin was 18.2% for the first quarter of
2019, compared to 239.4% for the same period of last year.
Net Loss and Net Loss per Share
Net loss decreased by $1.36
million, or 33.4%, to $2.72
million for the first quarter of 2019 from $4.09 million for the same period of last
year.
Net loss per basic and diluted share improved by $0.07, or 36.8%, to $0.12 for the first quarter of 2019 from
$0.19 for the same period of last
year.
EBITDA
EBITDA was positive $0.81 million
for the first quarter of 2019, compared to negative $0.49 millionfor the same period of the prior
year.
Note 1: Non-GAAP Financial Measures
In addition to our U.S. GAAP results, this press release
includes a discussion of EBITDA, a non-GAAP financial measure as
defined by the Securities and Exchange Commission ("SEC"). The
Company defines EBITDA as net income before interest, income taxes,
depreciation and amortization. EBITDA is a key measure used by
management to evaluate our results and make strategic decisions.
Management believes this measure is useful to investors because it
is an indicator of operational performance. Because not all
companies use identical calculations, the Company's presentation of
EBITDA may not be comparable to similarly titled measures of other
companies, and should not be viewed as an alternative to measures
of financial performance or changes in cash flows calculated in
accordance with the U.S. GAAP.
|
For the
Three Months Ended March 31,
|
($
millions)
|
2019
|
|
2018
|
Net income
(loss)
|
-2.72
|
|
-4.09
|
Add: Income
tax
|
-0.65
|
|
-0.54
|
Net
interest expense
|
0.26
|
|
0.40
|
Depreciation and amortization
|
3.93
|
|
3.73
|
EBITDA
|
0.81
|
|
-0.49
|
Cash, Liquidity and Financial Position
As of March 31, 2019, 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), notes payable and long-term debt (including related
party loans) of $2.63 million,
$9.22 million, $nil million and
$7.02 million, respectively, compared
to $8.47 million, $14.29 million, $3.64
million and $6.89 million,
respectively, at the end of 2018. Net accounts receivable was
$2.41 million as of March 31, 2019, compared to $2.88 million as of December 31, 2018. Net inventory was $4.16 million as of March
31, 2019, compared to $2.92
million at the end of 2018. As of March 31, 2019, the Company had current assets of
$15.41 million and current
liabilities of $20.41 million,
resulting in a working capital deficit of $5.01 million. This was compared to current
assets of $24.16 million, current
liabilities of $29.63 million and
working capital deficit of $5.48
million at the end of 2018.
Net cash used in operating activities was $3.05 million for the first quarter of 2019,
compared to $4.86 million for the
same period of last year. Net cash used in investing activities was
$1.42 million for the first quarter
of 2019, compared to $0.71 million
for the same period of last year. Net cash used in financing
activities was $5.37 million for the
first quarter of 2019, compared to net cash provided by financing
activities of $0.79 million for the
same period of last year.
Earnings Conference Call
The Company's management will host a conference call to discuss
its first quarter 2019 financial results at 8:00 am US Eastern
Time (5:00 am US Pacific
Time/8:00 pm Beijing
Time) on Friday, May 10, 2019.
To attend the conference call, please dial in using the
information below. When prompted upon dialing-in, please provide
the conference ID or ask for the "IT Tech Packaging First Quarter
2019 Earnings Conference Call."
Date:
|
Friday, May 10,
2019
|
Time:
|
8:00 am ET
|
International Toll
Free:
|
United States:
+1-855-500-8701
Mainland China:
400-120-0654
Hong Kong:
800-906-606
International:
+65-6713-5440
|
Conference
ID:
|
5348189
|
This conference call will be broadcast live on the Internet and
can be accessed by all interested parties at: https://edge.media-server.com/m6/p/erqyht32.
Please access the link at least fifteen minutes prior to the
start of the call to register, download, and install any necessary
audio software.
A playback will be available through 11:00 am ET on May 10,
2019 to 9:59 am ET on
May 18, 2019. To listen, please
dial+1-855-452-5696 if calling from the
United States, or +61-290-034-211 if calling
internationally. Use the passcode 5348189 to access the replay.
About IT Tech Packaging, Inc.
Founded in 1996, IT Tech Packaging, Inc. is a leading
manufacturer and distributor of diversified paper products in
North China. Using recycled paper
as its primary raw material (with the exception of its tissue paper
products), the Company produces and distributes three categories of
paper products: corrugating medium paper, offset printing paper and
tissue paper products. With production based in Baoding, Xingtai
and Wei County in North China's
Hebei Province, the Company 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. The Company
has been listed on the NYSE MKT since December 2009.
