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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: February 28, 2013
|
|
or
|
|
o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
|
ACT OF 1934 | |
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)
|
Identification No.)
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PART I – FINANCIAL INFORMATION | Page | |
Item 1. | Financial Statements. | 1 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 5 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk. | 6 |
Item 4. | Controls and Procedures. | 6 |
PART II – OTHER INFORMATION | ||
Item 1. | Legal Proceedings. | 7 |
Item 1A. | Risk Factors. | 7 |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. | 7 |
Item 3. | Defaults Upon Senior Securities. | 7 |
Item 4. | Submission of Matters to a Vote of Security Holders. | 7 |
Item 5. | Other Information. | 7 |
Item 6. | Exhibits. | 7 |
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Item 1.
Financial Statements.
|
February 28,
2013
|
May 31,
2012
|
|||||||
ASSETS
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||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 198,759 | $ | 42,617 | ||||
Accounts receivable
|
65,820 | 54,707 | ||||||
Inventory
|
150,870 | 104,666 | ||||||
Total current assets
|
415,449 | 201,990 | ||||||
Deferred income tax asset, net of valuation allowance of $1,809,000 and $1,784,000 at February 28, 2013 and May 31, 2012 respectively
|
— | — | ||||||
Total assets
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$ | 415,449 | $ | 201,990 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$ | 236,313 | $ | 256,996 | ||||
Shareholder loan
|
347,000 | 232,000 | ||||||
Deferred revenue
|
4,782 | 8,857 | ||||||
Deferred license fees
|
12,000 | 16,500 | ||||||
Total liabilities
|
600,095 | 514,353 | ||||||
Stockholders' deficit
|
||||||||
Convertible preferred stock - $.02 par value, authorized 2,000,000 shares, issued and outstanding 92,000 shares
|
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 February 28, 2013 and May 31, 2012 respectively
|
48,722 | 40,077 | ||||||
Additional paid-in capital
|
17,073,836 | 16,882,481 | ||||||
Accumulated deficit
|
(17,309,044 | ) | (17,236,761 | ) | ||||
Stockholders' deficit
|
(184,646 | ) | (312,363 | ) | ||||
Total liabilities and stockholders' deficit
|
$ | 415,449 | $ | 201,990 |
Three months ended
|
Nine months ended
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|||||||||||||||
February 28,
2013
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February 29,
2012
|
February 28,
2013
|
February 29,
2012
|
|||||||||||||
Revenues:
|
||||||||||||||||
Product sales
|
$ | 125,448 | $ | 285,356 | $ | 409,589 | $ | 330,334 | ||||||||
License fees
|
1,500 | 1,500 | 4,500 | 4,500 | ||||||||||||
Total revenues
|
126,948 | 286,856 | 414,089 | 334,834 | ||||||||||||
Costs and expenses:
|
||||||||||||||||
Cost of sales
|
62,654 | 91,375 | 161,431 | 110,177 | ||||||||||||
Salaries
|
28,267 | 21,431 | 69,279 | 55,681 | ||||||||||||
Professional fees and consulting
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62,325 | 25,323 | 139,970 | 120,850 | ||||||||||||
Rent and office expense
|
29,880 | 30,378 | 82,436 | 85,950 | ||||||||||||
Insurance
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4,390 | 7,348 | 32,173 | 40,622 | ||||||||||||
Commission
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6,632 | 14,417 | 19,481 | 14,417 | ||||||||||||
Other administrative expenses
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9,016 | 9,087 | 26,183 | 18,816 | ||||||||||||
Total costs and expenses
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203,164 | 199,359 | 530,953 | 446,513 | ||||||||||||
Operating income (loss) | (76,216 | ) | 87,497 | (116,864 | ) | (111,679 | ) | |||||||||
Other income | 44,581 | — | 44,581 | — | ||||||||||||
Net (loss) income
|
$ | (31,635 | ) | $ | 87,497 | $ | (72,283 | ) | $ | (111,679 | ) | |||||
Net (loss) income per share – basic and diluted
|
$ | ( 0.00 | ) | $ | 0.00 | $ | (0.00 | ) | $ | (0.00 | ) | |||||
Weighted average number of common
shares outstanding – basic and diluted
|
48,722,316 | 40,076,783 | 45,067,036 | 40,076,783 |
Nine months ended
|
||||||||
February 28,
2013
|
February 29,
2012
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$ | (72,283 | ) | $ | (111,679 | ) | ||
Adjustments to reconcile net loss to net cash
used in operating activities:
|
||||||||
Changes in operating assets and liabilities:
|
||||||||
Increase in accounts receivable
|
(11,113 | ) | (191,369 | ) | ||||
Increase in inventory
|
(46,204 | ) | (9,172 | ) | ||||
(Decrease) increase in accounts payable and accrued expenses
|
(20,683 | ) | 87,783 | |||||
(Decrease) increase in deferred revenue
|
(4,075 | ) | 26,976 | |||||
Decrease in deferred license fees
|
(4,500 | ) | (4,500 | ) | ||||
Net cash used in operating activities
|
(158,858 | ) | (201,961 | ) | ||||
Cash flows from financing activities:
|
||||||||
Increase in shareholder loan
|
115,000 | 195,000 | ||||||
Issuance of common stock
|
200,000 | — | ||||||
Cash provided by financing activities
|
315,000 | 195,000 | ||||||
Increase (decrease) in cash
|
156,142 | (6,961 | ) | |||||
Cash - beginning of period
|
42,617 | 10,780 | ||||||
Cash – end of period
|
$ | 198,759 | $ | 3,819 |
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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.
Submission of Matters to a Vote of Security Holders.
|
|
Item 5.
Other Information.
|
|
Item 6.
Exhibits.
|
LESCARDEN INC.
|
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(Registrant)
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/s/ William E. Luther
|
|
William E. Luther
|
|
Chief Executive and Chief Financial Officer
|
|
1 Year Lescarden (CE) Chart |
1 Month Lescarden (CE) Chart |
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