I ran following code in rails console:
ApplicationRecord.descendants.count # 1 = this gave only 1
Even there are many child classes inheriting from "ApplicationRecord" class insde project_root/app/models/ in rails 5.1.3.
This is because your models are not load. They are loaded by Rails autoloader the first time they are invoked.
For example, if you have a User model:
> ApplicationRecord.descendants.count
=> 1
> User.count # You can also run User.last or something different
=> 144 # The result doesn't mind
> ApplicationRecord.descendants.count
=> 2 # It can be a different number but it will be bigger