Nevada
|
65-1000634
|
(State
or other jurisdiction of incorporation
or organization)
|
(I.R.S.
Employer Identification
No.)
|
1191
Center Point Dr., Henderson,
Nevada
|
89704
|
(Address
of principal executive office)
|
(Zip
Code)
|
PART
I - FINANCIAL
INFORMATION
|
|||
ITEM
1.
|
FINANCIAL
STATEMENTS
|
|
|
Consolidated
Balance Sheets for the periods ended
|
|||
March
31, 2007 and December 31, 2006
|
3
|
||
Consolidated
Statements of Operations for the Three Months
|
|||
ended
March 31, 2007 and 2006, and from inception of development
|
|||
stage
January 1, 2005 to March 31, 2007
|
4
|
||
Consolidated
Statement of Stockholders' Equity
|
5
|
||
Consolidated
Unaudited Statement of Cash Flows for the Three
Months
|
|||
ended
March 31, 2007 and 2006, and from inception of development
|
|||
stage
January 1, 2005 to March 31, 2007
|
6
|
||
Notes
to Consolidated Financial Statements
|
7
|
||
ITEM
2.
|
MANAGEMENT'S
DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND
|
||
RESULTS
OF OPERATIONS
|
16
|
||
ITEM
3.
|
CONTROLS AND PROCEDURES |
20
|
|
PART
II - OTHER INFORMATION
|
|||
ITEM
6.
|
EXHIBITS
|
20
|
|
SIGNATURES
|
21
|
RHINO
OUTDOOR INTERNATIONAL, INC.
|
|||||||
(A
Development Stage Company)
|
|||||||
CONSOLIDATED
BALANCE SHEETS
|
|||||||
March
31,
|
December
31,
|
||||||
2007
|
2006
|
||||||
(unaudited)
|
|||||||
ASSETS
|
|||||||
CURRENT
ASSETS
|
|||||||
Cash
|
$
|
36,135
|
$
|
1,862
|
|||
Marketable
securities
|
810
|
14,400
|
|||||
Inventory,
net
|
113,490
|
123,490
|
|||||
Deposit
|
88,302
|
-
|
|||||
Other
current assets
|
10,773
|
2,052
|
|||||
TOTAL
CURRENT ASSETS
|
249,510
|
141,804
|
|||||
OTHER
ASSETS
|
|||||||
Plant,
property, and eqiupment, net
|
101,223
|
107,954
|
|||||
Goodwill
|
3,013,463
|
3,013,463
|
|||||
TOTAL
ASSETS
|
$
|
3,364,196
|
$
|
3,263,221
|
|||
LIABILITIES
AND STOCKHOLDERS' DEFICIT
|
|||||||
CURRENT
LIABILITIES
|
|||||||
Accounts
payable and accrued expenses
|
$
|
1,298,802
|
$
|
1,300,032
|
|||
Accrued
liabilities
|
1,492,380
|
1,332,860
|
|||||
Bank
overdraft
|
14,774
|
21,534
|
|||||
Lines
of credit
|
298,156
|
299,896
|
|||||
Notes
payable
|
294,192
|
294,192
|
|||||
Current
portion of long-term debt
|
40,485
|
40,485
|
|||||
Deferred
revenues and customer deposits
|
405,866
|
448,027
|
|||||
Other
current liabilities
|
400,000
|
400,000
|
|||||
Related
party payables
|
542,614
|
573,814
|
|||||
TOTAL
CURRENT LIABILITIES
|
4,787,269
|
4,710,840
|
|||||
LONG-TERM
LIABILITIES
|
|||||||
Bank
indebtedness
|
31,307
|
37,682
|
|||||
Vehicle
loans, net current portion
|
19,697
|
22,047
|
|||||
TOTAL
LONG-TERM LIABILITIES
|
51,004
|
59,729
|
|||||
TOTAL
LIABILITIES
|
4,838,273
|
4,770,569
|
|||||
COMMITMENTS
AND CONTINGENCIES
|
-
|
-
|
|||||
STOCKHOLDERS'
DEFICIT
|
|||||||
Convertible
preferred stock, $0.001 par value; 5,000,000 shares
authorized
|
|||||||
Series
A - 835,660 shares issued and outstanding
|
836
|
836
|
|||||
Series
