Additional Information-Financial Statement Schedule I

12 Months Ended

Dec. 31, 2018

Additional Information-Financial Statement Schedule I [Abstract]

ADDITIONAL INFORMATION-FINANCIAL STATEMENT SCHEDULE I

ADDITIONAL INFORMATION─FINANCIAL STATEMENT SCHEDULE I

This financial statements schedule has been prepared in conformity with U.S. GAAP.

SORL AUTO PARTS, INC.

This financial statements schedule has been prepared in conformity with U.S. GAAP. The parent company financial statements have been prepared using the same accounting principles and policies described in the notes to the consolidated financial statements, with the only exception being that the Company accounts for its subsidiaries using the equity method. Please refer to the notes to the consolidated financial statements presented above for additional information and disclosures with respect to these financial statements.

Financial Information of Parent Company

BALANCE SHEETS

December 31, 2018 and 2017

	December 31, 2018			December 31, 2017
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-
Other current assets		86,828			86,828
Total Current Assets		86,828			86,828
Investments in subsidiaries		184,632,301			160,185,796
TOTAL ASSETS	$	184,719,129		$	160,272,624
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Income tax payable – non-current		2,451,499			-
Other current liability		2,921,411			2,921,411
Total Current Liabilities		5,372,910			2,921,411
Income tax payable - noncurrent		9,259,307			-
Total Non-current Liabilities
Total Liabilities		14,632,217			2,921,411
Stockholders’ Equity:
Preferred stock - no par value; 1,000,000 authorized; none issued and outstanding as of December 31, 2018 and 2017		-			-
Common stock - $0.002 par value; 50,000,000 authorized, 19,304,921 issued and outstanding as of December 31, 2018 and 2017		38,609			38,609
Additional paid-in capital		(28,582,654	)		(28,582,654	)
Retained earnings		198,630,957			185,895,258
Total Stockholders’ Equity		170,086,910			157,351,213
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	184,719,129		$	160,272,624

Financial Information of Parent Company

STATEMENTS OF INCOME

For the Years Ended December 31, 2018 and 2017

	For Years Ended December 31,
	2018		2017
Investment income	$	24,446,505	$	24,324,221
Provision for income taxes		11,710,806		-
Net income attributable to stockholders	$	12,735,699	$	24,324,221
Weighted average common share - Basic		19,304,921		19,304,921
Weighted average common share - Diluted		19,304,921		19,304,921
EPS - Basic	$	0.66	$	1.26
EPS - Diluted	$	0.66	$	1.26

Financial Information of Parent Company

STATEMENTS OF CASH FLOWS

For the Years Ended December 31, 2018 and 2017

	For Years Ended December 31,
	2018			2017
Cash flow from operating activities:
Net income	$	12,735,699		$	24,324,221
Adjustments to reconcile net income to net cash used in operating activities :
Investment in subsidiaries		(24,446,505	)		-24,324,221
Income tax payable		11,710,806
Net cash used in operating activities		-			-
Net change in cash and cash equivalents		-			-
Cash and cash equivalents, beginning of the year		-			-
Cash and cash equivalents, end of the year	$	-		$	-

Financial Information of Parent Company

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

For the Years Ended December 31, 2018 and 2017

					Additional
	Number		Common		Paid-in		Retained		Shareholders’
	of Share		Stock		Capital		Earnings		Equity
Balance - December 31, 2016		19,304,921		38,609		42,199,014		161,571,037		133,026,992
Net income		-		-		-		24,324,221		24,324,221
Balance - December 31, 2017		19,304,921		38,609		42,199,014		185,895,258		157,351,213
Net income		-		-				12,735,699		12,735,699
Balance - December 31, 2018		19,304,921		38,609		42,199,014		198,630,957		170,086,912