Earth Science Tech, Inc. (ticker: UNOV), a biotechnology company focused on the research and development of nutraceuticals and pharmaceuticals, has increased transparency with its investors while simultaneously experiencing growth in sales. The company is actively working to uphold best practices, keep up-to-date, and commit to responsible corporate governance. The information in this article is based on the company’s SEC report.
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Management and Corporate Structure
Earth Science Tech is managed by Giorgio R. Saumat, Mario G. Tabraue, and Jeff P.H. Cazeau, and currently operates without an executive committee or audit committee. The company aims to ensure that none of its executive officers or directors are convicted or subjected to legal proceedings related to their professional roles, thus maintaining a clean record.
In terms of executive compensation, Earth Science Tech’s payment policies are highly dependent on the company’s cash flow, shares sales, and product sales. For instance, Giorgio R. Saumat, who was appointed as the CEO in February 2023, will not receive any compensation until the company records positive cash flow for three consecutive bi-weekly payroll periods. Similarly, other executive officers and directors follow this criterion.
Stock Option Plans
Earth Science Tech has not adopted a stock option plan at the moment, but the company may consider implementing such plans in the future. This would likely entail a reservation of up to 10% of their outstanding shares of common stock.
Some recent notable transactions involving executive officers and directors of the company include the issuance of 3,500,000 shares of common stock and 1,000,000 shares of Preferred B stock to Nickolas S. Tabraue and Mario G. Tabraue for the services they provided during the fiscal year 2023.
Audit and Audit-Related Fees
Moreover, the company incurred approximately $10,000 in audit and audit-related fees during the fiscal year 2023. This expenditure was directed towards the principal independent accounting firm for professional services related to auditing the financial statements.
In conclusion, Earth Science Tech, Inc. continues to demonstrate its commitment to responsible corporate governance practices and maintain transparency with its investors. The company’s strong focus on cash flow and strategic allocation of resources further emphasize its commitment to maintaining the best interests of its shareholders.
Note that we may hold securities mentioned in this article. All data is based on recent SEC filings. Even though we have implemented various manual and automatic fact-checking and data acquisition processes, some incorrect information may have slipped through (false positive). Let us know if you find any inconsistencies!