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.
--------------------------------------------------------------------------------
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.
--------------------------------------------------------------------------------
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.
--------------------------------------------------------------------------------
LESCARDEN
INC.
Part II -
Other Information
Item 6.
Exhibits and 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
--------------------------------------------------------------------------------
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)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Lescarden (CE) (USOTC:LCAR)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024
