Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Current Assets
Cash and bank balances	$ 8,072,936	$ 5,916,373
Restricted cash	1,046,771	1,034,203
Accounts receivable (net of allowance for doubtful accounts of $90,225 and $53,111 as of September 30, 2025 and December 31, 2024, respectively)	2,079,190	287,576
Inventories	3,899,571	2,351,876
Prepayments and other current assets	19,650,854	17,951,267
Total current assets	35,764,365	28,461,303
Prepayment on property, plant and equipment	8,444
Operating lease right-of-use assets, net	347,477	421,868
Property, plant, and equipment, net	137,903,414	146,911,883
Value-added tax recoverable	1,674,492	1,751,732
Deferred tax asset non-current
Total Assets	175,698,192	177,546,786
Current Liabilities
Short-term bank loans	5,094,645	4,451,616
Current portion of long-term loans		3,559,902
Lease liability	113,786	245,604
Accounts payable		1
Advance from customers	11,911	11,773
Accrued payroll and employee benefits	369,886	207,508
Other payables and accrued liabilities	12,393,873	11,545,990
Income taxes payable	308,636	80,905
Total current liabilities	18,667,302	20,146,767
Long-term loans	4,727,324	1,112,904
Lease liability - non-current	254,030	231,147
Derivative liability		5,651
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $18,629,300 and $16,976,765 as of September 30, 2025 and December 31, 2024, respectively)	23,648,656	21,496,469
Commitments and Contingencies
Stockholders’ Equity
Common stock $0.001 par value per share; Authorized: 50,000,000 shares; Issued and outstanding: 16,965,420 shares as of September 30, 2025 and 10,065,920 shares as of December 31, 2024, respectively.	16,965	10,066
Additional paid-in capital	90,228,996	89,172,771
Statutory earnings reserve	6,080,574	6,080,574
Accumulated other comprehensive loss	(11,159,033)	(12,998,986)
Retained earnings	66,882,034	73,785,892
Total stockholders’ equity	152,049,536	156,050,317
Total Liabilities and Stockholders’ Equity	175,698,192	177,546,786
Related Party
Current Assets
Due from related parties	1,015,043	920,008
Current Liabilities
Due to related parties	$ 374,565	$ 43,468

IT TECH PACKAGING, INC. 10-Q