B - 1,000,000 shares issued and outstanding
|
1,000
|
1,000
|
|||||
Series
C - 2,250,000 shares issued and outstanding
|
2,250
|
2,250
|
|||||
Common
stock, $0.001 par value; 500,000,000 shares
authorized,
|
|||||||
62,648,709
and 50,748,709 shares issued and oustanding,
|
|||||||
respectively
|
62,649
|
50,749
|
|||||
Additional
paid-in capital
|
36,439,366
|
35,502,478
|
|||||
Accumulated
deficit prior to current development stage
|
(19,234,546
|
)
|
(19,234,546
|
)
|
|||
Accumulated
deficit in development stage
|
(18,633,942
|
)
|
(17,394,515
|
)
|
|||
Accumulated
comprehensive income (loss)
|
(111,690
|
)
|
(435,600
|
)
|
|||
Total
Stockholders' Deficit
|
(1,474,077
|
)
|
(1,507,348
|
)
|
|||
TOTAL
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
$
|
3,364,196
|
$
|
3,263,221
|
RHINO
OUTDOOR INTERNATIONAL, INC.
|
||||||||||
(A
Development Stage Company)
|
||||||||||
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
||||||||||
From
|
||||||||||
Inception
of
|
||||||||||
Development
Stage
|
||||||||||
Three
Months Ended
|
(January
1, 2005)
|
|||||||||
March
31,
|
March
31,
|
to
|
||||||||
2007
|
2006
|
March
31, 2007
|
||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||
REVENUES
|
$
|
58,420
|
$
|
-
|
$
|
135,513
|
||||
-
|
||||||||||
COST
OF SALES
|
67,564
|
-
|
167,804
|
|||||||
Gross
Profit (Loss)
|
(9,144
|
)
|
-
|
(32,291
|
)
|
|||||
OPERATING
EXPENSES
|
||||||||||
General
and administrative
|
171,444
|
67,093
|
1,673,134
|
|||||||
Depreciation
expense
|
9,231
|
-
|
27,515
|
|||||||
Management
fees
|
137,500
|
105,000
|
1,160,229
|
|||||||
Marketing
expenses
|
354,833
|
213,425
|
10,107,020
|
|||||||
Selling
expenses
|
359,300
|
146,856
|
5,511,840
|
|||||||
TOTAL
OPERATING EXPENSES
|
1,032,308
|
532,374
|
18,479,738
|
|||||||
LOSS
FROM OPERATIONS
|
(1,041,452
|
)
|
(532,374
|
)
|
(18,512,029
|
)
|
||||
OTHER
INCOME (EXPENSES)
|
||||||||||
Other
income
|
140,625
|
-
|
480,897
|
|||||||
Gain
on forgiveness of debt
|
-
|
-
|
2,500
|
|||||||
Interest
expense
|
(10,223
|
)
|
(18,638
|
)
|
(173,595
|
)
|
||||
Loss
on sale of investment
|
(328,377
|
)
|
-
|
(417,544
|
)
|
|||||
Loss
on abandonment of assets
|
-
|
-
|
(14,171
|
)
|
||||||
TOTAL
OTHER INCOME (EXPENSES)
|
(197,975
|
)
|
(18,638
|
)
|
(121,913
|
)
|
||||
LOSS
BEFORE TAXES
|
(1,239,427
|
)
|
(551,012
|
)
|
(18,633,942
|
)
|
||||
INCOME
TAXES
|
-
|
-
|
-
|
|||||||
NET
LOSS
|
(1,239,427
|
)
|
(551,012
|
)
|
(18,633,942
|
)
|
||||
OTHER
COMPREHENSIVE INCOME
|
||||||||||
Unrealized
gain (loss) on marketable securities
|
323,910
|
-
|
(111,690
|
)
|
||||||
COMPREHENSIVE
LOSS
|
$
|
(915,517
|
)
|
$
|
(551,012
|
)
|
$
|
(18,745,632
|
)
|
|
NET
LOSS PER COMMON SHARE,
|
||||||||||
BASIC
AND DILUTED
|
$
|
(0.02
|
)
|
$
|
(0.43
|
)
|
||||
WEIGHTED
AVERAGE NUMBER OF
|
||||||||||
COMMON
STOCK SHARES
|
||||||||||
OUTSTANDING,
BASIC AND DILUTED
|
56,159,265
|
1,288,265
|
RHINO
OUTDOOR INTERNATIONAL, INC.
