Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Nov. 30, 2016 | Jan. 12, 2017 | |
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, 2016 | |
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 | 2,017 |
Balance Sheets
Balance Sheets - USD ($) | Nov. 30, 2016 | May 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 166,613 | $ 4,252 |
Accounts receivable | 12,956 | 1,279 |
Inventory | 42,938 | 197,978 |
Total current assets | 222,507 | 203,509 |
Total assets | 222,507 | 203,509 |
Current liabilities | ||
Accounts payable | 258,414 | 309,403 |
Shareholder loan | 268,765 | 278,765 |
Total liabilities | 527,179 | 588,168 |
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, 2016 and May 31, 2016 | 63,622 | 63,622 |
Additional paid-in capital | 17,505,936 | 17,505,936 |
Accumulated deficit | (17,876,070) | (17,956,057) |
Stockholders' deficit | (304,672) | (384,659) |
Total liabilities and stockholders' deficit | $ 222,507 | $ 203,509 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Nov. 30, 2016 | May 31, 2016 |
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, 2016 | Nov. 30, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | |
Revenues: | ||||
Product sales | $ 41,960 | $ 10,422 | $ 391,795 | $ 42,519 |
Total revenues | 41,960 | 10,422 | 391,795 | 42,519 |
Costs and expenses: | ||||
Cost of sales | 5,612 | 1,411 | 164,859 | 2,815 |
Salaries | 20,422 | 20,527 | 20,486 | 41,259 |
Professional fees and consulting | 34,809 | 9,700 | 63,380 | 49,165 |
Insurance | 8,520 | 7,178 | 22,668 | 20,125 |
Commission | 0 | 0 | 19,434 | 0 |
Rent and office expense | 3,306 | 5,555 | 6,306 | 8,947 |
Other administrative expenses | 6,082 | 1,366 | 11,060 | 4,836 |
Total operating costs and expenses | 78,751 | 45,737 | 308,193 | 127,147 |
Other expenses: | ||||
Interest expense | (3,615) | 0 | (3,615) | 0 |
Net income (loss) | $ (40,406) | $ (35,315) | $ 79,987 | $ (84,628) |
Net income (loss) per share – basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding | ||||
Basic | 63,622,316 | 63,622,316 | 63,622,316 | 63,622,316 |
Diluted | 63,622,316 | 63,622,316 | 63,714,316 | 63,622,316 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 79,987 | $ (84,628) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
(Increase) decrease in accounts receivable | (11,677) | 47,262 |
Decrease (increase) in inventory | 155,040 | (2,184) |
(Decrease) increase in accounts payable and accrued expenses | (50,989) | 9,690 |
Net cash provided by (used in) operating activities | 172,361 | (29,860) |
Cash flows from financing activities: | ||
Proceeds from shareholder loan | 50,000 | 0 |
Repayments on shareholder loan | (60,000) | 0 |
Cash provided by financing activities | (10,000) | 0 |
Net increase (decrease) in cash | 162,361 | (29,860) |
Cash, beginning of period | 4,252 | 37,207 |
Cash, end of period | 166,613 | 7,347 |
Supplemental disclosures of cash flow information | ||
Cash paid for interest | 0 | 0 |
Cash paid for taxes | $ 0 | $ 0 |
1. General
1. General | 6 Months Ended |
Nov. 30, 2016 | |
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, 2016. 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, 2016 | |
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 three months ended November 30, 2016, 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. Alternative sources of supply are being evaluated so that manufacturing and production disruptions can be minimized. |
3. Inventory
3. Inventory | 6 Months Ended |
Nov. 30, 2016 | |
Inventory Disclosure [Abstract] | |
3. Inventory | At November 30, 2016, inventory of $42,938 consisted of $26,569 of finished goods and $16,369 of raw materials. |
4. Related Party Transactions
4. Related Party Transactions | 6 Months Ended |
Nov. 30, 2016 | |
Related Party Transactions [Abstract] | |
4. Related Party Transactions | During the six months ended November 30, 2016, an officer/director of the Company provided a loan to the Company of $50,000. The loan is non-interest bearing and is due upon demand. In addition, the Company repaid $60,000 of loans from an officer/director of the Company. During the six months ended November 30, 2016, a sales commission of $19,434 was paid to a director of the Company for services rendered in connection with the sale of Catrix in Europe. |
3. Inventory (Details Narrative
3. Inventory (Details Narrative) - USD ($) | Nov. 30, 2016 | May 31, 2016 |
Inventory Details Narrative | ||
Inventory | $ 42,938 | $ 197,978 |
Finished goods | 26,569 | |
Raw materials | $ 16,369 |
4. Related Party Transactions (
4. Related Party Transactions (Details Narrative) - USD ($) | 6 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Related Party Transactions Details Narrative | ||
Proceeds from shareholder loan | $ 50,000 | $ 0 |
Sales commision paid to a Director | $ 19,434 |