2022 Q1 Form 10-K Financial Statement
#000149315222019367 Filed on July 15, 2022
Income Statement
Concept | 2022 Q1 | 2022 | 2021 Q1 |
---|---|---|---|
Revenue | $180.00 | $14.12K | $18.34K |
YoY Change | -99.02% | -89.98% | -70.14% |
Cost Of Revenue | $15.10K | $22.64K | $23.71K |
YoY Change | -36.31% | -77.58% | -41.94% |
Gross Profit | -$14.92K | -$8.516K | -$5.370K |
YoY Change | 177.84% | -121.33% | -126.11% |
Gross Profit Margin | -8288.89% | -60.3% | -29.28% |
Selling, General & Admin | $54.59K | $119.7K | $97.86K |
YoY Change | -44.22% | -47.67% | -27.03% |
% of Gross Profit | |||
Research & Development | $0.00 | $0.00 | |
YoY Change | -100.0% | ||
% of Gross Profit | |||
Depreciation & Amortization | $0.00 | $0.00 | $2.420K |
YoY Change | -100.0% | -100.0% | 36.72% |
% of Gross Profit | |||
Operating Expenses | $54.58K | $218.2K | $92.41K |
YoY Change | -40.94% | -94.97% | -39.24% |
Operating Profit | -$69.50K | -$226.7K | -$97.78K |
YoY Change | -28.92% | -94.73% | -25.66% |
Interest Expense | -$40.40K | $10.90K | -$13.64K |
YoY Change | 196.19% | 128.77% | -89.42% |
% of Operating Profit | |||
Other Income/Expense, Net | $77.74K | $3.400M | -$12.98K |
YoY Change | -698.92% | -4294.43% | 1358.43% |
Pretax Income | -$30.68K | $3.173M | -$216.9K |
YoY Change | -85.85% | -172.4% | -17.24% |
Income Tax | $0.00 | $0.00 | $0.00 |
% Of Pretax Income | 0.0% | ||
Net Earnings | -$30.68K | $3.173M | -$216.9K |
YoY Change | -85.85% | -172.4% | -17.24% |
Net Earnings / Revenue | -17045.0% | 22468.74% | -1182.61% |
Basic Earnings Per Share | $0.06 | ||
Diluted Earnings Per Share | -$554.30 | $58.93K | -$4.263K |
COMMON SHARES | |||
Basic Shares Outstanding | 53.85M shares | ||
Diluted Shares Outstanding |
Balance Sheet
Concept | 2022 Q1 | 2022 | 2021 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $26.94K | $26.94K | $16.16K |
YoY Change | 66.71% | 66.71% | -47.4% |
Cash & Equivalents | $26.94K | $16.16K | |
Short-Term Investments | |||
Other Short-Term Assets | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | ||
Inventory | $0.00 | $21.74K | |
Prepaid Expenses | |||
Receivables | $0.00 | $6.108K | |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $26.94K | $26.94K | $44.01K |
YoY Change | -38.78% | -38.79% | -66.93% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $0.00 | $0.00 | $1.712K |
YoY Change | -100.0% | -100.0% | -88.81% |
Goodwill | |||
YoY Change | |||
Intangibles | $0.00 | ||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $50.00K | $25.00K | $18.84K |
YoY Change | 165.34% | 303.88% | 204.43% |
Total Long-Term Assets | $50.00K | $50.00K | $20.56K |
YoY Change | 143.24% | 143.31% | -4.35% |
TOTAL ASSETS | |||
Total Short-Term Assets | $26.94K | $26.94K | $44.01K |
Total Long-Term Assets | $50.00K | $50.00K | $20.56K |
Total Assets | $76.94K | $76.94K | $64.56K |
YoY Change | 19.17% | 19.18% | -58.22% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $202.3K | $202.3K | $174.0K |
YoY Change | 16.25% | 16.25% | 111.59% |
Accrued Expenses | $311.6K | $995.7K | $234.3K |
YoY Change | 32.99% | -76.73% | -42.89% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $682.5K | $682.5K | $637.8K |
YoY Change | 7.0% | 7.0% | 30.83% |
Long-Term Debt Due | $780.7K | ||
YoY Change | |||
Total Short-Term Liabilities | $1.882M | $1.882M | $5.091M |
YoY Change | -63.03% | -63.03% | 419.51% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $1.882M | $1.882M | $5.091M |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | $1.882M | $1.882M | $5.091M |
YoY Change | -63.03% | -63.03% | 419.51% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$30.12M | -$33.30M | |
YoY Change | -9.53% | ||
Common Stock | $28.32M | $50.55K | |
YoY Change | 55911.13% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$1.805M | -$1.805M | -$5.027M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $76.94K | $76.94K | $64.56K |
YoY Change | 19.17% | 19.18% | -58.22% |
Cashflow Statement
Concept | 2022 Q1 | 2022 | 2021 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$30.68K | $3.173M | -$216.9K |
YoY Change | -85.85% | -172.4% | -17.24% |
Depreciation, Depletion And Amortization | $0.00 | $0.00 | $2.420K |
YoY Change | -100.0% | -100.0% | 36.72% |
Cash From Operating Activities | -$122.7K | -$168.1K | -$36.69K |
YoY Change | 234.29% | -14.53% | -13.04% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | ||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | $1.710K | |
YoY Change | |||
Cash From Investing Activities | $0.00 | $1.712K | $0.00 |
YoY Change | |||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $48.18K | ||
YoY Change | -20.4% | ||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 135.0K | $173.2K | 42.12K |
YoY Change | 220.51% | -4.91% | -34.55% |
NET CHANGE | |||
Cash From Operating Activities | -122.7K | -$168.1K | -36.69K |
Cash From Investing Activities | 0.000 | $1.712K | 0.000 |
Cash From Financing Activities | 135.0K | $173.2K | 42.12K |
Net Change In Cash | 12.35K | $6.781K | 5.430K |
YoY Change | 127.44% | -146.57% | -75.5% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$122.7K | -$168.1K | -$36.69K |
Capital Expenditures | $0.00 | ||
Free Cash Flow | -$36.69K | ||
YoY Change | -13.04% |
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EarningsPerShareBasic
|
0.06 | |
CY2021 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.08 | |
CY2020Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-825799 | usd |
CY2021 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
60524 | usd |
CY2021 | us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
|
121600 | usd |
CY2021 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-4383173 | usd |
CY2021Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-5026848 | usd |
CY2022 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
20000 | usd |
CY2022 | us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
|
28175 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