|
|||||||||||||||||||||||||
(A
Development Stage Company)
|
|||||||||||||||||||||||||
CONSOLIDATED
STATEMENT OF STOCKHOLDERS' DEFICIT
|
|||||||||||||||||||||||||
Additional
|
Accumulated
|
||||||||||||||||||||||||
Convertible
Preferred Stock
|
Common
Stock
|
Paid-in
|
Deficit
|
Other
Comprehensive
|
|||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Accumulated
|
Loss
|
Totals
|
||||||||||||||||||
Balance,
December 31, 2004
|
835,660
|
$
|
836
|
232,258
|
$
|
232
|
$
|
16,193,129
|
$
|
(19,234,546
|
)
|
$
|
-
|
$
|
(3,040,349
|
)
|
|||||||||
Shares
issued for consulting expense
|
-
|
-
|
996,260
|
996
|
6,945,396
|
-
|
-
|
6,946,392
|
|||||||||||||||||
Shares
issued for debt
|
-
|
-
|
5,000
|
5
|
57,495
|
-
|
-
|
57,500
|
|||||||||||||||||
Shares
issued in exchange for compensation
|
1,000,000
|
1,000
|
-
|
-
|
99,000
|
-
|
-
|
100,000
|
|||||||||||||||||
Net
loss for year ending December 31, 2005
|
-
|
-
|
-
|
-
|
-
|
(7,783,970
|
)
|
-
|
(7,783,970
|
)
|
|||||||||||||||
Balance,
December 31, 2005
|
1,835,660
|
1,836
|
1,233,518
|
1,233
|
23,295,020
|
(27,018,516
|
)
|
-
|
(3,720,427
|
)
|
|||||||||||||||
Shares
issued for management and consulting fees
|
-
|
-
|
245,000
|
245
|
489,755
|
-
|
-
|
490,000
|
|||||||||||||||||
Shares
issued for accrued liabilities
|
-
|
-
|
205,000
|
205
|
409,795
|
-
|
-
|
410,000
|
|||||||||||||||||
Shares
issued for acquisition of subsidiary
|
1,650,000
|
1,650
|
-
|
-
|
1,648,350
|
-
|
-
|
1,650,000
|
|||||||||||||||||
-
|
|||||||||||||||||||||||||
Shares
issued for accrued management fees
|
600,000
|
600
|
-
|
-
|
599,400
|
-
|
-
|
600,000
|
|||||||||||||||||
-
|
|||||||||||||||||||||||||
Shares
issued for related party payable
|
-
|
-
|
5,200,000
|
5,200
|
1,228,031
|
-
|
-
|
1,233,231
|
|||||||||||||||||
-
|
|||||||||||||||||||||||||
Shares
issued for marketing and selling expenses
|
-
|
-
|
43,865,191
|
43,866
|
7,832,127
|
-
|
-
|
7,875,993
|
|||||||||||||||||
-
|
|||||||||||||||||||||||||
Net
loss for year ending December 31, 2006
|
-
|
-
|
-
|
-
|
-
|
(9,610,545
|
)
|
-
|
(9,610,545
|
)
|
|||||||||||||||
Unrealized
loss on investments
|
-
|
-
|
-
|
-
|
-
|
-
|
(435,600
|
)
|
(435,600
|
)
|
|||||||||||||||
Balance,
December 31, 2006
|
4,085,660
|
4,086
|
50,748,709
|
50,749
|
35,502,478
|
(36,629,061
|
)
|
(435,600
|
)
|
(1,507,348
|
)
|
||||||||||||||
Common
stock issued for cash
|
-
|
-
|
3,268,000
|
3,268
|
161,420
|
-
|
-
|
164,688
|
|||||||||||||||||
Shares
issued for marketing, selling, and financing costs
|
-
|
-
|
14,232,000
|
14,232
|
749,868
|
-
|
-
|
764,100
|
