Ownership / Electronic Systems Technology, Inc. | Tables in SEC filings

ELST Electronic Systems Technology, Inc.

Quarterly report

Item 1. Financial Statements


ELECTRONIC SYSTEMS TECHNOLOGY, INC. CONDENSED BALANCE SHEETS (Unaudited)

	September 30,		December 31,
	2024		2023

ASSETS
Current assets
Cash and cash equivalents	$	158,223	$	486,252
Certificates of deposit		400,000		400,000
Accounts receivable, net		59,365		52,592
Inventories		785,755		722,457
Prepaid expenses		29,679		19,278
Accrued interest receivable		1,342		1,906
Total current assets		1,434,364		1,682,485

Property and equipment, net of depreciation		16,450		18,255

Right to use – Lease, net of amortization		—		30,298
Total assets	$	1,450,814	$	1,731,038

LIABILITIES and STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	21,754	$	37,355
Accrued wages and bonus		1,208		4,188
Accrued vacation pay		24,072		21,243
Lease liability, current		—		30,773
Other accrued liabilities		397		10,221
Total current liabilities		47,431		103,780

Total liabilities		47,431		103,780
Stockholders’ equity
Common stock, $0.001 par value 50,000,000 shares authorized 4,946,502 and 4,946,502 shares issued and outstanding, respectively		4,947		4,947
Additional paid-in capital		933,105		933,105
Retained earnings		465,331		689,206
Total stockholders' equity		1,403,383		1,627,258
Total liabilities and stockholders' equity	$	1,450,814	$	1,731,038


ELECTRONIC SYSTEMS TECHNOLOGY, INC. CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)

	Nine Months Ended
	September 30,		September 30,
	2024		2023

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss	$	(223,875)	$	(75,759)

Noncash items included in net loss:
Depreciation and amortization		3,109		1,423
Stock based compensation		—		693
Changes in operating assets and liabilities:
Accounts receivable, net		(6,773)		45,216
Inventories		(63,298)		(84,399)
Accrued interest receivable		564		(1,466)
Prepaid expenses		(10,401)		10,191
Employee retention tax credit receivable		—		63,000
Accounts payable		(15,601)		(106,414)
Other accrued liabilities		(10,450)		(14,040)
NET CASH USED IN OPERATING ACTIVITIES		(326,725)		(161,555)


CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of fixed assets		(1,304)		(19,769)
Certificates of deposit redeemed		1,000,000		1,001,699
Certificates of deposit purchased		(1,000,000)		(1,150,000)
NET CASH USED IN INVESTING ACTIVITIES		(1,304)		(168,070)

NET DECREASE IN CASH AND CASH EQUIVALENTS		(328,029)		(329,625)
Cash and cash equivalents at beginning of period		486,252		751,118
Cash and cash equivalents at end of period	$	158,223	$	421,493


ELECTRONIC SYSTEMS TECHNOLOGY, INC. CONDENSED STATEMENTS OF OPERATIONS (Unaudited)


		Three Months Ended September 30, 2024		Three Months Ended September 30, 2023		Nine Months Ended September 30, 2024		Nine Months Ended September 30, 2023

SALES - NET	$	293,936	$	342,721	$	983,566	$	1,233,016
COST OF SALES		(145,429)		(178,435)		(461,953)		(586,631)
GROSS PROFIT		148,507		164,286		521,613		646,385

Operating Expenses
General and administrative		59,881		55,829		211,328		202,086
Research and development		28,236		26,114		92,263		82,798
Marketing and sales		133,313		133,223		458,442		454,819
TOTAL OPERATING EXPENSE		221,430		215,166		762,033		739,703

OPERATING LOSS		(72,923)		(50,880)		(240,420)		(93,318)

OTHER INCOME
Interest income		5,482		8,375		16,545		17,559
TOTAL OTHER INCOME		5,482		8,375		16,545		17,559

NET LOSS BEFORE INCOME TAX		(67,441)		(42,505)		(223,875)		(75,759)
Benefit (provision) for income tax		—		—		—		—
NET LOSS	$	(67,441)	$	(42,505)	$	(223,875)	$	(75,759)

Basic and diluted loss per share	$	(0.01)	$	(0.01)	$	(0.05)	$	(0.02)

Basic and diluted weighted average shares used in computing loss per share:		4,946,502		4,946,502		4,946,502		4,946,502

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