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LESCARDEN INC.

CONDENSED BALANCE SHEETS


 

               

 

 

November 30,
2010

 

May 31,
2010

 

 

 

(UNAUDITED)

 

(AUDITED)

 

ASSETS

     

 

 

     

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,978

 

$

137,928

 

Accounts receivable

 

 

201,809

 

 

5,321

 

Prepaid expenses

 

 

 

 

6,800

 

Inventory

 

 

120,716

 

 

76,824

 

Total current assets

 

 

325,503

 

 

226,873

 

Deferred income tax asset, net of valuation allowance of
$1,472,000 and $1,464,000 at November 30, 2010 and
May 31, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

325,503

 

$

226,873

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

299,293

 

$

174,844

 

Shareholder loan

 

 

30,000

 

 

274,000

 

Deferred revenue

 

 

4,075

 

 

33,134

 

Deferred license fees

 

 

25,500

 

 

28,500

 

Total liabilities

 

 

358,868

 

 

510,478

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, issued and outstanding 40,076,783 and 30,943,450 shares respectively

 

 

40,077

 

 

30,943

 

Additional paid-in capital

 

 

16,882,481

 

 

16,617,615

 

Accumulated deficit

 

 

(16,957,763

)

 

(16,934,003

)

Stockholders' deficit

 

 

(33,365

)

 

(283,605

)

Total liabilities and stockholders' deficit

 

$

325,503

 

$

226,873

 


 

See notes to financial statements


 



 

1


 


LESCARDEN INC.

CONDENSED STATEMENTS OF OPERATIONS


 

                           

 

 

(UNAUDITED)

For the three months

Ended November 30,

 

(UNAUDITED)

For the six months

Ended November 30,

 

 

 

2010

 

2009

 

2010

 

2009

 

Revenues:

     

 

 

     

 

 

     

 

 

     

 

 

 

Product sales

 

$

  214,822

 

$

  52,948

 

$

318,844

 

$

105,580

 

License fees

 

 

1,500

 

 

27,701

 

 

3,000

 

 

55,402

 

Total revenues

 

 

216,322

 

 

80,649

 

 

321,844

 

 

160,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

85,297

 

 

14,656

 

 

108,691

 

 

46,637

 

Salaries

 

 

17,105

 

 

20,300

 

 

44,548

 

 

40,668

 

Professional fees and consulting

 

 

40,282

 

 

46,536

 

 

85,033

 

 

85,682

 

Rent and office expense

 

 

26,106

 

 

30,818

 

 

56,858

 

 

65,258

 

Insurance

 

 

19,627

 

 

31,114

 

 

31,016

 

 

36,455

 

Commission

 

 

12,114

 

 

 

 

12,114

 

 

 

Other administrative expenses

 

 

4,767

 

 

2,957

 

 

7,344

 

 

5,652

 

Total costs and expenses

 

 

205,298

 

 

146,381

 

 

345,604

 

 

280,352

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

 11,024

 

$

 (65,732

)

$

(23,760

)

$

(119,370

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

32,973,080

 

 

30,943,450

 

 

31,947,113

 

 

30,943,450

 


 

See notes to financial statements



 

2


 


LESCARDEN INC.

CONDENSED STATEMENTS OF CASH FLOWS


 

               

 

 

(UNAUDITED)

For the six months

Ended November 30,

 

 

 

2010

 

2009

 

 

     

 

 

     

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

 

$

(23,760

)

$

(119,370

)

Adjustments to reconcile net loss to net cash
used in operating activities:

 

 

 

 

 

 

 

Changes in operating assets and liabilities

 

 

 

 

 

 

 

Increase in accounts receivable

 

 

(196,488

)

 

(17,987

)

(Increase) decrease in inventory

 

 

(43,892

)

 

18,672

 

Decrease in prepaid expense

 

 

6,800

 

 

 

Increase in accounts payable and accrued expenses

 

 

124,449

 

 

33,565

 

(Decrease) increase in deferred revenue

 

 

(29,059

)

 

72,923

 

Decrease in deferred license fees

 

 

(3,000

)

 

(55,402

)

Net cash used in operating activities

 

 

(164,950

)

 

(67,599

)

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Increase in shareholder loan

 

 

30,000

 

 

65,000

 

Cash provided by financing activities

 

 

30,000

 

 

65,000

 

 

 

 

 

 

 

 

 

Decrease in cash

 

 

(134,950

)

 

(2,599

)

 

 

 

 

 

 

 

 

Cash - beginning of period

 

 

137,928

 

 

40,265

 

 

 

 

 

 

 

 

 

Cash – end of period

 

$

2,978

 

$

37,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-cash financing activities

 

 

 

 

 

 

 

Increase in common stock resulting from loan conversion

 

 

9,134

 

 

 

Increase in paid-in capital resulting from loan conversion

 

 

264,866

 

 

 

Decrease in shareholder loan

 

 

(274,000

)

 

 


 

See notes to financial statements


 



 

3


 


LESCARDEN INC .

