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Condensed Financial Information of the Parent Company
 12 Months Ended
Dec. 31, 2015
Condensed Financial Information of the Parent Company [Abstract]  
Condensed Financial Information of the Parent Company

(25) Condensed Financial Information of the Parent Company

 

The condensed financial statements of Orient Paper Inc. (“ONP”, 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 $49,612,606 and $52,649,848 as of December 31, 2015 and 2014, respectively.

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

 

CONDENSED BALANCE SHEETS

 

  December 31,  December 31, 
  2015  2014 
ASSETS      
       
Current Assets      
Cash and cash equivalents $8,840  $26,179 
Prepayments and other current assets  -   62,500 
   　   　 
Total current assets  8,840   88,679 
   　   　 
Investment in subsidiaries  178,423,608   176,732,554 
   　   　 
Total Assets $178,432,448  $176,821,233 
   　   　 
LIABILITIES AND STOCKHOLDERS' EQUITY  　   　 
   　   　 
Current Liabilities  　   　 
Inter-company payable $2,623,023  $1,875,867 
Accrued payroll and employee benefit  -　   -　 
Accrued liabilities  　-   　- 
Insurance premium payable  　-   　- 
   　   　 
Total current liabilities  2,623,023   1,875,867 
   　   　 
Total liabilities  2,623,023   1,875,867 
   　   　 
Total stockholders' equity  175,809,425   174,945,366 
   　   　 
Total Liabilities and Stockholders' Equity $178,432,448  $176,821,233 

 

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

 

  Year Ended 
  December 31, 
  2015  2014  2013 
          
Operating expenses         
Selling, general and administrative expenses $826,995  $1,492,940  $2,227,711 
Loss from Operations  (826,995)  (1,492,940)  (2,227,711)
Equity in earnings of unconsolidated subsidiaries  12,369,200   13,199,300   15,242,276 
Other Income (Expense)  -　   -　   83 
Income before Income Taxes  11,542,205   11,706,360   13,014,648 
Provision for Income Taxes  　-   　-   - 
Net Income $11,542,205  $11,706,360  $13,014,648 
Other comprehensive income /(loss)  (10,678,146)  (125,143)  4,818,869 
Total Comprehensive Income $864,059  $11,581,217  $17,833,517 

 


CONDENSED STATEMENTS OF CASH FLOWS

 

  Year Ended 
  December 31, 
  2015  2014  2013 
Net Cash (Used in) Provided by Operating Activities $(764,495) $(1,658,426) $365,720 
             
Net Cash Used in Investing Activities  -   -   - 
             
Net Cash Provided by (Used in) Financing Activities  747,156   1,642,013   (323,032)
             
Net (Decrease) Increase in Cash and Cash Equivalents  (17,339)  (16,413)  42,688 
             
Cash and Cash Equivalents - Beginning of Period  26,179   42,592   (96)
             
Cash and Cash Equivalents - End of Period $8,840  $26,179  $(42,592)

 

BASIS OF PRESENTATION

 

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.