U.S. Securities and Exchange Commission
Washington, D.C. 20549

Form 10-QSB - Quarterly or Transitional Report
(Added by 34-30968, eff. 8/13/93, as amended )

(Mark One)
[X] Quarterly Report Under Section 13 or 15 (d) of the Securities Exchange Act of 1934

For the quarterly period ended February 29, 2008

[_] Transition Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ______________   to

Commission file number 0-10035


LESCARDEN, INC.
 (Exact name of small business issuer as specified in its charter)
     
New York
 
13-2538207
(State or other jurisdiction of
 
(I.R.S Employer
incorporation or organization)
 
Identification No.)
     
420 Lexington Ave. Ste 212, New York
 
10170
(Address of principle executive office)
 
(Zip Code)
     
Issuer’s telephone number
212-687-1050
   
       
       
       
(Former name, former address and former fiscal year, if changed  since last report)


      Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes [X]   No [ ]

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date.

 
Class
 
Outstanding April 8, 2008
Common Stock $.001 par value
 
30,943,450
     
 
 
 

 

LESCARDEN INC.
 
CONDENSED BALANCE SHEETS


ASSETS

   
February 29, 2008
   
May 31, 2007
   
   
(UNAUDITED)
   
(AUDITED)
   
               
Current Assets:
             
Cash and cash equivalents
  $ 10,123     $ 413,569    
Accounts Receivable
    168,746       86,374    
Inventory
    195,509       224,166    
Total Current Assets
    374,378       724,109    
                   
                   
                   
Total Assets
  $ 374,378     $ 724,109    
                   
LIABILITIES AND STOCKHOLDERS' EQUITY
                 
           
Current Liabilities:
                 
Accounts payable and accrued expenses
  $ 99,558     $ 46,184    
                   
       Deferred license fees
    263,013       420,821    
Total Liabilities
    362,571       467,005    
                   
                   
                   
Stockholders' Equity:
                 
Convertible Preferred Stock
    1,840       1,840    
Common Stock
    30,943       30,943    
Additional Paid-In Capital
    16,617,615       16,617,615    
Accumulated Deficit
    (16,638,591 )     (16,393,294 )  
Stockholders' Equity
    11,807       257,104    
Total Liabilities and Stockholders' Equity
  $ 374,378     $ 724,109    
                   
                   

See notes to financial statements

 
 

 

LESCARDEN INC.
CONDENSED STATEMENTS OF OPERATIONS


   
(UNAUDITED)
For The Three Months Ended
   
(UNAUDITED)
For The Nine Months Ended
 
                         
   
February 29, 2008
   
February 28, 2007
   
February 29, 2008
   
February 28, 2007
 
                         
Total Revenues
  $ 89,882     $ 79,104     $ 500,208     $ 321,572  
                                 
Costs and Expenses:
                               
Cost of  Sales
    94,577       11,671       151,234       89,665  
Salaries
    65,320       63,596       187,782       187,474  
Professional Fees and Consulting
    58,462       33,092       146,163       142,045  
Rent and Office Expense
    31,335       28,383       99,943       89,179  
Travel and Meetings
    16,644       58,807       82,942       108,077  
Payroll and Other Taxes
    5,710       5,257       16,431       15,098  
Insurance
    14,401       5,047       52,573       51,201  
Other Administrative Expenses
    3,193       4,115       8,437       15,169  
Total Costs and Expense
    289,642       209,968       745,505       697,908  
                                 
Net Loss
  $ (199,760 )   $ (130,864 )   $ (245,297 )   $ (376,336 )
                                 
Net Loss Per Share –
Basic and Diluted
  $ (0.01 )   $ (0.00 )   $ (0.01 )   $ (0.01 )
                                 
Weighted Average Number of
  Common Shares Outstanding –
                               
  Basic and Diluted
    30,943,450       31,057,418       30,943,450       31,057,418  
                                 

See notes to financial statements
 
 
 

 
 
LESCARDEN INC.

