$ETST
Earth Science Tech Inc

2023 Q4 Form 10-Q Financial Statement

#000149315224007125 Filed on February 20, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2022 Q4
Revenue $3.790M $2.533K
YoY Change 149529.37% -36.68%
Cost Of Revenue $1.413M $825.00
YoY Change 171222.91% -66.6%
Gross Profit $2.377M $1.708K
YoY Change 139050.94% 11.63%
Gross Profit Margin 62.71% 67.43%
Selling, General & Admin $1.500M $41.69K
YoY Change 3497.43% -59.32%
% of Gross Profit 63.1% 2440.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $99.06K $0.00
YoY Change
% of Gross Profit 4.17% 0.0%
Operating Expenses $2.146M $49.98K
YoY Change 4192.79%
Operating Profit $231.0K -$48.28K
YoY Change -578.57% -3255.23%
Interest Expense $13.84K -$19.30K
YoY Change -171.7% 36.88%
% of Operating Profit 5.99%
Other Income/Expense, Net -$5.588K $146.7K
YoY Change -103.81%
Pretax Income $225.4K $98.46K
YoY Change 128.96% -185.58%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $225.4K $98.46K
YoY Change 128.96% -185.59%
Net Earnings / Revenue 5.95% 3887.25%
Basic Earnings Per Share
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 314.9M shares 221.7M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $205.7K $24.19K
YoY Change 750.43% 128.42%
Cash & Equivalents $205.7K $24.19K
Short-Term Investments
Other Short-Term Assets $0.00
YoY Change
Inventory $395.5K
Prepaid Expenses
Receivables $112.8K
Other Receivables $0.00 $0.00
Total Short-Term Assets $714.0K $24.19K
YoY Change 2851.99% -5.81%
LONG-TERM ASSETS
Property, Plant & Equipment $121.3K
YoY Change
Goodwill $2.164M
YoY Change
Intangibles $122.3K
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.532M $513.2K
YoY Change 393.31%
Total Long-Term Assets $2.532M $513.2K
YoY Change 393.31%
TOTAL ASSETS
Total Short-Term Assets $714.0K $24.19K
Total Long-Term Assets $2.532M $513.2K
Total Assets $3.246M $537.4K
YoY Change 503.98% 1992.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $515.3K $119.3K
YoY Change 331.86% -43.75%
Accrued Expenses $128.1K $86.18K
YoY Change 48.63% -90.7%
Deferred Revenue
YoY Change
Short-Term Debt $30.49K $933.3K
YoY Change -96.73% 38.95%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $825.2K $1.408M
YoY Change -41.4% -22.23%
LONG-TERM LIABILITIES
Long-Term Debt $215.5K $0.00
YoY Change
Other Long-Term Liabilities $45.61K
YoY Change
Total Long-Term Liabilities $261.1K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $825.2K $1.408M
Total Long-Term Liabilities $261.1K $0.00
Total Liabilities $1.086M $1.408M
YoY Change -22.84% -22.24%
SHAREHOLDERS EQUITY
Retained Earnings -$29.92M -$30.27M
YoY Change -1.13%
Common Stock $314.9K $258.0K
YoY Change 22.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.159M -$900.6K
YoY Change
Total Liabilities & Shareholders Equity $3.246M $537.4K
YoY Change 503.98% 1992.59%

Cashflow Statement

Concept 2023 Q4 2022 Q4
OPERATING ACTIVITIES
Net Income $225.4K $98.46K
YoY Change 128.96% -185.59%
Depreciation, Depletion And Amortization $99.06K $0.00
YoY Change
Cash From Operating Activities $196.4K -$293.5K
YoY Change -166.92% 1091.68%
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 -178.3K 316.5K
YoY Change -156.35% 3065.0%
NET CHANGE
Cash From Operating Activities 196.4K -293.5K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities -178.3K 316.5K
Net Change In Cash 18.07K 22.99K
YoY Change -21.4% -257.14%
FREE CASH FLOW
Cash From Operating Activities $196.4K -$293.5K
Capital Expenditures
Free Cash Flow
YoY Change

