z
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
November 30, 2015
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from
to
Commission File No. 000-54990
Maiden Lane Jewelry, Ltd.
(Exact name of registrant as specified in
its charter)
New York |
|
|
46-0956015 |
(State or Other Jurisdiction |
|
|
(I.R.S. Employer |
of Incorporation or Organization) |
|
|
Identification No.) |
64 West 48th Street, Suite 1107,
New York, New York 10036
(Address of Principal Executive Offices)
(Zip Code)
(212) 840-8477
(Registrant’s telephone number,
including area code)
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days: Yes x
No ¨
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨
No ¨
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer” and “large accelerated
filer” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ¨ |
|
Accelerated filer ¨ |
|
Non-accelerated filer ¨ |
|
Smaller Reporting Company x |
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o
No x
Indicate the number of shares outstanding of each of the issuer’s
classes of common stock, as of the latest practicable date:
As of December 31, 2015, there were 10,494,428 shares
of the registrant’s common stock outstanding.
MAIDEN LANE JEWELRY, LTD.
INDEX
MAIDEN LANE JEWELRY, LTD.
CONDENSED BALANCE SHEET
| |
November 30, | | |
May 31, | |
| |
2015 | | |
2015 | |
| |
(unaudited) | | |
| |
ASSETS | |
| | | |
| | |
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 | | |
| — | |
Security Deposits | |
| 2,000 | | |
| 2,000 | |
Total Assets | |
$ | 7,501,059 | | |
$ | 6,980,927 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
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 | |
| - | | |
| 74,000 | |
Notes Payable, net of debt discount of $93,388 at November 30, 2015 | |
| 336,612 | | |
| - | |
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 | |
| - | | |
| 288,196 | |
Notes Payable - Related Parties | |
| 600,000 | | |
| 600,000 | |
Convertible Note Payable - Related Party | |
| 74,000 | | |
| - | |
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 | |
| — | | |
| — | |
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 | |
The accompanying notes are an integral part
of these financial statements.
MAIDEN LANE JEWELRY, LTD.
CONDENSED STATEMENT OF OPERATIONS
(Unaudited)
| |
Three Months Ended November 30, | | |
Six Months Ended November 30, | |
| |
2015 | | |
2014 | | |
2015 | | |
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 | ) | |
| — | ) | |
| (17,214 | ) | |
| — | |
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 | |
The accompanying notes are an integral part
of these financial statements.
MAIDEN LANE JEWELRY, LTD.
CONDENSED STATEMENT OF STOCKHOLDERS’
EQUITY
FOR THE SIX MONTHS ENDED NOVEMBER
30, 2015
(Unaudited)
| |
| | |
| | |
Additional | | |
| | |
| |
| |
Common Stock | | |
Paid-In | | |
Retained | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Earnings | | |
Total | |
Balance, May 31, 2015 | |
| 10,494,428 | | |
$ | 1,049 | | |
$ | 1,205,417 | | |
$ | (315,120 | ) | |
$ | 891,346 | |
Debt Discount on Notes Payable | |
| — | | |
| — | | |
| 4,879 | | |
| — | | |
| 4,879 | |
Net Loss for the six months ended November 30, 2015 | |
| — | | |
| — | | |
| — | | |
| (476,239 | ) | |
| (476,239 | ) |
Balance, November 30, 2015 | |
| 10,476,854 | | |
$ | 1,049 | | |
$ | 1,210,296 | | |
$ | (791,359 | ) | |
$ | 419,986 | |
The accompanying notes are an integral part
of these financial statements.
MAIDEN LANE JEWELRY, LTD.
CONDENSED STATEMENT OF CASH FLOWS
(Unaudited)
| |
Six Months Ended | | |
Six Months Ended | |
| |
November 30, | | |
November 30, | |
| |
2015 | | |
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 | |
| — | | |
| (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 | ) | |
| — | |
Net Cash Used by In Investing Activities | |
| (57,173 | ) | |
| (7,032 | ) |
| |
| | | |
| | |
Cash Flows from Financing Activities: | |
| | | |
| | |
Proceeds of Note Issuance | |
| — | | |
| 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 | | |
$ | — | |
| |
| | | |
| | |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |
| | | |
| | |
Debt Discount on Notes Payable | |
$ | — | | |
$ | 198,557 | |
| |
| | | |
| | |
Debt Discount on Loans Payable – Related Parties | |
$ | 4,879 | | |
$ | — | |
Issuance of 10,604 shares of Common Stock as consideration for payment of obligation to issue common stock | |
$ | — | | |
$ | 32,871 | |
The accompanying notes are an integral part
of these financial statements.
MAIDEN LANE JEWELERY, LTD.
NOTES TO UNAUDITED CONDENSED FINANCIAL
STATEMENTS
NOTE 1 - Summary of Significant Accounting Policies
Organization and Basis of Presentation
Maiden Lane Jewelry, Ltd., formerly Romantique
Ltd., (“the Company”) was incorporated on September 6, 2012 under the laws of the State of New York. The
Company is a wholesaler and manufacturer of jewelry including pendants, bracelets and earrings. The Company began operations
on October 1, 2012 by selling fashion rings, pendants, earrings and bracelets to independent retailers. In December 2012, the Company
commenced a line of bridal (engagement) rings, featuring both settings and diamonds. In February 2014 the Company began the sale
of bridal engagement rings featuring uniquely cut diamonds which in May 2014 was branded as an AspiriTM cut diamond.
The Company expanded its Aspiri cut diamond line in November 2014 to include pendants and earrings. Beginning in February 2015,
the Company decided to phase out its line of fashion jewelry in order to focus on its Aspiri cut diamond engagement rings, pendants
and jewelry.
In the opinion of the Company’s management,
the accompanying unaudited condensed financial statements contain all adjustments (consisting of only normal recurring adjustments)
necessary to present fairly the information set forth therein. These financial statements are condensed and therefore
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. These condensed financial statements should be read in conjunction with the
Company’s May 31, 2015 audited financial statements and notes included in Form 10-K filed on September 11, 2015.
Results of operations for interim periods
are not necessarily indicative of the results of operations for a full year.
Cash and Cash
Equivalents
The Company considers all highly-liquid
investments purchased with a maturity of three months or less to be cash equivalents. As of November 30, 2015 and May
31, 2015, the Company did not have any cash equivalents.
Inventories
Raw materials are stated at the lower of
cost or market, with cost determined by specific identification for unique items (such as diamond stones, each with a particular
carat weight, color, clarity and cut) and using the first-in, first-out method for generic items or styles (certain semi-mounts
and fashion jewelry). Finished goods the Company fabricates are stated at the lower of cost or market, with cost determined by
specific identification for each component making up the item plus direct labor and other fees (primarily diamond certification).
Property and Equipment
Property and equipment is carried at cost
less accumulated depreciation. Depreciation is computed by the straight-line method over the estimated useful lives
of the related assets, which is generally five years.
Revenue Recognition
For revenue from product sales, the Company
recognizes revenue in accordance with Staff Accounting Bulletin No. 104, “Revenue Recognition” (SAB No. 104), which
superseded Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” (SAB No. 101). SAB
No. 104 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement
exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination
of criteria (3) and (4) are based on management’s judgment regarding the fixed nature of the selling prices of the products
delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns
and allowance, and other adjustments are provided for in the same period the related sales are recorded. Provision for sales returns
and allowances that were netted against sales amounted to $267,000 and $43,000 for the six months ended November 30, 2015 and 2014,
respectively.
Concentration of Credit Risks
The Company primarily sells its products
to retail jewelers focused on mid-to-high end consumers. Customers typically receive payment terms of ratable monthly payments
over 90 to 120 days with exceptions based on credit quality, seasonality or other terms and conditions. As a result, the
Company is exposed to credit risk on its accounts receivable. The Company generally seeks to mitigate such risk by performing credit
checks through jeweler trade associations it is a member of, by attending trade shows which selectively invite retailer attendees
based on their credit worthiness and by checking references with other jewelers in the industry.
MAIDEN LANE JEWELERY, LTD.
NOTES TO UNAUDITED CONDENSED FINANCIAL
STATEMENTS
Financial instruments that potentially
subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. The Company
may maintain cash balances at financial institutions which exceed the current Federal Deposit Insurance Corporation (“FDIC”)
limit of $250,000 during the year.
Sales
The Company’s sales are comprised
of primarily three major products: Aspiri cut jewelry (primarily engagement rings), Complete Rings (not Aspiri) and Fashion Jewelry.
The Company may also on occasion sell loose stone jewelry. A breakdown of gross sales for the three and six months ended November
30, 2015 and 2014, respectively:
| |
Three Months Ended November 30, | | |
Six Months Ended November 30, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
(unaudited) | | |
(unaudited) | | |
(unaudited) | | |
(unaudited) | |
AspiriTM Cut Jewelry | |
| 56 | % | |
| 50 | % | |
| 49 | % | |
| 43 | % |
Complete Rings (not Aspiri) | |
| 21 | | |
| 28 | | |
| 25 | | |
| 36 | |
Fashion Jewelry & Other | |
| 23 | | |
| 22 | | |
| 26 | | |
| 21 | |
In February 2014 the Company began the
sale of Aspiri bridal engagement rings. The first full quarter of Aspiri sales occurred during the three months ended May 31, 2104;
at this initial roll-out of the Aspiri product line, there was less of a focus on the sales of non-Aspiri products. At the end
of February 2015, the Company decided to phase out our line of fashion jewelry in order to focus on its Aspiri cut diamond engagement
rings, pendants and jewelry.
The Company expanded its Aspiri cut diamond
line in November 2014 to include pendants and earrings. A breakdown of Aspiri jewelry to gross sales for the three and six months
ended November 30, 2015 and 2014, respectively:
| |
Three Months Ended November 30, | | |
Six Months Ended November 30, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
(unaudited) | | |
(unaudited) | | |
(unaudited) | | |
(unaudited) | |
AspiriTM Engagement Rings | |
| 50 | % | |
| 46 | % | |
| 45 | % | |
| 41 | % |
AspiriTM Pendants | |
| 4 | | |
| 2 | | |
| 3 | | |
| 1 | |
AspiriTM Earrings | |
| 2 | | |
| 2 | | |
| 1 | | |
| 1 | |
Advertising Costs
Advertising and show costs are charged
to operations when incurred. Advertising costs during the six months ended November 30, 2015 and 2014 were $113,000
and $101,000, respectively.
Deferred Income Taxes
The Company accounts for deferred income
taxes using the asset and liability method, the objective of which is to establish deferred tax assets and liabilities for the
temporary differences between the financial reporting and the tax bases of the Company’s assets and liabilities at enacted
tax rates expected to be in effect when such amounts are realized or settled. A valuation allowance related to deferred
tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Net Income (Loss) Per Share
Basic loss per common share
is computed by dividing net loss by the weighted average number of common shares outstanding during the periods
presented. Diluted loss per common share is computed by dividing net loss by the weighted average number of dilutive common
share equivalents and convertible securities then outstanding. Diluted loss per common share is based on the treasury stock
method and includes the effect from potential issuance of common stock such as shares issuable pursuant to the exercise of
warrants and conversion of debentures. Potentially dilutive securities as of November 30, 2015 and 2014 consisted of 37,000
common shares from convertible debentures and 122,550 common shares from outstanding warrants. The 122,550 warrants were
issued in connection with $430,000 of unsecured notes at an exercise price of $3.50 per warrant into one share of common
stock. For the three and six months ended November 30, 2015, the dilutive and basic weighted average shares were the same, as
potentially dilutive shares were anti-dilutive. For the three months ended November 30, 2015 and 2014, basic weighted average
shares were 10,494,428 and 10,476,854, respectively and for the six months ended November 30, 2014, diluted weighted average
shares were 10,510,145.
The following provides a reconciliation of the shares used in calculating the per share amounts for the
periods presented:
| |
Three Months Ended November 30, | | |
Six Months Ended November 30, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
(unaudited) | | |
(unaudited) | | |
(unaudited) | | |
(unaudited) | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net Income (Loss) | |
$ | (321,053 | ) | |
$ | 104,383 | | |
$ | (476,239 | ) | |
$ | 19,727 | |
Interest on Convertible Notes | |
| 746 | | |
| 746 | | |
| 1,492 | | |
| 1,484 | |
Net Income (Loss) | |
$ | (320,307 | ) | |
$ | 105,129 | | |
$ | (474,747 | ) | |
$ | 21,211 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Basic weighted-average shares | |
| 10,494,428 | | |
| 10,476,854 | | |
| 10,494,428 | | |
| 10,473,145 | |
Effective of dilutive securities: | |
| | | |
| | | |
| | | |
| | |
Warrants1 | |
| — | 2 | |
| — | 2 | |
| — | 2 | |
| — | 2 |
Convertible Debt3 | |
| — | 4 | |
| 37,000 | | |
| — | 4 | |
| 37,000 | |
Diluted weighted-average shares | |
| 10,494,428 | | |
| 10,513,854 | | |
| 10,494,428 | | |
| 10,510,145 | |
| |
| | | |
| | | |
| | | |
| | |
Per Share Income (Loss): | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | (0.03 | ) | |
$ | 0.01 | | |
$ | (0.05 | ) | |
$ | 0.00 | |
Diluted | |
$ | (0.03 | ) | |
$ | 0.01 | | |
$ | (0.05 | ) | |
$ | 0.00 | |
| 1 | There are 122,550 warrants issued in connection with 430,000 of unsecured notes at an exercise
price of $3.50 per warrant into one share of common stock. |
| 2 | Warrants for the three and six months ended November 30, 2015 and 2014 are not included in the
computation of diluted weighted average shares as they are not dilutive under the treasury stock method of accounting. |
| 3 | Convertible debt is convertible into 37,000 shares of common stock. |
| 4 | Convertible debt for the three months ended November 30, 2015 is not included in the computation
of diluted weighted average shares as such inclusion would be anti-dilutive. |
MAIDEN LANE JEWELERY, LTD.
