Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Feb. 28, 2014 | Apr. 01, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'LESCARDEN INC | ' |
Entity Central Index Key | '0000058822 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 28-Feb-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--05-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 48,722,316 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Balance_Sheets
Balance Sheets (USD $) | Feb. 28, 2014 | 31-May-13 |
ASSETS | ' | ' |
Cash and cash equivalents | $13,566 | $84,562 |
Accounts receivable | 42,570 | 26,801 |
Inventory | 117,113 | 148,432 |
Total current assets | 173,249 | 259,795 |
Deferred income tax asset, net of valuation allowance of $1,538,000 and $1,504,000 at February 28, 2014 and May 31, 2013 respectively | ' | ' |
Total assets | 173,249 | 259,795 |
LIABILITIES AND STOCKHOLDERS DEFICIT | ' | ' |
Accounts payable and accrued expenses | 191,440 | 267,303 |
Shareholder loan | 447,000 | 347,000 |
Deferred revenue | ' | 4,782 |
Deferred license fees | 6,000 | 10,500 |
Total liabilities | 644,440 | 629,585 |
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, 48,722,316 issued and outstanding at February 28, 2014 and May 31, 2013 | 48,722 | 48,722 |
Additional paid-in capital | 17,073,836 | 17,073,836 |
Accumulated deficit | -17,595,589 | -17,494,188 |
Stockholders deficit | -471,191 | -369,790 |
Total liabilities and stockholders deficit | $173,249 | $259,795 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Feb. 28, 2014 | 31-May-13 |
ASSETS: | ' | ' |
Deferred income tax valuation allowance | $1,538,000 | $1,504,000 |
Stockholders equity: | ' | ' |
Preferred stock, par value | $0.02 | $0.02 |
Preferred stock, authorized shares | 2,000,000 | 2,000,000 |
Preferred stock, issued shares | 92,000 | 92,000 |
Preferred stock, outstanding shares | 92,000 | 92,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized shares | 200,000,000 | 200,000,000 |
Common stock, issued shares | 48,722,316 | 48,722,316 |
Common stock, outstanding shares | 48,722,316 | 48,722,316 |
Statements_of_Operations
Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2013 | |
Revenues: | ' | ' | ' | ' |
Product sales | $61,689 | $125,448 | $379,616 | $409,589 |
License fees | 1,500 | 1,500 | 4,500 | 4,500 |
Total revenues | 63,189 | 126,948 | 384,116 | 414,089 |
Costs and expenses: | ' | ' | ' | ' |
Cost of sales | 33,825 | 62,654 | 170,422 | 161,431 |
Salaries | 28,536 | 28,267 | 85,622 | 69,279 |
Professional fees and consulting | 12,461 | 62,325 | 61,703 | 139,970 |
Rent and office expenses | 29,729 | 29,880 | 87,469 | 82,436 |
Insurance | 9,656 | 4,390 | 40,281 | 32,173 |
Commission | ' | 6,632 | 20,689 | 19,481 |
Other administrative expenses | 8,313 | 9,016 | 19,331 | 26,183 |
Total costs and expenses | 122,520 | 203,164 | 485,517 | 530,953 |
Operating loss | -59,331 | -76,216 | -101,401 | -116,864 |
Other income | ' | 44,581 | ' | 44,581 |
Net loss | ($59,331) | ($31,635) | ($101,401) | ($72,283) |
Net loss per share – basic and diluted | $0 | $0 | $0 | $0 |
Weighted average number of common shares outstanding - basic and diluted | 48,722,316 | 48,722,316 | 48,722,316 | 48,722,316 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 9 Months Ended | |
Feb. 28, 2014 | Feb. 28, 2013 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($101,401) | ($72,283) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Increase in accounts receivable | -15,769 | -11,113 |
Decrease (increase) in inventory | 31,319 | -46,204 |
Decrease in accounts payable and accrued expenses | -75,863 | -20,683 |
Decrease in deferred revenue | -4,782 | -4,075 |
Decrease in deferred license fees | -4,500 | -4,500 |
Net cash used in operating activities | -170,996 | -158,858 |
Cash flows from financing activities: | ' | ' |
Proceeds from shareholder loan | 100,000 | 115,000 |
Proceeds from the sale of common stock | 0 | 200,000 |
Cash provided by financing activities | 100,000 | 315,000 |
Increase (decrease) in cash | -70,996 | 156,142 |
Cash, beginning of period | 84,562 | 42,617 |
Cash, end of period | 13,566 | 198,759 |
Supplemental disclosures of cash flow information | ' | ' |
Cash paid for interest | ' | ' |
Cash paid for taxes | ' | ' |
1_General
1. General | 9 Months Ended |
Feb. 28, 2014 | |
Accounting Policies [Abstract] | ' |
1. General | ' |
The accompanying condensed 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, 2013. The results of operations for the interim periods are not necessarily indicative of results to be expected for a full year's operations. |
2_Going_Concern
2. Going Concern | 9 Months Ended |
Feb. 28, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
2. Going Concern | ' |
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 nine months ended February 28, 2014, 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 its ability to maintain consistent production volumes to fulfill existing sales orders. Production lead time has increased at the Company’s primary raw material supplier and alternative sources of supply are being evaluated so that manufacturing and production disruptions can be minimized. There can be no assurance that the Company will be able to establish an alternative source of supply and maintain consistent production volumes to meet demand. The financial statements do not include any potential contingent liabilities associated with the establishment of an alternative source of supply due to the uncertainties associated with the regulatory, logistic and financial issues, but it is likely that mill construction, testing and regulatory certification will necessitate at least six months before production commences. | |
3_Inventory
3. Inventory | 9 Months Ended |
Feb. 28, 2014 | |
Inventory Disclosure [Abstract] | ' |
3. Inventory | ' |
At February 28, 2014, inventory of $117,113 consisted of $41,640 of finished goods and $75,473 of raw materials |
4_Related_Party_Transactions
4. Related Party Transactions | 9 Months Ended |
Feb. 28, 2014 | |
Related Party Transactions [Abstract] | ' |
4. Related Party Transactions | ' |
In August 2013, the Company received an additional loan of $100,000 from its’ Chairman. Pursuant to an agreement with a director of the Company, sales commission expense of $20,689 for services rendered in connection with the sale of Citrix in Europe was paid during the nine months ended February 28, 2014. |
3_Inventory_Details_Narrative
3. Inventory (Details Narrative) (USD $) | Feb. 28, 2014 |
Inventory Details Narrative | ' |
Inventory | $117,113 |
Finished goods | 41,640 |
Raw materials | $75,473 |