Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. LESCARDEN INC (58822) 10-Q published on Apr 12, 2017 at 12:53 pm
Reporting Period: Feb 27, 2017
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 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 ☐ No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any,every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☐ Yes ☐ No
The Company’s plan and ability to continue as a going concern is primarily dependent upon its ability to establish and maintain consistent production volumes to fulfill existing sales orders. Alternative sources of supply continue to be evaluated so that manufacturing and production disruptions can be minimized in the future. There can be no assurance that the Company will be able to establish an alternative source of supply to meet demand. The establishment of an alternative source of supply may require additional expenditures given the uncertainties associated with the regulatory and financial issues involved.
Pursuant to an agreement with a director of the Company, sales commission expense of $19,434 for services rendered in connection with the sale of Citrix in Europe was paid during the nine months ended February 28, 2017.
The Company’s revenues decreased in the fiscal quarter ended February 28, 2017 by $44,952 or 64% due to the delayed shipment of Catrix to European licensee.
The Company’s revenues increased in the nine months ended February 28, 2017 compared to February 29, 2016 by 270% or $304,324. Non-direct costs and expenses increased by $31,559 or 17.22% due to increases in commission and professional fees of $16,759 and $13,922 offset by decreases in rent and office expenses, and salaries of $3,135 and $2,182 respectively during the nine months ended February 28, 2017.