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Earth Science Tech, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $8,519,047 from $1,927,720 in the same quarter the previous year. The increase is attributed to sales through new accounts.
Cost of goods sold for the quarter was $2,252,366, representing 26% of sales, compared to 39% in the same quarter of the previous year. This decrease in cost ratio is due to improved operational efficiencies.
The company reported a gross profit of $6,266,681 for the quarter, compared to $1,181,494 in the previous year, with the increase attributed to higher sales volume.
Salaries expense increased significantly to $3,605,954 from $193,917, reflecting the company's growth and new executive compensation agreements.
General and administrative expenses rose to $1,259,422 from $93,962, due to increased area manager fees to support out-of-state clients.
Net income for the quarter was $798,368, up from $444,581 in the previous year. The increase is primarily driven by higher sales and improved gross margins.
Cash provided by operating activities was $1,877,917, while cash used in investing and financing activities was $108,595 and $934,832, respectively.
Earth Science Tech had total assets of $5,049,628 as of September 30, 2024, compared to $3,881,336 as of March 31, 2024. The increase is mainly due to higher cash balances and inventory.
The filing also details the company's stock repurchase program, with 6,345,896 shares repurchased during the six months ended September 30, 2024.
Earth Science Tech does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its pharmaceutical and telemedicine operations, with recent acquisitions and new product launches in the pet and wildlife industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Earth Science Tech Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.