NOTES TO UNAUDITED CONDENSED FINANCIAL
STATEMENTS
Accounting Estimates
The preparation of financial statements
in conformity with generally accepted accounting principles in the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities
at the date of the financial statements, and the reported amount of revenues and expenses during the reported period. Actual
results could differ from those estimates. Management uses its best judgment in valuing these estimates, and may, as
warranted, solicit external professional advice and other assumptions believed to be reasonable.
Fair Value Measurements
The authoritative guidance for fair value
measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit
price) in the principal or the most advantageous market for the asset or liability in an orderly transaction between market participants
on the measurement date. Market participants are buyers and sellers in the principal market that are (i) independent,
(ii) knowledgeable, (iii) able to transact, and (iv) willing to transact. The guidance describes a fair value hierarchy
based on the levels of inputs, or which the first two are considered observable and the last unobservable, that may be used to
measure fair value which are the following:
Level 1: Quoted prices in active
markets for identical assets or liabilities.
Level 2: Inputs other than Level
1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in
markets that are not active, or other inputs that are observable or corroborated by observable market data or substantially the
full term of the assets or liabilities.
Level 3: Unobservable inputs
that are supported by little or no market activity and that are significant to the value of the assets or liabilities.
The Company's financial instruments include
cash and cash equivalents, accounts receivable, accounts payable and loans and notes payable. These items are determined
to be a Level 1 fair value measurement.
The carrying amounts of cash and cash equivalents,
accounts receivable, accounts payable and loans payable approximates fair value because of the short maturity of these instruments. The
recorded value of long-term debt approximates its fair value as the terms and rates approximate market rates.
Recent Accounting Pronouncements
Management does not believe there would
have been a material effect on the accompanying financial statements had any recently issued, but not yet effective, accounting
standards been adopted in the current period.
NOTE 2 - Inventories
Inventories consist of the following:
| |
November 30, 2015 | | |
May 31, 2015 | |
| |
(unaudited) | | |
| |
| |
| | |
| |
Raw Materials | |
$ | 1,090,088 | | |
$ | 775,312 | |
Finished Goods | |
| 912,854 | | |
| 1,813,919 | |
Total Inventory | |
$ | 2,002,942 | | |
$ | 2,589,231 | |
Inventories are pledged as security for the Company’s Accounts
Receivable Financing Agreement (see Note 9).
MAIDEN LANE JEWELERY, LTD.
NOTES TO UNAUDITED CONDENSED FINANCIAL
STATEMENTS
NOTE 3 - Property and Equipment
Property and equipment consists of the following:
| |
November 30, 2015 | | |
May 31, 2015 | |
| |
(unaudited) | | |
| |
| |
| | |
| |
Office Equipment | |
$ | 16,349 | | |
$ | 16,349 | |
Computers | |
| 4,778 | | |
| 4,778 | |
Capitalized Software | |
| 78,976 | | |
| 35,211 | |
| |
| 100,103 | | |
| 56,338 | |
Less: Accumulated Depreciation | |
| 15,637 | | |
| 9,061 | |
| |
$ | 84,466 | | |
$ | 47,277 | |
The Company is capitalizing new software related to inventory
management and production. The cost of this software includes a base package cost plus current customization. The software was
fully implemented September 1, 2015, and the Company depreciates the total cost of the software over five years. Depreciation expense
was approximately $6,600 and $2,300 for the six months ended November 30, 2014 and November 30, 2014, respectively.
NOTE 4 - Convertible Note Payable – Related Party
Convertible note payable to the Company’s president is
summarized as follows:
| |
November 30, 2015 | | |
May 31, 2015 | |
| |
(unaudited) | | |
| |
Note Payable, bearing interest at 4% per annum, and due June 30, 2017 (original maturity of the note being December 31, 2015 and, as per the terms of the note, extended at the Company’s election for an additional 18 months). The note is Convertible into shares of the Company’s Common stock at a conversion rate of $2 per share, subject to adjustment upon the occurrence of certain events including stock dividends, stock split or combinations and reclassifications. | |
$ | 74,000 | | |
$ | 74,000 | |
NOTE 5 - Loans Payable – Related Parties
Loans payable to related parties is summarized as follows:
| |
November 30, 2015 | | |
May 31, 2015 | |
| |
(unaudited) | | |
| |
Loans payable to related parties include amounts payable to the Company’s
President and CFO of $144,000 and $402,000 at November 30, 2015 and May 31, 2015, respectively, and $149,000 and $400,000 to
other related parties at November 30, 2015 and May 31, 2015, respectively. The loans are payable on demand and
non-interest bearing. Interest has been imputed at 3.25% per annum and the
Company has recorded a debt discount of $25,539 against Additional Paid-In
Capital. This discount is being amortized over two years. | |
$ | 293,987 | | |
$ | 801,832 | |
Less: Unamortized discount | |
| (4,490 | ) | |
| (4,825 | ) |
Loans Payable – Related Parties, Net | |
$ | 289,497 | | |
$ | 797,007 | |
A portion of this loan payable to the Company’s President
and CFO in the amount of $219,000 is subordinated to the factor.
NOTE 6 - Notes Payable – Related Parties
Notes payable to related parties is summarized as follows:
| |
November 30, 2015 | | |
May 31, 2015 | |
| |
(unaudited) | | |
| |
Notes payable to the Company’s President and CFO bears interest at 4% per annum and is due December 31, 2016. Interest is payable quarterly and note is subordinated to the Factor. | |
$ | 600,000 | | |
$ | 600,000 | |
NOTE 7 - Unsecured Notes Payable
On August 18, 2014, August 25, 2014 and
September 15, 2014 the Company issued $250,000, $150,000 and $30,000, respectively, of unsecured, subordinated notes bearing 11%
interest with 285 detachable and freely transferable warrants per $1,000 face value Note. The notes are due on the second
anniversary of their issue date with warrants exercisable within ten years from their issue date at an exercise price of $3.50.
The $150,000 of notes issued on August 25, 2014 are to an entity controlled by the brother of the Company’s president.
MAIDEN LANE JEWELERY, LTD.
NOTES TO UNAUDITED CONDENSED FINANCIAL
STATEMENTS
Pursuant to ASC 470-20, the Company recorded
the value of the warrants using the Black-Scholes method, which was determined to be approximately $369,000. A portion of the
debt proceeds was allocated to the warrants as debt discount using the relative fair value method, which approximated $199,000.
As the warrants contain fixed settlement provisions and the exercise price cannot be adjusted, the Company recorded the fair value
of the warrants as additional paid in capital with a corresponding debt discount which will be amortized over the two-year term
of the notes using the interest method. For the six months ended November 30, 2015 and 2014, the Company recognized approximately
$48,000 and $18,000, respectively, in amortization expense relating to these warrants.
| |
November 30, 2015 | | |
May 31, 2015 | |
| |
(unaudited) | | |
| |
Notes Payable, Par | |
$ | 430,000 | | |
$ | 430,000 | |
Initial Debt Discount | |
| (198,557 | ) | |
| (198,557 | ) |
Accumulated Amortization | |
| 105,169 | | |
| 56,753 | |
Notes Payable, Net | |
$ | 336,612 | | |
$ | 288,196 | |
The fair value of the warrants on the issuance
date was calculated using the Black-Scholes method with the following weighted average assumptions:
Dividend yield | |
| 0.00 | % |
Volatility | |
| 310.78 | % |
Risk-free interest rate | |
| 2.40 | % |
Expected life (months) | |
| 120 | |
Grant date price per share | |
$ | 3.01 | |
Warrants issued | |
| 122,550 | |
Aggregate grant date fair value | |
$ | 369,000 | |
NOTE 8 - Financing Agreement
On September 30, 2013 the Company entered
into an Account Receivable Financing Agreement with Rosenthal & Rosenthal, Inc. (“Rosenthal” or the “Factor”)
pursuant to which Rosenthal shall provide the Company with a line of credit up to $1,000,000. On October 6, 2014, this
Accounts Receivable Financing Agreement was amended to increase the line of credit up to a maximum of $2,000,000. Loans made under
the Accounts Receivable Financing Agreement bear interest at prime rate plus 3.5% (for an effective average rate of 7.5% for the
three months ended August 31, 2015 and 2014) and are subject to certain financial covenants. As security for these loans,
Rosenthal has placed liens on the Company’s accounts receivable, inventories, and all other assets. In addition,
the loans have been personally guaranteed by Yitzchok Gurary, and his parents, Mordechai Gurary and Leah Gurary. In addition, the
Company has granted Rosenthal a Landlord Subordination agreement.
The Accounts Receivable Financing Agreement
calls for the subordination of certain of the Company’s debt as follows:
Accounts Payable – Classique Creations, LLC | |
$ | 500,000 | |
Demand Loans Payable – Yitzchok Gurary | |
$ | 219,000 | |
In connection with the Accounts Receivable
Finance Agreement, the Company has borrowed approximately $2.3 million net as of November 30, 2015. Total draws and
repayments for the six months ended November 30, 2015 totaled approximately $3.4 million and $3.3 million, respectively. The Accounts
Receivable Financing Agreement continues in full force and effect until September 30, 2016 and automatically from year to year
thereafter, unless sooner terminated.
On March 9, 2015,
this Accounts Receivable Financing Agreement was amended to increase the line of credit up to a maximum of $2,500,000. On May 7,
2015, the Accounts Receivable Financing Agreement was amended to increase the loan amount that Rosenthal & Rosenthal may make
to the Company to the lesser of the Maximum Credit Facility (as defined in the Accounts Receivable Financing Agreement) or $600,000,
minus such reserves Rosenthal & Rosenthal, Inc. may deem necessary. Prior to this amendment, the loan amount could not exceed
the lesser of the Maximum Credit Facility or the Receivable Availability (as defined in the Accounts Receivable Financing Agreement)
equal to 70% of the Net Amount of Eligible Receivables (as defined in the Accounts Receivable Financing Agreement) minus such reserves
as Rosenthal & Rosenthal, Inc. may deem necessary. On June 9, 2015, this Accounts Receivable Financing Agreement was further
amended to increase the line of credit up to a maximum of $2,800,000.
MAIDEN LANE JEWELERY, LTD.
NOTES TO UNAUDITED CONDENSED FINANCIAL
STATEMENTS
NOTE 9 - Commitments and Contingencies
None.
NOTE 10 - Related Party Transactions
On October 1, 2012 the Company entered
into a one-year consulting agreement with Isaac Gurary, under which he was to provide certain business and corporate marketing
services to the Company for an annual consulting fee of 3% of certain net sales during the term of the agreement. This
agreement was amended on December 1, 2014 to exclude certain sales made at selected jewelry shows by trade organizations for which
the Company is a designated vendor and was further amended on September 1, 2015 to further refine eligible sales products. As of
November 30, 2015 the amount owed to Mr. Gurary was approximately $121,000 and was subsequently paid in full in December 2015. As
of May 31, 2015, the Company had recorded accrued compensation to Mr. Gurary in the amount of approximately $63,000. Mr.
Gurary serves as the Company’s President and CFO and is a significant stockholder of the Company.
During the six months ended November 30,
2015 and 2014the Company purchased approximately 59% and 26%, respectively, of its merchandise from Classique Creations LLC (“Classique”),
a company that is owned by the mother of the Company’s President.
Included in accounts payable at November
30, 2015 and May 31, 2015 are amounts owed to Classique totaling approximately $2.8 million and $1.8 million, respectively. Payment
terms to Classique are one to twelve months and the manner of settlement is cash payment. Pursuant to the Accounts Receivable Financing
Agreement (See Note 9), accounts payable to Classique totaling $500,000 are subordinated to the Factor.
The Company rents office space from
an inactive Company affiliated with the Company’s president on a month to month basis. The agreement calls
for rent at $2,500 per month. Rent expense was approximately $15,000 and $13,000 for the six months ended November
30, 2015 and 2014, respectively. The Company’s portion of the rent is paid directly to the landlord.
NOTE 11 - Stockholders’ Equity
On August 4, 2014 the Company issued 10,604
shares of common stock at a price per share of $3.10 for marketing services rendered during the year ended May 31, 2014 for a total
amount of $32,871; these shares have not been registered.
In connection with the issuance of $430,000
principal notes payable, the Company issued 122,550 common stock purchase warrants. Such warrants have an exercise price of $3.50
per share and expire between August and September 2024. As of November 30, 2015, all common stock purchase warrants remained outstanding
and exercisable with a weighted average exercise price of $3.50 per share and a remaining contractual life of 8.7 years.
The Company’s Board of Directors
may issue shares of preferred stock in series and at the time of issuance, determine the rights, preferences and limitation of
each series. The holders of preferred stock may be entitled to receive a preference payment in the event of any liquidation, dissolution
or winding-up of the Company before any payment is made to the holders of the common stock. Furthermore, the board of directors
could issue preferred stock with voting and other rights that could adversely affect the voting power of the holders of the common
stock.
NOTE 12 - Major Suppliers and Customers
During the six months ended November 30,
2015 and November 30, 2014, the Company purchased approximately $2.2 million (approximately 59%) and $1.3 million (approximately
26%), respectively, of its merchandise from one manufacturer that is a related party (see Note 11).
In addition, the Company purchased merchandise
from one vendor which amounted to approximately 41% of total purchases during the six months ended November 30, 2015.
Our three largest customers frequently
vary from period to period. For the three and six months ended November 30, 2015, our three largest customers accounted for
approximately 13% and 9%, respectively, of our total revenues. For the three and six months ended November 30, 2014, our three
largest customers accounted for approximately 15% and 19%, respectively, of our total revenues.
NOTE 13 - Income Taxes
Our effective tax rates were approximately 0% and 0% for
the six months ended November 30, 2015 and 2014, respectively.
MAIDEN LANE JEWELERY, LTD.
