ELECTRONIC SYSTEMS TECHNOLOGY INC

CIK:0000752294|SEC Filings

CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
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	0	0	0	0
NET LOSS	$ (67,441)	$ (42,505)	$ (223,875)	$ (75,759)
Basic loss per share	$ (0.01)	$ (0.01)	$ (0.05)	$ (0.02)
Diluted loss per share	$ (0.01)	$ (0.01)	$ (0.05)	$ (0.02)
Basic weighted average shares used in computing loss per share	4,946,502	4,946,502	4,946,502	4,946,502
Diluted weighted average shares used in computing loss per share	4,946,502	4,946,502	4,946,502	4,946,502

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 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	0	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	0	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

CONDENSED BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
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	0	30,298
Total assets	1,450,814	1,731,038
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	0	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