|||||||||||||||||
Shares
issued for related party notes payable
|
-
|
-
|
400,000
|
400
|
19,600
|
-
|
-
|
20,000
|
|||||||||||||||||
Cancelled
shares
|
-
|
-
|
(6,000,000
|
)
|
(6,000
|
)
|
6,000
|
-
|
-
|
-
|
|||||||||||||||
Net
loss for period ending March 31, 2007
|
-
|
-
|
-
|
-
|
-
|
(1,239,427
|
)
|
-
|
(1,239,427
|
)
|
|||||||||||||||
Unrealized
loss on investments
|
-
|
-
|
-
|
-
|
-
|
-
|
323,910
|
323,910
|
|||||||||||||||||
Balance,
March 31, 2007 (unaudited)
|
4,085,660
|
$
|
4,086
|
62,648,709
|
$
|
62,649
|
$
|
36,439,366
|
$
|
(37,868,488
|
)
|
$
|
(111,690
|
)
|
$
|
(1,474,077
|
)
|
RHINO
OUTDOOR INTERNATIONAL, INC.
|
||||||||||
(A
Development Stage Company)
|
||||||||||
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
||||||||||
From
|
||||||||||
Inception
of
|
||||||||||
Development
Stage
|
||||||||||
Three
Months Ended
|
(January
1, 2005)
|
|||||||||
March
31,
|
March
31,
|
to
|
||||||||
2007
|
2006
|
March
31, 2007
|
||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||
Net
loss
|
$
|
(1,239,427
|
)
|
$
|
(551,012
|
)
|
$
|
(18,633,942
|
)
|
|
Adjustments
to reconcile net loss to net cash
|
||||||||||
used
by operating activities:
|
||||||||||
Common
stock issued for accrued wages
|
-
|
-
|
510,000
|
|||||||
Common
stock issued for compensation and services
|
-
|
360,280
|
7,436,392
|
|||||||
Reserve
for issuance of issuance of preferred stock
|
-
|
-
|
400,000
|
|||||||
Preferred
shares issued for accrued management fees
|
-
|
-
|
600,000
|
|||||||
Forgiveness
of debt
|
-
|
-
|
(2,500
|
)
|
||||||
Bad
debt expense
|
-
|
-
|
20,000
|
|||||||
Amortization
of deferred revenues
|
(140,625
|
)
|
-
|
(468,750
|
)
|
|||||
Common
stock issued for marketing, selling, and financing
costs
|
764,100
|
-
|
8,640,093
|
|||||||
Loss
on sale of investment
|
328,377
|
-
|
417,544
|
|||||||
Loss
on abandonment of assets
|
-
|
-
|
14,171
|
|||||||
Depreciation
|
9,231
|
-
|
27,515
|
|||||||
(Increase)
decrease in:
|
||||||||||
Deposits
|
(88,302
|
)
|
-
|
(88,302
|
)
|
|||||
Inventories
|
10,000
|
-
|
69,720
|
|||||||
Other
current assets
|
(8,721
|
)
|
(5,000
|
)
|
(8,721
|
)
|
||||
Increase
(decrease) in:
|
||||||||||
Accounts
payable and accrued expenses
|
(1,230
|
)
|
53,804
|
315,984
|
||||||
Accrued
liabilities
|
159,520
|
104,161
|
91,933
|
|||||||
Deferred
revenues and customer deposits
|
98,464
|
1,000
|
349,252
|
|||||||
Net
cash provided (used) by operating activities
|
(108,613
|
)
|
(36,767
|
)
|
(309,611
|
)
|
||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||
Increase
from loans receivable
|
