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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
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended: November 30, 2012
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or
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o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from: _____________ to _____________
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New York
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13-2538207
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(State or other jurisdiction
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(I.R.S. Employer
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of incorporation or organization)
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Identification No.)
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Large accelerated filer | o |
Accelerated filer
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o | |
Non-accelerated filer | o |
Smaller reporting company
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þ | |
(Do not check if a smaller reporting company)
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Class
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Outstanding January 11, 2013
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Common Stock $.001 par value
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48,722,316
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Page | ||
PART I – FINANCIAL INFORMATION
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Item 1.
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Financial Statements.
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1 |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
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5 |
Item 3.
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Quantitative and Qualitative Disclosures About Market Risk.
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6 |
Item 4.
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Controls and Procedures. | 6 |
PART II – OTHER INFORMATION
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Item 1. |
Legal Proceedings.
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7 |
Item 1A. |
Risk Factors.
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7 |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds.
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7 |
Item 3. |
Defaults Upon Senior Securities.
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7 |
Item 4. |
Submission of Matters to a Vote of Security Holders.
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7 |
Item 5. |
Other Information.
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7 |
Item 6. |
Exhibits.
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7 |
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Item 1. Financial Statements.
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November 30,
2012
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May 31,
2012
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(UNAUDITED)
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(AUDITED)
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ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 85,911 | $ | 42,617 | ||||
Accounts receivable
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250,291 | 54,707 | ||||||
Inventory
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211,898 | 104,666 | ||||||
Total current assets
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548,100 | 201,990 | ||||||
Deferred income tax asset, net of valuation allowance of $1,798,000 and $1,784,000 at November 30, 2012 and May 31, 2012 respectively
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Total assets
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$ | 548,100 | $ | 201,990 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
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Current liabilities:
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Accounts payable and accrued expenses
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$ | 335,829 | $ | 256,996 | ||||
Shareholder loan
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347,000 | 232,000 | ||||||
Deferred revenue
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4,782 | 8,857 | ||||||
Deferred license fees
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13,500 | 16,500 | ||||||
Total liabilities
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701,111 | 514,353 | ||||||
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 | 1,840 | ||||||
Common stock - $.001 par value, authorized 200,000,000 shares, 48,722,316 and 40,076,783 shares issued and outstanding at November 30, 2012 and May 31, 2012 respectively
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48,722 | 40,077 | ||||||
Additional paid-in capital
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17,073,836 | 16,882,481 | ||||||
Accumulated deficit
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(17,277,409 | ) | (17,236,761 | ) | ||||
Stockholders' deficit
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(153,011 | ) | (312,363 | ) | ||||
Total liabilities and stockholders' deficit
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$ | 548,100 | $ | 201,990 |
(UNAUDITED)
For the three months
Ended November 30,
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(UNAUDITED)
For the six months
Ended November 30,
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2012
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2011
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2012
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2011
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Revenues:
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Product sales
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$ | 269,641 | $ | 19,264 | $ | 284,141 | $ | 45,478 | ||||||||
License fees
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1,500 | 1,500 | 3,000 | 3,000 | ||||||||||||
Total revenues
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271,141 | 20,764 | 287,141 | 48,478 | ||||||||||||
Costs and expenses:
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Cost of sales
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94,237 | 10,070 | 98,777 | 18,801 | ||||||||||||
Salaries
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20,519 | 6,900 | 41,012 | 34,250 | ||||||||||||
Professional fees and consulting
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31,243 | 43,806 | 77,646 | 95,527 | ||||||||||||
Rent and office expense
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25,057 | 26,064 | 54,503 | 55,571 | ||||||||||||
Insurance
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13,643 | 20,618 | 27,783 | 33,275 | ||||||||||||
Commission
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12,849 | — | 12,849 | — | ||||||||||||
Other administrative expenses
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10,898 | 6,318 | 15,219 | 10,230 | ||||||||||||
Total costs and expenses
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208,446 | 113,776 | 327,789 | 247,654 | ||||||||||||
Net income (loss)
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$ | 62,695 | $ | (93,012 | ) | $ | (40,648 | ) | $ | (199,176 | ) | |||||
Net income (loss) per share – basic and diluted
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$ | 0.00 | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | |||||
Weighted average number of common
shares outstanding – basic and diluted
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46,512,902 | 40,076,783 | 43,259,479 | 40,076,783 |
(UNAUDITED)
For the six months
Ended November 30,
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2012
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2011
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Cash flows from operating activities:
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Net loss
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$ | (40,648 | ) | $ | (199,176 | ) | ||
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) increase in accounts receivable
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(195,584 | ) | 39,349 | |||||
Increase in inventory
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(107,232 | ) | (25,265 | ) | ||||
Increase in accounts payable and accrued expenses
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78,833 | 30,478 | ||||||
(Decrease) increase in deferred revenue
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(4,075 | ) | 26,976 | |||||
Decrease in deferred license fees
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(3,000 | ) | (3,000 | ) | ||||
Net cash used in operating activities
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(271,706 | ) | (130,638 | ) | ||||
Cash flows from financing activities:
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Increase in shareholder loan
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115,000 | 125,000 | ||||||
Issuance of common stock
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200,000 | - | ||||||
Cash provided by financing activities
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315,000 | 125,000 | ||||||
Increase (decrease) in cash
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43,294 | (5,638 | ) | |||||
Cash - beginning of period
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42,617 | 10,780 | ||||||
Cash – end of period
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$ | 85,911 | $ | 5,142 |
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk.
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Item 4. Controls and Procedures.
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Item 1. Legal Proceedings.
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Item 1A. Risk Factors.
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
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Item 3. Defaults Upon Senior Securities.
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Item 4. Submission of Matters to a Vote of Security Holders.
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Item 5. Other Information.
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Item 6. Exhibits.
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LESCARDEN INC.
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(Registrant)
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Date: January 11, 2013
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By:
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/s/ William E. Luther | |
Name: William E. Luther | |||
Title; Chief Executive and Chief Financial Officer | |||
1 Year Lescarden (CE) Chart |
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