2023 Q1 Form 10-K Financial Statement

#000149315223021787 Filed on June 20, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2023 2022 Q1
Revenue $46.00K $48.54K $180.00
YoY Change 25455.56% 243.67% -99.02%
Cost Of Revenue $25.65K $26.48K $15.10K
YoY Change 69.87% 16.95% -36.31%
Gross Profit $20.35K $22.06K -$14.92K
YoY Change -236.39% -359.04% 177.84%
Gross Profit Margin 44.24% 45.45% -8288.89%
Selling, General & Admin $684.8K $240.0K $54.59K
YoY Change 1154.52% 100.44% -44.22%
% of Gross Profit 3365.31% 1087.78%
Research & Development $0.00 $0.00
YoY Change
% of Gross Profit 0.0%
Depreciation & Amortization $31.35K $6.869K $0.00
YoY Change -100.0%
% of Gross Profit 154.05% 31.14%
Operating Expenses $684.8K $972.6K $54.58K
YoY Change 1154.6% 345.76% -40.94%
Operating Profit -$664.4K -$950.5K -$69.50K
YoY Change 855.99% 319.28% -28.92%
Interest Expense -$11.94K $47.43K -$40.40K
YoY Change -70.45% 335.13% 196.19%
% of Operating Profit
Other Income/Expense, Net -$104.3K $571.3K $77.74K
YoY Change -234.1% -83.2% -698.92%
Pretax Income -$249.4K -$379.3K -$30.68K
YoY Change 712.81% -111.95% -85.85%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$249.4K -$379.3K -$30.68K
YoY Change 712.78% -111.95% -85.85%
Net Earnings / Revenue -542.11% -781.4% -17045.0%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00 $0.00 -$554.30
COMMON SHARES
Basic Shares Outstanding 256.7M shares 145.9M shares
Diluted Shares Outstanding 145.9M shares

Balance Sheet

Concept 2023 Q1 2023 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.76K $35.76K $26.94K
YoY Change 32.74% 32.74% 66.71%
Cash & Equivalents $35.76K $26.94K
Short-Term Investments
Other Short-Term Assets $0.00
YoY Change
Inventory $10.26K $10.26K
Prepaid Expenses
Receivables
Other Receivables $0.00
Total Short-Term Assets $46.02K $46.02K $26.94K
YoY Change 70.8% 70.82% -38.78%
LONG-TERM ASSETS
Property, Plant & Equipment $143.2K $343.9K $0.00
YoY Change -100.0%
Goodwill $2.164M
YoY Change
Intangibles $137.8K $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $50.00K
YoY Change 165.34%
Total Long-Term Assets $2.646M $2.646M $50.00K
YoY Change 5192.37% 5192.36% 143.24%
TOTAL ASSETS
Total Short-Term Assets $46.02K $46.02K $26.94K
Total Long-Term Assets $2.646M $2.646M $50.00K
Total Assets $2.692M $2.692M $76.94K
YoY Change 3399.0% 3399.09% 19.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $90.79K $90.79K $202.3K
YoY Change -55.11% -55.11% 16.25%
Accrued Expenses $115.4K $426.4K $311.6K
YoY Change -62.97% -57.18% 32.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $682.5K
YoY Change -100.0% -100.0% 7.0%
Long-Term Debt Due $635.6K $604.8K $780.7K
YoY Change -18.59%
Total Short-Term Liabilities $1.307M $1.307M $1.882M
YoY Change -30.55% -30.55% -63.03%
LONG-TERM LIABILITIES
Long-Term Debt $290.8K $204.4K $0.00
YoY Change
Other Long-Term Liabilities $96.74K $96.74K
YoY Change
Total Long-Term Liabilities $290.8K $301.2K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.307M $1.307M $1.882M
Total Long-Term Liabilities $290.8K $301.2K $0.00
Total Liabilities $1.608M $1.608M $1.882M
YoY Change -14.55% -14.55% -63.03%
SHAREHOLDERS EQUITY
Retained Earnings -$30.50M -$30.12M
YoY Change 1.26% -9.53%
Common Stock $282.6K $28.32M
YoY Change -99.0% 55911.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.084M $1.084M -$1.805M
YoY Change
Total Liabilities & Shareholders Equity $2.692M $2.692M $76.94K
YoY Change 3399.0% 3399.09% 19.17%

Cashflow Statement

Concept 2023 Q1 2023 2022 Q1
OPERATING ACTIVITIES
Net Income -$249.4K -$379.3K -$30.68K
YoY Change 712.78% -111.95% -85.85%
Depreciation, Depletion And Amortization $31.35K $6.869K $0.00
YoY Change -100.0%
Cash From Operating Activities -$343.9K -$1.013M -$122.7K
YoY Change 180.38% 502.67% 234.29%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $564.2K
YoY Change 1071.15%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 350.1K $1.017M 135.0K
YoY Change 159.31% 487.02% 220.51%
NET CHANGE
Cash From Operating Activities -343.9K -$1.013M -122.7K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 350.1K $1.017M 135.0K
Net Change In Cash 6.190K $3.440K 12.35K
YoY Change -49.88% -49.27% 127.44%
FREE CASH FLOW
Cash From Operating Activities -$343.9K -$1.013M -$122.7K
Capital Expenditures
Free Cash Flow -$1.013M
YoY Change