-
|
-
|
(7,500
|
)
|
||||||
Cash
acquired in acquisition
|
-
|
-
|
18,578
|
|||||||
Purchase
of plant, property, and equipment
|
(2,500
|
)
|
-
|
(2,500
|
)
|
|||||
Cash
received from sale of investments
|
9,123
|
-
|
32,456
|
|||||||
Net
cash provided (used) by investing activities
|
6,623
|
-
|
41,034
|
|||||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||
Advances
from related parties
|
(11,200
|
)
|
89,500
|
161,583
|
||||||
Common
stock issued for cash
|
164,688
|
-
|
164,688
|
|||||||
Decrease
in bank overdrafts
|
(6,760
|
)
|
(334
|
)
|
(6,749
|
)
|
||||
Decrease
in lines of credit
|
(1,740
|
)
|
-
|
(1,794
|
)
|
|||||
Decrease
in bank indebtness
|
(6,375
|
)
|
-
|
(3,677
|
)
|
|||||
Payments
on vehicle loans
|
(2,350
|
)
|
-
|
(9,339
|
)
|
|||||
Net
cash provided by financing activities
|
136,263
|
89,166
|
304,712
|
|||||||
Change
in cash
|
34,273
|
52,399
|
36,135
|
|||||||
Cash,
beginning of period
|
1,862
|
-
|
-
|
|||||||
Cash,
end of period
|
$
|
36,135
|
$
|
52,399
|
$
|
36,135
|
||||
SUPPLEMENTAL
CASH FLOW INFORMATION:
|
||||||||||
Interest
paid
|
$
|
5,711
|
$
|
-
|
$
|
27,009
|
||||
Income
taxes paid
|
$
|
-
|
$
|
-
|
$
|
-
|
||||
NON-CASH
INVESTING AND FINANCING ACTIVITIES:
|
||||||||||
Common
stock issued for related party debt
|
$
|
20,000
|
$
|
-
|
$
|
77,500
|
||||
Preferred
shares issued for subsidiary
|
$
|
-
|
$
|
-
|
$
|
1,650,000
|
||||
Shares
issued for related party payable
|
$
|
-
|
$
|
-
|
$
|
1,233,231
|
|
March
31,
|
December
31,
|
|||||
|
2007
|
2006
|
|||||
Raw
materials and work-in-process
|
$
|
47,954
|
$
|
57,954
|
|||
Finished
goods
|
65,536
|
65,536
|
|||||
Total
Inventory
|
$
|
113,490
|
$
|
123,490
|
March
31,
|
December
31,
|
||||||
2007
|
2006
|
||||||
Plant
assets
|
$
|
122,734
|
$
|
120,234
|
|||
Office
furniture
|
4,858
|
4,858
|
|||||
Leasehold
improvements
|
1,146
|
1,146
|
|||||
128,738
|
126,238
|
||||||
Less
accumulated depreciation
|
(27,515
|
)
|
(18,284
|
)
|
|||
Net,
property and equipment
|
$
|
101,223
|
$
|
107,954
|
|||
Year
Ending:
|
||||
December
31, 2007
|
$
|
11,903
|
||
December
31, 2008
|
14,643
|
|||
December
31, 2009
|
7,405
|
|||
December
31, 2010
|
-
|
|||
December
31, 2011
|
-
|
|||
Remaining
principal on vehicles
|
$
|
33,951
|
Year
Ending:
|
||||
December
31, 2007
|
$
|
19,856
|
||
December
31, 2008
|
28,267
|
|||
December
31, 2009
|
9,415
|
|||
December
31, 2010
|
-
|
|||
December
31, 2011
|
-
|
|||
Remaining
principal note payable with Bank of Nevada
|
$
|
57,538
|
March
31, 2007
|
December
31, 2006
|
||||||
Total
fair value of Luvoo, Inc.