NOTES TO UNAUDITED CONDENSED FINANCIAL
STATEMENTS
NOTE 14 - Subsequent Events
During the period following November 30, 2015, the Company overpaid Yitzchok Gurary, the Company’s President and
CFO, the amounts owed to him as “Loan Payable - Related Parties” by approximately $172,000. Such payments could not
be considered prepayments of, or as an offset to, the notes payable to Yitzchok Gurary which total $674,000 in accordance
with the terms of such notes. These payments were recorded by the Company as an advance to Yitzchok Gurary and as such,
represent a violation of Section 402 of the Sarbanes-Oxley Act prohibiting loans to officers and directors. After a full
reconciliation of such amounts, Yitzchok Gurary promptly repaid such advances. The Company intends to contact Rosenthal and
its counsel to determine whether this advance violates the terms of the subordination agreement between the Company, Mr.
Gurary and Rosenthal pursuant to which Mr. Gurary has agreed to subordinate a minimum of $219,000 in debt owed to him by the
Company (see Note 8 - Financing Agreement).
Item 2. Management’s
Discussion and Analysis of Financial Condition and Results of Operations
Note About References To Maiden Lane Jewelry, Ltd. TM
In this Form 10-Q the “Company”, “Maiden Lane”,
“we”, “us” and “our” refer to Maiden Lane Jewelry, Ltd.TM unless the context otherwise
requires.
Note About Trademarks
Maiden Lane Jewelry, Ltd.TM
our logo and other trademarks of Maiden Lane Jewelry, Ltd. (including “Aspiri”TM) are the property of Maiden
Lane Jewelry, Ltd. All other trademarks or trade names referred to in this Annual Report are the property of their respective owners.
Forward-Looking Statements
You should read the following discussion
in conjunction with our financial statements and related notes thereto. In addition to historical information, this discussion
contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ
materially from management’s expectations. Our actual results could differ materially and adversely from those anticipated
in such forward-looking statements as a result of certain factors.
This quarterly
report contains forward-looking statements as that term is defined in the Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These statements relate to future events or our future financial performance. In
some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”,
“plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential”
or “continue” or the negative of these terms or other comparable terminology. These statements are only
predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual
results, levels of activity, performance or achievements to be materially different from any future results, levels of activity,
performance or achievements expressed or implied by these forward-looking statements.
Although we believe that the expectations
reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance
or achievements. Except as required by applicable law, including the securities laws of the United States, we do not
intend to update any of the forward-looking statements to conform these statements to actual results.
Our financial statements are stated in
United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. In
this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars. All references
to “common stock” refer to our shares of common stock.
Emerging Growth Company
We are an “emerging growth company”
under the federal securities laws and will be subject to reduced public company reporting requirements. In addition, Section 107
of the Jumpstart Our Business Startups Act (“JOBS Act”) also provides that an “emerging growth company”
can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new
or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting
standards until those standards would otherwise apply to private companies. We are choosing to take advantage of the extended transition
period for complying with new or revised accounting standards.
Overview
We are a wholesaler and manufacturer of
jewelry with sales to independent jewelry retailers. Currently, our primary sales are complete engagement rings with a focus on
bridal jewelry featuring uniquely cut stones and settings. Our complete engagement rings include both stone and setting and, using
our managements’ experience in the jewelry industry, we create rings that show the stones to their best advantage. In addition,
we also sell pendants and earrings that complement the designs and stones of our engagement ring jewelry. In connection with recent
branding efforts, on May 27, 2014, we amended our certificate of incorporation to change our name from Romantique Jewelry Ltd.
to Maiden Lane Jewelry, Ltd.
Beginning in December 2013, we began focusing
production on bridal jewelry featuring uniquely cut diamonds that utilize an advanced cutting technique that visually and physically
increases the crown size (the top and most visible part of the diamond) of a similarly weighted diamond by at least 25%. We call
this increased look of the crown size “coverage” or what we call C5 TM – the fifth “C”
– an additional “C” after the traditional “4Cs” of carat weight, color, clarity and cut. Given production
lead times for this new design, our first sales of this line of bridal jewelry began in the last two weeks of February 2014. Because
this unique cutting technique significantly increases the crown size of the diamond while decreasing the pavilion (bottom end below
the crown) of the stone which is usually not seen, our diamonds appear to be much larger than typically cut diamonds of the same
weight. In addition, because our Company creates each ring based on a specific diamond, as each stone’s measurements and
appearance is unique, we are able to design rings which accentuate a diamond’s brilliance and other positive attributes.
As part of a major sales roll-out for this
new product, we branded and began marketing such uniquely cut diamonds as the AspiriTM (“Aspiri”) cut diamond
in May 2014. In addition, in July 2014 we began to broaden the collection of Aspiri products by producing pendants and earrings;
given production lead times for these products and styles, our first significant sales of this product expansion occurred in November
2014.
We believe that there are competitive barriers
to entry for our Aspiri products, including the sourcing of rough diamonds, cutting technique and limitations on mass production
(as each stone is unique as well as the engagement ring mountings). The creation of an Aspiri cut diamond does not lend itself
to mass production whereby approximately 92% of diamonds are cut and polished by lower cost, high volume Asian and Russian cutters
which rely primarily on the manufacture of similar and common cuts rather than the careful evaluation and cutting tailored to the
unique attributes of each stone. Instead, the rough for each diamond is carefully evaluated and uniquely cut whereby the dimensions,
faceting and other factors are taken into consideration to maximize the face coverage of the diamond while maintaining its brilliance.
Similarly, our ring and jewelry mountings are not mass produced. Instead of a one-size fits many approach and because each Aspiri
stone is unique, our mountings are custom designed around the stone.
Our Aspiri cut engagement rings, including
both stone and setting, show the center Aspiri diamond to its best advantage, i.e. accentuating its brilliance and hiding its imperfections.
To maintain high quality standards, our manufacturing of the ring mountings and setting of stones, to date, is done in the United
States. We believe that our new line of bridal jewelry featuring uniquely cut stones will appeal to both retailers and customers
due to their perceived size, quality, cost and value.
Our website is located at www.maidenlaneltd.com.
Critical Accounting Policies and
Estimates
The condensed financial statements
are prepared in accordance with accounting principles generally accepted in the United States, which require us 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 periods. Management
makes these estimates using the best information available at the time the estimates are made; however actual results could differ
materially from those estimates.
Revenue Recognition
For revenue from product sales, we recognize
revenue in accordance with Staff Accounting Bulletin No. 104, “Revenue Recognition” (SAB No. 104), which superseded
Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” (SAB No. 101). SAB No.
104 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists;
(2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination
of criteria (3) and (4) are based on management’s judgment regarding the fixed nature of the selling prices of the products
delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns
and allowance, and other adjustments are provided for in the same period the related sales are recorded.
Description of Revenues
Prior to December 2012, most of our revenues
were generated through the sale of rings, pendants, necklaces and earrings with stones such as diamonds, rubies and emeralds (“Fashion
Jewelry”). In December 2012, we launched our line of bridal engagement rings inclusive of its diamond center stone (“Complete
Rings”) and in February 2014, we began to sell our AspiriTM cut diamond engagement ring. In November 2014, we
began the sales of our expanded Aspiri product line which includes pendants and earrings.
Beginning in December 2013, we began focusing
on bridal jewelry featuring uniquely cut stones which we subsequently branded in May 2014 as an AspiriTM diamond. These
stones utilize an advanced cutting technique that visually and physically increases the crown size (the top and most visible part
of the stone) of similarly weighted stones by 25% to 50%. Because this unique cutting technique significantly increases the crown
size of the stone while decreasing the pavilion (bottom end below the crown) of the stone which is usually not seen, our diamonds
appear to be much larger than typically cut diamonds of the same weight. In addition, because our company creates each ring based
on a specific stone, as each stone’s measurements and appearance is unique, we are able to design rings which accentuate
a diamond’s brilliance and other positive attributes. We believe that our new line of bridal jewelry featuring uniquely cut
stones will appeal to both retailers and customers due to their perceived size, quality, cost and value.
Our plan is to expand our bridal ring sales,
predominately in the new style of uniquely cut stones, which we believe are less seasonal at the retail-to-consumer level and less
subject to economic downturn.
Our sales are comprised of primarily three
major products: Aspiri Cut Rings, Complete Rings and Fashion Jewelry. We may also on occasion sell loose stone inventory.
A breakdown of gross sales for the three
months ended November 30, 2015 and 2014, respectively:
| |
Three Months Ended November 30, | | |
Six Months Ended November 30, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
(unaudited) | | |
(unaudited) | | |
(unaudited) | | |
(unaudited) | |
AspiriTM Cut Jewelry | |
| 56 | % | |
| 50 | % | |
| 49 | % | |
| 43 | % |
Complete Rings (not Aspiri) | |
| 21 | | |
| 28 | | |
| 25 | | |
| 36 | |
Fashion Jewelry & Other | |
| 23 | | |
| 22 | | |
| 26 | | |
| 21 | |
In February 2014 the Company began the
sale of Aspiri bridal engagement rings. The first full quarter of Aspiri sales occurred during the three months ended May 31, 2104;
at this initial roll-out of the Aspiri product line, there was less of a focus on the sales of non-Aspiri products. At the end
of February 2015, the Company decided to phase out our line of fashion jewelry in order to focus on its Aspiri cut diamond engagement
rings, pendants and jewelry.
The Company expanded its Aspiri cut diamond
line in November 2014 to include pendants and earrings. A breakdown of Aspiri jewelry to gross sales for the three months ended
November 30, 2015 and 2014, respectively:
| |
Three Months Ended November 30, | | |
Six Months Ended November 30, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
(unaudited) | | |
(unaudited) | | |
(unaudited) | | |
(unaudited) | |
AspiriTM Engagement Rings | |
| 50 | % | |
| 46 | % | |
| 45 | % | |
| 41 | % |
AspiriTM Pendants | |
| 4 | | |
| 2 | | |
| 3 | | |
| 1 | |
AspiriTM Earrings | |
| 2 | | |
| 2 | | |
| 1 | | |
| 1 | |
Employees
As of November 30, 2015, we had 8 full-time
employees. Generally, our sales representatives are paid on a commission basis.
Results of Operations
The principal measure of our financial
performance are sales revenues from the sale of our products to independent retailers, the related cost of sales related to such
inventory and the resultant net sales. Net income is also a key measure of financial performance which further adjusts net sales
by administrative expenses, professional fees, interest expense and income taxes.
Set forth below is a discussion of our
results of operations for the quarters ended November 30, 2015 and ended November 30, 2014.
Sales Revenues
Quarter Ended November 30, 2015
and 2014. For the three months ended November 30, 2015, we had net sales revenues of approximately $1.9 million as
compared to $2.7 million of net sales for the three months ended November 30, 2014. These revenues arose from the sale of
jewelry to various retailers. The decrease in due to unusually high seasonal sales during the November 2014 quarter relative
to current and historic experience.
Our three largest customers frequently
vary from period to period. For the three months ended November 30, 2015 and 2014, our three largest customers accounted
for approximately 13% and 15% of our total revenues, respectively.
Six Months Ended November 30, 2015 and
2014. For the six months ended November 30, 2015, we had net sales revenues of approximately $4.3 million as compared to $4.6
million of net sales for the six months ended November 30, 2014. These revenues arose from the sale of jewelry to various retailers.
Our three largest customers
frequently vary from period to period. For the six months ended November 30, 2015 and 2014, our three largest customers accounted
for approximately 9% and 19% of our total revenues, respectively.
Cost of Sales
Quarter Ended November 30, 2015 and
2014. Cost of Sales decreased to approximately $1.7 million for the three months ended November 30, 2015 from $2.0 million
for the three months ended November 30, 2014 on lower sales volume. Gross profit for the three months ended November 30, 2015 decreased
to approximately $238,000 from approximately $705,000 for the three months ended November 30, 2014. Gross margins on net sales
for the three months ended November 30, 2015 and 2014 were approximately 12.2% and 25.8%, respectively. Before taking into account
sales credits, returns and allowances, gross margins on gross sales for the three months ended November 30, 2015 and 2014 were
approximately 35.8% and 34.8%, respectively. During the three months ended November 30, 2015, the Company provided higher discounts
for selected product that was deemed older inventory. In addition, some items sold during the period needed additional workmanship
or recutting to meet the Company’s quality standards.
Six Months Ended November 30, 2015 and
2014. Cost of Sales increased to $3.7 million for the six months ended November 30, 2015 from $3.5 million for the six months
ended November 30, 2014. Gross profit for the six months ended November 30, 2015 decreased to approximately $686,000 from approximately
$1 million for the six months ended November 30, 2014. Gross margins on net sales for the six months ended November 30, 2015 and
2014 were approximately 15.8% and 21.9%, respectively. Before taking into account sales credits, returns and allowances, gross
margins on gross sales for the six months ended November 30, 2015 and 2014 were approximately 32.9% and 33.9%, respectively.
Operating Expenses
General, Selling and Administrative
Quarter Ended November 30, 2015 and
2014. General, Selling and Administrative expenses were approximately $248,000 and approximately $167,000 for the three months
ended November 30, 2015 and 2014, respectively. This increase is primarily attributed to an increase in travel and show expense
of approximately $47,000, an increase of approximately $23,000 in advertising and an increase in dealer commissions of approximately
$19,000. In addition, there was an additional increase in personnel expenses for the hiring of a director of marketing. These increases
were offset by website development fees for a custom retailer portal of approximately $43,000 incurred in the prior 2014 quarter.
Six Months Ended November 30, 2015 and
2014. General, Selling and Administrative expenses were approximately $522,000 and approximately $320,000 for the six months
ended November 30, 2015 and 2014, respectively. This increase is primarily attributed to an increase in travel and show expense
of approximately $64,000, an increase of approximately $55,000 in advertising and an increase in dealer commissions of approximately
$41,000. In addition, there was an additional increase in personnel expenses for the hiring of a director of marketing during and
an additional back office employee. These increases were offset by website development fees for a custom retailer portal of approximately
$43,000 incurred in the prior six months ended November 30, 2014.