3173260 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
26942 | usd |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
16161 | usd |
CY2020Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
30723 | usd |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1805413 | usd |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1805413 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
3173260 | usd |
CY2021 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-4383173 | usd |
CY2021 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
2421 | usd |
CY2022 | us-gaap |
Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
|
-6191 | usd |
CY2022 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
43892 | usd |
CY2021 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-32879 | usd |
CY2022 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-21738 | usd |
CY2021 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-41609 | usd |
CY2022 | us-gaap |
Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
|
-22333 | usd |
CY2022 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-3408637 | usd |
CY2021 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
3763200 | usd |
CY2022 | us-gaap |
Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
|
105567 | usd |
CY2021 | us-gaap |
Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
|
346378 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-168106 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-196686 | usd |
CY2022 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
1712 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
1712 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
48175 | usd |
CY2021 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
60524 | usd |
CY2022 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
50000 | usd |
CY2021 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
121600 | usd |
CY2022 | ETST |
Proceeds From Convertible Debt One
ProceedsFromConvertibleDebtOne
|
25000 | usd |
CY2022 | us-gaap |
Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
50000 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
173175 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
182124 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
6781 | usd |
CY2021 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-14562 | usd |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
16161 | usd |
CY2022 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_84C_eus-gaap--UseOfEstimates_zXnWAuyQZ0z3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_866_z2Q0RG8nrzFe">Use of estimates and assumptions</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s significant estimates and assumptions include the fair value of financial instruments; the accrual of the legal settlement, the carrying value recoverability and impairment, if any, of long-lived assets, including the estimated useful lives of fixed assets; the valuation allowance of deferred tax assets; stock based compensation, the valuation of the inventory reserves and the assumption that the Company will continue as a going concern. Those significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to those estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management regularly reviews its estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such reviews, and if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2019Q2 | us-gaap |
Legal Fees
LegalFees
|
27000 | usd |
CY2022 | us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
0 | usd |
CY2021 | us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
0 | usd |
CY2022 | us-gaap |
Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
|
P15Y | |
CY2022 | us-gaap |
Income Tax Examination Likelihood Of Unfavorable Settlement
IncomeTaxExaminationLikelihoodOfUnfavorableSettlement
|
greater than 50% | |
CY2022Q1 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
6150613 | usd |
CY2022 | ETST |
Net Operating Loss Carry Forwards Expiration Date
NetOperatingLossCarryForwardsExpirationDate
|
the year 2039 when the NOL’s will expire | |
CY2014Q4 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
25000 | usd |
CY2014Q4 | ETST |
Capitalized Patent Fees
CapitalizedPatentFees
|
26528 | usd |
CY2019Q1 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
0 | usd |
CY2018Q1 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
38740 | usd |
CY2019 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
4406 | usd |
CY2018 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
4406 | usd |
CY2022 | us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
<p id="xdx_841_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_z7l7X5ucSbJ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_863_zyYVnooRGkll">Reclassification</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts from the prior period have been reclassified to conform to the current period presentation.</span></p> | |
CY2022Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-30123718 | usd |
CY2021Q3 | us-gaap |
Area Of Land
AreaOfLand
|
1000 | |
CY2022Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
0 | usd |
CY2021Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
111301 | usd |
CY2022 | ETST |
Allowance For Accounts Receivable Percentage
AllowanceForAccountsReceivablePercentage
|
0.40 | pure |
CY2022Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
311610 | usd |
CY2022Q1 | ETST |
Accrued Interest
AccruedInterest
|
44219 | usd |
CY2022 | us-gaap |
Marketing Expense
MarketingExpense
|
3655 | usd |
CY2022 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
116064 | usd |
CY2021 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
228790 | usd |
CY2022 | us-gaap |
Professional Fees
ProfessionalFees
|
8719 | usd |
CY2021 | us-gaap |
Professional Fees
ProfessionalFees
|
26535 | usd |
CY2021 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
9000 | usd |