PLH Products, Inc.

CIK:0001502630|SEC Filings

STATEMENT OF INCOME	12 Months Ended
STATEMENT OF INCOME	Dec. 31, 2015 USD ($)
Net sales	$ 25,994,465
Cost of sales	19,070,912
Gross profit	6,923,553
Selling , general, and administrative expenses	6,307,269
Income from operations	616,284
Other income (expense):
Interest expense	(405,615)
Other income (expense), net	11,217
Total other expense, net	(394,398)
Income (loss) before income tax provision	221,886
Income tax provision	220,128
Net income (loss)	1,758
Comprehensive Income Statement:
Net income	$ 1,758

STATEMENT OF CASH FLOWS	12 Months Ended
STATEMENT OF CASH FLOWS	Dec. 31, 2015 USD ($)
Cash flows from operating activities:
Net income	$ 1,758
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization expense - property, plant, and equipment	55,007
Amortization expense - intangible assets	34,300
Inventory reserve	17,712
Changes in assets and liabilities:
Deferred taxes	7,098
Accounts receivable	329,276
Inventories	(422,461)
Prepayment to vendor	5,440
Prepayment to vendor - related parties	1,361,985
Prepaid expense and other current assets	117,760
Accounts payable	693,126
Accounts payable - related parties	(350,000)
Accrued expenses	85,042
Accounts receivable - related parties	(3,027,856)
Customer deposits	171,977
Net cash used in operating activities	(919,836)
Cash flows from financing activities:
Repayments from mortgage and term loans	(233,319)
Repayments on mortgage and term loans, net	(83,074)
Repayments on capital lease obligation	(26,274)
Borrowings (repayments) on additional loan from others, net	1,490,000
Dividend distribution	(187,000)
Bank overdraft	(3,219)
Net cash provided by financing activities	957,114
Net increase (decrease) in cash	37,278
Cash - beginning of year	89,257
Cash - end of year	126,535
Cash paid during the year for:
Interest	405,615
Income taxes	317,428
Non-cash investing activity:
Investment, netted against accounts payable - related parties	$ 50,000

BALANCE SHEET	Dec. 31, 2015 USD ($)
Current Assets:
Cash	$ 126,535
Accounts receivable, net	1,542,120
Accounts receivable - related parties	7,224,176
Inventories, net	5,205,633
Prepayments to vendor - related parties	202,285
Prepaid expenses and other current assets	70,528
Total current assets	14,371,277
Non-current Assets:
Property, plant and equipment, net	2,999,031
Investments in affiliates	5,850,000
Other assets	91,777
Total non-current assets	8,940,808
Total assets	23,312,085
Current Liabilities:
Accounts payable	1,580,715
Bank overdraft	417,952
Accrued expenses	531,130
Customer deposits	332,056
Borrowing from others	1,490,000
Lines of credit	3,250,000
Current portion of capital lease obligation	32,945
Current portion of long-term debt	326,170
Total current liabilities	7,960,968
Long Term Liabilities:
Capital lease obligation	13,547
Mortgage and term loans, net of current portion	4,151,190
Deferred income taxes	50,706
Total liabilities	12,176,411
Stockholders' Equity:
Common stock, no par value; 500,000,000 shares authorized, 32,095,000 shares issued and outstanding in 2015	3,210
Additional paid-in capital	8,923,571
Retained earnings	2,208,893
Total stockholders' equity	11,135,674
Total liabilities and stockholders' equity	$ 23,312,085