Officers’ Compensation
Quarter Ended November 30, 2015 and
2014. For the three months ended November 30, 2015, officers’ compensation was approximately $146,000 as compared to
approximately $137,000 for the three months ended November 30, 2014. This increase in is primarily related to the hiring of senior
operating and production personnel since the prior year.
Six Months Ended November 30, 2015 and
2014. For the six months ended November 30, 2015, officers’ compensation was approximately $263,000 as compared to approximately
$229,000 for the six months ended November 30, 2014. This increase in is primarily related to the hiring of senior operating and
production personnel since the prior year.
Professional and Consulting Fees
Quarter Ended November 30, 2015 and
2014. Professional and Consulting fees were approximately $66,000 for the three months ended November 30, 2015, a decrease
of $125,000 from approximately $191,000 for the three months ended November 30, 2014. The decrease is primarily attributable to
a decrease in marketing expenses by $107,000 (primarily for the initial development of the Aspiri brand) and a $19,000 decrease
in professional consulting fees.
Six Months Ended November 30, 2015 and
2014. Professional and Consulting fees were approximately $206,000 for the six months ended November 30, 2015 a decrease of
$153,000 from approximately $359,000 for the six months ended November 30, 2014. The decrease is primarily attributable to a decrease
in marketing expenses by $100,000 (initial development of the Aspiri brand) and a $54,000 decrease in professional consulting fees.
Other Income (Expenses)
Quarter Ended November 30, 2015 and
2014. For the three months ended November 30, 2015 and 2014, we had other expenses of approximately $114,000 and $66,000, respectively. These
expenses were primarily related to interest expense on accounts receivable financings of $2.3 million as of November
30, 2015 as compared to $1.7 million at November 30, 2014. The amount of interest expense is dependent primarily on the interest
rate charged and the average outstanding balance. For the three months ended November 30, 2015, the average outstanding balances
on accounts receivable financings were $2.5 million and the average interest rate was 7.5%. In addition, for the three months ended
November 30, 2015 and 2014 includes approximately $25,000 and $16,000, respectively, for the amortization of debt discount on $430,000
of face amount unsecured notes with detachable warrants and interest expense of $12,000 and $1,200,
respectively, on such notes.
Six Months Ended November 30, 2015 and
2014. For the six months ended November 30, 2015 and 2014, we had other expenses of approximately $201,000 and $98,000, respectively. These
expenses were primarily related to interest expense on accounts receivable financings of $2.3 million as of November
30, 2015 as compared to $1.7 million at November 30, 2014. The amount of interest expense is dependent primarily on the interest
rate charged and the average outstanding balance. For the six months ended November 30, 2015, the average outstanding balances
on accounts receivable financings were $2.4 million and the average interest rate was 7.5%. In addition, for the six months ended
November 30, 2015 and 2014 includes approximately $25,000 and $16,000, respectively, for the amortization of debt discount on $430,000
of face amount unsecured notes with detachable warrants and interest expense of $24,000 and $13,000, respectively, on such notes.
Net Income (Loss)
Quarter Ended November 30,
2015 and 2014. As a result of the above, for the three months ended November 30, 2015, we had net loss before taxes
of $344,000 and net loss after tax of $321,000. Net loss per share was $0.03. For the three months
ended November 30, 2014, we had a net income of $142,000 and net income after tax of $104,000 after
provision for income taxes of $38,000. Net income per share was $0.01.
Six Months Ended November 30,
2015 and 2014. As a result of the above, for the six months ended November 30, 2015, we had net loss before taxes of
$514,000 and net loss of $476,000. Net loss per share was $0.05. For the six months ended
November 30, 2014, we had net income of $15,000 and net income of $20,000 after provision for income
taxes. Net income per share was $0.00.
Liquidity and Capital Resources
Liquidity is a measure of our ability to
meet potential cash requirements, including ongoing commitments to repay borrowings, fund and maintain investments and other general
business needs. We recognize the need to have funds available to purchase inventory and for operating our business. We seek to
have adequate liquidity at all times to cover normal cyclical swings in funding availability and to allow us to meet irregular
and unexpected funding requirements. We plan to satisfy our liquidity needs through normal operations with the goal of avoiding
unplanned sales of assets or emergency borrowing of funds.
Since our inception, in addition to
internally generated funds, we have been dependent on investment capital and loans as a primary source of liquidity.
At November 30, 2015, we had
long term liabilities of $674,000, which represents a note payable to a related party for $600,000 and a
$74,000 Convertible Note Payable to a related party.
In addition, the Company has $430,000
of par notes payable less unamortized discount of $93,000.
On September 30, 2013 the Company entered
into an Account Receivable Financing Agreement with Rosenthal & Rosenthal, Inc. (“Rosenthal”) pursuant to which
Rosenthal shall provide the Company with a line of credit up to $1,000,000. On October 6, 2014, this Accounts Receivable
Financing Agreement was amended to increase the line of credit up to a maximum of $2,000,000. Loans made under the Accounts Receivable
Financing Agreement bear interest at prime rate plus 3.5% (for an effective average rate of 7.5% for the years ended May 31, 2015
and 2014) and are subject to certain financial covenants. As security for these loans, Rosenthal has placed liens on
the Company’s accounts receivable, inventories, and all other assets. In addition, the loans have been personally
guaranteed by Yitzchok Gurary, and his parents, Mordechai Gurary and Leah Gurary. In addition, the Company has granted Rosenthal
a Landlord Subordination agreement.
On March 9, 2015,
this Accounts Receivable Financing Agreement was amended to increase the line of credit up to a maximum of $2,500,000. On May 7,
2015, the Accounts Receivable Financing Agreement was amended to increase the loan amount that Rosenthal & Rosenthal may make
to the Company to the lesser of the Maximum Credit Facility (as defined in the Accounts Receivable Financing Agreement) or $600,000,
minus such reserves Rosenthal & Rosenthal, Inc. may deem necessary. Prior to this amendment, the loan amount could not exceed
the lesser of the Maximum Credit Facility or the Receivable Availability (as defined in the Accounts Receivable Financing Agreement)
equal to 70% of the Net Amount of Eligible Receivables (as defined in the Accounts Receivable Financing Agreement) minus such reserves
as Rosenthal & Rosenthal, Inc. may deem necessary. On June 29, 2015, this Accounts Receivable Financing Agreement was further
amended to increase the line of credit up to a maximum of $2,800,000.
The Accounts Receivable Financing Agreement
calls for the subordination of certain of the Company’s debt as follows:
Accounts Payable – Classique Creations, LLC | |
$ | 500,000 | |
Demand Loans Payable – Related Party | |
$ | 219,000 | |
In addition, the Company has granted Rosenthal
a Landlord Subordination agreement.
In connection with the Accounts Receivable
Financing Agreement, the Company has borrowed approximately $2.3 million as of November 30, 2015. The Accounts Receivable
Financing Agreement is in full force and effect until September 30, 2016 (the “Renewal Date”) and from year to year
thereafter, unless sooner terminated as provided in the Accounts Receivable Financing Agreement.
At November 30, 2015 we had working capital
of approximately $1.0 million. As of November 30, 2015 we had $7,000 in cash and cash equivalents.
Cash Requirements
We believe that we will need additional
funds to continue operations over the next twelve months and for the implementation of our plan of operation.
Off Balance Sheet Arrangements
Maiden Lane has no off balance sheet arrangements.
Item 3. Quantitative
and Qualitative Disclosures about Market Risk
We are subject to market risk associated
with changes in interest rates and commodity prices. Managing these risks is essential to our business. We consider our principal
market risk to be fluctuations in the diamond and metal components of our inventory.
Commodity Price Risk
We are subject to market risk associated
with changes in the price of precious metals. We do not enter into any hedging or other derivative contracts (such as forward contracts
for the purchase of raw materials) to mitigate commodity price risk as we generally scale our production to near-term demand rather
than longer-term demand projections whereby large amounts of raw material are warehoused.
Raw materials are stated at the lower of
cost or market, with cost determined by specific identification for unique items (such as diamond stones, each with a particular
carat weight, color, clarity and cut) and using the first-in, first-out method for generic items or styles (certain semi-mounts
and fashion jewelry). Finished goods which we fabricate are stated at the lower of cost or market, with cost determined by specific
identification for each component making up the item plus direct labor and other fees (primarily diamond certification).
Our manufacture of jewelry is typically
for completed inventory with raw materials (individual inventory components of stones and metals) generally held to a minimum.
Generally, significant increases or decreases in the market value of diamond and metal components of our inventory result in revised
pricing to our customers.
Given that we do not hedge or enter into
derivate contracts to address commodity price risks, we believe that such risk is immaterial as of November 30, 2015.
Interest Rate Risk
Interest rate risk is defined as the sensitivity
of our current and future earnings to interest rate volatility, variability of spread relationships and the effect that interest
rates may have on our cash flows. Changes in the general level of interest rates can affect our net income as a result of interest
expense incurred on outstanding debt.
We are subject to market risk associated
with changes in the prime rate in connection with the Account Receivable Financing Agreement. If short-term interest rates or the
prime rate averaged 10% more or less, interest expense would have increased or decreased by approximately $53,000 for the six months
ended November 30, 2013.
We did not hold any derivative financial
instruments for hedging purposes as of November 30, 2015 or 2014.
Item 4. Controls
and Procedures
Management is required by Rules 13a-15(e)
and 15d-15(e) under the Securities Exchange Act of 1934 to evaluate, with the participation of the Chief Executive Officer and
Chief Financial Officer, the effectiveness of disclosure controls and procedures as of the end of the period covered by this report.
Disclosure controls and procedures refer to controls and other procedures designed to ensure that information required to be disclosed
in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods
specified in the rules and forms of the Securities and Exchange Commission. Disclosure controls and procedures include, without
limitation, controls and procedures designed to ensure that information required to be disclosed by us in our reports that we file
or submit under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief
Financial Officer, as appropriate to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure
controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can
provide only reasonable assurance of achieving the desired control objectives, and management was required to apply its judgment
in evaluating and implementing possible controls and procedures.
Management, with the participation of the
Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures. Based
on their evaluation, as of the end of the period covered by this Form 10-Q, the Chief Executive Officer and Chief Financial Officer
have concluded that such disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange
Act of 1934, as amended) are effective.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal
control over financial reporting during the period covered by this report that have materially affected, or are reasonably likely
to materially affect, our internal control over financial reporting.
Part II — OTHER INFORMATION
Item 1. Legal
Proceedings
There are no material legal proceedings
to which we are a party, other than ordinary routine litigation incidental to our business.
Item 1A. Risk Factors
None.
Item 2. Unregistered
Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior
Securities
None.
Item 4. [Removed and Reserved]
Item 5. Other Information
None.
Item 6. Exhibits
The following exhibits are filed as a part
of this Form 10-Q (a) Exhibits required by Item 601 of Regulation S-K.
Number |
|
Description |
(31) |
|
Section 302 Certification |
|
|
|
31.1 |
|
Certification of Principal Executive Officer Rule 13a-14(a) pursuant to Rule13a- 14(a) of the Securities Exchange Act of 1934. |
|
|
|
31.1 |
|
Certification of Principal Financial Officer Rule 13a-14(a) pursuant to Rule13a- 14(a) of the Securities Exchange Act of 1934. |
|
|
|
(32) |
|
Section 906 Certification |
|
|
|
32.1 |
|
Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, required by Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
32.1 |
|
Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, required by Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
(101) |
|
XBRL Taxonomies |
|
|
|
101 |
|
The following materials from Maiden Lane Jewelry’s Quarterly Report on Form 10-Q for the quarter ended November
30, 2015 are filed herewith, formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Balance Sheet,
(ii) the Condensed Statements of Operations, (iii) the Condensed Statement of Stockholders’ Equity, (iv) the Condensed
Statements of Cash Flows, and (v) the Condensed Notes to Financial Statements. |
|
|
|
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
MAIDEN LANE JEWELRY, LTD. |
|
(Registrant) |
|
|
|
Date: January 19, 2016 |
By: |
/s/ Michael Wirth |
|
|
Michael Wirth |
|
|
Chief Executive Officer, |
Exhibit 31.1
CERTIFICATION PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Michael Wirth, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Maiden Lane Jewelry, Ltd.; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
|
a. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
b. |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
c. |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. |
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
|
a. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
|
b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: January 19, 2016
/s/ Michael Wirth |
|
Michael Wirth |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
|
Exhibit 31.2
CERTIFICATION PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Yitzchok Gurary, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Maiden Lane Jewelry, Ltd.; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
|
a. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
b. |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
c. |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. |
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
|
a. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
|
b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: January 19, 2016
/s/ Yitzchok Gurary |
|
Yitzchok Gurary |
|
Chief Financial Officer |
|
(Principal Financial Officer) |
|
Exhibit 32.1
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT
TO SECTION 906
OF THE SARBANES-OXLEY
ACT OF 2002
The
undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that this Quarterly Report on Form 10-Q for the quarter ended November 30, 2015 fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and the information contained in
such report fairly presents, in all material respects, the financial condition and results of operations of Maiden Lane
Jewelry, Ltd.
Date: January 19, 2016
/s/ Michael Wirth |
|
Michael Wirth |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
|
Exhibit 32.2
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT
TO SECTION 906
OF THE SARBANES-OXLEY
ACT OF 2002
The
undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that this Quarterly Report on Form 10-Q for the quarter ended November 30, 2015 fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and the information contained in
such report fairly presents, in all material respects, the financial condition and results of operations of Maiden Lane
Jewelry, Ltd.
