Romantique Ltd.

CIK:0001574097|SEC Filings

CONDENSED STATEMENT OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
CONDENSED STATEMENT OF OPERATIONS - USD ($)	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Sales - Net	$ 1,947,370	$ 2,735,248	$ 4,345,195	$ 4,565,032
Costs and Expenses:
Cost of Sales	1,709,326	2,030,018	3,659,642	3,541,894
Officer’s Compensation	145,866	137,151	262,664	228,521
Professional and Consulting Fees	66,031	190,593	206,211	358,595
Selling, General and Administrative Expenses	248,104	166,937	521,886	320,268
Provision for Bad Debts	7,559	2,779	7,559	2,779
Total Costs and Expenses	2,176,886	2,527,478	4,657,962	4,452,057
Income (Loss) from Operations	(229,516)	207,770	(312,767)	112,975
Other Income (Expense):
Interest Expense - Related Party	(746)	(746)	(1,492)	(1,484)
Interest Expense - Related Party Loans Payable	(10,507)	0	(17,214)	0
Interest Expense - Notes Payable	(11,825)	(11,759)	(23,650)	(12,912)
Interest Expense - Accounts Receivable Financings	(64,958)	(37,238)	(110,500)	(65,519)
Amortization of Debt Discount	(25,464)	(16,144)	(48,416)	(17,833)
Total Other Income and (Expenses)	(113,500)	(65,887)	(201,272)	(97,748)
Income (Loss) before Income Tax (Benefit)	(343,016)	141,883	(514,039)	15,227
Income Tax (Benefit)	(22,500)	37,500	(37,800)	(4,500)
Net Income (Loss)	$ (320,516)	$ 104,383	$ (476,239)	$ 19,727
Income (Loss) Per Common Share - Basic	$ (0.03)	$ 0.01	$ (0.05)	$ 0.00
Basic Weighted Average Shares	10,494,428	10,476,854	10,494,428	10,473,145
Income (Loss) Per Common Share - Diluted	$ (0.03)	$ 0.01	$ (0.05)	$ 0.00
Diluted Weighted Average Shares	10,494,428	10,513,854	10,494,428	10,510,145

CONDENSED STATEMENT OF CASH FLOWS - USD ($)	6 Months Ended
CONDENSED STATEMENT OF CASH FLOWS - USD ($)	Nov. 30, 2015	Nov. 30, 2014
Cash Flows from Operating Activities:
Net Income (Loss)	$ (476,239)	$ 19,727
Adjustments to Reconcile Net (Loss) to Net Cash (Used) in Operating Activities:
Depreciation	6,577	2,270
Amortization of Note Discount	53,630	17,833
Deferred Taxes	(37,800)	(77,000)
Reserve for Doubtful Accounts and Sales Returns and Allowances	46,586	106,726
Changes in Assets and Liabilities:
(Increase) in Accounts Receivable	(1,089,203)	(2,207,762)
(Increase) in Other Receivables	0	(464,529)
Decrease in Inventories	586,289	26,545
(Increase) in Prepaid Expenses	(9,999)	(38,360)
Increase in Accounts Payable	1,303,752	1,074,381
Increase (Decrease) in Accrued Expenses	31,852	(11,374)
Increase (Decrease) in Income Taxes Payable	(9,582)	67,123
Net Cash Provided by (Used) in Operating Activities	405,863	(1,484,420)
Cash Flows from Investing Activities:
Capital Expenditures	(43,766)	(7,032)
Purchase of Trademarks	(13,407)	0
Net Cash Used by In Investing Activities	(57,173)	(7,032)
Cash Flows from Financing Activities:
Proceeds of Note Issuance	0	430,000
Proceeds of Loans Payable - Related Parties	621,655	636,000
Payments of Loans Payable - Related Parties	(1,129,500)	(461,000)
Proceeds from Loans Payable - Factor	3,437,497	3,316,799
Repayments to Loans Payable - Factor	(3,312,931)	(2,443,836)
Net Cash Provided by (Used) In Financing Activities	(383,279)	1,477,963
(Decrease) in Cash and Cash Equivalents	(34,589)	(13,489)
Cash and Cash Equivalents - Beginning of Period	41,731	15,269
Cash and Cash Equivalents - End of Period	7,142	1,780
Supplemental Disclosure of Cash Flow Information:
Interest Paid	204,962	62,256
Income Taxes Paid	9,582	0
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Issuance of 10,604 shares of Common Stock as consideration for payment of obligation to issue common stock	0	32,871
Notes Payable [Member]
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Debt Discount	0	198,557
Loans Payable - Related Parties [Member]
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Debt Discount	$ 4,879	$ 0

CONDENSED BALANCE SHEET - USD ($)	Nov. 30, 2015	May. 31, 2015
Current Assets:
Cash and Cash Equivalents	$ 7,142	$ 41,731
Accounts Receivable, Net	5,033,773	3,991,158
Inventories	2,002,942	2,589,231
Prepaid Expenses	197,229	187,230
Deferred Taxes	160,100	122,300
Total Current Assets	7,401,186	6,931,650
Property and Equipment, Net	84,466	47,277
Trademarks	13,407	0
Security Deposits	2,000	2,000
Total Assets	7,501,059	6,980,927
Current Liabilities:
Accounts Payable	3,312,824	2,009,072
Accrued Expenses	62,072	30,220
Loans Payable - Factor	2,366,963	2,242,399
Loans Payable - Related Parties, net of discount of $4,487 at November 30, 2015 and $4,825 at May 31, 2015	289,497	797,007
Convertible Note Payable - Related Party	0	74,000
Notes Payable, net of debt discount of $93,388 at November 30, 2015	336,612	0
Income Taxes Payable	39,105	48,687
Total Current Liabilities	6,407,073	5,201,385
Long-Term Debt:
Notes Payable, net of debt discount of $141,804 at May 31, 2015	0	288,196
Notes Payable - Related Parties	600,000	600,000
Convertible Note Payable - Related Party	74,000	0
Total Liabilities	$ 7,081,073	$ 6,089,581
Commitments and Contingencies
Stockholders’ Equity:
Preferred Stock, $.0001 par value; 10,000,000 shares authorized, none issued and outstanding at November 30, 2015 and May 31, 2015	$ 0	$ 0
Common Stock, $.0001 par value; 50,000,000 shares authorized, 10,494,428 shares issued and outstanding at November 30, 2015 and May 31, 2015	1,049	1,049
Additional Paid-In Capital	1,210,296	1,205,417
Accumulated Deficit	(791,359)	(315,120)
Total Stockholders’ Equity	419,986	891,346
Total Liabilities and Stockholders’ Equity	$ 7,501,059	$ 6,980,927