CONDENSED STATEMENTS OF CASH FLOWS



   
(UNAUDITED)
For the Nine Months Ended
 
             
   
February 29, 2008
   
February 28, 2007
 
             
Cash Flows from operating activities
           
   Net loss
  $ (245,297 )   $ (376,336 )
Adjustments to reconcile net loss to net cash used in operating activities
               
Changes in operating assets and liabilities:
               
    (Increase) decrease in accounts receivable
    (82,372 )     38,914  
   Decrease (increase) in inventory
    28,657       (7,388 )
    Increase (decrease)  in accounts payable and accrued expenses
    53,374       (40,697 )
    Decrease in deferred license fees
    (157,808 )     (113,250 )
                 
Net Cash Flow Used In Operating activities
    (403,446 )     (498,757 )
                 
 Decrease in cash
    (403,446 )     (498,757 )
                 
Cash - Beginning of Period
    413,569       1,094,677  
                 
Cash – End of Period
  $ 10,123     $ 595,920  

See notes to financial statements
 
 
 

 

LESCARDEN INC.
(UNAUDITED) NOTES TO FINANCIAL STATEMENTS
FEBRUARY 29, 2008


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. The statements have been prepared in accordance with the requirements for Form 10-QSB 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-KSB for the year ended May 31, 2007.

The results of operations for the interim periods are not necessarily indicative of results to be expected for a full year's operations.

In June 2006, the FASB issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes”—an Interpretation of FASB Statement No. 109” (“FIN 48). FIN 48 clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements in accordance with SFAS No. 109, “Accounting for Income Taxes.” FIN 48 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FIN 48  was adopted effective June 1, 2007.  As a result of the implementation of FIN 48, the Company recognized no material adjustment in the various tax asset and liability accounts.  As of February 29, 2008, the Company had no accrued interest related to uncertain tax positions.


Certain 2007 amounts have been reclassified to conform to the 2008 presentation.
 
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LESCARDEN INC.


Management's Discussion and Analysis of  Financial Condition
and Results of Operations
February 29, 2008


Results of Operations


Nine months ended February 29, 2008 compared to February 28, 2007

The Company’s revenues increased 56% or $178,636  during the nine months ended February 29, 2008 compared to February 28, 2007 due to increased sales of Catrix ® skincare to its licensees in Asia.

Total costs and expenses during the nine months ended February 29, 2008 were 7% or $47,597 higher than those of the comparative prior year period. The increase was principally due to an increase in cost of sales of $61,569 offset by a decrease in travel and meeting expenses of $25,135.


Three months ended February 29, 2008 compared to February 28, 2007

The Company’s revenues increased in the fiscal quarter ended February 29, 2008 compared to February 28, 2007 by 14% or $10,778  due to increased sales of Catrix ® skincare to its licensees in Asia.

Total costs and expenses during the three months ended February 29, 2008 were 38% or $79,674  higher than those of the comparative prior year period.  Cost of sales increased by $82,907  due to the upfront costs associated with reformulating and packaging product for Asian licensees. The increase in cost of sales as a percent of sales for the 3 months ended February 29, 2008 was due the non-recurring expenses of tailoring the Company’s existing products to the specific characteristics of the emerging Asian markets.  An increase in professional fees of $25,370 or 77% was a result of the costs of compliance with European regulatory requirements.


Liquidity and Capital Resources

The Company had a net loss of $199,760 for the three months ended February 29, 2008.  The Company had a loss of $245,297 for the nine months ended February 29, 2008 compared with the nine months ended February 29, 2008.


As of February 29, 2008, the Company’s current assets exceeded its accounts payable and accrued expenses by $274,820.  The Company’s cash and cash equivalents balance decreased by $403,446  during the nine months ended February 29, 2008 to $10,123.

 
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The Company has no material commitments for capital expenditures at February 29, 2008.

 
 

 
 
Disclosure 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 10QSB.


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-QSB.
 
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LESCARDEN INC.


Part II - Other Information

 

Item 6. Exhibits and Reports on Form 8-K


(A)  
Reports on Form 8-K:





INDEX TO EXHIBITS

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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Signatures


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.




  LESCARDEN INC.
(Registrant)

Date: April 11, 2008 By: /S/ William E. Luther
    William E. Luther
    President and
Chief Executive Officer
Lescarden (CE) (USOTC:LCAR)
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