Date: January 19, 2016
/s/ Yitzchok Gurary |
|
Yitzchok Gurary |
|
Chief Financial Officer |
|
(Principal Financial Officer) |
|
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v3.3.1.900
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
|
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CONDENSED BALANCE SHEET (Parenthetical) - USD ($)
|
Nov. 30, 2015 |
May. 31, 2015 |
Preferred Stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred Stock, shares authorized |
10,000,000
|
10,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common Stock, par value |
$ 0.0001
|
$ 0.0001
|
Common Stock, shares authorized |
50,000,000
|
50,000,000
|
Common Stock, shares issued |
10,494,428
|
10,494,428
|
Common Stock, shares outstanding |
10,494,428
|
10,494,428
|
Notes Payable Current [Member] |
|
|
Debt Instrument, Unamortized Discount |
$ 93,388
|
|
Notes Payable Non Current [Member] |
|
|
Debt Instrument, Unamortized Discount |
|
$ 141,804
|
Loans Payable [Member] |
|
|
Debt Instrument, Unamortized Discount |
$ 4,487
|
$ 4,825
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
CONDENSED STATEMENT OF OPERATIONS - USD ($)
|
3 Months Ended |
6 Months Ended |
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
|
X |
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v3.3.1.900
CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY - 6 months ended Nov. 30, 2015 - USD ($)
|
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Beginning balance at May. 31, 2015 |
$ 891,346
|
$ 1,049
|
$ 1,205,417
|
$ (315,120)
|
Beginning balance, Shares at May. 31, 2015 |
|
10,494,428
|
|
|
Debt Discount on Notes Payable |
4,879
|
$ 0
|
4,879
|
0
|
Net Loss for the six months ended November 30, 2015 |
(476,239)
|
0
|
0
|
(476,239)
|
Ending balance at Nov. 30, 2015 |
$ 419,986
|
$ 1,049
|
$ 1,210,296
|
$ (791,359)
|
Ending balance, Shares at Nov. 30, 2015 |
|
10,476,854
|
|
|
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v3.3.1.900
CONDENSED STATEMENT OF CASH FLOWS - USD ($)
|
6 Months Ended |
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
|
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v3.3.1.900
Summary of Significant Accounting Policies
|
6 Months Ended |
Nov. 30, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Summary of Significant Accounting Policies |
NOTE 1 - Summary of Significant Accounting Policies Organization and Basis of Presentation Maiden Lane Jewelry, Ltd., formerly Romantique Ltd., (“the Company”) was incorporated on September 6, 2012 under the laws of the State of New York. The Company is a wholesaler and manufacturer of jewelry including pendants, bracelets and earrings. The Company began operations on October 1, 2012 by selling fashion rings, pendants, earrings and bracelets to independent retailers. In December 2012, the Company commenced a line of bridal (engagement) rings, featuring both settings and diamonds. In February 2014 the Company began the sale of bridal engagement rings featuring uniquely cut diamonds which in May 2014 was branded as an AspiriTM cut diamond. The Company expanded its Aspiri cut diamond line in November 2014 to include pendants and earrings. Beginning in February 2015, the Company decided to phase out its line of fashion jewelry in order to focus on its Aspiri cut diamond engagement rings, pendants and jewelry. In the opinion of the Company’s management, the accompanying unaudited condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the information set forth therein. These financial statements are condensed and therefore 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. These condensed financial statements should be read in conjunction with the Company’s May 31, 2015 audited financial statements and notes included in Form 10-K filed on September 11, 2015. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year. Cash and Cash Equivalents The Company considers all highly-liquid investments purchased with a maturity of three months or less to be cash equivalents. As of November 30, 2015 and May 31, 2015, the Company did not have any cash equivalents. Inventories Raw materials are stated at the lower of cost or market, with cost determined by specific identification for unique items (such as diamond stones, each with a particular carat weight, color, clarity and cut) and using the first-in, first-out method for generic items or styles (certain semi-mounts and fashion jewelry). Finished goods the Company fabricates are stated at the lower of cost or market, with cost determined by specific identification for each component making up the item plus direct labor and other fees (primarily diamond certification). Property and Equipment Property and equipment is carried at cost less accumulated depreciation. Depreciation is computed by the straight-line method over the estimated useful lives of the related assets, which is generally five years. Revenue Recognition For revenue from product sales, the Company recognizes revenue in accordance with Staff Accounting Bulletin No. 104, “Revenue Recognition” (SAB No. 104), which superseded Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” (SAB No. 101). SAB No. 104 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management’s judgment regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowance, and other adjustments are provided for in the same period the related sales are recorded. Provision for sales returns and allowances that were netted against sales amounted to $267,000 and $43,000 for the six months ended November 30, 2015 and 2014, respectively. Concentration of Credit Risks The Company primarily sells its products to retail jewelers focused on mid-to-high end consumers. Customers typically receive payment terms of ratable monthly payments over 90 to 120 days with exceptions based on credit quality, seasonality or other terms and conditions. As a result, the Company is exposed to credit risk on its accounts receivable. The Company generally seeks to mitigate such risk by performing credit checks through jeweler trade associations it is a member of, by attending trade shows which selectively invite retailer attendees based on their credit worthiness and by checking references with other jewelers in the industry. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. The Company may maintain cash balances at financial institutions which exceed the current Federal Deposit Insurance Corporation (“FDIC”) limit of $250,000 during the year. Sales The Company’s sales are comprised of primarily three major products: Aspiri cut jewelry (primarily engagement rings), Complete Rings (not Aspiri) and Fashion Jewelry. The Company may also on occasion sell loose stone jewelry. A breakdown of gross sales for the three and six months ended November 30, 2015 and 2014, respectively: | | Three Months Ended November 30, | | Six Months Ended November 30, | | | | 2015 | | 2014 | | 2015 | | 2014 | | | | (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | | AspiriTM Cut Jewelry | | | 56 | % | | 50 | % | | 49 | % | | 43 | % | Complete Rings (not Aspiri) | | | 21 | | | 28 | | | 25 | | | 36 | | Fashion Jewelry & Other | | | 23 | | | 22 | | | 26 | | | 21 | | In February 2014 the Company began the sale of Aspiri bridal engagement rings. The first full quarter of Aspiri sales occurred during the three months ended May 31, 2104; at this initial roll-out of the Aspiri product line, there was less of a focus on the sales of non-Aspiri products. At the end of February 2015, the Company decided to phase out our line of fashion jewelry in order to focus on its Aspiri cut diamond engagement rings, pendants and jewelry. The Company expanded its Aspiri cut diamond line in November 2014 to include pendants and earrings. A breakdown of Aspiri jewelry to gross sales for the three and six months ended November 30, 2015 and 2014, respectively: | | Three Months Ended November 30, | | Six Months Ended November 30, | | | | 2015 | | 2014 | | 2015 | | 2014 | | | | (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | | AspiriTM Engagement Rings | | | 50 | % | | 46 | % | | 45 | % | | 41 | % | AspiriTM Pendants | | | 4 | | | 2 | | | 3 | | | 1 | | AspiriTM Earrings | | | 2 | | | 2 | | | 1 | | | 1 | | Advertising Costs Advertising and show costs are charged to operations when incurred. Advertising costs during the six months ended November 30, 2015 and 2014 were $113,000 and $101,000, respectively. Deferred Income Taxes The Company accounts for deferred income taxes using the asset and liability method, the objective of which is to establish deferred tax assets and liabilities for the temporary differences between the financial reporting and the tax bases of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. A valuation allowance related to deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Net Income (Loss) Per Share Basic loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the periods presented. Diluted loss per common share is computed by dividing net loss by the weighted average number of dilutive common share equivalents and convertible securities then outstanding. Diluted loss per common share is based on the treasury stock method and includes the effect from potential issuance of common stock such as shares issuable pursuant to the exercise of warrants and conversion of debentures. Potentially dilutive securities as of November 30, 2015 and 2014 consisted of 37,000 common shares from convertible debentures and 122,550 common shares from outstanding warrants. The 122,550 warrants were issued in connection with $430,000 of unsecured notes at an exercise price of $3.50 per warrant into one share of common stock. For the three and six months ended November 30, 2015, the dilutive and basic weighted average shares were the same, as potentially dilutive shares were anti-dilutive. For the three months ended November 30, 2015 and 2014, basic weighted average shares were 10,494,428 and 10,476,854, respectively and for the six months ended November 30, 2014, diluted weighted average shares were 10,510,145. The following provides a reconciliation of the shares used in calculating the per share amounts for the periods presented: | | Three Months Ended November 30, | Six Months Ended November 30, | | | | 2015 | | 2014 | | 2015 | | 2014 | | | | (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | | Numerator: | | | | | | | | | | | | | | Net Income (Loss) | | $ | (321,053) | | $ | 104,383 | | $ | (476,239) | | $ | 19,727 | | Interest on Convertible Notes | | | 746 | | | 746 | | | 1,492 | | | 1,484 | | Net Income (Loss) | | $ | (320,307) | | $ | 105,129 | | $ | (474,747) | | $ | 21,211 | | | | | | | | | | | | | | | | Denominator: | | | | | | | | | | | | | | Basic weighted-average shares | | | 10,494,428 | | | 10,476,854 | | | 10,494,428 | | | 10,473,145 | | Effective of dilutive securities: | | | | | | | | | | | | | | Warrants1 | | | | 2 | | | 2 | | | 2 | | | 2 | Convertible Debt3 | | | | 4 | | 37,000 | | | | 4 | | 37,000 | | Diluted weighted-average shares | | | 10,494,428 | | | 10,513,854 | | | 10,494,428 | | | 10,510,145 | | | | | | | | | | | | | | | | Per Share Income (Loss): | | | | | | | | | | | | | | Basic | | $ | (0.03) | | $ | 0.01 | | $ | (0.05) | | $ | 0.00 | | Diluted | | $ | (0.03) | | $ | 0.01 | | $ | (0.05) | | $ | 0.00 | | | 1 | There are 122,550 warrants issued in connection with 430,000 of unsecured notes at an exercise price of $3.50 per warrant into one share of common stock. | | 2 | Warrants for the three and six months ended November 30, 2015 and 2014 are not included in the computation of diluted weighted average shares as they are not dilutive under the treasury stock method of accounting. | | 3 | Convertible debt is convertible into 37,000 shares of common stock. | | 4 | Convertible debt for the three months ended November 30, 2015 is not included in the computation of diluted weighted average shares as such inclusion would be anti-dilutive. | Accounting Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reported period. Actual results could differ from those estimates. Management uses its best judgment in valuing these estimates, and may, as warranted, solicit external professional advice and other assumptions believed to be reasonable. Fair Value Measurements The authoritative guidance for fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or the most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact. The guidance describes a fair value hierarchy based on the levels of inputs, or which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active, or other inputs that are observable or corroborated by observable market data or substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the value of the assets or liabilities. The Company's financial instruments include cash and cash equivalents, accounts receivable, accounts payable and loans and notes payable. These items are determined to be a Level 1 fair value measurement. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and loans payable approximates fair value because of the short maturity of these instruments. The recorded value of long-term debt approximates its fair value as the terms and rates approximate market rates. Recent Accounting Pronouncements Management does not believe there would have been a material effect on the accompanying financial statements had any recently issued, but not yet effective, accounting standards been adopted in the current period.
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- DefinitionThe entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.
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v3.3.1.900
Inventories
|
6 Months Ended |
Nov. 30, 2015 |
Inventory Disclosure [Abstract] |
|
Inventories |
NOTE 2 - Inventories Inventories consist of the following: | | November 30, 2015 | | May 31, 2015 | | | | (unaudited) | | | | | | | | | | | | | Raw Materials | | $ | 1,090,088 | | $ | 775,312 | | Finished Goods | | | 912,854 | | | 1,813,919 | | Total Inventory | | $ | 2,002,942 | | $ | 2,589,231 | | Inventories are pledged as security for the Company’s Accounts Receivable Financing Agreement (see Note 9).
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- DefinitionThe entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.
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v3.3.1.900
Property and Equipment
|
6 Months Ended |
Nov. 30, 2015 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
NOTE 3 - Property and Equipment Property and equipment consists of the following: | | November 30, 2015 | | May 31, 2015 | | | | (unaudited) | | | | | | | | | | | | | Office Equipment | | $ | 16,349 | | $ | 16,349 | | Computers | | | 4,778 | | | 4,778 | | Capitalized Software | | | 78,976 | | | 35,211 | | | | | 100,103 | | | 56,338 | | Less: Accumulated Depreciation | | | 15,637 | | | 9,061 | | | | $ | 84,466 | | $ | 47,277 | | The Company is capitalizing new software related to inventory management and production. The cost of this software includes a base package cost plus current customization. The software was fully implemented September 1, 2015, and the Company depreciates the total cost of the software over five years. Depreciation expense was approximately $6,600 and $2,300 for the six months ended November 30, 2014 and November 30, 2014, respectively.
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- DefinitionThe entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
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v3.3.1.900
Convertible Note Payable - Related Party
|
6 Months Ended |
Nov. 30, 2015 |
Debt Disclosure [Abstract] |
|
Convertible Note Payable - Related Party |
NOTE 4 - Convertible Note Payable Related Party Convertible note payable to the Company’s president is summarized as follows: | | November 30, 2015 | | May 31, 2015 | | | | (unaudited) | | | | | Note Payable, bearing interest at 4% per annum, and due June 30, 2017 (original maturity of the note being December 31, 2015 and, as per the terms of the note, extended at the Company’s election for an additional 18 months). The note is Convertible into shares of the Company’s Common stock at a conversion rate of $2 per share, subject to adjustment upon the occurrence of certain events including stock dividends, stock split or combinations and reclassifications. | | $ | 74,000 | | $ | 74,000 | |
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- DefinitionThe entire disclosure for long-term debt.
