PLH Products (PLHI) 10-Q 20 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 01, 2014
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-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	'	31,390,000
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well Known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current Assets:	'	'
Cash and cash equivalents	$52,848	$204,163
Accounts receivable, net of allowance for bad debt of $0 and $0, respectively	910,054	1,154,733
Accounts receivable - related parties	4,801,874	5,325,855
Inventories	5,288,376	5,337,508
Prepayment to vendor	111,271	638,677
Prepayment to vendor - related parties	198,167	2,258,577
Prepaid expenses and other current assets	26,200	168,088
Total current assets	11,388,790	15,087,601
Non-current Assets:	'	'
Property, plant and equipment, net	3,062,263	3,028,774
Investments in affiliates	5,500,000	5,500,000
Other assets	160,377	160,377
Total non-current assets	8,722,640	8,689,151
Total assets	20,111,430	23,776,752
Current Liabilities:	'	'
Accounts payable	1,929,705	2,186,501
Accounts payable - related parties	441,290	4,195,129
Dividends payable	0	46,750
Accrued expenses	40,578	392,534
Customer deposits	300,560	689,135
Borrowings from other	63,000	75,100
Line of credit	3,245,000	2,800,000
Current portion of mortgage and term loans	0	303,557
Total current liabilities	6,020,133	10,688,706
Long Term Liabilities:	'	'
Mortgage and term loans, net of current portion	4,946,940	4,794,045
Deferred income taxes	48,019	48,019
Total long term liabilities	4,994,959	4,842,064
Total liabilities	11,015,092	15,530,770
Stockholders' Equity:	'	'
Additional paid-in capital	6,604,909	6,074,909
Retained earnings	2,538,180	2,171,073
Dividend Paid	-46,750	0
Total stockholders' equity	9,096,339	8,245,982
Total liabilities and stockholders' equity	$20,111,431	$23,776,752

CONSOLIDATED_BALANCE_SHEETS_Pa

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

CONSOLIDATED_INCOME_STATEMENTS

CONSOLIDATED INCOME STATEMENTS (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014
Net sales	$7,138,658	$16,959,978
Cost of sales	-5,327,351	-13,160,623
Gross profit	1,811,307	3,799,355
Selling, general and administrative expenses	-1,499,656	-3,241,412
Income from operations	311,651	557,943
Other income (expense):	11,568	22,854
Interest expense	-82,403	-155,314
Other expense, net	-10,000	-10,000
Total other expense, net	-92,403	-165,314
Income before income tax provision	230,816	415,483
Property Tax, Etc.	-40,235	-48,376
Net income	$190,581	$367,107

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net income	$367,107	$258,129
Adjustments to reconcile net income to net cash provided by operating	'	'
Depreciation expense- property, plant and equipment	0	75,365
Amortization expense - intangible assets	0	34,300
Deferred taxes	0	-5,477
Accounts receivable	244,679	939,862
Accounts receivable - related parties	523,981	184,155
Inventories	48,104	-1,171,267
Prepayment to vendor	440,510	-638,677
Prepayment to vendor - related parties	2,258,577	-2,258,577
Prepaid expenses and other current assets	30,617	9,712
Accounts payable	-500,990	582,063
Accounts payable - related parties	-3,753,839	395,129
Accrued expenses	-166,611	-7,367
Customer deposits	-388,575	689,135
Net cash used in operating activities	-896,440	-913,515
Cash flows from investing activities:	'	'
Purchases of fixed assets	-33,489	-8,257
Net cash used in investing activities	-33,489	-8,257
Cash flows from financing activities:	'	'
Borrowings from line of credit, net	445,000	1,550,000
Borrowings from mortgage and term loans	-110,994	0
Repayments on mortgage and term loans, net	-39,670	-236,315
Issuance of common stock	530,000	242,000
Repayments on additional loan from others, net	0	-279,900
Dividend distribution	-46,750	-177,000
Net cash provided by (used in) financing activities	777,586	1,098,785
Net increase (decrease) in cash	-152,343	177,013
Cash- beginning of year	204,163	27,150
Cash- end of year	51,820	204,163
Supplemental disclosure of cash flows information	'	'
Interest	165,314	332,649
Income taxes	0	154,382
Non-cash investing activity:	'	'
Investment, netted against accounts payable - related parties	$0	($3,800,000)

