This issue is a variant of Grimm Fairy Tales (Zenescope Entertainment, 2005 series) #1 (2nd Print) [Rio Cover]. There exist further variants.
Cover depicts Red Riding Hood in a skimpy outfit sitting on her picnic basket; She has on white gloves and boots; Variant cover distributed by the Jay Company and limited to 500 copies; There is a "virgin" variant of this cover with no logo and Red wearing black gloves and boots limited to 100 copies.
The unnamed girl and her boyfriend Chad are revealed to be Britney Waters and Chad Malve in Grimm Fairy Tales Myths & Legends (Zenescope Entertainment, 2011 series) #3. That story takes place later in Britney's life as she reminisces about the events in this story. Britney is the main character in the story arc of Grimm Fairy Tales Myths & Legends #1-5.
Presents the fan photo from which Al Rio drew the 2nd print cover as well as the two variant covers for the 1st printing of the comic.