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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 |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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New York
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13-2538207
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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(Do not check if a smaller reporting company) |
Class
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Outstanding April 10, 2015
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Common Stock $.001 par value
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63,622,316
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Page | |||
Item 1. | Financial Statements. | 3 | |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 7 | |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk. | 7 | |
Item 4. | Controls and Procedures. | 7 | |
PART II – OTHER INFORMATION | |||
Item 1. | Legal Proceedings. | 8 | |
Item 1A. | Risk Factors. | 8 | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. | 8 | |
Item 3. | Defaults Upon Senior Securities. | 8 | |
Item 4. | Submission of Matters to a Vote of Security Holders. | 8 | |
Item 5. | Other Information. | 8 | |
Item 6. | Exhibits. | 8 | |
SIGNATURES | 9 |
February 28,
2015
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May 31,
2014
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|||||||
(UNAUDITED)
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(AUDITED)
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ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 119,819 | $ | 10,432 | ||||
Accounts receivable
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3,338 | 2,088 | ||||||
Inventory
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90,015 | 113,572 | ||||||
Total current assets
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213,172 | 126,092 | ||||||
Deferred income tax asset, net of valuation allowance of $1,613,000 and $1,564,000 at February 28, 2015 and May 31, 2014 respectively
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–– | –– | ||||||
Total assets
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$ | 213,172 | $ | 126,092 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
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Current liabilities:
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Accounts payable and accrued expenses
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$ | 301,412 | $ | 220,592 | ||||
Shareholder loan
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154,000 | — | ||||||
Deferred license fees
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–– | 4,500 | ||||||
Total liabilities
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455,412 | 225,092 | ||||||
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 - $.001 par value, authorized 200,000,000 shares, 63,622,316 issued and outstanding
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63,622 | 63,622 | ||||||
Additional paid-in capital
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17,505,936 | 17,505,936 | ||||||
Accumulated deficit
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(17,813,638 | ) | (17,670,398 | ) | ||||
Stockholders' deficit
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(242,240 | ) | (99,000 | ) | ||||
Total liabilities and stockholders' deficit
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$ | 213,172 | $ | 126,092 |
For the three months
Ended February 28,
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For the nine months
Ended February 28,
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2015
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2014
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2015
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2014
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Revenues:
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Product sales
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$ | 23,396 | $ | 61,689 | $ | 194,667 | $ | 379,616 | ||||||||
License fees
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1,500 | 1,500 | 4,500 | 4,500 | ||||||||||||
Total revenues
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24,896 | 63,189 | 199,167 | 384,116 | ||||||||||||
Costs and expenses:
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Cost of sales
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5,816 | 33,825 | 49,124 | 170,422 | ||||||||||||
Salaries
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30,329 | 28,536 | 71,428 | 85,622 | ||||||||||||
Professional fees and consulting
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15,501 | 12,461 | 75,711 | 61,703 | ||||||||||||
Rent and office expense
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27,445 | 29,729 | 89,845 | 87,469 | ||||||||||||
Insurance
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6,131 | 9,656 | 30,933 | 40,281 | ||||||||||||
Interest expense
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144 | 496 | 144 | 496 | ||||||||||||
Commission
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— | — | 10,743 | 20,689 | ||||||||||||
Other administrative expenses
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1,269 | 7,817 | 14,479 | 18,835 | ||||||||||||
Total costs and expenses
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86,635 | 122,520 | 342,407 | 485,517 | ||||||||||||
Net loss
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$ | (61,739 | ) | $ | (59,331 | ) | $ | (143,240 | ) | $ | (101,401 | ) | ||||
Net 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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63,622,316 | 48,722,316 | 63,622,316 | 48,722,316 |
For the nine months
Ended February 28,
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2015
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2014
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Cash flows from operating activities:
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Net loss
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$ | (143,240 | ) | $ | (101,401 | ) | ||
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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Increase in accounts receivable
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(1,250 | ) | (15,769 | ) | ||||
Decrease in inventory
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23,557 | 31,319 | ||||||
Increase (decrease) in accounts payable and accrued expenses
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80,820 | (75,863 | ) | |||||
Decrease in deferred revenue
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— | (4,782 | ) | |||||
Decrease in deferred license fees
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(4.500 | ) | (4,500 | ) | ||||
Net cash used in operating activities
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(44,613 | ) | (170,996 | ) | ||||
Cash flows from investing activities:
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— | — | ||||||
Cash flows from financing activities:
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Proceeds from shareholder loan
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154,000 | 100,000 | ||||||
Cash provided by financing activities
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154,000 | 100,000 | ||||||
Increase (decrease) in cash
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109,387 | (70,996 | ) | |||||
Cash - beginning of period
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10,432 | 84,562 | ||||||
Cash – end of period
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$ | 119,819 | $ | 13,566 |
Supplemental Disclosures of Cash Flow Information | ||||||||
Cash paid for interest
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$ | - | $ | - | ||||
Cash paid for taxes
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$ | 380 | $ | 380 |
Exhibit No.
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Description
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Certification pursuant to Exchange Act Rule 13a – 14 (a)/15d-14(a)
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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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LESCARDEN INC.
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(Registrant)
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/s/ William E. Luther
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William E. Luther
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Chief Executive and Chief Financial Officer
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of end of the period covered by this report based on such evaluation; and
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d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):
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a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date: April 10, 2015
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/s/ William E. Luther
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William E. Luther
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Chief Executive and Chief Financial Officer
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1.
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The Report fully complies with the requirements of section 13 (a) or 15 (d) of the Securities Exchange Act of 1934, and
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2.
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The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
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Date: April 10, 2015
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/s/ William E. Luther
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William E. Luther
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Chief Executive and Chief Financial Officer
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