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Loans Payable - Related Parties
|
6 Months Ended |
Nov. 30, 2015 |
Debt Disclosure [Abstract] |
|
Loans Payable - Related Parties |
NOTE 5 - Loans Payable Related Parties Loans payable to related parties is summarized as follows: | | November 30, 2015 | | May 31, 2015 | | | | (unaudited) | | | | | Loans payable to related parties include amounts payable to the Company’s President and CFO of $144,000 and $402,000 at November 30, 2015 and May 31, 2015, respectively, and $149,000 and $400,000 to other related parties at November 30, 2015 and May 31, 2015, respectively. The loans are payable on demand and non-interest bearing. Interest has been imputed at 3.25% per annum and the Company has recorded a debt discount of $25,539 against Additional Paid-In Capital. This discount is being amortized over two years. | | $ | 293,987 | | $ | 801,832 | | Less: Unamortized discount | | | (4,490) | | | (4,825) | | Loans Payable Related Parties, Net | | $ | 289,497 | | $ | 797,007 | | A portion of this loan payable to the Company’s President and CFO in the amount of $219,000 is subordinated to the factor.
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Notes Payable - Related Parties
|
6 Months Ended |
Nov. 30, 2015 |
Debt Disclosure [Abstract] |
|
Notes Payable - Related Parties |
NOTE 6 - Notes Payable Related Parties Notes payable to related parties is summarized as follows: | | November 30, 2015 | | May 31, 2015 | | | | (unaudited) | | | | | Notes payable to the Company’s President and CFO bears interest at 4% per annum and is due December 31, 2016. Interest is payable quarterly and note is subordinated to the Factor. | | $ | 600,000 | | $ | 600,000 | |
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.3.1.900
Unsecured Notes Payable
|
6 Months Ended |
Nov. 30, 2015 |
Payables and Accruals [Abstract] |
|
Unsecured Notes Payable |
NOTE 7 - Unsecured Notes Payable On August 18, 2014, August 25, 2014 and September 15, 2014 the Company issued $250,000, $150,000 and $30,000, respectively, of unsecured, subordinated notes bearing 11% interest with 285 detachable and freely transferable warrants per $1,000 face value Note. The notes are due on the second anniversary of their issue date with warrants exercisable within ten years from their issue date at an exercise price of $3.50. The $150,000 of notes issued on August 25, 2014 are to an entity controlled by the brother of the Company’s president. Pursuant to ASC 470-20, the Company recorded the value of the warrants using the Black-Scholes method, which was determined to be approximately $369,000. A portion of the debt proceeds was allocated to the warrants as debt discount using the relative fair value method, which approximated $199,000. As the warrants contain fixed settlement provisions and the exercise price cannot be adjusted, the Company recorded the fair value of the warrants as additional paid in capital with a corresponding debt discount which will be amortized over the two-year term of the notes using the interest method. For the six months ended November 30, 2015 and 2014, the Company recognized approximately $48,000, and $18,000, respectively, in amortization expense relating to these warrants. | | November 30, 2015 | | May 31, 2015 | | | | (unaudited) | | | | | Notes Payable, Par | | $ | 430,000 | | $ | 430,000 | | Initial Debt Discount | | | (198,557) | | | (198,557) | | Accumulated Amortization | | | 105,169 | | | 56,753 | | Notes Payable, Net | | $ | 336,612 | | $ | 288,196 | | The fair value of the warrants on the issuance date was calculated using the Black-Scholes method with the following weighted average assumptions: Dividend yield | | | 0.00 | % | Volatility | | | 310.78 | % | Risk-free interest rate | | | 2.40 | % | Expected life (months) | | | 120 | | Grant date price per share | | $ | 3.01 | | Warrants issued | | | 122,550 | | Aggregate grant date fair value | | $ | 369,000 | |
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v3.3.1.900
Financing Agreement
|
6 Months Ended |
Nov. 30, 2015 |
Payables and Accruals [Abstract] |
|
Financing Agreement |
NOTE 8 - Financing Agreement On September 30, 2013 the Company entered into an Account Receivable Financing Agreement with Rosenthal & Rosenthal, Inc. (“Rosenthal” or the “Factor”) pursuant to which Rosenthal shall provide the Company with a line of credit up to $1,000,000. On October 6, 2014, this Accounts Receivable Financing Agreement was amended to increase the line of credit up to a maximum of $2,000,000. Loans made under the Accounts Receivable Financing Agreement bear interest at prime rate plus 3.5% (for an effective average rate of 7.5% for the three months ended August 31, 2015 and 2014) and are subject to certain financial covenants. As security for these loans, Rosenthal has placed liens on the Company’s accounts receivable, inventories, and all other assets. In addition, the loans have been personally guaranteed by Yitzchok Gurary, and his parents, Mordechai Gurary and Leah Gurary. In addition, the Company has granted Rosenthal a Landlord Subordination agreement. The Accounts Receivable Financing Agreement calls for the subordination of certain of the Company’s debt as follows: Accounts Payable Classique Creations, LLC | | $ | 500,000 | | Demand Loans Payable Yitzchok Gurary | | $ | 219,000 | | In connection with the Accounts Receivable Finance Agreement, the Company has borrowed approximately $2.3 million net as of November 30, 2015. Total draws and repayments for the six months ended November 30, 2015 totaled approximately $3.4 million and $3.3 million, respectively. The Accounts Receivable Financing Agreement continues in full force and effect until September 30, 2016 and automatically from year to year thereafter, unless sooner terminated. On March 9, 2015, this Accounts Receivable Financing Agreement was amended to increase the line of credit up to a maximum of $2,500,000. On May 7, 2015, the Accounts Receivable Financing Agreement was amended to increase the loan amount that Rosenthal & Rosenthal may make to the Company to the lesser of the Maximum Credit Facility (as defined in the Accounts Receivable Financing Agreement) or $600,000, minus such reserves Rosenthal & Rosenthal, Inc. may deem necessary. Prior to this amendment, the loan amount could not exceed the lesser of the Maximum Credit Facility or the Receivable Availability (as defined in the Accounts Receivable Financing Agreement) equal to 70% of the Net Amount of Eligible Receivables (as defined in the Accounts Receivable Financing Agreement) minus such reserves as Rosenthal & Rosenthal, Inc. may deem necessary. On June 9, 2015, this Accounts Receivable Financing Agreement was further amended to increase the line of credit up to a maximum of $2,800,000.
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- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.3.1.900
Related Party Transactions
|
6 Months Ended |
Nov. 30, 2015 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
NOTE 10 - Related Party Transactions On October 1, 2012 the Company entered into a one-year consulting agreement with Isaac Gurary, under which he was to provide certain business and corporate marketing services to the Company for an annual consulting fee of 3% of certain net sales during the term of the agreement. This agreement was amended on December 1, 2014 to exclude certain sales made at selected jewelry shows by trade organizations for which the Company is a designated vendor and was further amended on September 1, 2015 to further refine eligible sales products. As of November 30, 2015 the amount owed to Mr. Gurary was approximately $121,000 and was subsequently paid in full in December 2015. As of May 31, 2015, the Company had recorded accrued compensation to Mr. Gurary in the amount of approximately $63,000. Mr. Gurary serves as the Company’s President and CFO and is a significant stockholder of the Company. During the six months ended November 30, 2015 and 2014the Company purchased approximately 59% and 26%, respectively, of its merchandise from Classique Creations LLC (“Classique”), a company that is owned by the mother of the Company’s President. Included in accounts payable at November 30, 2015 and May 31, 2015 are amounts owed to Classique totaling approximately $2.8 million and $1.8 million, respectively. Payment terms to Classique are one to twelve months and the manner of settlement is cash payment. Pursuant to the Accounts Receivable Financing Agreement (See Note 9), accounts payable to Classique totaling $500,000 are subordinated to the Factor. The Company rents office space from an inactive Company affiliated with the Company’s president on a month to month basis. The agreement calls for rent at $2,500 per month. Rent expense was approximately $15,000 and $13,000 for the six months ended November 30, 2015 and 2014, respectively. The Company’s portion of the rent is paid directly to the landlord.
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.3.1.900
Stockholders' Equity
|
6 Months Ended |
Nov. 30, 2015 |
Equity [Abstract] |
|
Stockholders' Equity |
NOTE 11 - Stockholders’ Equity On August 4, 2014 the Company issued 10,604 shares of common stock at a price per share of $3.10 for marketing services rendered during the year ended May 31, 2014 for a total amount of $32,871; these shares have not been registered. In connection with the issuance of $430,000 principal notes payable, the Company issued 122,550 common stock purchase warrants. Such warrants have an exercise price of $3.50 per share and expire between August and September 2024. As of November 30, 2015, all common stock purchase warrants remained outstanding and exercisable with a weighted average exercise price of $3.50 per share and a remaining contractual life of 8.7 years. The Company’s Board of Directors may issue shares of preferred stock in series and at the time of issuance, determine the rights, preferences and limitation of each series. The holders of preferred stock may be entitled to receive a preference payment in the event of any liquidation, dissolution or winding-up of the Company before any payment is made to the holders of the common stock. Furthermore, the board of directors could issue preferred stock with voting and other rights that could adversely affect the voting power of the holders of the common stock.
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- DefinitionThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
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v3.3.1.900
Major Suppliers and Customers
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6 Months Ended |
Nov. 30, 2015 |
Major Suppliers And Customers [Abstract] |
|
Major Suppliers and Customers |
NOTE 12 - Major Suppliers and Customers During the six months ended November 30, 2015 and November 30, 2014, the Company purchased approximately $2.2 million (approximately 59%) and $1.3 million (approximately 26%), respectively, of its merchandise from one manufacturer that is a related party (see Note 11). In addition, the Company purchased merchandise from one vendor which amounted to approximately 41% of total purchases during the six months ended November 30, 2015. Our three largest customers frequently vary from period to period. For the three and six months ended November 30, 2015, our three largest customers accounted for approximately 13% and 9%, respectively, of our total revenues. For the three and six months ended November 30, 2014, our three largest customers accounted for approximately 15% and 19%, respectively, of our total revenues.
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- DefinitionThe entire disclosure relates to major suppliers and customers for the reporting period.
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v3.3.1.900
Income Taxes
|
6 Months Ended |
Nov. 30, 2015 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
NOTE 13 - Income Taxes Our effective tax rates were approximately 0% and 0% for the six months ended November 30, 2015 and 2014, respectively
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.3.1.900
Subsequent Events
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6 Months Ended |
Nov. 30, 2015 |
Subsequent Events [Abstract] |
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Subsequent Events |
NOTE 14 - Subsequent Events During the period following November 30, 2015, the Company overpaid Yitzchok Gurary, the Company’s President and CFO, the amounts owed to him as “Loan Payable - Related Parties” by approximately $172,000. Such payments could not be considered prepayments of, or as an offset to, the notes payable to Yitzchok Gurary which total $674,000 in accordance with the terms of such notes. These payments were recorded by the Company as an advance to Yitzchok Gurary and as such, represent a violation of Section 402 of the Sarbanes-Oxley Act prohibiting loans to officers and directors. After a full reconciliation of such amounts, Yitzchok Gurary promptly repaid such advances. The Company intends to contact Rosenthal and its counsel to determine whether this advance violates the terms of the subordination agreement between the Company, Mr. Gurary and Rosenthal pursuant to which Mr. Gurary has agreed to subordinate a minimum of $219,000 in debt owed to him by the Company (see Note 8 - Financing Agreement).
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.3.1.900
Summary of Significant Accounting Policies (Policies)
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6 Months Ended |
Nov. 30, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Basis of Presentation |
Organization and Basis of Presentation Maiden Lane Jewelry, Ltd., formerly Romantique Ltd., (“the Company”) was incorporated on September 6, 2012 under the laws of the State of New York. The Company is a wholesaler and manufacturer of jewelry including pendants, bracelets and earrings. The Company began operations on October 1, 2012 by selling fashion rings, pendants, earrings and bracelets to independent retailers. In December 2012, the Company commenced a line of bridal (engagement) rings, featuring both settings and diamonds. In February 2014 the Company began the sale of bridal engagement rings featuring uniquely cut diamonds which in May 2014 was branded as an AspiriTM cut diamond. The Company expanded its Aspiri cut diamond line in November 2014 to include pendants and earrings. Beginning in February 2015, the Company decided to phase out its line of fashion jewelry in order to focus on its Aspiri cut diamond engagement rings, pendants and jewelry. In the opinion of the Company’s management, the accompanying unaudited condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the information set forth therein. These financial statements are condensed and therefore 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. These condensed financial statements should be read in conjunction with the Company’s May 31, 2015 audited financial statements and notes included in Form 10-K filed on September 11, 2015. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year.
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Cash and Cash Equivalents |
Cash and Cash Equivalents The Company considers all highly-liquid investments purchased with a maturity of three months or less to be cash equivalents. As of November 30, 2015 and May 31, 2015, the Company did not have any cash equivalents.
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Inventories |
Inventories Raw materials are stated at the lower of cost or market, with cost determined by specific identification for unique items (such as diamond stones, each with a particular carat weight, color, clarity and cut) and using the first-in, first-out method for generic items or styles (certain semi-mounts and fashion jewelry). Finished goods the Company fabricates are stated at the lower of cost or market, with cost determined by specific identification for each component making up the item plus direct labor and other fees (primarily diamond certification).
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Property and Equipment |
Property and Equipment Property and equipment is carried at cost less accumulated depreciation. Depreciation is computed by the straight-line method over the estimated useful lives of the related assets, which is generally five years.
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Revenue Recognition |
Revenue Recognition For revenue from product sales, the Company recognizes revenue in accordance with Staff Accounting Bulletin No. 104, “Revenue Recognition” (SAB No. 104), which superseded Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” (SAB No. 101). SAB No. 104 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management’s judgment regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowance, and other adjustments are provided for in the same period the related sales are recorded. Provision for sales returns and allowances that were netted against sales amounted to $267,000 and $43,000 for the six months ended November 30, 2015 and 2014, respectively.
