v3.4.0.3

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current asset
Cash and cash equivalents	$ 1,211,052	$ 899,205
Accounts receivable	77,844	48,630
Inventory, net of allowances	4,881,704	4,659,487
Prepaid expenses and other	501,018	374,766
Total current assets	6,671,618	5,982,088
Property and equipment, net	1,493,960	1,599,312
Finance costs, net	139,541	305,313
Deposits and other assets	683,036	683,036
TOTAL ASSETS	8,988,155	8,569,749
Current liabilities
Accounts payable	2,564,765	2,168,208
Accrued expenses	7,642,319	5,076,971
Customer deposits	456,618	584,818
Short-term debt	50,915,939	47,515,939
Total current liabilities	$ 61,579,641	55,345,936
Long-term debt		3,400,000
Deferred tax liabilities, net and other	$ 950,932	2,477,286
TOTAL LIABILITIES	62,530,573	61,223,222
SHAREHOLDERS EQUITY (DEFICIT)
Common stock, $0.0001 par value, 50,000,000 shares authorized; 600,949 shares issued and and outstanding	$ 60	$ 60
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares outstanding
Additional paid in capital	$ 796,535	$ 796,535
Retained deficit	(54,339,013)	(53,450,068)
TOTAL SHAREHOLDER'S EQUITY (DEFICIT)	(53,542,418)	(52,653,473)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 8,988,155	$ 8,569,749

Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.

Peekay Boutiques, Inc. 10-Q