(UNAUDITED) NOTES TO FINANCIAL STATEMENTS

November 30, 2010

Note 1 - General:

The accompanying unaudited financial statements include all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods. All such adjustments are of a normal recurring nature. The statements have been prepared in accordance with the requirements for Form 10-Q and, therefore, do not include all disclosures or financial details required by generally accepted accounting principles. These condensed financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended May 31, 2010. The results of operations for the interim periods are not necessarily indicative of results to be expected for a full year's operations.

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability of assets and the satisfaction of liabilities that might be necessary should the Company be unable to continue as a going concern. As shown in the financial statements, the Company incurred a loss from operations for the six months ended November 30, 2010, has a stockholders’ deficiency and a working capital deficiency. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

The Company’s plan and ability to continue as a going concern is primarily dependent upon successful regulatory certification of its new packager, which will enable the Company to grow revenue through existing and new lines of business. There can be no assurance that the Company will be able to grow revenues or secure sufficient additional financing to meet future obligations.

At November 30, 2010, inventory of $120,716 consisted of $43,436 of finished goods and $77,280 of raw materials.

The Company’s assets and liabilities that qualify as financial instruments under SFAS No. 107 ”Disclosures About Fair Value of Financial Instruments” (ASC 825-10-50) approximate their carrying amounts presented in the balance sheet based upon the short-term nature of the accounts at November 30, 2010.

The Company has evaluated the financial statements for subsequent events through the date of the filing of this quarterly report on Form 10-Q on January 14, 2011.



 

4


 



 


 

Item 2.         Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Results of Operations:

The results of operations for the six months ended November 30, 2010 reflect increased sales volume in both Europe and Asian markets.  In anticipation of the plant closing of Amcor’s packaging facility in December 2010, the Company has accelerated production and shipment of existing purchase orders from its major customers scheduled for delivery in the third fiscal quarter. The Company has selected an alternative packaging facility and anticipates its production packaging process at the new facility will be operational before the fiscal year-end.  Based on the transfer of its packaging process to Amcor in 2009, the Company anticipates non-recurring increases in cost of sales and professional fees during the third and fourth quarters associated with the set-up and calibration of the new facility and the associated regulatory recertification requirements.

Six months ended November 30, 2010 compared to November 30, 2009

The Company’s revenues increased 100% or $160,862 during the six months ended November 30, 2010 compared to November 30, 2009 due to increased sales of Catrix skincare in Europe and Asia offset by a decrease in license fee income. Cost of sales as a percentage of sales decreased in 2010 due to the non-recurring costs associated with the transfer of the Company’s packaging process to a new facility incurred in 2009. Total costs and expenses during the six months ended November 30, 2010 were 23% or $65,252 higher than those of the comparative prior year period due to increases in cost of sales of $62,054 and commission expense of $12,114 offset by decreases in rent and office expenses and product liability insurance of $8,400 and $5,951 respectively.

Three months ended November 30, 2010 compared to November 30, 2009

The Company’s revenues increased in the fiscal quarter ended November 30, 2010 compared to November 30, 2009 by 19% or $135,673 due to increased sales of Catrix skincare in Europe, offset by a decrease in license fee income of $26,201. Total costs and expenses during the three months ended November 30, 2010 were 40% or $58,917 higher than those of the comparative prior year period. The increase was principally due to increases in cost of sales of $70,641 and commission expense offset by decreases in insurance expense, professional fees and rent and office expense of $11,487, $6,254 and $4,712 respectively.

Liquidity and Capital Resources

As of November 30, 2010, the Company’s accounts payable and accrued expenses exceeded its current assets by $33,365. The Company’s cash and cash equivalents balance decreased by $134,950 in the six months ended November 30, 2010 to $2,978. On November 10, 2010, the Company completed conversion of a $274,000 shareholder loan into common stock.  Pursuant to the Loan Conversion and Stock Purchase agreement dated November 8, 2010, the Company issued 9,133,333 shares of common stock in exchange for the extinguishment of a $274,000 shareholder loan.

The Company has no material commitments for capital expenditures at November 30, 2010.

Item 3.         Quantitative and Qualitative Disclosures About Market Risk.

Not required for smaller reporting company.

Item 4.         Controls and Procedures.

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company’s filings under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Company’s management, including its Chief Executive and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. The Company’s management, including the Chief Executive and Chief Financial Officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

The Company has carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based on such evaluation, the Company’s Chief Executive and Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective as of the end of the period covered by this quarterly report on Form 10-Q.

There have been no significant changes in the Company’s internal controls or in other factors that could significantly affect the internal controls subsequent to the date of their evaluation in connection with the preparation of this quarterly report on Form 10-Q.



