2022 Q4 Form 10-Q Financial Statement

#000149315222032098 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $2.533K $2.460K
YoY Change -36.68% -90.73%
Cost Of Revenue $825.00 $1.330K
YoY Change -66.6% -89.86%
Gross Profit $1.708K $1.130K
YoY Change 11.63% -91.59%
Gross Profit Margin 67.43% 45.93%
Selling, General & Admin $41.69K $66.71K $39.81K
YoY Change -59.32% 67.57% -75.72%
% of Gross Profit 2440.87% 3523.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
% of Gross Profit 0.0% 0.0%
Operating Expenses $49.98K $76.91K $0.00
YoY Change -100.0%
Operating Profit -$48.28K -$76.91K $1.130K
YoY Change -3255.23% -6906.46% -100.75%
Interest Expense -$19.30K $5.646K -$21.05K
YoY Change 36.88% -126.82% 68.4%
% of Operating Profit -1862.83%
Other Income/Expense, Net $146.7K $3.235K $3.409M
YoY Change -99.91%
Pretax Income $98.46K -$73.68K $3.341M
YoY Change -185.58% -102.21% -2089.05%
Income Tax
% Of Pretax Income
Net Earnings $98.46K -$73.68K $3.341M
YoY Change -185.59% -102.21% -2089.05%
Net Earnings / Revenue 3887.25% 135829.23%
Basic Earnings Per Share
Diluted Earnings Per Share $0.00 -$1.248K $63.22K
COMMON SHARES
Basic Shares Outstanding 221.7M shares 59.38M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.19K $1.210K $25.22K
YoY Change 128.42% -95.2% -18.8%
Cash & Equivalents $24.19K $1.205K $25.22K
Short-Term Investments
Other Short-Term Assets $0.00 $0.00
YoY Change
Inventory $16.66K
Prepaid Expenses
Receivables $5.460K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $24.19K $1.205K $47.33K
YoY Change -5.81% -97.45% -54.12%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $513.2K $354.6K $6.190K
YoY Change 5627.9% 0.0%
Total Long-Term Assets $513.2K $354.6K $6.200K
YoY Change 5618.66% -81.71%
TOTAL ASSETS
Total Short-Term Assets $24.19K $1.205K $47.33K
Total Long-Term Assets $513.2K $354.6K $6.200K
Total Assets $537.4K $355.8K $53.53K
YoY Change 1992.59% 564.6% -60.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $119.3K $175.5K $172.3K
YoY Change -43.75% 1.85% 105.42%
Accrued Expenses $86.18K $181.9K $888.6K
YoY Change -90.7% -79.53% -79.05%
Deferred Revenue
YoY Change
Short-Term Debt $933.3K $1.069M $672.3K
YoY Change 38.95% 58.99% 11.89%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.408M $2.383M $1.733M
YoY Change -22.23% 37.51% -64.82%
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 $1.408M $2.383M $1.733M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.408M $2.383M $1.733M
YoY Change -22.24% 37.51% -64.82%
SHAREHOLDERS EQUITY
Retained Earnings -$30.27M -$30.35M
YoY Change
Common Stock $258.0K $59.05K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$900.6K -$2.028M -$1.680M
YoY Change
Total Liabilities & Shareholders Equity $537.4K $355.8K $53.53K
YoY Change 1992.59% 564.6% -60.94%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income $98.46K -$73.68K $3.341M
YoY Change -185.59% -102.21% -2089.05%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Operating Activities -$293.5K -$219.1K $15.35K
YoY Change 1091.68% -1527.49% -130.94%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 316.5K 200.0K 0.000
YoY Change 3065.0% -100.0%
NET CHANGE
Cash From Operating Activities -293.5K -219.1K 15.35K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 316.5K 200.0K 0.000
Net Change In Cash 22.99K -19.12K 15.35K
YoY Change -257.14% -224.56% 743.41%
FREE CASH FLOW
Cash From Operating Activities -$293.5K -$219.1K $15.35K
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
50435 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-375737 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-20831 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1712 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
1712 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
28175 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
350000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
350000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
28175 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-25737 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
9056 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
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1205 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
25217 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_840_eus-gaap--UseOfEstimates_z2bneYZvT3S9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_865_zbwAXYt656m7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Use of estimates and assumptions</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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"><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"><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"><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 since 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"><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"><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 0pt 27pt; text-indent: -27pt"><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"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2019Q2 us-gaap Legal Fees
LegalFees
27000 usd
us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
IncomeTaxExaminationLikelihoodOfUnfavorableSettlement
greater than 50%
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2022Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
6150613 usd
ETST Net Operating Loss Carry Forwards Expiration Date
NetOperatingLossCarryForwardsExpirationDate
the year 2039 when the NOL’s will expire
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
0 usd
CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
0 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_847_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zIuifS0fAFE3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_860_zDVjWbOmDGFc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Reclassification</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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"><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>
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-30352078 usd
CY2021Q3 us-gaap Area Of Land
AreaOfLand
1000
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0 usd
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0 usd
CY2022Q3 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
2297 usd
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
2489 usd
CY2022Q3 us-gaap Professional Fees
ProfessionalFees
4000 usd
CY2022Q3 us-gaap Other Income
OtherIncome
10200 usd
CY2022Q3 us-gaap Interest Expense
InterestExpense
5646 usd
CY2021Q3 us-gaap Interest Expense
InterestExpense
4397 usd

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