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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, 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 _____________
|
New York
|
13-2538207
|
(State or other jurisdiction
|
(I.R.S. Employer
|
of incorporation or organization)
|
Identification No.)
|
Class
|
Outstanding October 9, 2013
|
|
Common Stock $.001 par value
|
48,722,316
|
Page | ||
PART I – FINANCIAL INFORMATION | ||
Item 1. | Financial Statements. | 1 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 4 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk. | 5 |
Item 4. | Controls and Procedures. | 5 |
PART II – OTHER INFORMATION | ||
Item 1. | Legal Proceedings. | 6 |
Item 1A. | Risk Factors. | 6 |
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.
|
Financial Statements.
|
|
August 31, 2013
(UNAUDITED)
|
|
|
May 31, 2013
|
|
|||
ASSETS
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|||
Current assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
74,358
|
|
|
$
|
84,562
|
|
Accounts receivable
|
|
|
305,764
|
|
|
|
26,801
|
|
Inventory
|
85,710
|
148,432
|
||||||
Total current assets
|
|
|
465,832
|
|
|
|
259,795
|
|
Deferred income tax asset, net of valuation allowance of $1,488,000 and $1,504,000 at August 31, 2013 and May 31, 2013, respectively
|
|
|
—
|
|
|
|
––
|
|
Total assets
|
|
$
|
465,832
|
|
|
$
|
259,795
|
|
|
|
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
327,475
|
|
|
$
|
267,303
|
|
Shareholder loan
|
447,000
|
347,000
|
||||||
Deferred revenue
|
|
|
4,782
|
|
|
|
4,782
|
|
Deferred license fees
|
|
|
9,000
|
|
|
|
10,500
|
|
Total liabilities
|
|
|
788,257
|
|
|
|
629,585
|
|
|
|
|
|
|
|
|
|
|
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,
a
uthorized 200,000,000 shares, issued and outstanding 48,722,316 shares
|
|
|
48,722
|
|
|
|
48,722
|
|
Additional paid–in capital
|
|
|
17,073,836
|
|
|
|
17,073,836
|
|
Accumulated deficit
|
|
|
(17,446,823
|
)
|
|
|
(17,494,188
|
)
|
Stockholders' deficit
|
|
|
(322,425
|
)
|
|
|
(369,790
|
)
|
Total liabilities and stockholders' deficit
|
|
$
|
465,832
|
|
|
$
|
259,795
|
|
|
(UNAUDITED)
For the three months ended
August 31,
|
|
|||||
|
|
2013
|
|
|
2012
|
|
||
Revenues:
|
|
|
|
|
|
|
||
Product sales
|
$
|
308,091
|
$
|
14,500
|
||||
License fees
|
1,500
|
1,500
|
||||||
Total revenues
|
|
|
309,591
|
|
|
|
16,000
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
134,300
|
|
|
|
4,539
|
|
Salaries
|
|
|
29,170
|
|
|
|
20,493
|
|
Professional fees and consulting
|
|
|
29,644
|
|
|
|
46,403
|
|
Rent and office expenses
|
|
|
30,149
|
|
|
|
29,896
|
|
Commission
|
20,689
|
––
|
||||||
Insurance
|
|
|
12,858
|
|
|
|
14,140
|
|
Other administrative expenses
|
|
|
5,416
|
|
|
|
3,872
|
|
Total costs and expenses
|
|
|
262,226
|
|
|
|
119,343
|
|
Net income (loss)
|
|
$
|
47,365
|
|
$
|
(103,343
|
)
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share
–
basic and diluted
|
|
$
|
0.00
|
|
|
$
|
(0.00
|
)
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding – basic and diluted
|
|
|
48,722,316
|
|
|
|
40,076,783
|
|
|
|
(UNAUDITED)
For the three months ended
August 31,
|
|
|||||
|
|
2013
|
|
|
2012
|
|
||
Cash flows from operating activities:
|
|
|
|
|
|
|
||
Net income (loss)
|
|
$
|
47,365
|
|
|
$
|
(103,343
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
(Increase) decrease in accounts receivable
|
|
|
(278,963
|
)
|
|
|
26,128
|
|
Decrease (increase) in inventory
|
|
|
62,722
|
|
|
(57,052
|
)
|
|
Increase in accounts payable and accrued expenses
|
|
|
60,172
|
|
|
|
23,287
|
|
Decrease in deferred revenue
|
––
|
(4,075
|
)
|
|||||
Decrease in deferred license fees
|
|
|
(1,500
|
)
|
|
|
(1,500
|
)
|
Net cash used in operating activities
|
|
|
(110,204
|
)
|
|
|
(116,555
|
)
|
Cash flows from financing activities:
|
||||||||
Proceeds from shareholder loan
|
100,000
|
100,000
|
||||||
Cash provided by financing activities
|
|
|
100,000
|
100,000
|
||||
Decrease in cash
|
|
|
(10,204
|
)
|
|
|
(16,555
|
)
|
|
|
|
|
|
|
|
|
|
Cash – Beginning of Period
|
|
|
84,562
|
|
|
|
42,617
|
|
|
|
|
|
|
|
|
|
|
Cash – End of Period
|
|
$
|
74,358
|
|
|
$
|
26,062
|
|
Supplemental disclosures of cash flow information | ||||||||
Cash paid for interest | $ |
––
|
$ |
––
|
||||
Cash paid for taxes | $ |
––
|
$ |
––
|
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.
|
LESCARDEN INC.
|
|||
Date: October 10, 2013
|
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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