Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Nov. 30, 2015 | Jan. 12, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | LESCARDEN INC | |
Entity Central Index Key | 58,822 | |
Document Type | 10-Q | |
Document Period End Date | Nov. 30, 2015 | |
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 | 63,622,316 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | Nov. 30, 2015 | May. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 7,347 | $ 37,207 |
Accounts receivable | 1,640 | 48,902 |
Inventory | 85,770 | 83,586 |
Total current assets | 94,757 | 169,695 |
Deferred income tax asset, net of valuation allowance of $1,659,000 and $1,630,000 at November 30, 2015 and May 31, 2015 respectively | 0 | 0 |
Total assets | 94,757 | 169,695 |
Current liabilities | ||
Accounts payable | 182,536 | 172,846 |
Shareholder loan | 268,765 | 268,765 |
Total liabilities | 451,301 | 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 November 30, 2015 and May 31, 2015 | 63,622 | 63,622 |
Additional paid-in capital | 17,505,936 | 17,505,936 |
Accumulated deficit | (17,927,942) | (17,843,314) |
Stockholders' deficit | (356,544) | (271,916) |
Total liabilities and stockholders' deficit | $ 94,757 | $ 169,695 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Nov. 30, 2015 | May. 31, 2015 |
ASSETS: | ||
Deferred income tax valuation allowance | $ 1,659,000 | $ 1,630,000 |
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 | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 200,000,000 | 200,000,000 |
Common stock, issued shares | 63,622,316 | 63,622,316 |
Common stock, outstanding shares | 63,622,316 | 63,622,316 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Nov. 30, 2015 | Nov. 30, 2014 | Nov. 30, 2015 | Nov. 30, 2014 | |
Revenues: | ||||
Product sales | $ 10,422 | $ 165,023 | $ 42,519 | $ 171,270 |
License fees | 0 | 1,500 | 0 | 3,000 |
Total revenues | 10,422 | 166,523 | 42,519 | 174,270 |
Costs and expenses: | ||||
Cost of sales | 1,411 | 42,078 | 2,815 | 43,309 |
Salaries | 20,527 | 13,838 | 41,259 | 41,099 |
Professional fees and consulting | 9,700 | 24,297 | 49,165 | 60,209 |
Rent and office expense | 5,555 | 31,187 | 8,947 | 62,400 |
Insurance | 7,178 | 12,933 | 20,125 | 24,801 |
Commission | 0 | 10,743 | 0 | 10,743 |
Other administrative expenses | 1,366 | 12,464 | 4,836 | 13,210 |
Total costs and expenses | 45,737 | 147,540 | 127,147 | 255,771 |
Net loss (income) | $ (35,315) | $ 18,983 | $ (84,628) | $ (81,501) |
Net (loss) income per share - basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding - basic and diluted | 63,622,316 | 63,622,316 | 63,622,316 | 63,622,316 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Nov. 30, 2015 | Nov. 30, 2014 | Nov. 30, 2015 | Nov. 30, 2014 | |
Cash flows from operating activities: | ||||
Net loss | $ (35,315) | $ 18,983 | $ (84,628) | $ (81,501) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Decrease (increase) in accounts receivable | 47,262 | (157,490) | ||
(Increase) Decrease in inventory | (2,184) | 25,324 | ||
Increase in accounts payable and accrued expenses | 9,690 | 85,486 | ||
Decrease in deferred license fees | 0 | (3,000) | ||
Net cash used in operating activities | (29,860) | (131,181) | ||
Cash flows from financing activities: | ||||
Proceeds from shareholder loan | 0 | 129,000 | ||
Cash provided by financing activities | 0 | 129,000 | ||
Decrease in cash | (29,860) | (2,181) | ||
Cash, beginning of period | 37,207 | 10,432 | ||
Cash, end of period | $ 7,347 | $ 8,251 | $ 7,347 | $ 8,251 |
1. General
1. General | 6 Months Ended |
Nov. 30, 2015 | |
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, 2015. 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 | 6 Months Ended |
Nov. 30, 2015 | |
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 six months ended November 30, 2015, has a stockholders deficiency and a working capital deficiency. These conditions raise substantial doubt about the Companys ability to continue as a going concern. The Companys 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. 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. |
3. Inventory
3. Inventory | 6 Months Ended |
Nov. 30, 2015 | |
Inventory Disclosure [Abstract] | |
3. Inventory | At November 30, 2015, inventory of $85,770 consisted of $34,059 of finished goods and $51,711 of raw materials. |
3. Inventory (Details Narrative
3. Inventory (Details Narrative) - USD ($) | Nov. 30, 2015 | May. 31, 2015 |
Inventory Details Narrative | ||
Inventory | $ 85,770 | $ 83,586 |
Finished goods | 34,059 | |
Raw materials | $ 51,711 |