$ETST
Earth Science Tech Inc

2024 Q3 Form 10-Q Financial Statement

#000149315224029418 Filed on July 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024 Q1
Revenue $8.519M $8.569M $6.016M
YoY Change 341.92% 3796.2% 12977.98%
Cost Of Revenue $2.252M $2.158M $1.894M
YoY Change 201.83% 2932.86% 7285.3%
Gross Profit $6.267M $6.410M $4.122M
YoY Change 430.4% 4209.25% 20153.27%
Gross Profit Margin 73.56% 74.81% 68.51%
Selling, General & Admin $1.412M $60.60K $3.398M
YoY Change 1324.61% -59.97% 396.23%
% of Gross Profit 22.53% 0.95% 82.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.23K $35.19K
YoY Change -53.98% 12.25%
% of Gross Profit 0.47% 0.85%
Operating Expenses $5.437M $5.345M $3.440M
YoY Change 675.02% 2287.41% 402.38%
Operating Profit $829.6K $1.065M $681.5K
YoY Change 72.85% -1517.38% -202.57%
Interest Expense -$290.8K -$428.8K
YoY Change 2204.36% 3491.54%
% of Operating Profit -27.31% -62.93%
Other Income/Expense, Net $13.20K -$7.800K
YoY Change -92.52%
Pretax Income $826.7K $1.076M $244.8K
YoY Change 85.95% -1299.7% -198.18%
Income Tax $28.35K $13.00K
% Of Pretax Income 3.43% 5.31%
Net Earnings $798.4K $1.076M $231.8K
YoY Change 79.58% -1299.7% -192.96%
Net Earnings / Revenue 9.37% 12.56% 3.85%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 309.1M shares 310.0M shares
Diluted Shares Outstanding 306.0M shares 309.9M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.399M $707.1K
YoY Change 1420.67% 1877.27%
Cash & Equivalents $1.532M $1.384M $697.7K
Short-Term Investments
Other Short-Term Assets $123.9K
YoY Change
Inventory $432.2K $239.2K $315.7K
Prepaid Expenses $90.11K $123.9K
Receivables $203.9K $317.7K $235.4K
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.281M $2.080M $1.258M
YoY Change 394.01% 973.09% 2634.34%
LONG-TERM ASSETS
Property, Plant & Equipment $216.3K $216.6K $135.4K
YoY Change 67.91% -31.23% -5.49%
Goodwill $2.303M $2.303M $2.303M
YoY Change 6.39% 9.12% 6.39%
Intangibles $29.78K $34.23K $28.44K
YoY Change -77.43% -74.38% -79.36%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.769M $2.693M $2.623M
YoY Change 7.32% 5.22% -0.87%
TOTAL ASSETS
Total Short-Term Assets $2.281M $2.080M $1.258M
Total Long-Term Assets $2.769M $2.693M $2.623M
Total Assets $5.050M $4.772M $3.881M
YoY Change 66.03% 73.36% 44.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $392.2K $221.0K $530.7K
YoY Change 14.17% 22.97% 484.56%
Accrued Expenses $1.161M $854.7K
YoY Change 241.93% 640.66%
Deferred Revenue
YoY Change
Short-Term Debt $30.59K $0.00
YoY Change
Long-Term Debt Due $30.59K
YoY Change -95.19%
Total Short-Term Liabilities $1.699M $1.483M $1.487M
YoY Change 233.95% 54.12% 13.71%
LONG-TERM LIABILITIES
Long-Term Debt $54.26K $60.56K
YoY Change -73.46% -79.17%
Other Long-Term Liabilities $48.52K $54.26K $60.56K
YoY Change 17.2% -43.91% -37.4%
Total Long-Term Liabilities $48.52K $54.26K $60.56K
YoY Change -91.9% -81.98% -79.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.699M $1.483M $1.487M
Total Long-Term Liabilities $48.52K $54.26K $60.56K
Total Liabilities $1.848M $1.605M $1.632M
YoY Change 66.88% 27.02% 1.47%
SHAREHOLDERS EQUITY
Retained Earnings -$27.78M -$28.58M -$29.66M
YoY Change -7.85% -6.58% -2.78%
Common Stock $303.6K $309.1K $310.0K
YoY Change -3.47% -1.74% 9.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.201M $3.167M $2.249M
YoY Change
Total Liabilities & Shareholders Equity $5.050M $4.772M $3.881M
YoY Change 66.03% 73.36% 44.17%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $798.4K $1.076M $231.8K
YoY Change 79.58% -1299.7% -192.96%
Depreciation, Depletion And Amortization $30.23K $35.19K
YoY Change -53.98% 12.25%
Cash From Operating Activities $951.2K $848.0K
YoY Change -1868.99% -346.58%
INVESTING ACTIVITIES
Capital Expenditures $92.23K $26.52K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$99.73K -$26.52K
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 -$164.8K -329.4K
YoY Change -249.79% -194.1%
NET CHANGE
Cash From Operating Activities $951.2K 848.0K
Cash From Investing Activities -$99.73K -26.52K
Cash From Financing Activities -$164.8K -329.4K
Net Change In Cash $686.7K 492.0K
YoY Change 1121.21% 7848.3%
FREE CASH FLOW
Cash From Operating Activities $951.2K $848.0K
Capital Expenditures $92.23K $26.52K
Free Cash Flow $859.0K $821.4K
YoY Change -1697.47%

