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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lescarden Inc (CE) | USOTC:LCAR | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
|
ACT OF 1934
|
|
For the quarterly period ended: August 31, 2012
|
|
or
|
|
o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
|
ACT OF 1934
|
|
For the transition period from: _____________ to _____________
|
New York
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13-2538207
|
(State or other jurisdiction
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(I.R.S. Employer
|
of incorporation or organization)
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Identification No.)
|
Large accelerated filer | o | Accelerated filer | o | |||
Non-accelerated filer | o | Smaller reporting company | ||||
(Do not check if a smaller reporting company) | þ |
Class
|
Outstanding October 11, 2012
|
|
Common Stock $.001 par value
|
48,722,316
|
PART I – FINANCIAL INFORMATION | ||
Page | ||
Item 1. | Financial Statements. | 1 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 2 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk. | 3 |
Item 4. | Controls and Procedures. | 4 |
PART II – OTHER INFORMATION | ||
Item 1. | Legal Proceedings. | 5 |
Item 1A. | Risk Factors. | 5 |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. | 6 |
Item 3. | Defaults Upon Senior Securities. | 6 |
Item 4. | (Removed and Reserved). | 6 |
Item 5. | Other Information. | 6 |
Item 6. | Exhibits. | 6 |
SIGNATURES | 7 |
Item 1.
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Financial Statements.
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August 31, 2012
(UNAUDITED)
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May 31, 2012
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||||||
ASSETS
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||
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|||
Current assets:
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||
Cash and cash equivalents
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$
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26,062
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$
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42,617
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|
Accounts receivable
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28,579
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|
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54,707
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Inventory
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161,718
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104,666
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||||||
Total current assets
|
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216,359
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|
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201,990
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Deferred income tax asset, net of valuation allowance of $1,819,000 and $1,784,000 at August 31, 2012 and May 31, 2012, respectively
|
|
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—
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|
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|
—
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Total assets
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$
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216,359
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$
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201,990
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|
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LIABILITIES AND STOCKHOLDERS' DEFICIT
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||||
Current liabilities:
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Accounts payable
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$
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280,283
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$
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256,996
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Shareholder loan
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332,000
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232,000
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||||||
Deferred revenue
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4,782
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8,857
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Deferred license fees
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15,000
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16,500
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Total liabilities
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632,065
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514,353
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Stockholders' deficit:
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Convertible preferred stock - $.02 par value, authorized 2,000,000 shares, issued and outstanding 92,000 shares
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1,840
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1,840
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Common stock
-
$.001 par value,
a
uthorized 200,000,000 shares, issued and outstanding 40,076,783 shares
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40,077
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40,077
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Additional paid–in capital
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16,882,481
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16,882,481
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Accumulated deficit
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(17,340,104
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)
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(17,236,761
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)
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Stockholders' deficit
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(415,706
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)
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(312,363
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)
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Total liabilities and stockholders' deficit
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$
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216,359
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$
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201,990
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(UNAUDITED)
For the three months ended
August 31,
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|||||||
2012
|
2011
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||||||
Revenues:
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Product sales
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$
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14,500
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$
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26,214
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||||
License fees
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1,500
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1,500
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||||||
Total revenues
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16,000
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27,714
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Costs and expenses:
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Cost of sales
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4,539
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8,731
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Salaries
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20,493
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27,350
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Professional fees and consulting
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46,403
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51,721
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Rent and office expenses
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29,896
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29,507
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Insurance
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14,140
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12,657
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Other administrative expenses
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3,872
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3,912
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Total costs and expenses
|
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119,343
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133,878
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Net loss
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$
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(103,343
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)
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$
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(106,164
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)
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Net loss per share
–
basic and diluted
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$
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(0.00
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)
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$
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(0.00
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)
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Weighted average number of common shares outstanding – basic and diluted
|
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40,076,783
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40,076,783
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(UNAUDITED)
For the three months ended
August 31,
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||||||||
2012
|
2011
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||||||
Cash flows from operating activities:
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|
|
|
|
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||
Net loss
|
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$
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(103,343
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)
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$
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(106,164
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)
|
Adjustments to reconcile net loss to net cash used in operating activities:
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Changes in operating assets and liabilities:
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Decrease in accounts receivable
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26,128
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37,324
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Increase in inventory
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(57,052
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)
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(1,937
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)
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Increase (decrease) in accounts payable and accrued expenses
|
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23,287
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|
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(35,040
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)
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(Decrease) increase in deferred revenue
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(4,075
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)
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30,087
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||||
Decrease in deferred license fees
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(1,500
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)
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(1,500
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)
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Net cash used in operating activities
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(116,555
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)
|
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(77,230
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)
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Cash flows from financing activities:
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||||||||
Increase in shareholder loan
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100,000
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95,000
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||||||
Cash provided by financing activities
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100,000
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95,000
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||||
(Decrease) increase in cash
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(16,555
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)
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17,770
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|
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Cash – Beginning of Period
|
|
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42,617
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|
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10,780
|
|
|
|
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|
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|
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Cash – End of Period
|
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$
|
26,062
|
|
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$
|
28,550
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
Item 4.
|
Controls and Procedures.
|
Item 1.
|
Legal Proceedings.
|
Item 1A.
|
Risk Factors.
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
Item 3.
|
Defaults Upon Senior Securities.
|
Item 4.
|
(Removed and Reserved)
|
Item 5.
|
Other Information.
|
Item 6.
|
Exhibits.
|
Exhibit No.
|
|
Description
|
31
|
Certification pursuant to Exchange Act Rule 13a – 14 (a)/15d-14(a)
|
|
32
|
Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002
|
LESCARDEN INC.
|
|||
Date: October 11, 2012
|
By:
|
/s/ W illiam E. L uther | |
William E. Luther
|
|||
Chief Executive and Chief Financial Officer
|
|||
1 Year Lescarden (CE) Chart |
1 Month Lescarden (CE) Chart |
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