$ETST
Earth Science Tech Inc

2023 Q3 Form 10-Q Financial Statement

#000149315223040250 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2022 Q3
Revenue $1.928M
YoY Change
Cost Of Revenue $746.2K
YoY Change
Gross Profit $1.181M
YoY Change
Gross Profit Margin 61.29%
Selling, General & Admin $99.11K $66.71K
YoY Change 48.57% 67.57%
% of Gross Profit 8.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $53.30K $0.00
YoY Change
% of Gross Profit 4.51%
Operating Expenses $701.6K $76.91K
YoY Change 812.13%
Operating Profit $479.9K -$76.91K
YoY Change -724.01% -6906.46%
Interest Expense $34.91K $5.646K
YoY Change 518.33% -126.82%
% of Operating Profit 7.27%
Other Income/Expense, Net -$35.36K $3.235K
YoY Change -1193.14% -99.91%
Pretax Income $444.6K -$73.68K
YoY Change -703.41% -102.21%
Income Tax
% Of Pretax Income
Net Earnings $444.6K -$73.68K
YoY Change -703.41% -102.21%
Net Earnings / Revenue 23.06%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00 -$1.248K
COMMON SHARES
Basic Shares Outstanding 314.9M shares 59.38M shares
Diluted Shares Outstanding 314.9M shares

Balance Sheet

Concept 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $187.7K $1.210K
YoY Change 15408.26% -95.2%
Cash & Equivalents $187.6K $1.205K
Short-Term Investments
Other Short-Term Assets $0.00 $0.00
YoY Change
Inventory $211.2K
Prepaid Expenses
Receivables $62.86K
Other Receivables $0.00 $0.00
Total Short-Term Assets $461.8K $1.205K
YoY Change 38219.59% -97.45%
LONG-TERM ASSETS
Property, Plant & Equipment $128.8K
YoY Change
Goodwill $2.164M
YoY Change
Intangibles $131.9K
YoY Change
Long-Term Investments
YoY Change
Other Assets $354.6K
YoY Change 5627.9%
Total Long-Term Assets $2.580M $354.6K
YoY Change 627.55% 5618.66%
TOTAL ASSETS
Total Short-Term Assets $461.8K $1.205K
Total Long-Term Assets $2.580M $354.6K
Total Assets $3.041M $355.8K
YoY Change 754.88% 564.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $343.6K $175.5K
YoY Change 95.73% 1.85%
Accrued Expenses $33.92K $181.9K
YoY Change -81.35% -79.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.069M
YoY Change -100.0% 58.99%
Long-Term Debt Due $41.94K
YoY Change
Total Short-Term Liabilities $508.9K $2.383M
YoY Change -78.65% 37.51%
LONG-TERM LIABILITIES
Long-Term Debt $557.5K $0.00
YoY Change
Other Long-Term Liabilities $41.40K
YoY Change
Total Long-Term Liabilities $598.9K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $508.9K $2.383M
Total Long-Term Liabilities $598.9K $0.00
Total Liabilities $1.108M $2.383M
YoY Change -53.52% 37.51%
SHAREHOLDERS EQUITY
Retained Earnings -$30.15M -$30.35M
YoY Change -0.67%
Common Stock $314.6K $59.05K
YoY Change 432.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.934M -$2.028M
YoY Change
Total Liabilities & Shareholders Equity $3.041M $355.8K
YoY Change 754.88% 564.6%

Cashflow Statement

Concept 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income $444.6K -$73.68K
YoY Change -703.41% -102.21%
Depreciation, Depletion And Amortization $53.30K $0.00
YoY Change
Cash From Operating Activities $215.8K -$219.1K
YoY Change -198.47% -1527.49%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $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 -120.1K 200.0K
YoY Change -160.06%
NET CHANGE
Cash From Operating Activities 215.8K -219.1K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities -120.1K 200.0K
Net Change In Cash 95.66K -19.12K
YoY Change -600.31% -224.56%
FREE CASH FLOW
Cash From Operating Activities $215.8K -$219.1K
Capital Expenditures
Free Cash Flow
YoY Change

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ProceedsFromIssuanceOfCommonStock
18534 usd
ETST Proceeds From Additional Paid In Capital
ProceedsFromAdditionalPaidInCapital
91467 usd
us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
54032 usd
ETST Payments Of Other Payables
PaymentsOfOtherPayables
31985 usd
ETST Payments Of Lease Liability
PaymentsOfLeaseLiability
34094 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
350000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-10110 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
350000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
151893 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-25737 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
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
187649 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1205 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84D_eus-gaap--UseOfEstimates_zsCM8Fx5BNU7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_86F_zwByIEA8kQ25">Use of estimates and assumptions</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; 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 0pt 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 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
187649 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
35756 usd
us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
IncomeTaxExaminationLikelihoodOfUnfavorableSettlement
50
CY2023Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
1600281 usd
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0 usd
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0 usd
CY2023Q3 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
0 shares
CY2023Q3 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
0 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_842_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zEsWbFCn4ED3" 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"><i><span style="text-decoration: underline"><span id="xdx_86B_zXbtyoWKuWL3">Reclassification</span></span></i></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"> </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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-30148111 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
21239 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
128843 usd
CY2023Q3 us-gaap Depreciation
Depreciation
53301 usd
CY2023Q3 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P4Y4M24D
CY2023Q3 ETST Property Plant And Equipment Discounted Rate
PropertyPlantAndEquipmentDiscountedRate
0.07 pure
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
7453.37 usd
CY2022Q2 us-gaap Variable Lease Payment
VariableLeasePayment
40000 usd
CY2022Q3 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P3Y
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
154365 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
89440 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
41396 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
130836 usd
CY2023Q3 us-gaap Operating Leases Income Statement Depreciation Expense On Property Subject To Or Held For Lease
OperatingLeasesIncomeStatementDepreciationExpenseOnPropertySubjectToOrHeldForLease
53301 usd
CY2023Q3 ETST Interest On Lease Obligation
InterestOnLeaseObligation
8247 usd
CY2023Q3 us-gaap Lease Cost
LeaseCost
19997 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
138312 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
43536 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
131905 usd
CY2023Q3 us-gaap Goodwill
Goodwill
2164480 usd
CY2023Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
343556 usd
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
33918 usd
CY2023Q3 us-gaap Settlement Liabilities Current
SettlementLiabilitiesCurrent
118000 usd
CY2023Q3 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
495474 usd
CY2023Q3 us-gaap Other Notes Payable
OtherNotesPayable
44256 usd
CY2023Q3 us-gaap Interest Payable Current
InterestPayableCurrent
8958 usd
CY2023Q3 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
21084 usd
CY2023Q3 ETST Other Expense
OtherExpense
3877 usd
us-gaap Payments For Deposits
PaymentsForDeposits
118000 usd
us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
70000 usd
us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
7000 usd
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
599394 usd
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
1898158 usd
CY2023Q2 us-gaap Debt Instrument Maturity Date Description
DebtInstrumentMaturityDateDescription
Strongbow Advisors’ accrued settlement of $220,000 with a maturity date of May 29, 2023, was amended on the maturity date, having its payment terms rescheduled

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