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Concentration of Credit Risks |
Concentration of Credit Risks The Company primarily sells its products to retail jewelers focused on mid-to-high end consumers. Customers typically receive payment terms of ratable monthly payments over 90 to 120 days with exceptions based on credit quality, seasonality or other terms and conditions. As a result, the Company is exposed to credit risk on its accounts receivable. The Company generally seeks to mitigate such risk by performing credit checks through jeweler trade associations it is a member of, by attending trade shows which selectively invite retailer attendees based on their credit worthiness and by checking references with other jewelers in the industry. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. The Company may maintain cash balances at financial institutions which exceed the current Federal Deposit Insurance Corporation (“FDIC”) limit of $250,000 during the year.
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Sales |
Sales The Company’s sales are comprised of primarily three major products: Aspiri cut jewelry (primarily engagement rings), Complete Rings (not Aspiri) and Fashion Jewelry. The Company may also on occasion sell loose stone jewelry. A breakdown of gross sales for the three and six months ended November 30, 2015 and 2014, respectively: | | Three Months Ended November 30, | | Six Months Ended November 30, | | | | 2015 | | 2014 | | 2015 | | 2014 | | | | (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | | AspiriTM Cut Jewelry | | | 56 | % | | 50 | % | | 49 | % | | 43 | % | Complete Rings (not Aspiri) | | | 21 | | | 28 | | | 25 | | | 36 | | Fashion Jewelry & Other | | | 23 | | | 22 | | | 26 | | | 21 | | In February 2014 the Company began the sale of Aspiri bridal engagement rings. The first full quarter of Aspiri sales occurred during the three months ended May 31, 2104; at this initial roll-out of the Aspiri product line, there was less of a focus on the sales of non-Aspiri products. At the end of February 2015, the Company decided to phase out our line of fashion jewelry in order to focus on its Aspiri cut diamond engagement rings, pendants and jewelry. The Company expanded its Aspiri cut diamond line in November 2014 to include pendants and earrings. A breakdown of Aspiri jewelry to gross sales for the three and six months ended November 30, 2015 and 2014, respectively: | | Three Months Ended November 30, | | Six Months Ended November 30, | | | | 2015 | | 2014 | | 2015 | | 2014 | | | | (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | | AspiriTM Engagement Rings | | | 50 | % | | 46 | % | | 45 | % | | 41 | % | AspiriTM Pendants | | | 4 | | | 2 | | | 3 | | | 1 | | AspiriTM Earrings | | | 2 | | | 2 | | | 1 | | | 1 | |
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Advertising Costs |
Advertising Costs Advertising and show costs are charged to operations when incurred. Advertising costs during the six months ended November 30, 2015 and 2014 were $113,000 and $101,000, respectively.
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Deferred Income Taxes |
Deferred Income Taxes The Company accounts for deferred income taxes using the asset and liability method, the objective of which is to establish deferred tax assets and liabilities for the temporary differences between the financial reporting and the tax bases of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. A valuation allowance related to deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized.
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Net Income (Loss) Per Share |
Net Income (Loss) Per Share Basic loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the periods presented. Diluted loss per common share is computed by dividing net loss by the weighted average number of dilutive common share equivalents and convertible securities then outstanding. Diluted loss per common share is based on the treasury stock method and includes the effect from potential issuance of common stock such as shares issuable pursuant to the exercise of warrants and conversion of debentures. Potentially dilutive securities as of November 30, 2015 and 2014 consisted of 37,000 common shares from convertible debentures and 122,550 common shares from outstanding warrants. The 122,550 warrants were issued in connection with $430,000 of unsecured notes at an exercise price of $3.50 per warrant into one share of common stock. For the three and six months ended November 30, 2015, the dilutive and basic weighted average shares were the same, as potentially dilutive shares were anti-dilutive. For the three months ended November 30, 2015 and 2014, basic weighted average shares were 10,494,428 and 10,476,854, respectively and for the six months ended November 30, 2014, diluted weighted average shares were 10,510,145. The following provides a reconciliation of the shares used in calculating the per share amounts for the periods presented: | | Three Months Ended November 30, | Six Months Ended November 30, | | | | 2015 | | 2014 | | 2015 | | 2014 | | | | (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | | Numerator: | | | | | | | | | | | | | | Net Income (Loss) | | $ | (321,053) | | $ | 104,383 | | $ | (476,239) | | $ | 19,727 | | Interest on Convertible Notes | | | 746 | | | 746 | | | 1,492 | | | 1,484 | | Net Income (Loss) | | $ | (320,307) | | $ | 105,129 | | $ | (474,747) | | $ | 21,211 | | | | | | | | | | | | | | | | Denominator: | | | | | | | | | | | | | | Basic weighted-average shares | | | 10,494,428 | | | 10,476,854 | | | 10,494,428 | | | 10,473,145 | | Effective of dilutive securities: | | | | | | | | | | | | | | Warrants1 | | | | 2 | | | 2 | | | 2 | | | 2 | Convertible Debt3 | | | | 4 | | 37,000 | | | | 4 | | 37,000 | | Diluted weighted-average shares | | | 10,494,428 | | | 10,513,854 | | | 10,494,428 | | | 10,510,145 | | | | | | | | | | | | | | | | Per Share Income (Loss): | | | | | | | | | | | | | | Basic | | $ | (0.03) | | $ | 0.01 | | $ | (0.05) | | $ | 0.00 | | Diluted | | $ | (0.03) | | $ | 0.01 | | $ | (0.05) | | $ | 0.00 | | | 1 | There are 122,550 warrants issued in connection with 430,000 of unsecured notes at an exercise price of $3.50 per warrant into one share of common stock. | | 2 | Warrants for the three and six months ended November 30, 2015 and 2014 are not included in the computation of diluted weighted average shares as they are not dilutive under the treasury stock method of accounting. | | 3 | Convertible debt is convertible into 37,000 shares of common stock. | | 4 | Convertible debt for the three months ended November 30, 2015 is not included in the computation of diluted weighted average shares as such inclusion would be anti-dilutive. |
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Accounting Estimates |
Accounting Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reported period. Actual results could differ from those estimates. Management uses its best judgment in valuing these estimates, and may, as warranted, solicit external professional advice and other assumptions believed to be reasonable.
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Fair Value Measurements |
Fair Value Measurements The authoritative guidance for fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or the most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact. The guidance describes a fair value hierarchy based on the levels of inputs, or which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active, or other inputs that are observable or corroborated by observable market data or substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the value of the assets or liabilities. The Company's financial instruments include cash and cash equivalents, accounts receivable, accounts payable and loans and notes payable. These items are determined to be a Level 1 fair value measurement. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and loans payable approximates fair value because of the short maturity of these instruments. The recorded value of long-term debt approximates its fair value as the terms and rates approximate market rates.
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Recent Accounting Pronouncements |
Recent Accounting Pronouncements Management does not believe there would have been a material effect on the accompanying financial statements had any recently issued, but not yet effective, accounting standards been adopted in the current period.
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X |
- DefinitionDisclosure of accounting policy for advertising costs. For those costs that cannot be capitalized, discloses whether such costs are expensed as incurred or the first period in which the advertising takes place. For direct response advertising costs that are capitalized, describes those assets and the accounting policy used, including a description of the qualifying activity, the types of costs capitalized and the related amortization period. An entity also may disclose its accounting policy for cooperative advertising arrangements.
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v3.3.1.900
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Reconciliation of Revenue from Segments to Consolidated |
The Company may also on occasion sell loose stone jewelry. A breakdown of gross sales for the three and six months ended November 30, 2015 and 2014, respectively: | | Three Months Ended November 30, | | Six Months Ended November 30, | | | | 2015 | | 2014 | | 2015 | | 2014 | | | | (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | | AspiriTM Cut Jewelry | | | 56 | % | | 50 | % | | 49 | % | | 43 | % | Complete Rings (not Aspiri) | | | 21 | | | 28 | | | 25 | | | 36 | | Fashion Jewelry & Other | | | 23 | | | 22 | | | 26 | | | 21 | | A breakdown of Aspiri jewelry to gross sales for the three and six months ended November 30, 2015 and 2014, respectively: | | Three Months Ended November 30, | | Six Months Ended November 30, | | | | 2015 | | 2014 | | 2015 | | 2014 | | | | (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | | AspiriTM Engagement Rings | | | 50 | % | | 46 | % | | 45 | % | | 41 | % | AspiriTM Pendants | | | 4 | | | 2 | | | 3 | | | 1 | | AspiriTM Earrings | | | 2 | | | 2 | | | 1 | | | 1 | |
|
Schedule of reconciliation of the shares used in calculating the per share amounts |
The following provides a reconciliation of the shares used in calculating the per share amounts for the periods presented: | | Three Months Ended November 30, | Six Months Ended November 30, | | | | 2015 | | 2014 | | 2015 | | 2014 | | | | (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | | Numerator: | | | | | | | | | | | | | | Net Income (Loss) | | $ | (321,053) | | $ | 104,383 | | $ | (476,239) | | $ | 19,727 | | Interest on Convertible Notes | | | 746 | | | 746 | | | 1,492 | | | 1,484 | | Net Income (Loss) | | $ | (320,307) | | $ | 105,129 | | $ | (474,747) | | $ | 21,211 | | | | | | | | | | | | | | | | Denominator: | | | | | | | | | | | | | | Basic weighted-average shares | | | 10,494,428 | | | 10,476,854 | | | 10,494,428 | | | 10,473,145 | | Effective of dilutive securities: | | | | | | | | | | | | | | Warrants1 | | | | 2 | | | 2 | | | 2 | | | 2 | Convertible Debt3 | | | | 4 | | 37,000 | | | | 4 | | 37,000 | | Diluted weighted-average shares | | | 10,494,428 | | | 10,513,854 | | | 10,494,428 | | | 10,510,145 | | | | | | | | | | | | | | | | Per Share Income (Loss): | | | | | | | | | | | | | | Basic | | $ | (0.03) | | $ | 0.01 | | $ | (0.05) | | $ | 0.00 | | Diluted | | $ | (0.03) | | $ | 0.01 | | $ | (0.05) | | $ | 0.00 | | | 1 | There are 122,550 warrants issued in connection with 430,000 of unsecured notes at an exercise price of $3.50 per warrant into one share of common stock. | | 2 | Warrants for the three and six months ended November 30, 2015 and 2014 are not included in the computation of diluted weighted average shares as they are not dilutive under the treasury stock method of accounting. | | 3 | Convertible debt is convertible into 37,000 shares of common stock. | | 4 | Convertible debt for the three months ended November 30, 2015 is not included in the computation of diluted weighted average shares as such inclusion would be anti-dilutive. |
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Inventories (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventories |
Inventories consist of the following: | | November 30, 2015 | | May 31, 2015 | | | | (unaudited) | | | | | | | | | | | | | Raw Materials | | $ | 1,090,088 | | $ | 775,312 | | Finished Goods | | | 912,854 | | | 1,813,919 | | Total Inventory | | $ | 2,002,942 | | $ | 2,589,231 | |
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Property and Equipment (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Property, Plant and Equipment [Abstract] |
|
Schedule of property and equipment |
Property and equipment consists of the following: | | November 30, 2015 | | May 31, 2015 | | | | (unaudited) | | | | | | | | | | | | | Office Equipment | | $ | 16,349 | | $ | 16,349 | | Computers | | | 4,778 | | | 4,778 | | Capitalized Software | | | 78,976 | | | 35,211 | | | | | 100,103 | | | 56,338 | | Less: Accumulated Depreciation | | | 15,637 | | | 9,061 | | | | $ | 84,466 | | $ | 47,277 | |
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Convertible Note Payable - Related Party (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Debt Disclosure [Abstract] |
|
Schedule of Convertible note payable |
Convertible note payable to the Company’s president is summarized as follows: | | November 30, 2015 | | May 31, 2015 | | | | (unaudited) | | | | | Note Payable, bearing interest at 4% per annum, and due June 30, 2017 (original maturity of the note being December 31, 2015 and, as per the terms of the note, extended at the Company’s election for an additional 18 months). The note is Convertible into shares of the Company’s Common stock at a conversion rate of $2 per share, subject to adjustment upon the occurrence of certain events including stock dividends, stock split or combinations and reclassifications. | | $ | 74,000 | | $ | 74,000 | |
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Loans Payable - Related Parties (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Loans Payable [Abstract] |
|
Schedule of Loans Payable Related Party |