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StockholdersEquity
2159383 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
2159383 usd
us-gaap Net Income Loss
NetIncomeLoss
580315 usd
us-gaap Net Income Loss
NetIncomeLoss
-129896 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
300 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
114558 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
112826 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
397039 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
385223 usd
ETST Increase Decrease In Stock Issuance For Debt Settlement
IncreaseDecreaseInStockIssuanceForDebtSettlement
724124 usd
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
35000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-310947 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-565663 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
437244 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-300780 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
358421 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-669254 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
18534 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
316500 usd
ETST Proceeds From Additional Paid In Capital
ProceedsFromAdditionalPaidInCapital
91467 usd
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-213183 usd
us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
-34136 usd
ETST Payments Of Lease Liability
PaymentsOfLeaseLiability
51141 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
350000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-188460 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
666500 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
169962 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2754 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
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
205718 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
24188 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84D_eus-gaap--UseOfEstimates_ziS2Dt9HWBii" 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_86D_zztvAdx0u75b">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, accrued liabilities, liabilities for legal matters, the determination of useful lives of depreciable and 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"> </span></p>
CY2023Q4 us-gaap Cash
Cash
205718 usd
CY2023Q1 us-gaap Cash
Cash
35756 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
122318 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
17806 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q4 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
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_842_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zPB4xyggGBm8" 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_869_zd6fI8Xc8Gtg">Reclassification</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">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>
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-29922668 usd
CY2023Q4 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
300000 shares
CY2022Q4 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
62600000 shares
CY2023Q4 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 usd
CY2022Q4 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
316500 usd
CY2023Q4 ETST Stock Issued During Period Shares Restricted Common Stock For Debt Settlements
StockIssuedDuringPeriodSharesRestrictedCommonStockForDebtSettlements
0 shares
CY2022Q4 ETST Stock Issued During Period Shares Restricted Common Stock For Debt Settlements
StockIssuedDuringPeriodSharesRestrictedCommonStockForDebtSettlements
136312440 shares
CY2023Q4 ETST Stock Issued During Period Value Restricted Common Stock For Debt Settlements
StockIssuedDuringPeriodValueRestrictedCommonStockForDebtSettlements
0 usd
CY2022Q4 ETST Stock Issued During Period Value Restricted Common Stock For Debt Settlements
StockIssuedDuringPeriodValueRestrictedCommonStockForDebtSettlements
724124 usd
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
750000000 shares
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
350000000 shares
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
28743 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
121339 usd
CY2023Q4 us-gaap Depreciation
Depreciation
99056 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 Renewal Term
LesseeOperatingLeaseRenewalTerm
P3Y
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
123491 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
68184 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
45606 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
113790 usd
CY2023Q4 us-gaap Operating Leases Income Statement Depreciation Expense On Property Subject To Or Held For Lease
OperatingLeasesIncomeStatementDepreciationExpenseOnPropertySubjectToOrHeldForLease
30873 usd
CY2023Q4 ETST Interest On Lease Obligation
InterestOnLeaseObligation
3828 usd
CY2023Q4 us-gaap Lease Cost
LeaseCost
34701 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
53123 usd
CY2023Q4 us-gaap Goodwill
Goodwill
2164480 usd
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
515337 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
128097 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
643434 usd
CY2023Q4 us-gaap Other Notes Payable
OtherNotesPayable
8452 usd
CY2023Q4 us-gaap Management Fee Payable
ManagementFeePayable
76000 usd
CY2023Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
18572 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
33525 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
314043 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
1202524 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.
us-gaap Error Corrections And Prior Period Adjustments Description
ErrorCorrectionsAndPriorPeriodAdjustmentsDescription
As a consequence, the total assets were understated by $13,860 and the net loss was overstated by the same amount. The Company is in the process of correcting the errors by restating each of the affected financial statement line items in the consolidated financial statements and related financial statement footnotes in an amended 10-K/A for the year-ended March 31, 2023. The error resulted in additional amortization of $10,374 for the current nine months ended December 31, 2023. The amount of the error is less than one (1) percent of revenue resulting is no material impact on the Company’s consolidated financial statements as of December 31, 2023

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