PLH Products (PLHI) 10-Q 18 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014
Document Type	'10-Q
Amendment Flag	'false
Document Period End Date	30-Sep-14
Trading Symbol	'plhi
Entity Registrant Name	'PLH Products, Inc.
Entity Central Index Key	'0001502630
Current Fiscal Year End Date	'--12-31
Entity Filer Category	'Smaller Reporting Company
Entity Common Stock, Shares Outstanding	32,095,000
Entity Current Reporting Status	'Yes
Entity Voluntary Filers	'No
Entity Well Known Seasoned Issuer	'No
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q3

BALANCE_SHEETS

BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current Assets:	'	'
Cash and cash equivalents	$220,103	$204,163
Accounts receivable, net of allowance for bad debt of $0 and $0,	1,436,127	1,154,733
Accounts receivable - related parties	3,787,642	5,325,855
Inventories	5,365,586	5,337,508
Prepayment to vendor	0	638,677
Prepayment to vendor - related parties	26,200	2,258,577
Prepaid expenses and other current assets	350,103	168,088
Total current assets	11,185,761	15,087,601
Property, plant and equipment, net	3,071,349	3,028,774
Investments in affiliates	5,500,000	5,500,000
Other assets	160,377	160,377
Total non-current assets	8,731,726	8,689,151
Total assets	19,917,487	23,776,752
Current Liabilities:	'	'
Accounts payable	1,062,790	2,186,501
Accounts payable - related parties	-1,322,035	4,195,129
Dividends payable	0	46,750
Accrued expenses	287,233	392,534
Customer deposits	381,659	689,135
Borrowings from other	0	75,100
Line of credit	3,100,000	2,800,000
Current portion of mortgage and term loans	0	303,557
Total current liabilities	3,509,647	10,688,706
Long Term Liabilities:	'	'
Mortgage and term loans, net of current portion	4,871,005	4,794,045
Deferred income taxes	48,019	48,019
Total long term liabilities	4,919,024	4,842,064
Total liabilities	8,428,671	15,530,770
Stockholders' Equity:	'	'
Additional paid-in capital	8,804,909	6,074,909
Retained Earnings	2,944,407	2,338,073
Dividend Paid	-260,500	-167,000
Total Stockholders' Equity	11,488,816	8,245,982
Total liabilities and stockholders' equity	$19,917,487	$23,776,752

BALANCE_SHEETS_Parenthetical

BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Allowance for Doubtful Accounts Receivable, Current	$0	$0

INCOME_STATEMENTS_UNAUDITED

INCOME STATEMENTS - UNAUDITED (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net sales	$6,982,163	$8,860,599	$23,942,141	$25,275,274
Cost of sales	5,493,083	6,892,799	18,653,707	19,872,967
Gross profit	1,489,080	1,967,800	5,288,434	5,402,307
Selling, general and administrative expenses	1,144,887	1,222,200	4,386,300	4,825,913
Income from operations	344,193	745,600	902,134	576,394
Other income (expense):	-434	22,057	22,420	62,160
Interest expense	-101,079	-78,080	-266,392	-247,078
Other expense, net	0	0	0	0
Total other expense, net	-101,513	-56,023	-243,972	-184,918
Income before income tax provision	242,680	689,577	658,162	391,476
Property Tax, Etc.	-3,454	82	-51,830	-60,497
Net income	$239,226	$689,659	$606,332	$330,979

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net income	$606,332	$330,979
Adjustments to reconcile net income to net cash provided by operating	'	'
Depreciation expense - property, plant and equipment	0	0
Amortization expense - intangible assets	0	0
Deferred taxes	0	0
Accounts receivable	-281,394	278,919
Account receivable - related parties	1,538,213	-429,073
Inventories	-28,078	71,731
Prepayment to vendor	486,741	88,964
Prepayment to vendor - related parties	2,258,577	0
Prepaid expenses and other current assets	-56,279	0
Accounts payable	-1,170,461	-854,637
Accounts payable - related parties	-5,517,164	0
Accrued expenses	-105,302	21,867
Customer deposits	-307,476	0
Net cash used in operating activities	-2,576,289	-491,250
Cash flows from investing activities:	'	'
Purchases of fixed assets	-42,574	-2,250
Net cash used in investing activities	-42,574	-2,250
Cash flows from financing activities:	'	'
Borrowings from line of credit, net	300,000	396,290
Borrowings from mortgage and term loans	-167,156	-201,552
Repayments on mortgage and term loans, net	-59,441	0
Issuance of common stock	2,730,000	200,000
Repayments on additional loan from others, net	-75,100	0
Dividend distribution	-93,500	-83,500
Net cash provided by (used in) financing activities	2,634,803	311,238
Net increase (decrease) in cash	15,940	-182,262
Cash - beginning of year	204,163	27,150
Cash - end of year	220,103	-155,112
Supplemental disclosure of cash flows information	'	'
Interest	266,392	247,078
Income Taxes	51,380	60,497
Non-Cash investing activity:	'	'
Investment, netted against accounts payable - related parties	$0	$0

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2014
Basis of Presentation [Text Block]	'
	1. Basis of Presentation
	The accompanying unaudited condensed financial statements include the accounts of PLH Products, Inc. only (the US Company). These unaudited condensed financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the financial position, results of operations and cash flows of the US Company for the respective periods presented. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim condensed financial statements should be read in conjunction with the audited financial statements of the US Company and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission.
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
	The interim results reflected in the unaudited condensed financial statements are not necessarily indicative of the results that may be expected for other interim periods or for the full year.

