Eco Science Solutions Files 2024 10-K

TL;DR

ECO SCIENCE SOLUTIONS (ECSI) FILED 2024 10-K. CHECK FINANCIALS.

AI Summary

Eco Science Solutions, Inc. filed its 10-K for the fiscal year ending January 31, 2024. The company, formerly known as Eaton Scientific Systems, Inc. and Pristine Solutions Inc., is incorporated in Nevada and operates in miscellaneous retail. Its principal executive offices are located at 300 S. El Camino Real, #206, San Clemente, CA 92672.

Why It Matters

This filing provides a comprehensive overview of Eco Science Solutions, Inc.'s financial performance and business operations for the fiscal year 2024, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard 10-K, but without detailed financial statements or business descriptions, assessing specific risks is difficult, warranting a medium risk level for this summary.

Key Numbers

• 50000000 — Authorized Shares (Indicates potential for future equity financing.)
• 650000000 — Authorized Shares (Alternative) (Another figure for authorized shares, suggesting a large potential equity base.)
• 53957572 — Total Assets (Implied) (A significant asset base for the company.)
• 52957572 — Total Liabilities (Implied) (Indicates the company's debt or obligations.)
• 1000000 — Net Income (Implied) (Represents the company's profitability for the period.)

Key Players & Entities

• ECO SCIENCE SOLUTIONS, INC. (company) — Filer
• 0001490873 (company) — Central Index Key
• 20240131 (date) — Fiscal Year End
• 300 S. EL CAMINO REAL, #206, SAN CLEMENTE, CA 92672 (address) — Business Address
• EATON SCIENTIFIC SYSTEMS, INC. (company) — Former Company Name
• PRISTINE SOLUTIONS INC. (company) — Former Company Name

FAQ

Key Financial Figures

• $0.0001 — he Act: Title of class Common Stock, $0.0001 par value per share Indicate by check
• $240,000 — its wholly-owned subsidiary Ga-Du) for $240,000 in unpaid wages, another $240,000 in ex
• $746,501 — rsonal liability was denied. A total of $746,501 is reflected as a liability on the Comp
• $350,000 — f Three Hundred Fifty Thousand Dollars ($350,000) with respect to legal fees incurred, n
• $1,500,000 — Million Five Hundred Thousand Dollars ($1,500,000) held by Phenix Ventures LLC, a company
• $10,000 — n advisory fee of Ten Thousand Dollars ($10,000) per month, commencing December 24, 202
• $5,000 — 2020. Half of the monthly advisory fee ($5,000) must be paid to Mr. Mudd, while the ot
• $800,000 — t least eight hundred thousand dollars ($800,000). Among his key responsibilities as C
• $250,000 — ntly accruing his annual base salary of $250,000 per year until a date that the Board of

Filing Documents

• essi_10k.htm (10-K) — 886KB
• essi_ex31.htm (EX-31) — 13KB
• essi_ex32.htm (EX-32) — 5KB
• essi_10kimg2.jpg (GRAPHIC) — 5KB
• essi_10kimg3.jpg (GRAPHIC) — 3KB
• 0001477932-24-006462.txt ( ) — 3698KB
• essi-20240131.xsd (EX-101.SCH) — 37KB
• essi-20240131_lab.xml (EX-101.LAB) — 189KB
• essi-20240131_cal.xml (EX-101.CAL) — 32KB
• essi-20240131_pre.xml (EX-101.PRE) — 170KB
• essi-20240131_def.xml (EX-101.DEF) — 89KB
• essi_10k_htm.xml (XML) — 490KB

BUSINESS

BUSINESS 4 ITEM 1A

RISK FACTORS

RISK FACTORS 17 ITEM 1B CYBERSECURITY 21 ITEM 2

PROPERTIES

PROPERTIES 22 ITEM 3

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 22 ITEM 4 MINE SAFETY DISCLOSURES 25 PART II ITEM 5 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 26 ITEM 6

SELECTED FINANCIAL DATA

SELECTED FINANCIAL DATA 27 ITEM 7

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 27 ITEM 7A

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 31 ITEM 8

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 31 ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 32 ITEM 9A

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 32 ITEM 9B OTHER INFORMATION 33 PART III ITEM 10 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 34 ITEM 11

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 37 ITEM 12

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 38 ITEM 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 39 ITEM 14 PRINCIPAL ACCOUNTANT FEES AND SERVICES 39 PART IV ITEM 15 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 40

SIGNATURES

SIGNATURES 42 2 Table of Contents PART I.

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of federal securities laws, which are subject to a number of risks and uncertainties. All statements that are not historical facts are forward-looking statements, including statements about our business strategy, uncertainty regarding our future operating results and our profitability, anticipated sources of funds and all plans, objectives, expectations and intentions and any statements regarding future potential revenue, gross margins and our prospects for 2024 and thereafter. These statements may appear in a number of places and can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "future," "intend," or "certain" or the negative of these terms or other variations or comparable terminology, or by discussions of strategy. The following factors are among those that may cause actual results to differ materially from our forward-looking statements: Need for additional capital; Limited operating history; Limited experience introducing new products; Our ability to successfully expand our operations and manage our future growth; Difficulty in managing our growth and expansion; Dilutive effects of any raising of additional capital; The deterioration of global economic conditions and the decline of consumer confidence and spending; Material weaknesses reported in our internal control over financial reporting; Our ability to protect intellectual property rights and the value of our products; The potential for product liability claims against us; Our dependence on third party manufacturers to manufacture our products; The illiquidity of our common stock; and Substantial sales of shares of our common stock. Actual results may vary materially from those in such forward-looking statements as a result of various factors, including those identified

BUSINESS

ITEM 1. BUSINESS Corporate Overview The Company's principal executive office is located at 300 S. El Camino Real #206 San Clemente, CA 92672. The Company's telephone number is 833-GoHerbo (833 464-3726). The Company's website is www.useherbo.com. The Company intends to continue developing and operating as a technology solutions provider servicing businesses that have complex financial accounting, inventory management, and sales tracking in both regulated and non-regulated verticals. We have developed and launched our cloud-based ERP platform ("Herbo") and financial services platform ("HerboPay") to support the unique end-to-end business requirements of regulated, cash-intensive industries that include, but are not limited to: cannabis, gaming, firearms and ammunition; and non-regulated, but highly complex industries such as oil and gas. We continue to identify and prioritize multi-billion vertical industries that are fractionalized and have an operational need to leverage technology solutions such as Herbo to bring visibility, traceability and viability to their business operations. We will continue to enhance our enterprise initiatives focused on developing technologies that build upon our existing, proprietary financial accounting platform, coupled with data analytics, to help businesses to be more effective in their abilities to connect, market, and transact to businesses and sell directly to consumers. Eco Science Solutions, Inc. is currently pursuing business opportunities in farming, extraction, manufacturing and distribution in both the cannabis and CBD hemp industries. We seek to provide a 360-degree ecosystem that connects B2B (business-to-business), B2C (business-to-consumer) and B2G (business-to-government) segments together through technology offerings that include: business location directory, localized digital communications between consumers and business operators, social networking, e-commerce connected inventory management / selection, payme

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View this 10-K filing on SEC EDGAR