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.
For more information, please contact:
Investor Relations:
Tony
Tian,
CFA
Weitian Group LLC
Email: ttian@weitianco.com
Phone: +1-732-910-9692
IT TECH PACKAGING,
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
AS OF MARCH 31,
2019 AND DECEMBER 31, 2018
|
(Unaudited)
|
|
|
March
31,
|
|
December
31,
|
|
2019
|
|
2018
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
Cash and bank
balances
|
$
|
2,625,059
|
|
$
|
8,474,809
|
Restricted
cash
|
|
-
|
|
|
3,642,616
|
Accounts receivable
(net of allowance for doubtful accounts of $49,173 and $58,707
as of March 31, 2019 and December 2018,
respectively)
|
|
2,409,458
|
|
|
2,876,632
|
Inventories
|
|
4,156,848
|
|
|
2,923,516
|
Prepayments and other
current assets
|
|
6,213,819
|
|
|
6,241,299
|
|
|
|
|
|
|
Total current
assets
|
|
15,405,184
|
|
|
24,158,872
|
|
|
|
|
|
|
Property, plant, and
equipment, net
|
|
167,245,378
|
|
|
167,829,716
|
Value-added tax
recoverable
|
|
2,824,809
|
|
|
2,810,331
|
Deferred tax asset
non-current
|
|
9,081,933
|
|
|
8,277,091
|
|
|
|
|
|
|
Total
Assets
|
$
|
194,557,304
|
|
$
|
203,076,010
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
Short-term bank
loans
|
$
|
6,683,003
|
|
$
|
11,802,075
|
Current portion of
long-term loans from credit union
|
|
2,539,541
|
|
|
2,491,549
|
Accounts
payable
|
|
1,647,286
|
|
|
629,054
|
Notes
payable
|
|
0
|
|
|
3,642,616
|
Due to related
parties
|
|
513,423
|
|
|
413,336
|
Accrued payroll and
employee benefits
|
|
305,148
|
|
|
213,536
|
Other payables and
accrued liabilities
|
|
8,723,322
|
|
|
10,222,796
|
Income taxes
payable
|
|
-
|
|
|
219,305
|
|
|
|
|
|
|
Total current
liabilities
|
|
20,411,723
|
|
|
29,634,267
|
|
|
|
|
|
|
Loans from credit
union
|
|
4,796,911
|
|
|
4,706,259
|
Loans from a related
party
|
|
2,227,668
|
|
|
2,185,569
|
|
|
|
|
|
|
Total liabilities
(including amounts of the consolidated VIE without recourse to
the
Company of $24,815,967 and $34,008,908 as
of March 31, 2019 and December 31,
2018, respectively)
|
|
27,436,302
|
|
|
36,526,095
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
Common stock,
500,000,000 shares authorized, $0.001 par value per share, 2
2,022,316 and 21,450,316 shares issued and
outstanding as of March 31, 2019 and
December 31,2018, respectively
|
|
22,360
|
|
|
22,360
|
Additional paid-in
capital
|
|
51,137,319
|
|
|
51,137,319
|
Statutory earnings
reserve
|
|
6,080,574
|
|
|
6,080,574
|
Accumulated other
comprehensive income (loss)
|
|
29,728
|
|
|
(3,263,952)
|
Retained
earnings
|
|
109,851,021
|
|
|
112,573,614
|
|
|
|
|
|
|
Total
stockholders' equity
|
|
167,121,002
|
|
|
166,549,915
|
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
$
|
194,557,304
|
|
$
|
203,076,010
|
IT TECH PACKAGING,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME
|
FOR THE THREE
MONTHS ENDED MARCH 31, 2019 AND 2018
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2019
|
|
2018
|
|
|
|
|
Revenues
|
$
|
17,450,292
|
|
$
|
1,888,194
|
|
|
|
|
|
|
Cost of
sales
|
|
(17,642,758)
|
|
|
(2,583,502)
|
|
|
|
|
|
|
Gross
Loss
|
|
(192,466)
|
|
|
(695,308)
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
(2,981,473)
|
|
|
(3,813,794)
|
Loss from disposal of
property, plant and equipment
|
|
-
|
|
|
(10,376)
|
|
|
|
|
|
|
Loss from
Operations
|
|
(3,173,939)
|
|
|
(4,519,478)
|
|
|
|
|
|
|
Other Income
(Expense):
|
|
|
|
|
|
Interest
income
|
|
58,818
|
|
|
44,763
|
Subsidy
income
|
|
-
|
|
|
253,281
|
Interest
expense
|
|