 

5


 

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LCAR News: Quarterly Report (10-q) 10/18/2016 06:33:56 AM
LCAR News: Annual Report (10-k) 09/30/2016 03:06:33 PM
LCAR News: Notification That Annual Report Will Be Submitted Late (nt 10-k) 08/29/2016 05:21:26 PM
LCAR News: Current Report Filing (8-k) 08/29/2016 12:40:36 PM
PostSubject
#58   bobkubecka 02/26/16 03:11:07 PM
#57   Thanks, got out as fast as I got in!! Spikedog 02/26/16 01:05:16 PM
#56   Multi site pump/promo. Good for anyone that was Full Contact Yoga 02/26/16 11:10:22 AM
#55   Newsletter promo e-ore 02/26/16 10:59:28 AM
#54   otc rockstar paid promo IMACMAN 02/26/16 10:48:51 AM
#53   Whats going on with LCAR? Spikedog 02/26/16 10:25:28 AM
#52   Something going on today? Pending? BigIbby 02/26/16 10:24:17 AM
#51   Added a little LCAR today. I took it e-ore 04/08/13 04:56:34 PM
#50   LCAR promo: https://www.otcdynamics.com/index.php/lcar-lescarden-inc-gettin kyle_anderson 03/12/13 09:37:51 AM
#49   LCAR I hope this DarkPools 03/09/13 09:05:03 AM
#48   LCAR - Some Catrix products now available at Amazon e-ore 01/21/13 01:13:55 PM
#47   For the other 5 followers :) e-ore 01/16/13 10:13:42 PM
#46   LCAR - From 10q filed 1/11/13: e-ore 01/11/13 10:08:22 AM
#45   LCAR seller gone for now. Almost exactly 150,000 e-ore 12/17/12 02:14:21 PM
#44   LCAR mentioned in this report. Don't think I'll e-ore 12/12/12 01:31:47 PM
#43   LCAR someone is accumulating .04s lately humbleboss 11/29/12 11:53:15 AM
#42   Dear diary~ SPARK 11/02/12 05:14:27 PM
#41   Nice $1,500 buy yesterday at .03. Wasn't me, e-ore 11/02/12 10:58:58 AM
#40   .03x.068 humbleboss 11/02/12 10:34:00 AM
#39   Some older info concerning one of LCAR's products. e-ore 10/28/12 08:19:37 PM
#38   Based on their recent history LCAR is, imo, e-ore 10/25/12 01:17:00 PM
#37   what kind of value/pps does LCAR have iyo humbleboss 10/25/12 10:57:42 AM
#36   LCAR 10Q out this week. Not much new e-ore 10/13/12 02:24:44 PM
#35   From the LCAR 8k filed 9/26/12: e-ore 10/08/12 04:55:36 PM
#34   Good to see LCAR doesn't need to pursue e-ore 10/03/12 04:59:54 PM
#33   Something's up. LCAR off pinks. ralfito 08/07/12 06:49:25 PM
#32   Something's up.. LCAR back on normal Nasdaq. ralfito 08/07/12 06:48:50 PM
#31   LCAR.. .06 two days in a row. 60k Mr305 05/03/11 12:33:50 AM
#30   LCAR.. $0.025 conversion of debt 10 bagger 01/18/11 10:52:51 AM
#29   Wouldn't the document below indicate that it is ralfito 01/18/11 10:37:30 AM
#28   LCAR..$0.025 I-Box updated with earnings.. 10 bagger 01/14/11 01:39:56 PM
#27   LCAR.. $0.025 10 bagger 11/17/10 02:34:13 PM
#26   LCAR.. $0.025 10 bagger 11/15/10 11:43:51 PM
#25   only bionano i know that does not dilute duncanidaho 10/21/10 09:04:19 AM
#24   LCAR.. $0.0238.. I buy again.. This is my 10 bagger 10/20/10 10:29:25 AM
#23   somebody scoop this beauty up at 1.00 !!! duncanidaho 10/17/10 10:13:23 PM
#22   LCAR.. $0.0268 Earnings.. 10 bagger 10/15/10 09:25:47 AM
#21   finally we have a moderator. God bless, and giveit2me 10/07/10 09:54:21 PM
#20   LCAR Dilution Free 20 Bagger duncanidaho 10/06/10 12:48:20 PM
#19   LCAR.. $0.0258 Products that work.. 10 bagger 10/06/10 12:40:54 PM
#18   LCAR.. DD 10 bagger 10/06/10 12:04:55 PM
#17   LCAR.. $0.0258 DD 10 bagger 10/06/10 12:04:16 PM
#16   LCAR.. $0.0258.. chart 10 bagger 10/06/10 11:53:46 AM
#15   LCAR.. $0.0258.. LCAR is a profitable small company 10 bagger 10/06/10 11:53:39 AM
#14   LCAR..$0.0258 DD 10 bagger 10/06/10 11:49:50 AM
#13   LCAR. $0.0258 Recent Filings 10 bagger 10/06/10 11:48:05 AM
#12   i think i have 110k shares at .02 duncanidaho 09/17/10 11:50:23 AM
#11   market value of LCAR $900,000. quaterly revenue giveit2me 09/16/10 10:16:59 PM
#10   i'm not selling either. i have gtc buy giveit2me 07/19/10 01:33:05 PM
#9   i have a lot at 2.5c and im duncanidaho 07/19/10 09:22:12 AM
PostSubject