Loans payable to related parties is summarized as follows: | | November 30, 2015 | | May 31, 2015 | | | | (unaudited) | | | | | Loans payable to related parties include amounts payable to the Company’s President and CFO of $144,000 and $402,000 at November 30, 2015 and May 31, 2015, respectively, and $149,000 and $400,000 to other related parties at November 30, 2015 and May 31, 2015, respectively. The loans are payable on demand and non-interest bearing. Interest has been imputed at 3.25% per annum and the Company has recorded a debt discount of $25,539 against Additional Paid-In Capital. This discount is being amortized over two years. | | $ | 293,987 | | $ | 801,832 | | Less: Unamortized discount | | | (4,490) | | | (4,825) | | Loans Payable Related Parties, Net | | $ | 289,497 | | $ | 797,007 | |
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|
6 Months Ended |
Nov. 30, 2015 |
Debt Disclosure [Abstract] |
|
Schedule of Notes Payable to Related Parties |
Notes payable to related parties is summarized as follows: | | November 30, 2015 | | May 31, 2015 | | | | (unaudited) | | | | | Notes payable to the Company’s President and CFO bears interest at 4% per annum and is due December 31, 2016. Interest is payable quarterly and note is subordinated to the Factor. | | $ | 600,000 | | $ | 600,000 | |
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|
6 Months Ended |
Nov. 30, 2015 |
Payables and Accruals [Abstract] |
|
Schedule of Notes Payable |
For the six months ended November 30, 2015 and 2014, the Company recognized approximately $48,000, and $18,000, respectively, in amortization expense relating to these warrants. | | November 30, 2015 | | May 31, 2015 | | | | (unaudited) | | | | | Notes Payable, Par | | $ | 430,000 | | $ | 430,000 | | Initial Debt Discount | | | (198,557) | | | (198,557) | | Accumulated Amortization | | | 105,169 | | | 56,753 | | Notes Payable, Net | | $ | 336,612 | | $ | 288,196 | |
|
Schedule of Fair Value of the Warrants on the Issuance Date |
The fair value of the warrants on the issuance date was calculated using the Black-Scholes method with the following weighted average assumptions: Dividend yield | | | 0.00 | % | Volatility | | | 310.78 | % | Risk-free interest rate | | | 2.40 | % | Expected life (months) | | | 120 | | Grant date price per share | | $ | 3.01 | | Warrants issued | | | 122,550 | | Aggregate grant date fair value | | $ | 369,000 | |
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v3.3.1.900
Summary of Significant Accounting Policies (Details 2) - USD ($)
|
3 Months Ended |
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Numerator: |
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ (320,516)
|
|
$ 104,383
|
$ (476,239)
|
|
$ 19,727
|
Interest on Convertible Notes |
|
746
|
|
746
|
1,492
|
|
1,484
|
Net Income (Loss) |
|
$ (320,307)
|
|
$ 105,129
|
$ (474,747)
|
|
$ 21,211
|
Denominator: |
|
|
|
|
|
|
|
Basic weighted-average shares |
|
10,494,428
|
|
10,476,854
|
10,494,428
|
|
10,473,145
|
Effective of dilutive securities: |
|
|
|
|
|
|
|
Warrants |
[1],[2] |
0
|
|
0
|
0
|
|
0
|
Convertible Debt |
[4] |
0
|
[3] |
37,000
|
0
|
[3] |
37,000
|
Diluted weighted-average shares |
|
10,494,428
|
|
10,513,854
|
10,494,428
|
|
10,510,145
|
Per Share Income (Loss): |
|
|
|
|
|
|
|
Basic |
|
$ (0.03)
|
|
$ 0.01
|
$ (0.05)
|
|
$ 0.00
|
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|
$ (0.03)
|
|
$ 0.01
|
$ (0.05)
|
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$ 0.00
|
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v3.3.1.900
Summary of Significant Accounting Policies (Details Textual) - USD ($)
|
3 Months Ended |
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Accounting Policies [Line Items] |
|
|
|
|
Sales Returns and Allowances, Goods |
|
|
$ 267,000
|
$ 43,000
|
Federal Deposit Insurance Corporation Premium Expense |
|
|
250,000
|
|
Advertising Expense |
|
|
$ 113,000
|
$ 101,000
|
Debt Conversion, Converted Instrument, Shares Issued |
|
|
37,000
|
|
Debt Conversion, Original Debt, Amount |
|
|
$ 430,000
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
$ 3.50
|
|
$ 3.50
|
|
Property, Plant and Equipment, Useful Life |
|
|
5 years
|
|
Class of Warrant or Right, Outstanding |
122,550
|
122,550
|
122,550
|
122,550
|
Description Of Customers Payment Terms |
|
|
Customers typically receive payment terms of ratable monthly payments over 90 to 120 days with exceptions based on credit quality, seasonality or other terms and conditions
|
|
Weighted Average Number of Shares Outstanding, Basic |
10,494,428
|
10,476,854
|
10,494,428
|
10,473,145
|
Weighted Average Number of Shares Outstanding, Diluted |
10,494,428
|
10,513,854
|
10,494,428
|
10,510,145
|
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Inventories (Details) - USD ($)
|
Nov. 30, 2015 |
May. 31, 2015 |
Inventory [Line Items] |
|
|
Raw Materials |
$ 1,090,088
|
$ 775,312
|
Finished Goods |
912,854
|
1,813,919
|
Total Inventory |
$ 2,002,942
|
$ 2,589,231
|
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v3.3.1.900
Property and Equipment (Details) - USD ($)
|
Nov. 30, 2015 |
May. 31, 2015 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 100,103
|
$ 56,338
|
Less: Accumulated Depreciation |
15,637
|
9,061
|
Property Plant And Equipment, Net |
84,466
|
47,277
|
Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
16,349
|
16,349
|
Computers [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
4,778
|
4,778
|
Capitalized Software [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 78,976
|
$ 35,211
|
X |
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Convertible Note Payable - Related Party (Details) - USD ($)
|
Nov. 30, 2015 |
May. 31, 2015 |
Short-term Debt [Line Items] |
|
|
Note Payable, bearing interest at 4% per annum, and due June 30, 2017 (original maturity of the note being December 31, 2015 and, as per the terms of the note, extended at the Company’s election for an additional 18 months). The note is Convertible into shares of the Company’s Common stock at a conversion rate of $2 per share, subject to adjustment upon the occurrence of certain events including stock dividends, stock split or combinations and reclassifications. |
$ 74,000
|
$ 0
|
President [Member] |
|
|
Short-term Debt [Line Items] |
|
|
Note Payable, bearing interest at 4% per annum, and due June 30, 2017 (original maturity of the note being December 31, 2015 and, as per the terms of the note, extended at the Company’s election for an additional 18 months). The note is Convertible into shares of the Company’s Common stock at a conversion rate of $2 per share, subject to adjustment upon the occurrence of certain events including stock dividends, stock split or combinations and reclassifications. |
$ 74,000
|
$ 74,000
|
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Loans Payable - Related Parties (Details) - USD ($)
|
Nov. 30, 2015 |
May. 31, 2015 |
Related Party Transaction [Line Items] |
|
|
Loans Payable - Related Parties |
$ 289,497
|
$ 797,007
|
Loans Payable [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Less: Unamortized discount |
(4,487)
|
(4,825)
|
Loans Payable - Related Parties |
289,497
|
797,007
|
President [Member] | Loans Payable [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Less: Unamortized discount |
(4,490)
|
(4,825)
|
Loans Payable - Related Parties |
$ 293,987
|
$ 801,832
|
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Loans Payable - Related Parties (Details Textual) - USD ($)
|
6 Months Ended |
|
Nov. 30, 2015 |
May. 31, 2015 |
Related Party Transaction [Line Items] |
|
|
Notes Payable, Related Parties |
$ 219,000
|
|
Due to Related Parties, Current |
$ 289,497
|
$ 797,007
|
President And Chief Financial Officer [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Debt Instrument, Interest Rate, Stated Percentage |
3.25%
|
|
Adjustments to Additional Paid in Capital, Debt Discount on Loans Payable |
$ 25,539
|
|
Debt Instrument, Convertible, Remaining Discount Amortization Period |
2 years
|
|
Due to Related Parties, Current |
$ 144,000
|
402,000
|
Other Related Parties [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to Related Parties, Current |
$ 149,000
|
$ 400,000
|
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|
Nov. 30, 2015 |
May. 31, 2015 |
Unsecured Notes Payable [Line Items] |
|
|
Notes Payable, Net |
$ 0
|
$ 288,196
|
Notes Payable [Member] |
|
|
Unsecured Notes Payable [Line Items] |
|
|
Notes Payable, Par |
430,000
|
430,000
|
Initial Debt Discount |
(198,557)
|
(198,557)
|
Accumulated Amortization |
105,169
|
56,753
|
Notes Payable, Net |
$ 336,612
|
$ 288,196
|
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v3.3.1.900
Unsecured Notes Payable (Details Textual)
|
1 Months Ended |
6 Months Ended |
Sep. 15, 2014
USD ($)
|
Aug. 25, 2014
USD ($)
|
Aug. 18, 2014
USD ($)
|
Nov. 30, 2015
USD ($)
$ / shares
|
Nov. 30, 2014
USD ($)
|
Unsecured Notes Payable [Line Items] |
|
|
|
|
|
Warrants Exercisable Period |
|
|
|
10 years
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares |
|
|
|
$ 3.50
|
|
Notes Issued |
|
$ 150,000
|
|
|
|
Warrant [Member] |
|
|
|
|
|
Unsecured Notes Payable [Line Items] |
|
|
|
|
|
Warrants and Rights Outstanding |
|
|
|
$ 369,000
|
|
Debt Instrument, Unamortized Discount |
|
|
|
199,000
|
|
Amortization of Financing Costs |
|
|
|
$ 48,000
|
$ 18,000
|
Unsecured Debt [Member] |
|
|
|
|
|
Unsecured Notes Payable [Line Items] |
|
|
|
|
|
Convertible Subordinated Debt |
$ 30,000
|
$ 150,000
|
$ 250,000
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
11.00%
|
11.00%
|
11.00%
|
|
|
Debt Instrument, Convertible, Number of Equity Instruments |
285
|
285
|
285
|
|
|
Debt Instrument, Face Amount |
$ 1,000
|
$ 1,000
|
$ 1,000
|
|
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- DefinitionCarrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.
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Financing Agreement (Details Textual) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
|
|
|
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Jun. 09, 2015 |
Mar. 09, 2015 |
Oct. 06, 2014 |
Sep. 30, 2013 |
Subordinated Borrowing [Line Items] |
|
|
|
|
|
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
|
|
|
|
|
$ 2,000,000
|
|
Proceeds from Loans Payable - Factor |
|
|
$ 3,400,000
|
|
|
|
|
Repayments of Debt |
|
|
$ 3,300,000
|
|
|
|
|
Line of Credit Facility, Increase (Decrease) for Period, Description |
|
|
Company to the lesser of the Maximum Credit Facility (as defined in the Accounts Receivable Financing Agreement) or $600,000, minus such reserves Rosenthal & Rosenthal, Inc. may deem necessary.
|
|
|
|
|
Percentage of Net Amount of Eligible Receivables |
|
|
70.00%
|
|
|
|
|
Accounts Receivable Financing Agreement [Member] |
|
|
|
|
|
|
|
Subordinated Borrowing [Line Items] |
|
|
|
|
|
|
|
Line Of Credit |
$ 2,300,000
|
|
$ 2,300,000
|
|
|
|
$ 1,000,000
|
Line of Credit Facility, Maximum Borrowing Capacity |
|
|
|
$ 2,800,000
|
$ 2,500,000
|
|
|
Debt Instrument, Maturity Date |
|
|
Sep. 30, 2016
|
|
|
|
|
Debt Instrument, Basis Spread on Variable Rate |
|
|
3.50%
|
|
|
|
|
Debt Instrument, Interest Rate During Period |
7.50%
|
7.50%
|
|
|
|
|
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v3.3.1.900
Related Party Transactions (Details Textual) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
May. 31, 2015 |
Related Party Transaction [Line Items] |
|
|
|
|
|
Operating Leases, Rent Expense |
|
|
$ 2,500
|
|
|
Rent expense |
|
|
15,000
|
$ 13,000
|
|
Due to Related Parties, Current |
$ 289,497
|
|
289,497
|
|
$ 797,007
|
Professional Fees |
66,031
|
$ 190,593
|
206,211
|
$ 358,595
|
|
Classique Creations LLC [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Accounts Payable, Related Parties, Current |
2,800,000
|
|
2,800,000
|
|
1,800,000
|
Due to Related Parties, Current |
$ 500,000
|
|
$ 500,000
|
|
|
Percentage Of Merchandise Purchased From Related Party |
|
|
59.00%
|
26.00%
|
|
Issac Gurary [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Consulting Agreement Period |
|
|
1 year
|
|
|
Percentage of Sales Revenue |
3.00%
|
|
3.00%
|
|
|
Accrued Professional Fees, Current |
|
|
|
|
$ 63,000
|
Professional Fees |
|
|
$ 121,000
|
|
|
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- DefinitionRepresents the period for consulting agreement.
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v3.3.1.900
Stockholders' Equity (Details Textual) - USD ($)
|
|
6 Months Ended |
12 Months Ended |
|
Aug. 04, 2014 |
Nov. 30, 2015 |
May. 31, 2014 |
May. 31, 2015 |
Class of Stock [Line Items] |
|
|
|
|
Stock Issued During Period, Shares, Issued for Services |
|
|
32,871
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
|
$ 3.50
|
|
|
Notes Payable [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Long-term Debt, Gross |
|
$ 430,000
|
|
$ 430,000
|
Common Stock [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Stock Issued During Period, Shares, Issued for Services |
10,604
|
|
|
|
Shares Issued, Price Per Share |
$ 3.10
|
|
|
|
Warrant [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Debt Conversion, Converted Instrument, Warrants or Options Issued |
|
122,550
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
|
$ 3.50
|
|
|
Weighted Average Remaining Contractual Term |
|
8 years 8 months 12 days
|
|
|
X |
- DefinitionWeighted average remaining contractual term for warrants outstanding.
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v3.3.1.900
v3.3.1.900
Subsequent Events (Details Textual) - USD ($)
|
Nov. 30, 2015 |
May. 31, 2015 |
Subsequent Event [Line Items] |
|
|
Due to Related Parties, Current |
$ 289,497
|
$ 797,007
|
Notes Payable, Current, Total |
336,612
|
0
|
Accounts Receivable Financing Agreement [Member] |
|
|
Subsequent Event [Line Items] |
|
|
Loans Payable |
219,000
|
|
President And Chief Financial Officer [Member] |
|
|
Subsequent Event [Line Items] |
|
|
Due to Related Parties, Current |
144,000
|
$ 402,000
|
President And Chief Financial Officer [Member] | Yitzchok Gurary [Member] |
|
|
Subsequent Event [Line Items] |
|
|
Due to Related Parties, Current |
172,000
|
|
Notes Payable, Current, Total |
$ 674,000
|
|
X |
- DefinitionIncluding the current and noncurrent portions, aggregate carrying value as of the balance sheet date of loans payable (with maturities initially due after one year or beyond the operating cycle if longer).
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