(255,269)
|
|
|
(403,811)
|
|
|
|
|
|
|
Loss before Income
Taxes
|
|
(3,370,390)
|
|
|
(4,625,245)
|
|
|
|
|
|
|
Provision for
Income Taxes
|
|
647,795
|
|
|
538,969
|
|
|
|
|
|
|
Net
Loss
|
|
(2,722,595)
|
|
|
(4,086,276)
|
|
|
|
|
|
|
Other
Comprehensive Income
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
3,293,680
|
|
|
7,375,558
|
|
|
|
|
|
|
Total
Comprehensive Income
|
$
|
571,085
|
|
$
|
3,289,282
|
|
|
|
|
|
|
Losses Per
Share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
Losses per Share
|
$
|
(0.12)
|
|
$
|
(0.19)
|
|
|
|
|
|
|
Outstanding –
Basic and Diluted
|
|
22,022,316
|
|
|
21,450,316
|
IT TECH PACKAGING,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
FOR THE THREE
MONTHS ENDED MARCH 31, 2019 AND 2018
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2019
|
|
2018
|
|
|
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
Net income
|
$
|
(2,722,595)
|
|
$
|
(4,086,276)
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
3,930,060
|
|
|
3,730,585
|
Loss from disposal
and impairment of property, plant and equipment
|
|
-
|
|
|
10,376
|
Allowance for bad
debts
|
|
(10,704)
|
|
|
(22,297)
|
Share-based
compensation expenses
|
|
-
|
|
|
-
|
Deferred
tax
|
|
(647,795)
|
|
|
(538,969)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
Accounts
receivable
|
|
535,220
|
|
|
1,114,843
|
Prepayments and other
current assets
|
|
187,711
|
|
|
(2,535,170)
|
Inventories
|
|
(1,181,371)
|
|
|
(202,692)
|
Accounts
payable
|
|
1,009,834
|
|
|
(129,770)
|
Advance from
customers
|
|
-
|
|
|
-
|
Notes
payable
|
|
(3,726,504)
|
|
|
(2,374,507)
|
Due to related
parties
|
|
37,265
|
|
|
39,575
|
Accrued payroll and
employee benefits
|
|
87,823
|
|
|
66,867
|
Other payables and
accrued liabilities
|
|
(326,741)
|
|
|
69,841
|
Income taxes
payable
|
|
(224,355)
|
|
|
-
|
Net Cash Used in
Operating Activities
|
|
(3,052,152)
|
|
|
(4,857,594)
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
Purchases of
property, plant and equipment
|
|
(1,415,761)
|
|
|
(707,162)
|
Net Cash Used in
Investing Activities
|
|
(1,415,761)
|
|
|
(707,162)
|
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
Proceeds from related
party loans
|
|
-
|
|
|
4,749,015
|
Repayments of related
party loans
|
|
-
|
|
|
(9,498,029)
|
Proceeds from short
term bank loans
|
|
4,024,625
|
|
|
9,972,931
|
Repayment of bank
loans
|
|
(9,390,791)
|
|
|
(4,432,414)
|
Net Cash (Used in)
Provided by Financing Activities
|
|
(5,366,166)
|
|
|
791,503
|
|
|
|
|
|
|
Effect of Exchange
Rate Changes on Cash and Cash Equivalents
|
|
341,713
|
|
|
471,899
|
|
|
|
|
|
|
Net Decrease in
Cash and Cash Equivalents
|
|
(9,492,366)
|
|
|
(4,301,354)
|
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash - Beginning of
Period
|
|
12,117,425
|
|
|
9,017,427
|
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash - End of Period
|
$
|
2,625,059
|
|
$
|
4,716,073
|
|
|
|
|
|
|
Supplemental
Disclosure of Cash Flow Information:
|
|
|
|
|
|
Cash paid for
interest, net of capitalized interest cost
|
$
|
230,953
|
|
$
|
787,353
|
Cash paid for income
taxes
|
$
|
224,355
|
|
$
|
-
|
|
|
|
|
|
|
Cash and bank
balances
|
|
2,625,059
|
|
|
740,309
|
Restricted
cash
|
|
-
|
|
|
3,975,764
|
Total cash, cash
equivalents and restricted cash shown in the statement of cash
flows
|
|
2,625,059
|
|
|
4,716,073
|
View original
content:http://www.prnewswire.com/news-releases/it-tech-packaging-inc-announces-first-quarter-2019-unaudited-financial-results-300847111.html
SOURCE IT Tech Packaging, Inc.