Earth Science Tech, Inc. Files Q2 2024 10-Q
Ticker: ETST · Form: 10-Q · Filed: Jul 29, 2024 · CIK: 1538495
| Field | Detail |
|---|---|
| Company | Earth Science Tech, INC. (ETST) |
| Form Type | 10-Q |
| Filed Date | Jul 29, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, quarterly-report, pharmaceuticals
TL;DR
Earth Science Tech (EARS) filed its Q2 10-Q. Financials and operations update.
AI Summary
Earth Science Tech, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as Ultimate Novelty Sports Inc., is incorporated in Nevada and operates in the pharmaceutical preparations sector. Its principal business address is in Miami, Florida.
Why It Matters
This filing provides investors with an update on Earth Science Tech, Inc.'s financial performance and operational status for the second quarter of 2024.
Risk Assessment
Risk Level: low — This is a routine quarterly filing with no immediate red flags or significant new information presented.
Key Numbers
- Q2 2024 — Reporting Period (The financial data covers the second quarter of 2024.)
- 20240630 — Fiscal Period End (The 10-Q report is for the period ending on this date.)
- 20240729 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Earth Science Tech, Inc. (company) — Filer of the 10-Q
- Ultimate Novelty Sports Inc. (company) — Former name of Earth Science Tech, Inc.
- 20240630 (date) — End of the reporting period
- 20240729 (date) — Date the filing was made
- Miami, Florida (location) — Business and mailing address
FAQ
What is the primary business of Earth Science Tech, Inc.?
Earth Science Tech, Inc. operates in the Pharmaceutical Preparations sector, with SIC code 2834.
When did Earth Science Tech, Inc. change its name?
The company changed its name from Ultimate Novelty Sports Inc. on December 30, 2011.
Where is Earth Science Tech, Inc. located?
The company's business and mailing address is 8950 SW 74th CT, SUITE 101, MIAMI, FL 33156.
What is the fiscal year end for Earth Science Tech, Inc.?
The company's fiscal year ends on March 31st.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending June 30, 2024.
Filing Stats: 4,494 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2024-07-29 16:05:49
Key Financial Figures
- $0.001 — ange on which registered Common Stock $0.001 par value ETST Over the Counter Bul
Filing Documents
- form10-q.htm (10-Q) — 544KB
- ex31-1.htm (EX-31.1) — 12KB
- ex31-2.htm (EX-31.2) — 13KB
- ex32-1.htm (EX-32.1) — 8KB
- ex32-2.htm (EX-32.2) — 8KB
- form10-q_001.jpg (GRAPHIC) — 4KB
- 0001493152-24-029418.txt ( ) — 3656KB
- etst-20240630.xsd (EX-101.SCH) — 32KB
- etst-20240630_cal.xml (EX-101.CAL) — 49KB
- etst-20240630_def.xml (EX-101.DEF) — 88KB
- etst-20240630_lab.xml (EX-101.LAB) — 235KB
- etst-20240630_pre.xml (EX-101.PRE) — 191KB
- form10-q_htm.xml (XML) — 446KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION ITEM 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited) F-1 Consolidated Balance Sheets F-1 Consolidated Statements of Operations F-2 Consolidated F-3 Consolidated Statements of Cash Flows F-4
Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements F-5-F-13 ITEM 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 3 ITEM 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 8 ITEM 4.
Controls and Procedures
Controls and Procedures 8
OTHER INFORMATION
PART II. OTHER INFORMATION ITEM 1.
Legal Proceedings
Legal Proceedings 9 ITEM 1A.
Risk Factors
Risk Factors 9 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 9 ITEM 3. Defaults Upon Senior Securities 9 ITEM 4. Mine Safety Disclosures 9 ITEM 5. Other Information 9 ITEM 6. Exhibits 9
SIGNATURES
SIGNATURES 10 2 PART I – FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS EARTH SCIENCE TECH, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2024, AND MARCH 31, 2024 As of June 30, 2024 As of March 31, 2024 Unaudited ASSETS Current Assets: Cash $ 1,384,407 $ 697,721 Accounts Receivable 317,687 235,423 Deposits 14,451 9,352 Inventory 239,174 315,738 Prepaid 123,933 — Total current assets 2,079,652 1,258,234 Non-Current Assets: Property and Equipment, net 216,578 135,352 Right of use asset, net 138,992 156,517 Goodwill 2,302,792 2,302,792 Intangible Assets, net 34,233 28,441 Total Assets $ 4,772,247 $ 3,881,336 LIABILITIES AND EQUITY Accounts payable $ 221,030 $ 530,724 Accrued expenses and other payable 1,161,270 854,719 Current portion of operating lease obligations 70,487 70,487 Current portion of loans and obligations 30,592 30,592 Total Current Liabilities 1,483,379 1,486,522 Long-Term Liabilities: Lease liability less current maturities 67,524 84,950 Equipment loans and obligations non-current 54,258 60,559 Total Liabilities 1,605,161 1,632,031 Commitment and Contingencies (Note 12) - - Stockholders' Equity: Preferred stock, par value $ 0.001 per share, 1,000,000 shares authorized; 1,000,000 and 0 shares issued and outstanding as of June 30, 2024, and March 31, 2024, respectively 1,000 1,000 Common stock, par value $ 0.001 per share, 350,000,000 shares authorized; 309,067,711 and 309,981,819 shares issued and outstanding as of June 30, 2024, and March 31, 2024 respectively 309,068 309,982 Additional paid-in capital 31,435,840 31,593,399 Accumulated deficit ( 28,578,822 ) ( 29,655,076 ) Stockholders' Equity 3,167,086 2,249,305 Total Liabilities and Equity $ 4,772,247 $ 3,881,336 The accompanying condensed notes are an integral part of these unaudited consolidated financial statements. F-1 EARTH SCIENCE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (UNAUDITED) Note 1 — Organization and Nature of Operations Earth Science Tech, Inc. ("ETST" or the "Company") was incorporated under the laws of the State of Nevada on April 23, 2010. The Company subsequently changed its domicile to the State of Florida on June 27, 2022. As of November 8, 2022, the Company is a holding entity set to acquire companies with its current focus in the health and wellness industry. The Company is presently in compounding pharmaceuticals and telemedicine through its wholly owned subsidiaries RxCompoundStore.com, LLC. ("RxCompound"), Peaks Curative, LLC. ("Peaks"), and Earth Science Foundation, Inc. ("ESF"). RxCompound is a complete compounding pharmacy. RxCompound is currently licensed to fulfill prescriptions in 22 states: Delaware, Florida, Pennsylvania, New York, Arizona, New Jersey, Wisconsin, Minnesota, Rhode Island, Utah, Georgia, Nevada, Massachusetts, Missouri, Iowa, Maryland, Ohio, Colorado, North Carolina, Maine, Indiana and Illinois . RxCompound is in the application process to obtain licenses in the remaining states in which it is not yet licensed to fulfill prescriptions. Peaks is a telemedicine referral site focused on overall health and wellness for men and women. Peaks' orders are exclusively fulfilled by RxCompound. Patients who order Peaks via monthly subscription receive their refills automatically. The company intends to expand offerings to include over the counter ("OTC") (non-prescription) products such as supplements and topicals. ESF is a favored entity of ETST, effectively being a non-profit organization that was incorporated on February 11, 2019, and is structured to accept grants and donations to help those in need of assistance in paying for prescriptions. Note 2 — Summary of Significant Accounting Policies Basis of presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles gene