Earth Science Tech Discloses Non-Reliance on Past Financials

TL;DR

**Earth Science Tech just admitted their old financial statements can't be trusted, so expect some turbulence!**

AI Summary

Earth Science Tech, Inc. (ESTI) filed an 8-K on February 21, 2024, indicating non-reliance on previously issued financial statements or a related audit report. This suggests that investors should not trust the accuracy of past financial disclosures from the company. The filing also updates the company's business address to 8950 SW 74th CT, Suite 101, Miami, FL 33156, USA, and lists its phone number as (305) 724-5684.

Why It Matters

This filing signals potential inaccuracies in Earth Science Tech's historical financial reporting, which could lead to a restatement of earnings or other financial figures, impacting investor confidence and stock valuation.

Risk Assessment

Risk Level: high — Non-reliance on financial statements indicates significant accounting issues that could lead to restatements, regulatory scrutiny, and a loss of investor confidence.

Key Players & Entities

• Earth Science Tech, Inc. (company) — Registrant
• 03 Life Sciences (company) — Organization Name
• Ultimate Novelty Sports Inc. (company) — Former Company Name
• February 21, 2024 (date) — Date of earliest event reported and filing date
• Miami, FL (location) — Business Address City/State
• (305) 724-5684 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock $0.001 par value ETST Over the Counter Bul

Filing Documents

• form8-k.htm (8-K) — 36KB
• 0001493152-24-007407.txt ( ) — 205KB
• etst-20240221.xsd (EX-101.SCH) — 3KB
• etst-20240221_lab.xml (EX-101.LAB) — 33KB
• etst-20240221_pre.xml (EX-101.PRE) — 22KB
• form8-k_htm.xml (XML) — 4KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 21, 2024 Commission File No. 000-55000 EARTH SCIENCE TECH, INC. (Exact name of registrant as specified in its charter) florida 80-0961484 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 8950 SW 74 th CT Suite 101 Miami , FL 33156 , USA (Address of principal executive offices, zip code) (305) 724-5684 (Registrant's telephone number, including area code) 10650 NW 29th Terrace Doral , FL 33172 , USA (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(g) of the Act: Title of Each Class Trading Symbol Name of each exchange on which registered Common Stock $0.001 par value ETST Over the Counter Bulletin Board Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit or Completed Interim Review On February 14, 2024, Earth Science Tech, Inc. (the "Company"), following discussions with its Board of Directors, the CEO, and CFO, determined there were errors in the previously audited financial statements for the year ended March 31, 2023, specifically related to the recording and reporting of Goodwill. Consequently, the Company will be revising its March 31, 2023, Annual Report and intends to submit a FORM 10-K/A by the end of February 2024. Furthermore, after thorough review, the Company, in consultation with the CEO and CFO, has evaluated the impact of the errors on its quarterly reports on FORM 10-Q for the periods ended June 30, 2023, September 30, 2023, and December 31, 2023. The amount of the errors is less than one (1) percent of the revenue resulting in no material impact on the Company's unaudited consolidated financial statements as previously reported on FORM 10-Q. Therefore, they do not require restatement. Item 9.01 Financial Statement and Exhibits. Exhibit No. Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EARTH SCIENCE TECH, INC. Dated: February 21, 2024 By: /s/ Giorgio R. Saumat Giorgio R. Saumat Its: CEO and Chairman of the Board

View Full Filing

View this 8-K filing on SEC EDGAR