|
$
|
810
|
$
|
14,400
|
|||
Gross
unrealized (loss)
|
(111,690
|
)
|
(435,600
|
)
|
|||
Cost
|
$
|
112,500
|
$
|
464,400
|
Cash
|
$
|
18,578
|
||
Accounts
receivable
|
5,000
|
|||
Marketable
securities
|
562,500
|
|||
Inventories
|
183,210
|
|||
Plant,
property & equipment, net
|
126,238
|
|||
Other
assets
|
2,052
|
|||
Total
Assets Acquired
|
897,578
|
|||
Current
liabilities
|
(2,186,533
|
)
|
||
Other
liabilities
|
(74,508
|
)
|
||
Total
Liabilities Assumed
|
(2,361,041
|
)
|
||
Net
liabilities acquired in excess of assets
|
$
|
(1,363,463
|
)
|
|
Cost
of acquisition
|
$
|
1,650,000
|
||
Net
liabilities assumed
|
1,363,463
|
|||
Goodwill
|
$
|
3,013,463
|
RHINO
OUTDOOR INTERNATIONAL, INC.
|
|||||||||||||
(A
Development Stage Company)
|
|||||||||||||
CONSOLIDATED
STATEMENTS OF OPERATIONS - PROFORMA
|
|||||||||||||
PROFORMA
|
|||||||||||||
Rhino
Outdoor
|
Rhino
Off Roads
|
Rhino
Outdoor
|
|||||||||||
International,
Inc.
|
Industries,
Inc.
|
International,
Inc.
|
|||||||||||
Three
Months
|
Three
Months
|
Three
Months
|
|||||||||||
Ended
|
Ended
|
Ended
|
|||||||||||
March
31,
|
March
31,
|
March
31,
|
|||||||||||
2006
|
2006
|
Eliminations
|
2006
|
||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||
REVENUES
|
$
|
-
|
$
|
53,482
|
$
|
-
|
$
|
53,482
|
|||||
COST
OF SALES
|
-
|
98,660
|
-
|
98,660
|
|||||||||
Gross
Profit (Loss)
|
-
|
(45,178
|
)
|
-
|
(45,178
|
)
|
|||||||
OPERATING
EXPENSES
|
|||||||||||||
General
and administrative
|
67,093
|
46,972
|
-
|
114,065
|
|||||||||
Research
and development
|
-
|
998
|
-
|
998
|
|||||||||
Depreciation
expense
|
-
|
8,505
|
-
|
8,505
|
|||||||||
Management
fees
|
105,000
|
67,293
|
-
|
172,293
|
|||||||||
Marketing
expenses
|
213,425
|
2,809
|
-
|
216,234
|
|||||||||
Selling
expenses
|
146,856
|
-
|
-
|
146,856
|
|||||||||
TOTAL
OPERATING EXPENSES
|
532,374
|
126,577
|
-
|
658,951
|
|||||||||
LOSS
FROM OPERATIONS
|
(532,374
|
)
|
(171,755
|
)
|
-
|
(704,129
|
)
|
||||||
OTHER
INCOME (EXPENSES)
|
|||||||||||||
Other
income
|
-
|
17,169
|
-
|
17,169
|
|||||||||
Gain
on forgiveness of debt
|
-
|
-
|
-
|
||||||||||
Interest
expense
|
(18,638
|
)
|
(22,119
|
)
|
-
|
(40,757
|
)
|
||||||
Loss
on sale of investment
|
-
|
- |
-
|
-
|
|||||||||
Loss