Organization_and_Description_o

Organization and Description of Business	6 Months Ended
	Jun. 30, 2014
Organization and Description of Business [Text Block]	'
	Note 1 - Organization and Description of Business
	PLH Products, Inc. (Company) was incorporated on September 2, 1992 in accordance with the Laws of the State of California. Dardanos Acquisition Corp (Dardanos) was incorporated on February 17, 2012 in accordance with the Laws of the State of Delaware.
	On May 21, 2014, Dardanos filed Articles of Merger and Plan of Merger with the Secretary of State of Delaware to merge with the Company and change domicile from Delaware to California by means of a merger with and into a California corporation. The Articles of Incorporation and Bylaws of the California Corporation are the Articles of Incorporation and Bylaws of the surviving corporation. Such Articles of Incorporation maintained the Company’s corporate name of PLH Products, Inc. and modified the Company’s capital structure to allow for the issuance of up to 500,000,000 shares of $0.0001 par value common stock and up to 20,000,000 shares of $0.0001 par value preferred stock. Although the merger documents were filed in Delaware on May 21, 2014, the Secretary of State of Delaware required completion of certain documents in order to issue a tax clearance certificate to complete the merger. The required tax clearance was not issued until June 10, 2014 which formally completed the domicile relocation to California.
	The Company’s current principal business activity is a manufacturer and distributor of infrared home saunas and operates out of Southern California. PLHI designs, develops, assembles, and sells a variety type of infrared saunas and cedar product for traditional saunas.

Preparation_of_Financial_State

Preparation of Financial Statements	6 Months Ended
	Jun. 30, 2014
Preparation of Financial Statements [Text Block]	'
	Note 2 - Preparation of Financial Statements
	The Company follows the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America and has a year-end of December 31.
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 those estimates.
	Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that 1) recorded transactions are valid; 2) valid transactions are recorded; and 3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented.
	The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information regarding the Company’s significant accounting policies, refer to the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 8K/A for the year ended December 31, 2013 filed with the Securities and Exchange Commission on August 7, 2014.
	Our financial statements may or may not be comparable to companies that comply with public company effective dates. Due to our election not to opt out of the extended transition period that allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. All Amounts referenced in these Financial Statements and this Report is in US Dollars unless otherwise stated.

Going_Concern_Uncertainty

Going Concern Uncertainty	6 Months Ended
	Jun. 30, 2014
Going Concern Uncertainty [Text Block]	'
	Note 3 - Going Concern Uncertainty
	N/A

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 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.
		At June 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	6 Months Ended
	Jun. 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	6 Months Ended
	Jun. 30, 2014
Note Payable to controlling shareholder [Text Block]	'
	Note 6 - Note Payable to controlling shareholder
	N/A

Income_Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2014
Income Taxes [Text Block]	'
	Note 7 - Income Taxes
	The components of income tax (benefit) expense for each of the three months ended June 30, 2014 and 2013 are described above.

Equity

Equity	6 Months Ended
	Jun. 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. At June 30, 2014 the Company has 31,390,000 shares issued and outstanding.

Stock_Warrants

Stock Warrants	6 Months Ended
	Jun. 30, 2014
Stock Warrants [Text Block]	'
	Note 9 - Stock Warrants
	As at June 30, 2014 and December 31, 2013 and, there is no outstanding balance of stock warrants.

Subsequent_Events

Subsequent Events	6 Months Ended
	Jun. 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)	6 Months Ended
	Jun. 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.
		At June 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.

Organization_and_Description_o1

Organization and Description of Business (Narrative) (Details) (USD $)	6 Months Ended
	Jun. 30, 2014
Organization And Description Of Business 1	500,000,000
Organization And Description Of Business 2	$0.00
Organization And Description Of Business 3	20,000,000
Organization And Description Of Business 4	$0.00

Equity_Narrative_Details

Equity (Narrative) (Details) (USD $)	6 Months Ended
	Jun. 30, 2014
Equity 1	500,000,000
Equity 2	$0.00
Equity 3	31,390,000