Wed, Oct 16, 10:05 AM (78 days ago)
**Eco Science Solutions, Inc. (ESSI) - 10-K Summary** For the fiscal year ending January 31, 2024, Eco Science Solutions, Inc. reported no revenue and incurred a net loss of $1,242,268, an improvement from the previous year's loss of $1,797,555. Operating expenses decreased from $1,731,409 to $1,170,023, primarily due to reduced management and consulting fees. The company holds total liabilities of $15,562,690 against current assets of only $2,106, indicating significant financial strain. ESSI continues to focus on developing its cloud-based ERP platform, "Herbo," targeting regulated industries like cannabis, but has not yet generated revenue. The company is in the process of restructuring following legal settlements, including governance reforms that require allocating 15% of future revenues to compliance. Risks include reliance on related party loans, a lack of operational cash flow, and ongoing legal challenges. The company is classified as a smaller reporting company and has a working capital deficit of $15.6 million, raising doubts about its ability to continue as a going concern without additional financing. The stock is currently not traded due to prior SEC issues and is working to resume trading on OTC Markets.