Recent_Accounting_Developments

Recent Accounting Developments	9 Months Ended
	Sep. 30, 2014
Recent Accounting Developments [Text Block]	'
	2. Recent Accounting Developments
	In May 2014, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (ASU) No. 2014-09, (ASU 2014-09), "Revenue from Contracts with Customers." The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle of ASU 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new guidance, an entity will (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract's performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016 for public companies. Early adoption is not permitted.
	Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements nor decided upon the planned method of adoption. While the Company is still evaluating the impact, it expects the accounting for its frequent flier program and certain ancillary fees to change.

Going_Concern_Uncertainty

Going Concern Uncertainty	9 Months Ended
	Sep. 30, 2014
Going Concern Uncertainty [Text Block]	'
	Note 3 - Going Concern Uncertainty
	N/A

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Summary of Significant Accounting Policies [Text Block]	'
	Note 4 - Summary of Significant Accounting Policies
	1	Cash and cash equivalents
	For Statement of Cash Flows purposes, the Company considers all cash on hand and in banks, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents.
	2	Income Taxes
	The Company files income tax returns in the United States of America and may file, as applicable and appropriate, various state(s).
	The Company has adopted the provisions required by the Income Taxes topic of the FASB Accounting Standards Codification. The Codification Topic requires the recognition of potential liabilities as a result of management’s acceptance of potentially uncertain positions for income tax treatment on a “more-likely-than-not” probability of an assessment upon examination by a respective taxing authority. As a result of the implementation of Codification’s Income Tax Topic, the Company did not incur any liability for unrecognized tax benefits.
	3	Earnings (loss) per share
	Basic earnings (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the respective period presented in our accompanying financial statements.
	Common stock equivalents represent the dilutive effect of the assumed exercise of the outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company’s net income (loss) position at the calculation date.
	As September 30, 2014 there were no outstanding warrants.
	4	Pending and/or New Accounting Pronouncements
	The Company is of the opinion that any pending accounting pronouncements, either in the adoption phase or not yet required to be adopted, will not have a significant impact on the Company’s financial position or results of operations.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2014
Fair Value of Financial Instruments [Text Block]	'
	Note 5 - Fair Value of Financial Instruments
	The carrying amount of cash, accounts receivable, accounts payable and notes payable, as applicable, approximates fair value due to the short term nature of these items and/or the current interest rates payable in relation to current market conditions.
	Interest rate risk is the risk that the Company’s earnings are subject to fluctuations in interest rates on either investments or on debt and is fully dependent upon the volatility of these rates. The Company does not use derivative instruments to moderate its exposure to interest rate risk, if any.
	Financial risk is the risk that the Company’s earnings are subject to fluctuations in interest rates or foreign exchange rates and are fully dependent upon the volatility of these rates. The company does not use derivative instruments to moderate its exposure to financial risk, if any.

Note_Payable_to_controlling_sh

Note Payable to controlling shareholder	9 Months Ended
	Sep. 30, 2014
Note Payable to controlling shareholder [Text Block]	'
	Note 6 - Note Payable to controlling shareholder
	N/A

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2014
Income Taxes [Text Block]	'
	Note 7 - Income Taxes
	The components of income tax (benefit) expense for each of the three months ended September 30, 2014 and 2013 are described above.

Equity

Equity	9 Months Ended
	Sep. 30, 2014
Equity [Text Block]	'
	Note 8 - Equity
	The Company is authorized to issue 500,000,000 shares of common stock with a par value of $0.0001. Each share has one vote. As of September 30, 2014 the Company has 32,095,000 shares issued and outstanding compared to June 30, 2014 as additional 705,000 shares were issued to existing share holders.

Stock_Warrants

Stock Warrants	9 Months Ended
	Sep. 30, 2014
Stock Warrants [Text Block]	'
	Note 9 - Stock Warrants
	As at September 30, 2014 and December 31, 2013 and, there is no outstanding balance of stock warrants.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2014
Subsequent Events [Text Block]	'
	Note 10 - Subsequent Events
	Management has evaluated all activity of the Company through the issue date of the financial statements and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to financial statements.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
Cash and cash equivalents [Policy Text Block]	'
	1	Cash and cash equivalents
	For Statement of Cash Flows purposes, the Company considers all cash on hand and in banks, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents.
Income Taxes [Policy Text Block]	'
	2	Income Taxes
	The Company files income tax returns in the United States of America and may file, as applicable and appropriate, various state(s).
	The Company has adopted the provisions required by the Income Taxes topic of the FASB Accounting Standards Codification. The Codification Topic requires the recognition of potential liabilities as a result of management’s acceptance of potentially uncertain positions for income tax treatment on a “more-likely-than-not” probability of an assessment upon examination by a respective taxing authority. As a result of the implementation of Codification’s Income Tax Topic, the Company did not incur any liability for unrecognized tax benefits.
Earnings (loss) per share [Policy Text Block]	'
	3	Earnings (loss) per share
	Basic earnings (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the respective period presented in our accompanying financial statements.
	Common stock equivalents represent the dilutive effect of the assumed exercise of the outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company’s net income (loss) position at the calculation date.
	As September 30, 2014 there were no outstanding warrants.
Pending and/or New Accounting Pronouncements [Policy Text Block]	'
	4	Pending and/or New Accounting Pronouncements
	The Company is of the opinion that any pending accounting pronouncements, either in the adoption phase or not yet required to be adopted, will not have a significant impact on the Company’s financial position or results of operations.

Equity_Narrative_Details

Equity (Narrative) (Details) (USD $)	9 Months Ended
	Sep. 30, 2014
Equity 1	500,000,000
Equity 2	$0.00
Equity 3	32,095,000
Equity 4	705,000