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Condensed Financial Information of the Parent Company
 12 Months Ended
Dec. 31, 2017
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 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 $45,589,643 and $46,441,462 as of December 31, 2017 and 2016, respectively.

  

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

 

CONDENSED BALANCE SHEETS

 

 December 31,  December 31, 
 2017  2016 
ASSETS      
      
Current Assets        
Cash and cash equivalents $5,158  $1,457 
        
Total current assets  5,158   1,457 
        
Investment in subsidiaries  188,894,696   175,915,611 
        
Total Assets $188,899,854  $175,917,068 
        
LIABILITIES AND STOCKHOLDERS' EQUITY        
        
Current Liabilities        
Inter-company payable $3,567,962  $3,161,682 
Income tax payable  6,528   - 
        
Total current liabilities  3,574,490   3,161,682 
Total liabilities $3,574,490  $3,161,682 
Total stockholders' equity  185,325,364   172,755,386 
Total Liabilities and Stockholders' Equity $188,899,854  $175,917,068 

 

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

 

 Year Ended 
 December 31, 
 2017  2016 
Operating expenses        
Selling, general and administrative expenses $(402,579) $(1,963,438)
Loss from Operations  (402,579)  (1,963,438)
Equity in earnings of unconsolidated subsidiaries  2,068,895   9,276,414 
Income before Income Taxes  1,666,316   7,312,976 
Provision for Income Taxes  (6,528)  - 
Net Income $1,659,788  $7,312,976 
Other comprehensive income (loss)  10,910,190   (11,784,410)
Total Comprehensive Income (loss) $12,569,978  $(4,471,434)

 

CONDENSED STATEMENTS OF CASH FLOWS

 

  Year Ended 
  December 31, 
  2017  2016 
Net Cash Used in Operating Activities $(402,579) $(24,722)
        
Net Cash Provided by Financing Activities  406,280   17,339 
        
Net (Increase) Decrease in Cash and Cash Equivalents  3,701   (7,383)
        
Cash and Cash Equivalents - Beginning of Year  1,457   8,840 
         
Cash and Cash Equivalents - End of Year $5,158  $1,457 

 

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.