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<p id="xdx_848_eus-gaap--UseOfEstimates_zr6QD19AEVm5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Use of estimates and assumptions</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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; 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; text-align: justify; text-indent: -0.3in"><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; text-align: justify; text-indent: -0.3in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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138312 usd
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54112 usd
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2945143 usd
CY2023Q2 us-gaap Stockholders Equity
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1681483 usd
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InventoryFinishedGoods
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InventoryNet
315738 usd
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PropertyPlantAndEquipmentGross
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CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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PropertyPlantAndEquipmentNet
135352 usd
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10999 usd
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
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138992 usd
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156517 usd
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67524 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
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84950 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
138011 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
155797 usd
CY2024Q2 us-gaap Operating Leases Income Statement Depreciation Expense On Property Subject To Or Held For Lease
OperatingLeasesIncomeStatementDepreciationExpenseOnPropertySubjectToOrHeldForLease
17525 usd
CY2023Q2 us-gaap Operating Leases Income Statement Depreciation Expense On Property Subject To Or Held For Lease
OperatingLeasesIncomeStatementDepreciationExpenseOnPropertySubjectToOrHeldForLease
7379 usd
CY2024Q2 ETST Interest On Lease Obligation
InterestOnLeaseObligation
1719 usd
CY2023Q2 ETST Interest On Lease Obligation
InterestOnLeaseObligation
12618 usd
CY2024Q2 us-gaap Lease Cost
LeaseCost
19244 usd
CY2023Q2 us-gaap Lease Cost
LeaseCost
19997 usd
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.03 pure
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.03 pure
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-10396 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-8688 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
34233 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
28441 usd
CY2024Q2 us-gaap Adjustment For Amortization
AdjustmentForAmortization
1708 usd
CY2023Q2 us-gaap Adjustment For Amortization
AdjustmentForAmortization
3997 usd
CY2024Q2 us-gaap Goodwill
Goodwill
2302792 usd
CY2024Q1 us-gaap Goodwill
Goodwill
2302792 usd
CY2024Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
221030 usd
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AccountsPayableCurrent
530724 usd
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1161270 usd
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
854719 usd
CY2024Q2 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
842000 usd
CY2024Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
13000 usd
CY2024Q2 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
108000 usd
CY2024Q2 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
66000 usd
CY2024Q2 ETST Merchant Fees
MerchantFees
99000 usd
CY2024Q2 ETST Credit Card Balance
CreditCardBalance
28000 usd
CY2023Q2 us-gaap Debt Instrument Description
DebtInstrumentDescription
Total amount of principal and interest converted $165,000 at an applicable average closing price of $0.0378, discounted after 25% reduction from average $0.0283, the number of shares of common stock to be issued pursuant to the conversion of the note 5,820,106.
CY2023Q2 us-gaap Debt Instrument Description
DebtInstrumentDescription
Total amount of principal and interest converted $220,000 at an applicable average 10 closing price of $0.04, discounted after 25% reduction from average $0.029, the number of shares of common stock issued pursuant to the conversion 7,586,207.
CY2024Q2 us-gaap Officers Compensation
OfficersCompensation
2672604 usd
CY2024Q2 ETST Repayments Cost
RepaymentsCost
439000 usd
CY2024Q2 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
0 shares
CY2023Q2 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
18533334 shares
CY2024Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 usd
CY2023Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
110000 usd
CY2024Q2 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
0 shares
CY2023Q2 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
13406313 shares
CY2024Q2 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
0 usd
CY2023Q2 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
385000 usd
CY2024Q2 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
914108 shares
CY2023Q2 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
0 shares
CY2024Q2 us-gaap Share Price
SharePrice
0.17
CY2023Q2 us-gaap Share Price
SharePrice
0.17
CY2024Q2 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
158473 usd
CY2023Q2 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
0 usd

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