Earth Science Tech, Inc. (UNOV) has released their latest SEC report, revealing increased sales and growth in goodwill for the fiscal year ending March 31, 2022. Despite the challenges presented by the global pandemic, the company has successfully pushed its online sales through social media marketing and Google ads, resulting in a sales revenue increase of $4,419, up from $3,655 in 2021.
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Increased Sales and Assets
In addition to increased sales, the company’s assets have also improved significantly, mainly due to the recognition of goodwill, the acquisition of equipment by RxCompound, and the addition of right-of-use assets for leased properties. The report shows that goodwill reached $2,164,480 by the end of the fiscal year, making up a significant portion of the company’s total assets worth $2,692,202.
Officer Compensation and Legal Fees
The company’s officer compensation also increased, totaling $91,020 for the twelve months ended March 31, 2023, up from $77,308 in the previous fiscal year. This increase is attributed to Earth Science Tech having a larger executive team compared to the prior year.
Legal and professional fees have also increased for the company, totaling $605,768 for the twelve months ended March 31, 2023. This jump from $16,219 in the same period the previous year is attributed to compliance expenses, such as filing and audit fees, SEC legal fees, and payment of remaining legal expenses to unwind out of receivership.
Improvements in Cash Flow and Stockholders’ Equity
Cash flow assets have also improved, with the company having $35,756 in cash for the period ended March 31, 2023, as compared to $26,942 for the same period in 2022.
The company’s stockholders’ equity has also improved, totaling $1,083,766 for the period ended March 31, 2023, compared to $1,805,413 of stockholders’ deficit for the same period in 2022. This turnaround is primarily due to the issuance of shares for cash and debt settlements, with $564,200 being raised through the issue of common stock during the year ended March 31, 2023.
Resilience and Adaptability
Despite the challenges faced in 2022, the company’s increased sales, expanded executive team, and growth in goodwill attest to Earth Science Tech’s resilience and ability to adapt in the face of adversity. With a focus on online sales and marketing, it will be interesting to see how the company continues to grow in the coming years.
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