UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported):
Commission
File No.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) |
(Address of principal executive offices, zip code)
(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:
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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) | |
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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 2.02 Results of Operations and Financial Condition
On June 20, 2023 Earth Science Tech, Inc., a Florida corporation (the “Company”) filed its 10-K reporting its financial results for the year ended March 31, 2023.
Attached hereto as Exhibit 99.1 and incorporated by reference herein is the Company’s results, highlights and outlook, regarding the year ended March 31, 2023.
The Company’s results, highlights and outlook are furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information in this Current Report shall not be incorporated by reference in any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | |
99.1 | Company’s results, highlights and outlook regarding the year ended March 31, 2023 | |
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: June 20, 2023 | By: | /s/ Giorgio R. Saumat |
Giorgio R. Saumat | ||
Its: | CEO and Director |
Exhibit 99.1
You don’t have to be great to start, but you do have to start to be great!
Monday, June 20th, 2023
Dear Shareholders and Investors,
On June 20, 2023, Earth Science Tech, Inc., a Florida corporation (the “Company”) filed its 10-K reporting its financial results for the year ended March 31, 2023.
2022 Fiscal Year Highlights:
● | During fiscal year 2022, the company retired approximately $1.5M, or 81% of the liabilities from the beginning of the fiscal year. | |
● | We consummated mergers with both our merger candidates, RxCompoundStore, LLC (“RxCompound”) and Peaks Curative, LLC (“Peaks”), making each entity a wholly owned subsidiary of the Company. | |
● | RxCompound’s hazardous compounding room commenced operations in the month of December 2022, improving sales by increasing product offerings to include hormonal creams. | |
● | RxCompound applied for and was granted dispensing licenses in 7 states, in addition to New York and its home state of Florida. RxCompound obtained pharmacy licenses in Colorado, New Jersey, Rhode Island, Arizona, Nevada, Delaware and Pennsylvania and can now fulfill prescriptions in each of those states. | |
● | The Company elected its first Independent Director of the Board, Jeff P.H. Cazeau. |
Subsequent highlights:
● | Peaks acquired the domain name PeakNow.Com and continues to grow its sales and increase offerings in the men’s sexual health segment. | |
● | RxCompound has applied for pharmacy licenses and is pending approval of licenses in the following states: Illinois, Utah and Georgia. | |
● | RxCompound received approval for its sterile compounding lab and began operations, including sales of sterile injectable prescriptions in May 2023. | |
● | RxCompound, subsequent to the fiscal year that ended March 31, 2023, created clearupskincare.com to develop and offer medical grade skincare products. | |
● | The Company created DocProtocol.com (“DocProtocol”) to offer patient specific protocols to doctors and wellness centers for their patients. The protocols are developed by highly respected functional medicine professionals, and we expect the majority of the prescriptions generated by DocProtocol to be fulfilled by RxCompound. Upon completion of the DocProtocol suite, the company intends to incorporate DocProtocol as a standalone, wholly owned subsidiary. | |
● | RxCompound created viagramia.com and mysexgummy.com to diversify our men’s health sales channels by offering rapid online telehealth consultations and fulfillment of ED prescriptions. | |
● | The company restructured a third-party convertible note into a manageable payment plan, reducing the amount owed and providing incentives for the company to prepay or accelerate payments. Consistent with our management team’s priorities, we expect to take advantage of these incentives. | |
● | The company’s largest/controlling shareholder has converted a total of $385,000 in promissory notes into equity, thereby improving the balance sheet further. After these conversions, the company no longer has any convertible notes outstanding. |
While the 10-K reflects incredible improvement during the last Fiscal Year, it was only the first couple of steps of a much longer journey; however, those first couple of steps have already moved the company forward significantly. As I look forward to the end of the current first quarter on June 30th, based on the sales of the subsidiaries and their respective properties, I anticipate a significant growth in revenue and free cash flow.
As of today’s date, it is my opinion the company will not need any additional financing or equity sales, unless we undertake an acquisition, as the operations of the subsidiaries are proving they will generate sufficient cash to service all existing debts and future operations.
Lastly, I want to say thank you to all stakeholders in ETST. I know an organization is only as strong as its management and employees; we are exceptionally strong in both. I appreciate your patience as we assembled the pieces to be successful, and I now believe we are on a path to becoming a great company.
Sincerely,
Giorgio R. Saumat
Chairman & CEO
Cover |
Jun. 20, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jun. 20, 2023 |
Entity File Number | 000-55000 |
Entity Registrant Name | EARTH SCIENCE TECH, INC. |
Entity Central Index Key | 0001538495 |
Entity Tax Identification Number | 80-0961484 |
Entity Incorporation, State or Country Code | FL |
Entity Address, Address Line One | 8950 SW 74 th CT |
Entity Address, Address Line Two | Suite 101 |
Entity Address, City or Town | Miami |
Entity Address, State or Province | FL |
Entity Address, Country | US |
Entity Address, Postal Zip Code | 33156 |
City Area Code | (305) |
Local Phone Number | 724-5684 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock $0.001 par value |
Trading Symbol | ETST |
Entity Emerging Growth Company | false |
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