on abandonment of assets
|
-
|
- |
-
|
-
|
|||||||||
TOTAL
OTHER INCOME (EXPENSES)
|
(18,638
|
)
|
(4,950
|
)
|
-
|
(23,588
|
)
|
||||||
LOSS
BEFORE TAXES
|
(551,012
|
)
|
(176,705
|
)
|
-
|
(727,717
|
)
|
||||||
INCOME
TAXES
|
-
|
-
|
-
|
-
|
|||||||||
NET
LOSS
|
(551,012
|
)
|
(176,705
|
)
|
-
|
(727,717
|
)
|
||||||
OTHER
COMPREHENSIVE INCOME
|
|||||||||||||
Unrealized
loss on marketable securities
|
-
|
-
|
-
|
-
|
|||||||||
COMPREHENSIVE
LOSS
|
$
|
(551,012
|
)
|
$
|
(176,705
|
)
|
$
|
-
|
$
|
(727,717
|
)
|
||
NET
LOSS PER COMMON SHARE,
|
|||||||||||||
BASIC
AND DILUTED
|
$
|
(0.56
|
)
|
||||||||||
WEIGHTED
AVERAGE NUMBER OF
|
|||||||||||||
COMMON
STOCK SHARES
|
|||||||||||||
OUTSTANDING,
BASIC AND DILUTED
|
1,288,265
|
|
Increase
|
||||||||||||
2007
|
2006
|
Amount
|
Percentage
|
||||||||||
Revenue
|
$
|
58,420
|
$
|
0
|
$
|
58,420
|
100%
|
|
|
Decrease
|
||||||||||||
2007
|
2006
|
Amount
|
Percentage
|
||||||||||
G&A
expense and management
fees
|
$
|
308,894
|
$
|
172,093
|
$
|
136,851
|
0%
|
|
|
Increase
|
||||||||||||
2007
|
2006
|
Amount
|
Percentage
|
||||||||||
Marketing
Expenses
|
$
|
354,833
|
$
|
213,425
|
$
|
141,408
|
66%
|
|
|
Increase
|
||||||||||||
2007
|
2006
|
Amount
|
Percentage
|
||||||||||
Selling
Expenses
|
$
|
359,300
|
$
|
146,856
|
$
|
212,444
|
144%
|
|
|
Increase
|
||||||||||||
2007
|
2006
|
Amount
|
Percentage
|
||||||||||
Other
Income
|
$
|
140,625
|
$
|
0
|
$
|
140,625
|
100%
|
|
|
Increase
|
||||||||||||
2007
|
2006
|
Amount
|
Percentage
|
||||||||||
Interest
Expense
|
$
|
10,233
|
$
|
18,638
|
$
|
-8,415
|
45%
|
|
|
Increase
|
||||||||||||
2007
|
2006
|
Amount
|
Percentage
|
||||||||||
Loss
on sale of investments
|
$
|
(328,377
|
) |
$
|
0
|
$
|
328,377
|
100%
|
|
As
of March 31, 2007
|
Increase
|
||||||||||||
2007
|
2006
|
Amount
|
Percentage
|
||||||||||
Deferred
net revenue
|
$
|
405,866
|
$
|
448,027
|
$
|
42,161
|
9%
|
|
Exhibit
Number
|
Description
of Document
|
31.1
|
Rule
13a-14(a)/15d-14(a) Certification
|
31.2
|
Rule 13a-14(a)/15d-14(a) Certification |
32.1
|
Section
1350 Certification
|
32.2
|
Section 1350 Certification |
Rhino Outdoor International, Inc. | ||
|
|
|
Date: May 21, 2007 | By: | /s/ Howard Pearl |
Howard Pearl |
||
President and Chief Executive Officer |