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CY2022 us-gaap Increase Decrease In Accrued Liabilities
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CY2023 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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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
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1712 usd
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
564200 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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CY2023 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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CY2023 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
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CY2022 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
125000 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1016568 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3440 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
6781 usd
CY2023Q1 ETST Impact Of Acquisition
ImpactOfAcquisition
5374 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
26942 usd
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10781 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
35756 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
26942 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
8016 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
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CY2023 ETST Common Stock Issued For Acquisition Of Subsidiaries
CommonStockIssuedForAcquisitionOfSubsidiaries
1875900 usd
CY2023 ETST Common Stock Issued For Debt Settlement
CommonStockIssuedForDebtSettlement
822145 usd
CY2023 ETST Common Stock Issued For Operating Claims
CommonStockIssuedForOperatingClaims
1700 usd
CY2023 ETST Stock Issued During Value Common Stock Officers Compensation
StockIssuedDuringValueCommonStockOfficersCompensation
3500 usd
CY2023 ETST Preferred B Stock Issued For Officers Compensation
PreferredBStockIssuedForOfficersCompensation
1000 usd
CY2022 ETST Common Stock Issued On Conversion Of Notes Payable
CommonStockIssuedOnConversionOfNotesPayable
28175 usd
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
635590 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
35756 usd
CY2023Q1 us-gaap Liabilities Current
LiabilitiesCurrent
1307285 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84D_eus-gaap--UseOfEstimates_zYh0BbF6VVk3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_868_zQw9kb3XcNJa">Use of estimates and assumptions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of 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 period. The areas requiring significant estimates are impairment of goodwill, provision for taxation, useful life of depreciable assets, useful life of intangible assets, contingencies, and going concern assessment. The estimates and underlying assumptions are reviewed on an ongoing basis. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
290778 usd
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
780694 usd
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
35756 usd
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
26942 usd
CY2023 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
0 usd
CY2022 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
0 usd
CY2023 us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
IncomeTaxExaminationLikelihoodOfUnfavorableSettlement
50% likely of being realized upon ultimate settlement
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
6150613 usd
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0 usd
CY2023Q1 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P5Y
CY2023Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P5Y
CY2023 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_843_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zV9Zz4nP7vG9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_zvZORZGBC34h">Reclassification</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No restatement was made in comparative Consolidated Financial Statements. However, Certain amounts from the prior year have been reclassified to conform to the current year presentation.</span></p>
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6869 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
143213 usd
CY2023 us-gaap Depreciation
Depreciation
6869 usd
CY2022 us-gaap Depreciation
Depreciation
0 usd
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
7057 usd
CY2022Q2 us-gaap Variable Lease Payment
VariableLeasePayment
40000 usd
CY2022Q2 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P3Y
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
200674 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
68188 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
96743 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
164931 usd
CY2023 us-gaap Operating Leases Income Statement Depreciation Expense On Property Subject To Or Held For Lease
OperatingLeasesIncomeStatementDepreciationExpenseOnPropertySubjectToOrHeldForLease
15436 usd
CY2023 us-gaap Interest Expense Other
InterestExpenseOther
2935 usd
CY2023 us-gaap Lease Cost
LeaseCost
18372 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y2M1D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10 pure
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
138312 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
37622 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
137819 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P10Y
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
13831 usd
CY2023Q1 us-gaap Goodwill Gross
GoodwillGross
2164480 usd
CY2023Q1 us-gaap Goodwill
Goodwill
2164480 usd
CY2023Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
90790 usd
CY2022Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
202270 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
115400 usd
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
311610 usd
CY2023Q1 us-gaap Settlement Liabilities Current
SettlementLiabilitiesCurrent
310947 usd
CY2022Q1 us-gaap Settlement Liabilities Current
SettlementLiabilitiesCurrent
585886 usd
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
517137 usd
CY2022Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1099766 usd
CY2023Q1 us-gaap Interest Payable Current
InterestPayableCurrent
33391 usd
CY2023Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
67863 usd
CY2023 us-gaap Legal Fees
LegalFees
10000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4146 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
926368 usd
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
48537 usd
CY2021Q4 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
50700000 shares
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
750000000 shares
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
750000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
282611083 shares
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
282611083 shares
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
53851966 shares
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
53851966 shares
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
564200 usd
CY2022Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
1700000 shares
CY2019Q2 us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
19982.84 usd
CY2019Q2 us-gaap Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
8192.16 usd
CY2019Q2 us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
28175.00 usd
CY2022Q2 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
15000 usd
CY2022Q2 us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
5000 usd
CY2022Q2 us-gaap Debt Instrument Maturity Date Range Start1
DebtInstrumentMaturityDateRangeStart1
2023-09-01

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