Earth Science Tech, Inc. (ETST) Announces Second Quarter Fiscal 2023 Financial Results, Highlights and Outlook
Earth Science Tech, Inc. (OTC: ETST) reported its second quarter results for fiscal 2023, ending September 30, 2022. The company reported a net loss of $228,360 and had a cash balance of $1,205. Total assets amounted to $355,762. Notably, ETST retired approximately $1,118,334 of its debt, accounting for 47% of its liabilities. The company is rebranding as Smart Curative Solutions, Inc. and anticipates completing PCAOB audits for its acquisitions, RxCompound and Peaks, in upcoming months to elevate its stock status from shell status to OTCQB.
- Retirement of approximately $1,118,334 of debt, reducing liabilities significantly.
- Initiated corporate name change and stock ticker change to potentially enhance investor perception.
- Completion of PCAOB audits expected to elevate company’s status to OTCQB, increasing visibility.
- Net loss of $228,360 indicates ongoing financial challenges.
- Minimal cash balance of $1,205 raises concerns about liquidity and operational capacity.
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Miami, FL, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Earth Science Tech, Inc. (OTC: ETST) (“ETST” or the “Company”), a holding entity set to acquire companies in the health and wellness space currently in compounding pharmaceuticals and telemedicine through its wholly owned subsidiaries, today announced its financial results and operating results for its second quarter fiscal 2023 ended September 30, 2022 as scheduled (view release).
Second Quarter 2023 Highlights:
- Net loss for the second quarter was
$228,360. - The Company had a cash balance of
$1,205 as of September 30, 2022. - The Company had a total asset of
$355,762 as of September 30, 2022. - Commenced corporate name change to “Smart Curative Solutions, Inc.” and stock ticker change to “SCSI”.
Recent Business Highlights:
- The Company retired approximately
$1,118,334 of its debt,47% of the Company’s liabilities subsequently from the period ending September 30, 2022, reported 10-Q and will be reflected in the third quarter fiscal 2023 ended period ending December 31, 2022’s 10-Q.
- The Company consummated its two merger candidates, RxCompoundStore.com, LLC. (“RxCompound”) and Peaks Curative, LLC. (“Peaks”) from its November 7, 2021 executed agreement subsequently amended on November 8, 2022. Both RxCompound and Peaks have approximately 75 days from the date of consummation to complete its PCAOB audit to transition its books and operations into the Company.
- The Company is now headquartered at RxCompound, located at 8950 SW 74th Court, Suite 101, Miami, FL 33156. RxCompound relocated to its new larger facility in the month of June 2022 to facilitate its anticipated growth including the in-process addition of a sterile compounding room to offer injectable products.
- The Company secured funding within the month of October 2022 up to the date the Company achieves cash flow positive status.
- RxCompound initiated the buildout of its sterile compounding room within the month of October 2022. It is slated to be operational early in 2023.
- RxCompound commenced its hazardous compounding room buildout in early November 2022, to increase its product offerings to include hormonal creams. The hazardous compounding room is anticipated to be operational within December 2022.
- Peakscurative.com has successfully launched its beta site in the month of July 2022. The ability for additional product offerings are being added prior to its official launch slate for the month of January 2023.
Business Outlook:
- Complete PCAOB for Peaks within the month of November 2022 and RxCompound early January 2023. Once one or both have been completed, the Company will cease its shell status.
- The Company to submit application to uplist to OTCQB tier after completion of PCAOB Audit and cessation of “Shell Risk” status.
- Addition of independent directors to the board.
- Utilize the Company’s active nonprofit entity, Earth Science Foundation, Inc.
Conference Call and Webcast:
The Company will host a conference call and webcast to discuss its second fiscal quarter results, highlights, and outlook at 5:00 pm Eastern Time. To participate in the telephone conference call please dial in at least 15 minutes prior to start time.
| Participant Only Dial-In Information: | |||
| Participant Toll-Free: | 800-267-6316 Primary | ||
| Participant Direct/International: | 203-518-9783 Alternate | ||
| Conference ID: | EARTHSCIENCE | ||
The conference call will be recorded and can be accessed on the Investor Relations tab on the Company’s website.
About Earth Science Tech, Inc. (ETST)
Earth Science Tech, Inc. (“ETST”) a holding entity set to acquire companies in the health and wellness space currently in compounding pharmaceuticals and telemedicine through its wholly owned subsidiaries RxCompoundStore.com, LLC. and Peaks Curative, LLC.
To learn more, please visit: www.EarthScienceTech.com
About RxCompoundStore.com, LLC.
RxCompoundStore.com, LLC. (“RxCompound”), is a compounding pharmacy that has historically focused on men’s health, specifically medical products directed at ED such as Tadalfil, and Sildenafil Citrate (the generic names for Cialis and Viagra, respectively) and longevity. RxCompound is currently in process on obtaining a sterile compounding room slated to launch January 2023 to provide sterile products for injection.
To learn more please visit: www.RxCompoundStore.com
About Peaks Curative, LLC.
Peaks Curative, LLC. (“Peaks”), is the telemedicine referral site facilitating asynchronous consultations for branded compound medications prepared at RxCompound. Peaks is currently in its final stages on upgrading its website after its soft launch to and increase product offering. Peaks full launch is slated for January 2023.
To learn more please visit: www.PeaksCurative.com
SAFE HARBOR ACT: Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, listing on the CSE, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact:
www.EarthScienceTech.com
Nickolas S. Tabraue
CEO & Director
nick@earthsciencetech.com
786.375.7281
FAQ
What are the financial results for Earth Science Tech (ETST) for Q2 fiscal 2023?
What is the current asset total for ETST as of September 30, 2022?
What significant debt reduction measures has ETST taken recently?
What are the company's plans regarding PCAOB audits?
What changes is ETST implementing with its corporate branding?
