2022 Q1 Form 10-K Financial Statement

#000149315222019367 Filed on July 15, 2022

View on sec.gov

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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CY2022 us-gaap Use Of Estimates
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<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

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