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Condensed Financial Information of the Parent Company
 12 Months Ended
Dec. 31, 2016
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 $46,441,462 and $49,612,606 as of December 31, 2016 and 2015, respectively.

 

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

 

CONDENSED BALANCE SHEETS

 

  December 31,  December 31, 
  2016  2015 
ASSETS      
       
Current Assets      
Cash and cash equivalents $1,457  $8,840 
Prepayments and other current assets  -   - 
         
Total current assets  1,457   8,840 
         
Investment in subsidiaries  175,915,611   178,423,608 
         
Total Assets $175,917,068  $178,432,448 
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
         
Current Liabilities        
Inter-company payable $3,161,682  $2,623,023 
Accrued payroll and employee benefit  -   - 
Accrued liabilities  -   - 
Insurance premium payable  -   - 
         
Total current liabilities  3,161,682   2,623,023 
         
Total liabilities $3,161,682  $2,623,023 
         
Total stockholders' equity  172,755,386   175,809,425 
         
Total Liabilities and Stockholders' Equity $175,917,068  $178,432,448 

 

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

 

  Year Ended December 31, 
  2016  2015  2014 
          
Operating expenses         
Selling, general and administrative expenses $1,963,438  $826,995  $1,492,940 
Loss from Operations  (1,963,438)  (826,995)  (1,492,940)
Equity in earnings of unconsolidated subsidiaries  9,276,414   12,369,200   13,199,300 
Other Income (Expense)  -   -   - 
Income before Income Taxes  7,312,976   11,542,205   11,706,360 
Provision for Income Taxes  -   -   - 
Net Income $7,312,976  $11,542,205  $11,706,360 
Other comprehensive income (loss)  (11,784,410)  (10,678,146)  (125,143)
Total Comprehensive Income (Loss) $(4,471,434) $864,059  $11,581,217 

 


CONDENSED STATEMENTS OF CASH FLOWS

 

  Year Ended December 31, 
  2016  2015  2014 
Net Cash Used in Operating Activities $(24,722) $(764,495) $(1,658,426)
            
Net Cash Used in Investing Activities  -   -   - 
            
Net Cash Provided by Financing Activities  17,339   747,156   1,642,013 
            
Net Decrease in Cash and Cash Equivalents  (7,383)  (17,339)  (16,413)
            
Cash and Cash Equivalents - Beginning of Year  8,840   26,179   42,592 
            
Cash and Cash Equivalents - End of Year $1,457  $8,840  $26,179 

 

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.