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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, 2014
|
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 April 1, 2014
|
|
Common Stock $.001 par value
|
48,722,316
|
Page | ||
Item 1 | Financial Statements. | 6 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 7 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk. | 8 |
Item 4. | Controls and Procedures. | 8 |
PART II – OTHER INFORMATION | ||
Item 1. | Legal Proceedings. | 9 |
Item 1A. | Risk Factors. | 9 |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. | 9 |
Item 3. | Defaults Upon Senior Securities. | 9 |
Item 4. | Submission of Matters to a Vote of Security Holders. | 9 |
Item 5. | Other Information. | 9 |
Item 6. | Exhibits. | 9 |
February 28,
2014
|
May 31,
2013
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 13,566 | $ | 84,562 | ||||
Accounts receivable
|
42,570 | 26,801 | ||||||
Inventory
|
117,113 | 148,432 | ||||||
Total current assets
|
173,249 | 259,795 | ||||||
Deferred income tax asset, net of valuation allowance of $1,538,000 and $1,504,000 at February 28, 2014 and May 31, 2013 respectively
|
— | — | ||||||
Total assets
|
$ | 173,249 | $ | 259,795 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$ | 191,440 | $ | 267,303 | ||||
Shareholder loan
|
447,000 | 347,000 | ||||||
Deferred revenue
|
— | 4,782 | ||||||
Deferred license fees
|
6,000 | 10,500 | ||||||
Total liabilities
|
644,440 | 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, authorized 200,000,000 shares, 48,722,316 issued and outstanding at February 28, 2014 and May 31, 2013
|
48,722 | 48,722 | ||||||
Additional paid-in capital
|
17,073,836 | 17,073,836 | ||||||
Accumulated deficit
|
(17,595,589 | ) | (17,494,188 | ) | ||||
Stockholders' deficit
|
(471,191 | ) | (369,790 | ) | ||||
Total liabilities and stockholders' deficit
|
$ | 173,249 | $ | 259,795 |
(UNAUDITED)
|
(UNAUDITED)
|
|||||||||||||||
Three months ended February 28,
|
Nine months ended February 28,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Revenues:
|
||||||||||||||||
Product sales
|
$ | 61,689 | $ | 125,448 | $ | 379,616 | $ | 409,589 | ||||||||
License fees
|
1,500 | 1,500 | 4,500 | 4,500 | ||||||||||||
Total revenues
|
63,189 | 126,948 | 384,116 | 414,089 | ||||||||||||
Costs and expenses:
|
||||||||||||||||
Cost of sales
|
33,825 | 62,654 | 170,422 | 161,431 | ||||||||||||
Salaries
|
28,536 | 28,267 | 85,622 | 69,279 | ||||||||||||
Professional fees and consulting
|
12,461 | 62,325 | 61,703 | 139,970 | ||||||||||||
Rent and office expense
|
29,729 | 29,880 | 87,469 | 82,436 | ||||||||||||
Insurance
|
9,656 | 4,390 | 40,281 | 32,173 | ||||||||||||
Commission
|
— | 6,632 | 20,689 | 19,481 | ||||||||||||
Other administrative expenses
|
8,313 | 9,016 | 19,331 | 26,183 | ||||||||||||
Total costs and expenses
|
122,520 | 203,164 | 485,517 | 530,953 | ||||||||||||
Operating loss
|
(59,331 | ) | (76,216 | ) | (101,401 | ) | (116,864 | ) | ||||||||
Other income
|
— | 44,581 | — | 44,581 | ||||||||||||
Net loss
|
$ | (59,331 | ) | $ | (31,635 | ) | $ | (101,401 | ) | $ | (72,283 | ) | ||||
Net loss 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 | 48,722,316 | 48,722,316 | 48,722,316 |
(UNAUDITED)
|
||||||||
Nine months ended
|
||||||||
February 28,
|
||||||||
2014
|
2013
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$ | (101,401 | ) | $ | (72,283 | ) | ||
Adjustments to reconcile net loss to net cash
used in operating activities:
|
||||||||
Changes in operating assets and liabilities:
|
||||||||
Increase in accounts receivable
|
(15,769 | ) | (11,113 | ) | ||||
Decrease (increase) in inventory
|
31,319 | (46,204 | ) | |||||
Decrease in accounts payable and accrued expenses
|
(75,863 | ) | (20,683 | ) | ||||
Decrease in deferred revenue
|
(4,782 | ) | (4,075 | ) | ||||
Decrease in deferred license fees
|
(4,500 | ) | (4,500 | ) | ||||
Net cash used in operating activities
|
(170,996 | ) | (158,858 | ) | ||||
Cash flows from financing activities:
|
||||||||
Proceeds from shareholder loan
|
100,000 | 115,000 | ||||||
Proceeds from the sale of common stock
|
— | 200,000 | ||||||
Cash provided by financing activities
|
100,000 | 315,000 | ||||||
Increase (decrease) in cash
|
(70,996 | ) | 156,142 | |||||
Cash - beginning of period
|
84,562 | 42,617 | ||||||
Cash – end of period
|
$ | 13,566 | $ | 198,759 | ||||
Supplemental disclosures of cash flow information | ||||||||
Cash paid for interest | $ | - | $ | - | ||||
Cash paid for taxes | $ | - | $ | - |
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
|
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