We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 29, 2016
|
|
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 14, 2016
|
|
Common Stock $.001 par value
|
63,622,316
|
Page
|
|
PART I – FINANCIAL INFORMATION
|
|
Item 1. Financial Statements.
|
1
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
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
|
SIGNATURES
|
8
|
February 29,
2016
|
May 31,
2015
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 36,039 | $ | 37,207 | ||||
Accounts receivable
|
1,513 | 48,902 | ||||||
Inventory
|
157,944 | 83,586 | ||||||
Total current assets
|
195,496 | 169,695 | ||||||
Deferred income tax asset, net of valuation allowance of $1,657,000 and $1,630,000 at February 29, 2016 and May 31, 2015 respectively
|
–– | –– | ||||||
Total assets
|
$ | 195,496 | $ | 169,695 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$ | 276,925 | $ | 172,846 | ||||
Shareholder loan
|
268,765 | 268,765 | ||||||
Total liabilities
|
545,690 | 441,611 | ||||||
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, 63,622,316 issued and outstanding at February 29, 2016 and May 31, 2015
|
63,622 | 63,622 | ||||||
Additional paid-in capital
|
17,505,936 | 17,505,936 | ||||||
Accumulated deficit
|
(17,921,592 | ) | (17,843,314 | ) | ||||
Stockholders' deficit
|
(350,194 | ) | (271,916 | ) | ||||
Total liabilities and stockholders' deficit
|
$ | 195,496 | $ | 169,695 |
For the three months
Ended
February 29,
|
For the three months
Ended February 28,
|
For the nine months
Ended February 29,
|
For the nine months
Ended February 28,
|
|||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenues:
|
||||||||||||||||
Product sales
|
$ | 69,902 | $ | 23,396 | $ | 112,421 | $ | 194,667 | ||||||||
License fees
|
–– | 1,500 | –– | 4,500 | ||||||||||||
Total revenues
|
69,902 | 24,896 | 112,421 | 199,167 | ||||||||||||
Costs and expenses:
|
||||||||||||||||
Cost of sales
|
4,655 | 5,816 | 7,471 | 49,124 | ||||||||||||
Salaries
|
7,088 | 30,329 | 48,347 | 71,428 | ||||||||||||
Professional fees and consulting
|
26,970 | 15,501 | 76,135 | 75,711 | ||||||||||||
Rent and office expense
|
3,721 | 27,445 | 12,667 | 89,845 | ||||||||||||
Insurance
|
5,780 | 6,131 | 25,905 | 30,933 | ||||||||||||
Commission
|
2,675 | — | 2,675 | 10,743 | ||||||||||||
Other administrative expenses
|
12,663 | 1,413 | 17,499 | 14,623 | ||||||||||||
Total costs and expenses
|
63,552 | 86,635 | 190,699 | 342,407 | ||||||||||||
Net income (loss)
|
$ | 6,350 | $ | (61,739 | ) | $ | (78,278 | ) | $ | (143,240 | ) | |||||
Net income (loss) per share – basic and diluted
|
$ | 0.00 | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | |||||
Weighted average number of common
shares outstanding – basic and diluted
|
63,622,316 | 63,622,316 | 63,622,316 | 63,622,316 |
For the nine months
Ended February 29,
|
For the nine months
Ended February 28,
|
|||||||
2016
|
2015
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$ | (78,278 | ) | $ | (143,240 | ) | ||
Adjustments to reconcile net loss to net cash
used in operating activities:
|
||||||||
Changes in operating assets and liabilities
|
||||||||
Decrease (increase) in accounts receivable
|
47,389 | (1,250 | ) | |||||
(Increase) decrease in inventory
|
(74,358 | ) | 23,557 | |||||
Increase in accounts payable and accrued expenses
|
104,079 | 80,820 | ||||||
Decrease in deferred license fees
|
— | (4,500 | ) | |||||
Net cash used in operating activities
|
(1,168 | ) | (44,613 | ) | ||||
Cash flows from financing activities:
|
||||||||
Proceeds from shareholder loan
|
— | 154,000 | ||||||
Cash provided by financing activities
|
— | 154,000 | ||||||
(Decrease) increase in cash
|
(1,168 | ) | 109,387 | |||||
Cash - beginning of period
|
37,207 | 10,432 | ||||||
Cash – end of period
|
$ | 36,039 | $ | 119,819 |
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
|
LESCARDEN INC.
|
|||
Date: April 14, 2016
|
By:
|
/s/ William E. Luther
|
|
William E. Luther
|
|||
Chief Executive and Chief Financial Officer
|
|||
1 Year Lescarden (CE) Chart |
1 Month Lescarden (CE) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions