UNITED
STATES

SECURITIES
AND EXCHANGE COMMISSION

Washington,
D.C. 20549



FORM
10-K/A

Amendment No.1



[X]
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For
the fiscal year ended March 31, 2020



OR



[  ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



Commission
File No.000 - 55000



EARTH
SCIENCE TECH, INC.

(Exact
name of registrant as specified in its charter)



|Nevada                              |  | 80-0961484             
|----------------------------------- |  | -----------------------
|(State
    or other jurisdiction of |  | (I.R.S.
    Employer   
|incorporation
    or organization)  |  | Identification
    No.)



8000
NW 31stStreet, Unit 19

Doral,
FL 33122, USA

(Address
of principal executive offices, zip code)



(305)
615-2118

(Registrant’s
telephone number, including area code)



(Former
name, former address and former fiscal year,

if
changed since last report)



Securities
registered pursuant to Section 12(g) of the Act:



Common
Stock $.001 par value

(Title
of class)



Securities
registered pursuant to Section 12(b) of the Act:



|Title
    of each class |  | Trading
    Symbol(s) |  | Name
    of each exchange on which registered
|----------------------- |  | --------------------- |  | ---------------------------------------------
|None                    |  | None                  |  | None                                         



Indicate
by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.



Yes
[X] No [  ]



Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).



Yes
[X] No [  ]



Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (check one):



| | Large
    accelerated filer | [  ] |                                                   | Accelerated
    filer         | [  ]
| | --------------------------- | ---- | ------------------------------------------------- | ----------------------------- | ----
| |                             |      |                                                   |                               |     
| | Non-accelerated
    filer   | [  ] | (Do
    not check if a smaller reporting company) | Smaller
    reporting company | [X] 
| |                             |      |                                                   |                               |     
| | Emerging
    Growth Company | [  ] |                                                   |                               |     



Indicate
by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2 of the Exchange Act):



Yes
[  ] No [X]



APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY



PROCEEDINGS
DURING THE PRECEDING FIVE YEARS:



Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the
Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.



Yes
[  ] No [   ]



APPLICABLE
ONLY TO CORPORATE ISSUERS



The
number of shares of Common Stock, $0.001 par value, outstanding August 3, 2020 was 40,589,197.




















TABLE
OF CONTENTS



|             |                                                                                                               | PAGE
|------------ | ------------------------------------------------------------------------------------------------------------- | ----
|PART I       |                                                                                                               |     
|Item
    1.  | Business.                                                                                                     | 4   
|Item
    1A. | Risk Factors.                                                                                                 | 10  
|Item
    1B. | Unresolved Staff Comments.                                                                                    | 24  
|Item
    2.  | Properties.                                                                                                   | 24  
|Item
    3.  | Legal Proceedings.                                                                                            | 24  
|Item
    4.  | Mine Safety Disclosure.                                                                                       | 26  
|PART II      |                                                                                                               |     
|Item
    5.  | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. | 26  
|Item
    6.  | Selected Financial Data                                                                                       | 28  
|Item
    7.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations.                        | 29  
|Item
    7A. | Quantitative and Qualitative Disclosures About Market Risk.                                                   | 34  
|Item
    8.  | Financial Statements and Supplementary Data.                                                                  | 35  
|Item
    9A. | Controls and Procedures.                                                                                      | 36  
|Item
    9B. | Other Information.                                                                                            | 37  
|PART III     |                                                                                                               |     
|Item
    10. | Directors, Executive Officers and Corporate Governance.                                                       | 37  
|Item
    11. | Executive Compensation.                                                                                       | 40  
|Item
    12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.               | 43  
|Item
    13. | Certain Relationships and Related Transactions, and Director Independence.                                    | 44  
|Item
    14. | Principal Accounting Fees and Services.                                                                       | 45  
|PART IV      |                                                                                                               |     
|Item
    15. | Exhibits, Financial Statement Schedules.                                                                      | 46  
|Item
    16. | FORM 10-K Summary                                                                                             | 46  
|             | SIGNATURES                                                                                                    | 47  



2







EXPLANATORY NOTE



On
March 4, 2020, the Securities and Exchange Commission (the “SEC”) issued an order (as modified on March 25, 2020,
the “SEC Order”), providing conditional relief to public companies that are unable to timely comply with their filing
obligations as a result of the outbreak of the novel coronavirus (“COVID-19”). On June 28, 2020 Earth Science Tech,
Inc., (the “Company”) elected to rely on the conditional filing relief provided under the SEC Order by filing a Current
Report on Form 8-K to obtain 45 additional days within which to file its Annual Report on Form 10-K for the year end March 31,
2020 (the “Form 10-K”). The filing of this Form 8-K effectively moved the due date for the filing of Form 10-K to
August 13, 2020.



We relied upon the SEC Order because we were unable to file by June 29, 2020 due
to the ongoing impact of COVID-19 on our operations and our employees.





3







WHERE
YOU CAN FIND MORE INFORMATION



We
file annual, quarterly and current reports, proxy statements and other information required by the Securities Exchange Act of
1934, as amended (the “Exchange Act”), with the Securities and Exchange Commission (the “SEC”). You may
read and copy any document we file with the SEC at the SEC’s public reference room located at 100 F Street, N.E., Washington,
D.C. 20549, U.S.A. Please call the SEC at 1-800-SEC-0330 for further information on the public reference room. Our SEC filings
are also available to the public from the SEC’s internet site at http://www.sec.gov.



On
our Internet website, http://www.earthsciencetech.com, we post the following recent filings as soon as reasonably practicable
after they are electronically filed with or furnished to the SEC: our annual reports on Form 10-K, our quarterly reports on Form
10-Q, our current reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d)
of the Exchange Act.



When
we use the terms “ETST”, “Company”, “we”, “our” and “us” we mean Earth
Science Tech, Inc., a Nevada corporation, and its consolidated subsidiaries, taken as a whole, as well as any predecessor entities,
unless the context otherwise indicates.



FORWARD
LOOKING STATEMENTS



This
Annual Report on Form 10-K, the other reports, statements, and information that the Company has previously filed with or furnished
to, or that we may subsequently file with or furnish to, the SEC and public announcements that we have previously made or may
subsequently make include, may include, or may incorporate by reference certain statements that may be deemed to be “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and that are intended
to enjoy the protection of the safe harbor for forward-looking statements provided by that Act. To the extent that any statements
made in this report contain information that is not historical, these statements are essentially forward-looking. Forward-looking
statements can be identified by the use of words such as “anticipate”, “estimate”, “plan”,
“project”, “continuing”, “ongoing”, “expect”, “believe”, “intend”,
“may”, “will”, “should”, “could”, and other words of similar meaning. These statements
are subject to risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially
from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation,
marketability of our products; legal and regulatory risks associated with OTC Markets; our ability to raise additional capital
to finance our activities; the future trading of our common stock; our ability to operate as a public company; our ability to
protect our proprietary information; general economic and business conditions; the volatility of our operating results and financial
condition; our ability to attract or retain qualified senior management personnel and research and development staff; and other
risks detailed from time to time in our filings with the SEC, or otherwise.



Information
regarding market and industry statistics contained in this report is included based on information available to us that we believe
is accurate. It is generally based on industry and other publications that are not produced for purposes of securities offerings
or economic analysis. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications
and the additional uncertainties accompanying any estimates of future market size, revenue and market acceptance of products and
services. We do not undertake any obligation to publicly update any forward-looking statements. As a result, investors should
not place undue reliance on these forward-looking statements.



PART
I



ITEM
1. BUSINESS



CORPORATE
HISTORY



Earth
Science Tech, Inc. (“ETST” or the “Company”) was incorporated under the laws of the State of Nevada on
April 23, 2010 under the name Ultimate Novelty Sports Inc. The Company provided consulting services to the athletic facilities
industry and offered a full range of consulting services, including start-up strategy development, membership pricing and management,
operational analysis, marketing and public relations and staff training.



4







On
May 6, 2010, the Company formed a wholly owned subsidiary, Ultimate Novelty Sports Inc., an Ontario, Canada Corporation (“UNSI
Canada”). On October 30, 2013, pursuant to a sale of subsidiary agreement (the “Sale of Subsidiary Agreement”)
the Company sold all of the capital stock of UNSI Canada to Optimal, Inc., a Nevada corporation.



On
January 29, 2014, the Company entered into a consulting agreement with Pure Health, Inc. (“Pure”), a Puerto Rican
corporation (the “Pure Consulting Agreement”). The purpose of the Pure Consulting Agreement was to retain Pure to
consult the Company with regard to the development of health and wellness products as well as nutritional supplements, including
idea generation, preforming and designing formulations for products to be used in the health and nutrition market.



On
March 6, 2014, the Company changed its name from Ultimate Novelty Sports, Inc. to Earth Science Tech, Inc. (the “Name Change”).



On
May 28, 2014 the Financial Industry Regulatory Authority (“FINRA”) approved the Name Change and a change of trading
symbol from UNOV to ETST.



On
June 6, 2014, the Company filed with the Secretary of State of the State of Nevada Articles of Amendment to the Articles of Incorporation
and a Certificate of Designation creating a Preferred A class of stock with 10,000,000 preferred A shares (the “Preferred
A Shares”) having a par value of $0.001 per share.



On
March 6, 2015, the Company entered into a License and Distribution Agreement (the “I Vape License and Distribution Agreement”)
with I Vape Vapor, Inc. a Minnesota corporation (“I Vape”). Pursuant to the I Vape License and Distribution Agreement
the Company licensed to I Vape the rights to use the Company’s Ultra-High Grade CBD Rich Hemp Oil in I Vape’s E-Cigarettes
within the U.S. As part of the I Vape License and Distribution Agreement, the Company formed Earth Science Tech Vapor One, Inc.,
a wholly owned Florida corporation subsidiary.



Today,
ETST is a biotechnology company focused on unique nutraceuticals and bioceuticals designed to excel in industries such as health,
wellness, nutrition, supplements, cosmetics and alternative medicine to improve the quality of life for consumers worldwide. ETST
seeks to deliver non-prescription nutritional and dietary supplements that help with treating symptoms such as: chronic pain,
joint pain, inflammation, seizures, high blood pressure, memory loss, depression, weight management, nausea, aging and overall
wellness. This may include products such as CBD as a natural constituent of hemp oil, vitamins, minerals, herbs, botanicals, personal
care products, homeopathies, functional foods and other products. These products will be in various formulations and delivery
forms including capsules, tablets, soft gels, chewables, sprays, powders, and whole herbs.



In
particular, ETST is focused on researching and developing innovative hemp extracts and making them accessible worldwide. ETST
plans to be a supplier of high-quality hemp oil enriched with high-grade CBD. ETST’s primary goal is to advance different
high-quality hemp extracts with a broad profile of cannabinoids and additional natural molecules found in industrial hemp
and to identify their distinct properties.



On
January 11, 2019, the Company entered into an agreement with Aaron Decker, and Derrick West, individuals, pursuant to which the
Company will transfer, set over and assign to Mr. Decker and Mr. West 95% of the issued and outstanding shares of common stock
of Kannabidioid, Inc. This transfer of KBD and its business places Mr. Decker and Mr. West or their corporate nominee in full
control of KBD for all purposes, subject to their undertaking aggressively and assiduously to pursue the growth of Kannabidioid,
Inc.’s business and to maximize its customer base, product line, and profitability. ETST entered into this agreement because
management determined that the opportunities for the growth of its other product lines will require that it deploy its resources
on these other product lines such that it’s better to allow another management team to build the KBD business. In allowing
another management team to build the KBD business, it is expected that ETST will not only continue to benefit from the sales,
but it may also be in a position to benefit from its growth without the necessity of deploying additional resources to realize
that growth.



5







On
January 11, 2019, the Company received notice that Strongbow Advisors, Inc. (“Strongbow”), and Robert Stevens (“Stevens”,
and together with Strongbow, the “Receiver”) had been appointed by the Nevada District Court, as Receiver for the
Registrant in Case No. A-18-784952-C.



The
Company sought the appointment of the Receiver after it found itself in an imminent danger of insolvency following the issuance
by an arbitration panel of an award (the “Award”) in the sum of $3,994,522.5 million in favor of Cromogen Biotechnology
Corporation (“Cromogen”) in the matter entitled Cromogen Biotechnology Corporation vs. Earth Science Tech, Inc. (the
“Cromogen Litigation”).



The
Award consisted of a sum for breach of contract against the Company in the amount of $120,265.00, a sum for costs and fees against
the Company in the amount of $111,057.00 and a sum for the claim of tortuous interference and conversion against the Company in
the amount of $3,763,200.00. The District Court in Florida had confirmed the Award granted by the arbitration panel, denying however,
the award of fees that the arbitration panel had granted Cromogen.



The
Cromogen Litigation is now on appeal and the Company is optimistic about its prospects on appeal. Nevertheless, the outcome remains
speculative and so notwithstanding its prospects for success on appeal, and faced with such a large judgment and the imminent
danger of insolvency, the Company determined that it was in the best interest of its shareholders and creditors to seek protection
under receivership and the appointment of a receiver. As of the date of this prospectus, the Company remains in imminent danger
of insolvency as the outcome of the Cromogen Litigation remains speculative.



As
part of the impact of the receivership, the Court issued a Writ of Injunction and  “Blanket Stay” covering the
Company and its assets during the time that the Company is in receivership. As a result of the “Blanket Stay” the
Company’s estate is protected from creditors and interference with its administration is prevented while the Company’s
financial issues are being fully analyzed and resolved. As part of this process, creditors will be notified and required to provide
claims in writing under oath on or before the deadline stated in the notice provided by the Receiver or those claims will be barred
under NRS §78.675. The Blanket Stay will remain in place unless otherwise waived by the Receiver, or it is vacated by the
Court or alternatively, lifted by the Court, upon a “motion to lift stay” duly made and approved by the Nevada District
Court.



The
appointment of the Receiver was approved unanimously by the Board and by a majority of the Company’s shareholders. Strongbow
and Stevens were selected because of their reputation in helping (i) companies restructure and (ii) to execute on their business
plans, albeit under a debt and capital structure that allows them to succeed. Stevens and Strongbow assist companies by helping
them raise the capital needed not only to pay debts, but build and grow their businesses. The Receiver, however, is an agent of
the court, and will be independent and neutral in managing the Company’s operations and trying to preserve the Company’s
value for the creditors and shareholders.



There
are a number of possible outcomes to the receivership, including settlement and payment to creditors, reorganization, or liquidation.
The intent of the Receiver is to reorganize the Company, pay or settle the Company’s debts and emerge from receivership.
If the Receiver is not successful in mitigating the Company’s liabilities, the Company’s results could be materially
adversely impacted, and the Company may be forced to liquidate its business.



On
February 28, 2019, the Company entered into an Equity Financing Agreement (the “GHS Equity Financing Agreement”) and
Registration Rights Agreement (the “GHS Registration Rights Agreement”) with GHS Investments LLC, a Nevada limited
liability company (“GHS”). Under the terms of the Equity Financing Agreement, GHS agreed to provide the Company with
up to $5,000,000 upon effectiveness of a registration statement on Form S-1 (the “Registration Statement”) filed with
the U.S. Securities and Exchange Commission (the “Commission”).



Following
effectiveness of the Registration Statement, the Company shall have the discretion to deliver puts to GHS and GHS will be obligated
to purchase shares of the Company’s common stock, par value $0.001 per share based on the investment amount specified in
each put notice. Additionally, in accordance with the Equity Financing Agreement, the Company shall issue GHS a promissory note
in the principal amount of $30,000 to offset transaction costs (the “Note”).



6







On
November 8, 2019, the Company filed a motion for preliminary injunction against Majorca Group Ltd. in the 8th Judicial District
in Clark County, Nevada on November 7, 2019. The filing requests a show cause hearing whereby the Company will request the Court
grants it motion to cancel certain shares and class of stock and to nullify certain amendments of the Articles of Incorporation.
Specifically, the Company is asking that Majorca Group Ltd. be restricted from selling, transferring, converting, encumbering,
hypothecating, obtaining loans against or in any fashion or in any way transferring their shares of common and preferred stock
in the Company. Additionally, the motion seeks a Freezing Injunction over any broker, bank, any financial institution, attorney,
or agent holding shares of the Company as well as any proceeds from shares of the Company.



On
January 27, 2020 Earth Science Tech, Inc., a Nevada corporation (the “Company”) reached a confidential settlement
with Majorca Group, Ltd (“Majorca”). The Receiver withdrew its motion for injunction over the Majorca common and preferred
shares. The Settlement Agreement provided that Majorca Group, Ltd. and all relevant parties will, within 10 days of execution
of the settlement agreement, return 18,000,000 common shares and 5,200,000 Series A Preferred Stock held by Majorca for cancellation.
The Series A Preferred Stock class will be cancelled completely. The remaining 6,520,000 common shares held by Majorca is subject
to lockup agreement and thereafter, sales will be made only pursuant to a limited strict bleed-out agreement administered by a
third party.



[On
May 19, 2020, the Company filed documents with the Delaware Secretary of State on May 19, 2020 to effect a holding company reorganization
(the “Delaware Reorg”), which will result in a newly formed Delaware corporation, ETST Holdings, Inc., (“ETST
Delaware”), owning all the capital stock of Earth Science Tech, Inc. ETST Delaware will initially be a direct, wholly owned
subsidiary of Earth Science Tech, Inc. Pursuant to the Delaware Reorg, a newly formed entity (“Merger Sub”), a direct,
wholly owned subsidiary of ETST Delaware and an indirect, wholly owned subsidiary of Earth Science Tech, Inc., will merge with
and into Earth Science Tech, Inc., with Earth Science Tech, Inc. surviving as a direct, wholly owned subsidiary of ETST Delaware.
Each share of each class of Earth Science Tech, Inc. stock issued and outstanding immediately prior to the ETST Delaware Merger
will automatically convert into an equivalent corresponding share of ETST Delaware stock, having the same designations, rights,
powers and preferences and the qualifications, limitations and restrictions as the corresponding share of Earth Science Tech,
Inc. stock being converted. Accordingly, upon consummation of the ETST Delaware Merger, Earth Science Tech, Inc.’s current
stockholders will become stockholders of ETST Delaware. The stockholders of Earth Science Tech, Inc. will not recognize gain or
loss for U.S. federal income tax purposes upon the conversion of their shares in the ETST Delaware Merger.



The
ETST Delaware Merger was conducted pursuant to Section 251(g) of the General Corporation Law of the State of Delaware, which provides
for the formation of a holding company without a vote of the stockholders of the constituent corporations. Effective upon the
consummation of the ETST Delaware Merger, ETST Delaware will adopt an amended and restated certificate of incorporation and amended
and restated bylaws that are identical to those of Earth Science Tech, Inc. immediately prior to the consummation of the ETST
Delaware Merger, except for the change of the name of the corporation as permitted by Section 251(g). Furthermore, the conversion
will occur automatically without an exchange of stock certificates. Stock certificates previously representing shares of a class
of Earth Science Tech, Inc. stock will represent the same number of shares of the corresponding class of ETST Delaware stock after
the ETST Delaware Merger. Following the consummation of the ETST Delaware Merger shares of our Common Stock will continue to trade
on the under the symbol ETST on the OTC Markets.



BUSINESS
OVERVIEW



The
Company offers high-grade full spectrum cannabinoid oil on the market. There are positive results in studies on breast cancer
and immune cells through the University of Central Oklahoma, in addition to studies through DV Biologics that prove the Company’s
CBD oil formulation lowers cortisol and functions as a neuro-protectant, with positive result case studies through key health
organizations. ETST formulates, markets and distributes the CBD oil used for its studies to the public, offering the most effective
quality of CBD on the market.



Earth
Science Foundation (“ESF”) is a favored entity of ETST, effectively being a non-profit organization on February 11,
2019 and is structured to accept grants and donations to conduct further studies and help donate ETST’s effective CBD products
to those in need.



7







Current
Operations



CORPORATE
STRATEGY



In
particular, ETST is focused on researching and developing innovative hemp extracts and making them accessible worldwide. ETST
plans to be a supplier of high-quality hemp oil enriched with high-grade CBD. ETST’s primary goal is to advance different
high-quality hemp extracts with a broad profile of cannabinoids and additional natural molecules found in industrial hemp and
to identify their distinct properties.



Our
missions are to educate the public on the many and varied nutritional and health benefits of CBD-rich hemp oil, to optimize purity
in formulation, and to find new product delivery systems. Our corporate strategy in developing our operations is as follows.



To
design and produce CBD enhanced nutraceutical products for sale to the general public. We intend to create high-grade CBD-rich
hemp oil and other CBD containing products unique to the current market in the nutraceuticals industry. We believe that our formulations
will set us apart from competing products for promoting health. We have formulated and produced our initial CBD products, intended
for, subject to performance, treating various symptoms of diseases and ailments or for overall health. The Company plans to expand
manufacturing and marketing of these CBD products with expansion of products over the next five years.



To
offer a wide selection of health and nutrition products through online, clinics, pharmacies, and in-store retail. Through our
wholly owned subsidiary, we plan to continue expanding retail sales of nutritional supplements through online, clinics, pharmacies,
and in-store sales. Our product selection includes many high-quality supplement brands, and includes our proprietary CBD-rich
hemp oil.



CONSUMER
PRODUCTS



We
seek to take advantage of an emerging worldwide trend to re-energize the production of hemp and to foster its many uses for consumers.
Historically cultivated for industrial and practical purposes, hemp is used today for textiles, paper, auto parts, biofuel, cosmetics,
animal feed, nutritional supplements, and much more. The market for hemp-based products is expected to increase substantially
over the next five years.



Hemp-based
CBD is one of at least 80 cannabinoids found in hemp, and is non-psychoactive. Our U.S. based operations oversee our raw material
supply chain, raw material processing, product development and manufacturing, and sales and marketing. We will continue to scale-up
our processing capability to accommodate new products in our pipeline.



We
expect to realize revenue to fund our working capital needs through the sale of finished products and raw materials to third parties.
However, in order to fund our drug development efforts, we will need to raise additional capital either through the issuance of
equity and/or the issuance of debt. In the event we are unable to raise sufficient additional capital to fund our drug development
efforts, we may need to curtail or delay such activity.



Consumer
product extraction and quality



We
believe our high-grade CBD-rich hemp oil contains the high-quality natural CBD because it’s formulated using a wide array
of cutting-edge technologies, including super critical extraction process (CO 2), isolation, and micron filtration. Super critical
extraction is a gentle approach and the key method in the extraction of our CBD. The method exploits the fact that CO 2 at low
temperature and under high pressure becomes liquid and thereby draws the cannabinoids and terpenes from the plant material. Using
state-of-the-art equipment, carbon dioxide (CO 2) is compressed to upwards of 10,000 psi. At these extremes CO 2 becomes ‘super
critical’ where it retains the properties of both a liquid and a gas at the same time. The cold temperature does not damage
any heat-sensitive nutrients like vitamins or enzymes. When the super critical fluid is added to the nutrient-rich hemp it releases
the phytonutrients. The CO 2 is then free and recycled, leaving a concentrated and pure extract that we believe is more easily
digested. These low temperatures thru the extraction process preserve a broad spectrum of valuable and beneficial molecules that
are often lost using other extraction methods. This gentle method permits the production of a purer form of CBD-rich hemp oil
while conserving other valuable and beneficial molecules that are originally contained in the hemp plant. We believe that there
are over 400 phytonutrients that exist in hemp plants.



8







Our
CBD-rich hemp oil does not contain any synthetic cannabinoids and is not an isolate. It contains everything that is naturally
occurring in the original industrial hemp plant. With our high quality CBD-rich hemp oil you benefit from the natural interaction
of phytonutrients in their balanced wide-ranging form that may offer the most benefit for overall wellness. Our commercialized
CBD based product line, High Grade Full Spectrum Cannabinoids, offers 7 distinct cannabinoids maximizing all the therapeutic benefits
the industrial hemp plant has to offer.



Other
competitors and companies may use certain methods for extracting hemp including toxic solvents and/or high heat which we believe
are unsustainable, dangerous and don’t extract the full balance of nutrients from the industrial hemp plant. One of the
most popular processes used to extract hemp oils is alcohol extraction, due to its simplicity and low costs. This may lead to
a product that still contains trace amounts of alcohol, as it can be difficult to separate out after extraction. The alcohol extraction
used by other companies and our competitors requires the hemp and alcohol mixture to be boiled for long periods of time, potentially
damaging sensitive nutrients and important components of the oil. Most companies that claim to be full spectrum only contain 2-5
cannabinoids compared to the 7 we offer in our commercialized batches.



Our
CBD-rich hemp oil is sourced from the high quality industrial hemp plants grown by generational family farmers. In order to produce
consistent and nutritious CBD-rich oils, these hemp plants are grown domestically currently in Oregon and Kentucky.



We
lab test our hemp oil multiple times during the manufacturing process, from seed to shelf. This includes being tested for cannabinoid
panel content, terpenoids, pesticides, residual solvents, mycotoxins, and micros.



SUBSIDIARIES



The
Company’s’ subsidiaries include Earth Science Tech Inc., Nutrition Empire LLC., Cannabis Therapeutics, Inc., Earth
Science Pharmaceutical Inc., and Earth Science Foundation, Inc. (all intercompany balances and transactions have been eliminated
on consolidation.)



PRODUCT
REGULATION



We
are subject to local and federal laws in our operating jurisdictions. We hold required licenses for product production and distribution
and monitor changes in laws, regulations, treaties and agreements.



The
Agriculture Improvement Act of 2018 known as the “2018 Farm Bill” is United States federal legislation signed into
law on December 20, 2018 which provides much of the legal framework for the hemp-based CBD product category. The 2018 Farm Bill
permanently removed “hemp” from the purview of the Controlled Substances Act, and accordingly, the Drug Enforcement
Administration (the “DEA”) no longer has any claim to interfere with the interstate commerce of hemp products. Some
of the immediate impact from this legislation includes the ability for farmers to access crop insurance and U.S. Department of
Agriculture programs for certification and competitive grants. While the DEA is now officially not involved in hemp regulation,
the FDA retains its authority to regulate ingestible and topical products, including those that contain hemp and hemp extracts
such as CBD.



A
range of federal regulations govern our product development, manufacturing, distribution, sales and marketing, including the Dietary
Supplement Health and Education Act of 1994 (the “DSHEA”). Under DSHEA, supplements are effectively regulated by the
FDA for Good Manufacturing Practices under 21 CFR Part 111. DSHEA defines a “dietary supplement” as a product intended
to supplement the diet that contains one or more of the following: (a) a vitamin; (b) a mineral; (c) an herb or other botanical;
(d) an amino acid; (e) a dietary substance for use by man to supplement the diet by increasing the total dietary intake; or (f)
a concentrate, metabolite, constituent, extract, or combination of any ingredient described in clause (a) through (e). Thus, the
law permits a wide range of dietary ingredients in dietary supplements, including CBD which is an extract of a botanical ( Cannabis
sativa L.plant). CBD also falls under clause (e) as it is a dietary substance for use by man to supplement the diet by increasing
the total dietary intake.



9







MARKETS



The
user market for CBD products and other nutraceuticals is generally an individual who has a specific health issue where a health
advisor or distributor has provided or directed that user to our product. The market for nutraceuticals is subject to many influential
factors, but the main issues affecting the market are consumer spending and government regulation.



COMPETITION



The
nutraceutical industry is subject to significant competition and pricing pressures. We may experience significant competitive
pricing pressures as well as competitive products. Several significant competitors may offer products with prices that may match
or are lower than ours. We believe that the products we offer are generally competitive with those offered by other supplement
and nutraceutical companies; however, we believe that our products are unique and will set themselves apart from competing products.
It is possible that one or more of our competitors could develop a significant research advantage over us that allows them to
provide superior products or pricing, which could put us at a competitive disadvantage. Continued pricing pressure or improvements
in research and shifts in customer preferences away from natural supplements could adversely impact our customer base or pricing
structure and have a material and adverse effect on our business, financial condition, results of operations and cash flows.



RESEARCH
AND DEVELOPMENT



Research
and development costs are expensed as incurred. The Company’s research and development expenses relate to its engineering
activities, which consist of the design and development of new products for specific customers, as well as the design and engineering
of new or redesigned products for the industry in general.



EMPLOYEES



As
of March 31, 2020, the Company has six (6) employees. None of our employees are represented by a union or covered by a collective
bargaining agreement. We have not experienced any work stoppages and we consider our relationship with our employees to be good.



ITEM
1A. RISK FACTORS



This
investment has a high degree of risk. Before you invest you should carefully consider the risks and uncertainties described below
and the other information in this prospectus. If any of the following risks actually occur, our business, operating results and
financial condition could be harmed and the value of our stock could go down. This means you could lose all or a part of your
investment. You should carefully consider the risks described below together with all of the other information included in our
public filings before making an investment decision with regard to our securities. The statements contained in or incorporated
into this document that are not historic facts are forward-looking statements that are subject to risks and uncertainties that
could cause actual results to differ materially from those set forth in or implied by forward-looking statements. If any of the
following events described in these risk factors actually occur, our business, financial condition or results of operations could
be harmed. In that case, the trading price of our common stock could decline, and you may lose all or part of your investment.
Moreover, additional risks not presently known to us or that we currently deem less significant also may impact our business,
financial condition or results of operations, perhaps materially. For additional information regarding risk factors, see “Forward-Looking
Statements.”



Because
we have a limited history of operations, and our other ventures are in the development stage or not of yet capitalized, we anticipate
our operating expenses will increase prior to earning revenue, and we may never achieve profitability:



The
Company launched its first product hemp products in 2015. As we continue to conduct research and development of other CBD and
cannabinoid products, we anticipate increases in our operating expenses, without realizing significant revenues from operations.
Within the next 12 months, these increases in expenses will be attributed to the cost of (i) administration and start-up costs,
(ii) research and development, (iii) advertising, (iv) legal and accounting fees at various stages of operation, (v) joint venture
activities, (vi) creating and maintaining distribution and supply chain channels.



10







As
a result of some or all of these factors in combination, the Company may incur losses in the foreseeable future. There is no history
upon which to base any assumption as to the likelihood that the Company will prove successful in its research and development
projects. We cannot provide investors with any assurance that our business will attract customers and investors. If we were unable
to address these risks our business could fail.



Failure
to raise additional capital to fund operations could harm our business and results of operations:



Our
primary source of operating funds from 2015 through the March 31, 2020 fiscal year end has been from revenue generated from proceeds
from sales of our CBD products and full spectrum oils powders and gelcaps as well as the sale of our common stock. The Company
has experienced net losses from operations since inception, but expects these conditions to improve in 2020 and beyond as it develops
its business model. The Company has stockholders’ deficiencies at March 31, 2020 and will require additional financing to
fund future operations. Currently, we do not have any firm committed arrangements for financing and can provide no assurance to
investors that we will be able to obtain financing when required. No assurance can be given that the Company will obtain access
to capital markets in the future or that financing, adequate to satisfy the cash requirements of implementing our business strategies,
will be available on acceptable terms. The inability of the Company to gain access to capital markets or obtain acceptable financing
could have an adverse effect upon the results of its operations and upon its financial conditions.



We
may not have the liquidity to support our future operations and capital requirements.



Whether
we can achieve cash flow levels sufficient to support our operations cannot be accurately predicted. Unless such cash flow levels
are achieved, we may need to borrow additional funds or sell debt or equity securities, or some combination thereof, to provide
funding for our operations. Such additional funding may not be available on commercially reasonable terms, or at all. If adequate
funds are not available when needed, our financial condition and operating results would be materially and adversely affected
and we may not be able to operate our business without significant changes in our operations, or at all.



We
are currently under the control of a court - appointed receiver.



On
January 11, 2019, the Company received notice that Strongbow Advisors, Inc., and Robert Stevens had been appointed by the Nevada
District Court, as Receiver for the Registrant in Case No. A-18-784952-C. The company sought the appointment of the Receiver after
it found itself in an imminent danger of insolvency following the issuance by an arbitration panel of an award in the sum of $3,994,522.5
million in favor of Cromogen Biotechnology Corporation in the matter entitled Cromogen Biotechnology Corporation vs. Earth Science
Tech, Inc.



The
Award consisted a sum for breach of contract against the Company in the amount of $120,265, a sum for costs and fees against the
Company in the amount of $111,057 and a sum for the claim of tortuous interference and conversion against the Company in the amount
of $3,763,200. The District Court in Florida had confirmed the Award granted by the arbitration panel, denying however, the award
of fees that the arbitration panel had granted Cromogen.



Cromogen
prevailed in our appeal in the appeals process in No. 19-10118, United States Court of Appeals for the Eleventh Circuit on April
14, 2020. The Receiver subsequently allowed Cromogen status as an unsecured creditor in the estate. As of the date of this filing
the Company remains in danger of insolvency if a plan of reorganization is not subsequently approved by the court that adequately
resolves the Cromogen unsecured debt or Cromogen agrees to a settlement. Previous attempts to settle the amounts with Cromogen
have been fruitless.





11







As
part of the impact of the receivership, the Court issued a Writ of Injunction and “Blanket Stay” covering the Company
and its assets during the time that the Company is in receivership. As a result of the “Blanket Stay” the Company’s
estate is protected from creditors and interference with its administration is prevented while the Company’s financial issues
are being fully analyzed and resolved. As part of this process, creditors will be notified and required to provide claims in writing
under oath on or before the deadline stated in the notice provided by the Receiver or those claims will be barred under NRS §78.675.
The Blanket Stay will remain in place unless otherwise waived by the Receiver, or it is vacated by the Court or alternatively,
lifted by the Court, upon a “motion to lift stay” duly made and approved by the Nevada District Court.



The
appointment of the Receiver was approved unanimously by the Board and by a majority of the Company’s shareholders. Strongbow
and Stevens were selected because of their reputation in helping (i) companies restructure and (ii) to execute on their business
plans, albeit under a debt and capital structure that allows them to succeed. Stevens and Strongbow assist companies by helping
them raise the capital needed not only to pay debts, but build and grow their businesses. The Receiver, however, is an agent of
the court, and will be independent and neutral in managing the Company’s operations and trying to preserve the Company’s
value for the creditors and shareholders.



There
are a number of possible outcomes to the receivership, including settlement and payment to creditors, reorganization, or liquidation.
The intent of the Receiver is to reorganize the Company, pay or settle the Company’s debts and emerge from receivership.
If the Receiver is not successful in mitigating the Company’s liabilities, the Company’s results could be materially
adversely impacted and the Company may be forced to liquidate its business.



We
sell our products in highly competitive markets, which results in pressure on our profit margins and limits our ability to maintain
or increase the market share of our services.



The
nutraceutical industry is subject to significant competition and pricing pressures. We will experience significant competitive
pricing pressures as well as competitive products. Several significant competitors offer products with prices that may match or
are lower than ours. We believe that the products we offer are generally competitive with those offered by other supplement and
nutraceutical companies. It is possible that one or more of our competitors could develop a significant research advantage over
us that allows them to provide superior products or pricing, which could put us at a competitive disadvantage. Continued pricing
pressure or improvements in research and shifts in customer preferences away from natural supplements could adversely impact our
customer base or pricing structure and have a material and adverse effect on our business, financial condition, results of operations
and cash flows.



Marijuana,
and Cannabinoids and CBD with more than 0.3% THC are illegal under federal law



Marijuana,
and CBD containing in excess of 0.3% THC are Schedule 1 controlled substances and are illegal under federal law, specifically
the Controlled Substances Act (21 U.S.C. § 811). Even in states that have legalized the use of marijuana, its sale and use
remain violations of federal law. CBD and cannabinoids derived from industrial hemp are not distinguishable. Although the products
we buy are certified as THC free, if there were mistakes in processing or mislabeling and THC were found in our products we could
be subject to enforcement and prosecution which would have a negative impact on our business and operation.



Laws
and regulations affecting our industry are constantly changing:



The
constant evolution of laws and regulations affecting the marijuana industry could detrimentally affect our operations. Local,
state and federal medical marijuana laws and regulations are broad in scope and subject to changing interpretations. These changes
may require us to incur substantial costs associated with legal and compliance fees and ultimately require us to alter our business
plan. Furthermore, violations of these laws, or alleged violations, could disrupt our business and result in a material adverse
effect on our operations. In addition, we cannot predict the nature of any future laws, regulations, interpretations or applications,
and it is possible that regulations may be enacted in the future that will be directly applicable to our business.



Our
future growth is largely dependent upon our ability to successfully compete with new and existing competitors by developing or
acquiring new products that achieve market acceptance with acceptable margins.



Our
business operates in markets that are characterized by rapidly changing products, evolving industry standards and potential new
entrants. For example, a number of new companies with innovative products, which promise significant health benefits are established
every year and are competitive with our products. If these companies gain market acceptance, our ability to grow our business
could be materially and adversely affected. Accordingly, our future success depends upon a number of factors, including our ability
to accomplish the following: identify emerging trends in our target end-markets; develop, acquire and maintain competitive products;
enhance our products by adding innovative features that differentiate us from our competitors; and develop or acquire and bring
products to market quickly and cost-effectively. Our ability to develop or acquire new products based on quality research can
affect our competitive position and requires the investment of significant resources. These acquisitions and development efforts
divert resources from other potential investments in our businesses, and they may not lead to the development of new research
or products on a timely basis. New or enhanced products may not satisfy consumer preferences and potential product failures may
cause consumers to reject these products. As a result, these products may not achieve market acceptance and our brand image could
suffer. In addition, our competitors may introduce superior designs or business strategies, impairing our brand and the desirability
of our products, which may cause consumers to defer or forego purchases of our products or services. Also, the markets for our
products and services may not develop or grow as we anticipate. The failure of our products to gain market acceptance, the potential
for product defects or the obsolescence of our products could significantly reduce our revenue, increase our operating costs or
otherwise adversely affect our business, financial condition, results of operations or cash flows.



12







Our
business is dependent on laws pertaining to the cannabis industry:



The
federal government has issued guidance to federal prosecutors concerning marijuana enforcement under the Controlled Substances
Act (CSA). The Cole Memorandum updates that guidance in light of state ballot initiatives that legalize under state law the possession
of small amounts of marijuana and provide for the regulation of marijuana production, processing, and sale. The guidance set forth
herein applies to all federal enforcement activity, including civil enforcement and criminal investigations and prosecutions,
concerning marijuana in all states.



Congress
has determined that marijuana is a dangerous drug and that the illegal distribution and sale of marijuana is a serious crime that
provides a significant source of revenue to large-scale criminal enterprises, gangs, and cartels. The Department of Justice is
committed to enforcement of the Controlled Substance Act (CSA) consistent with those determinations. The Department is also committed
to using its limited investigative and prosecutorial resources to address the most significant threats in the most effective,
consistent, and rational way. In furtherance of those objectives, as several states enacted laws relating to the use of marijuana
for medical purposes, the Department in recent years has focused its efforts on certain enforcement priorities that are particularly
important to the federal government:



| | ● | Preventing
    the distribution of marijuana to minors;                                                                                                           
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                   
| | ● | Preventing
    revenue from the sale of marijuana from going to criminal enterprises, gangs, and cartels;                                                         
| |   |                                                                                                                                                                   
| | ● | Preventing
    the diversion of marijuana from states where it is legal under state law in some form to other states;                                             
| |   |                                                                                                                                                                   
| | ● | Preventing
    state-authorized marijuana activity from being used as a cover or pretext for the trafficking of other illegal drugs or other
    illegal activity;
| |   |                                                                                                                                                                   
| | ● | Providing
    the necessary resources and demonstrate the willingness to enforce their laws, and,                                                                 
| |   |                                                                                                                                                                   
| | ● | Enacting
    regulations in a manner that ensures they do not undermine federal enforcement priorities.                                                           



In
jurisdictions that have enacted laws legalizing marijuana in some form, and that have also implemented strong and effective regulatory
and enforcement systems to control the cultivation, distribution, sale, and possession of marijuana, conduct in compliance with
those laws and regulations is less likely to threaten the federal priorities set forth above. Indeed, a robust system may affirmatively
address those priorities by, for example, implementing effective measures to prevent diversion of marijuana outside of the regulated
system and to other states, prohibiting access to marijuana by minors, and replacing an illicit marijuana trade that funds criminal
enterprises with a tightly regulated market in which revenues are tracked and accounted for. In those circumstances, consistent
with the traditional allocation of federal-state efforts in this area, enforcement of state law by state and local law enforcement
and regulatory bodies should remain the primary means of addressing marijuana-related activity. If state enforcement efforts are
not sufficiently robust to protect against the harms set forth above, the federal government may seek to challenge the regulatory
structure itself in addition to continuing to bring individual enforcement actions, including criminal prosecutions, focused on
those harms.



13







As
with the Department’s previous statements on this subject, this memorandum is intended solely as a guide to the exercise
of investigative and prosecutorial discretion. This memorandum does not alter in any way the Department’s authority to enforce
federal law, including federal laws relating to marijuana, regardless of state law. Neither the guidance herein nor any state
or local law provides a legal defense to a violation of federal law, including any civil or criminal violation of the CSA. Even
in jurisdictions with strong and effective regulatory systems, evidence that particular conduct threatens federal priorities will
subject that person or entity to federal enforcement action, based on the circumstances. This memorandum is not intended to, does
not, and may not be relied upon to create any rights, substantive or procedural, enforceable at law by any party in any matter
civil or criminal. It applies prospectively to the exercise of prosecutorial discretion in future cases and does not provide defendants
or subjects of enforcement action with a basis for reconsideration of any pending civil action or criminal prosecution. Finally,
nothing herein precludes investigation or prosecution, even in the absence of any one of the factors listed above, in particular
circumstances where investigation and prosecution otherwise serves an important federal interest.



As
to the Company engaging in business outside of the jurisdiction of the U.S.A., the Company must first assume that the laws in
other country(s), territories or destinations are similar to that of the U.S. Federal Government, however, the Company must then
retain competent legal counsel in this outside jurisdiction and insisting that they understand and obtain a copy of these foreign
laws and rules and should gain the expertise and representation of a foreign specialist or attorney in the foreign destination
being considered prior to engaging in any cannabis, marijuana or hemp business.



Our
business is subject to risk of government action:



While
we will use our best efforts to comply with all laws, including federal, state and local laws and regulations, there is a possibility
that governmental action to enforce any alleged violations may result in legal fees and damage awards that would adversely affect
us.



Because
our business is dependent upon continued market acceptance by consumers, any negative trends will adversely affect our business
operations:



We
are substantially dependent on continued market acceptance and proliferation of consumers of cannabis, medical marijuana and recreational
marijuana as well as CBD and full spectrum cannabinoids. We believe that as marijuana becomes more accepted the stigma associated
with marijuana use will diminish and as a result consumer demand will continue to grow. While we believe that the market and opportunity
in the marijuana space continues to grow, we cannot predict the future growth rate and size of the market. Any negative outlook
on the marijuana industry will adversely affect our business operations.



In
addition, it is believed by many that large well-funded businesses may have a strong economic opposition to the cannabis industry.
We believe that the pharmaceutical industry clearly does not want to cede control of any product that could generate significant
revenue. For example, medical marijuana will likely adversely encroach, impact or displace the existing market for the current
marijuana pill Marinol, sold by the mainstream pharmaceutical industry. The pharmaceutical industry is well funded with a strong
and experienced lobby that eclipses the funding of the medical marijuana movement. Any inroads the pharmaceutical industry could
make in halting the impending cannabis industry could have a detrimental impact on our business.





14







The
possible FDA Regulation of cannabis marijuana and CBD, and the possible registration of facilities where cannabis is grown and
CBD products are produced, if implemented, could negatively affect the cannabis industry generally, which could directly affect
our financial condition:



The
FDA has not approved cannabis, marijuana, industrial hemp or CBD derived from cannabis or industrial hemp as a safe and effective
drug for any indication. The FDA considers these substances illegal Schedule 1 drugs. As of the date of this filing, we have not,
and do not intend to file an IND with the FDA, concerning any of our products that may contain cannabis, industrial hemp or CBD
derived from industrial hemp. Further, The FDA has concluded that products containing cannabis, marijuana industrial hemp or CBD
derived from industrial hemp are excluded from the dietary supplement definition under sections 201(ff)(3)(B)(i) and (ii) of the
U.S. Food, Drug & Cosmetic Act, respectively. Our products are not marketed or sold as dietary supplements. However, at some
indeterminate future time, the FDA may choose to change its position concerning products containing cannabis, marijuana, or CBD
derived from industrial hemp, and may choose to enact regulations that are applicable to such products, including, but not limited
to: the growth, cultivation, harvesting and processing of cannabis and marijuana; regulations covering the physical facilities
where cannabis and marijuana are grown; and possible testing to determine efficacy and safety of CBD. In this hypothetical event,
our industrial hemp-based products containing CBD may be subject to regulation. In the hypothetical event that some or
all of these regulations are imposed, we do not know what the impact would be on the cannabis industry in general, and what costs,
requirements and possible prohibitions may be enforced. If we are unable to comply with the conditions and possible costs of possible
regulations and/or registration as may be prescribed by the FDA, we may be unable to continue to operate our business.



We
may have difficulty accessing the service of banks:



On
February 14, 2014, the U.S. government issued rules allowing banks to legally provide financial services to state-licensed marijuana
businesses. A memorandum issued by the Justice Department to federal prosecutors re-iterated guidance previously given, this time
to the financial industry that banks can do business with legal marijuana businesses and “may not” be prosecuted.
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued guidelines to banks that it is possible to
provide financial services to state-licensed marijuana businesses and still be in compliance with federal anti-money laundering
laws. The guidance falls short of the explicit legal authorization that banking industry officials had pushed the government to
provide and to date, it is not clear if any banks have relied on the guidance and taken on legal marijuana companies as clients.
The aforementioned policy may be administration dependent and a change in presidential administrations may cause a policy reversal
and retraction of current policies, wherein legal marijuana businesses may not have access to the banking industry.



Banking
regulations in our business are costly and time consuming:



In
assessing the risk of providing services to a marijuana-related business, a financial institutions may conduct customer due diligence
that includes: (i) verifying with the appropriate state authorities whether the business is duly licensed and registered; (ii)
reviewing the license application (and related documentation) submitted by the business for obtaining a state license to operate
its marijuana-related business; (iii) requesting from state licensing and enforcement authorities available information about
the business and related parties; (iv) developing an understanding of the normal and expected activity for the business, including
the types of products to be sold and the type of customers to be served (e.g., medical versus recreational customers); (v) ongoing
monitoring of publicly available sources for adverse information about the business and related parties; (vi) ongoing monitoring
for suspicious activity, including for any of the red flags described in this guidance; and (vii) refreshing information obtained
as part of customer due diligence on a periodic basis and commensurate with the risk. With respect to information regarding state
licensure obtained in connection with such customer due diligence, a financial institution may reasonably rely on the accuracy
of information provided by state licensing authorities, where states make such information available. These regulatory reviews
may be time consuming and costly. Currently we are not licensed and have operated in a manner to avoid the necessity of licensure
by not using products containing THC, nevertheless CBD and cannibnoids are still part of the cannabis plant and as such are considered
schedule 1 drugs, as such many banks will not transact business with us. We have been successful to date in finding merchant credit
card processing and a bank that will do business with us. If either of them decided to cease doing business with us we would not
have a way to receive payment and our operations would be negatively affected unless we could find a new bank or processor that
would work with us, of which there can be no assurance.



Due
to our involvement in the cannabis industry, we may have a difficult time obtaining the various insurances that are desired to
operate our business, which may expose us to additional risk and financial liability:



Insurance
that is otherwise readily available, such as general liability, and directors and officer’s insurance, is more difficult
for us to find, and more expensive, because we are service providers to companies in the cannabis industry. There are no guarantees
that we will be able to find such insurances in the future, or that the cost will be affordable to us. If we are forced to go
without such insurances, it may prevent us from entering into certain business sectors, may inhibit our growth, and may expose
us to additional risk and financial liabilities.



15







The
Company’s industry is highly competitive and we have less capital and resources than many of our competitors which may give
them an advantage in developing and marketing products similar to ours or make our products obsolete:



We
are involved in a highly competitive industry where we may compete with numerous other companies who offer alternative methods
or approaches, who may have far greater resources, more experience, and personnel perhaps more qualified than we do. Such resources
may give our competitors an advantage in developing and marketing products similar to ours or products that make our products
obsolete. There can be no assurance that we will be able to successfully compete against these other entities.



Our
products and services are new and our industry is rapidly evolving:



Due
consideration must be given to our prospects in light of the risks, uncertainties and difficulties frequently encountered by companies
in their early stage of development, particularly companies in the rapidly evolving legal cannabis industry. To be successful
in this industry, we must, among other things:



| | ● | develop
    and introduce functional and attractive service offerings;                              
| | - | ----------------------------------------------------------------------------------------------------
| |   |                                                                                                     
| | ● | attract
    and maintain a large base of consumers;                                                 
| |   |                                                                                                     
| | ● | increase
    awareness of our brands and develop consumer loyalty;                                  
| |   |                                                                                                     
| | ● | establish
    and maintain strategic relationships with distribution partners and service providers;
| |   |                                                                                                     
| | ● | respond
    to competitive and technological developments;                                          
| |   |                                                                                                     
| | ● | attract,
    retain and motivate qualified personnel.                                               



We
cannot guarantee that we will succeed in achieving these goals, and our failure to do so would have a material adverse effect
on our business, prospects, financial condition and operating results.



Some
of our products and services are new and are only in early stages of commercialization. We are not certain that these products
and services will function as anticipated or be desirable to its intended market. Also, some of our products may have limited
functionalities, which may limit their appeal to consumers and put us at a competitive disadvantage. If our current or future
products and services fail to function properly or if we do not achieve or sustain market acceptance, we could lose customers
or could be subject to claims which could have a material adverse effect on our business, financial condition and operating results.



As
is typical in a new and rapidly evolving industry, demand and market acceptance for recently introduced products and services
are subject to a high level of uncertainty and risk. Because the market for the Company is new and evolving, it is difficult to
predict with any certainty the size of this market and its growth rate, if any. We cannot guarantee that a market for the Company
will develop or that demand for Company’s products and services will emerge or be sustainable. If the market fails to develop,
develops more slowly than expected or becomes saturated with competitors, our business, financial condition and operating results
would be materially adversely affected.





16







Adverse
publicity or consumer perception of our products and any similar products distributed by others could harm our reputation and
adversely affect our sales and revenues.



We
believe we are highly dependent upon positive consumer perceptions of the safety and quality of our products as well as similar
products distributed by other health and wellness companies. Consumer perception of health products, nutrition supplements and
our products in particular can be substantially influenced by scientific research or findings, national media attention and other
publicity about product use. Adverse publicity from these sources regarding the safety, quality or efficacy of nutritional supplements
and our products could harm our reputation and results of operations. The mere publication of news articles or reports asserting
that such products may be harmful or questioning their efficacy could have a material adverse effect on our business, financial
condition and results of operations, regardless of whether such news articles or reports are scientifically supported or whether
the claimed harmful effects would be present at the dosages recommended for such products.



Our
operating results may fluctuate, which makes our results difficult to predict and could cause our results to fall short of expectations.



Our
operating results may fluctuate as a result of a number of factors, many of which may be outside of our control. As a result,
comparing our operating results on a period-to-period basis may not be meaningful, and you should not rely on our past results
as an indication of our future performance. Our quarterly, year-to-date, and annual expenses as a percentage of our revenues may
differ significantly from our historical or projected rates. Our operating results in future quarters may fall below expectations.
Each of the following factors may affect our operating results:



| | ● | our
    ability to deliver products in a timely manner in sufficient volumes;   
| | - | --------------------------------------------------------------------------------
| |   |                                                                                 
| | ● | our
    ability to recognize product trends;                                    
| |   |                                                                                 
| | ● | our
    loss of one or more significant customers;                              
| |   |                                                                                 
| | ● | the
    introduction of successful new products by our competitors;             
| |   |                                                                                 
| | ● | adverse
    media reports on the use or efficacy of nutritional supplements; and
| |   |                                                                                 
| | ● | our
    inability to make our online division profitable.                       



Because
our business is changing and evolving, our historical operating results may not be useful to you in predicting our future operating
results.



The
loss of key management personnel could adversely affect our business.



We
depend on the continued services of our executive officers and senior management team as they work closely with independent representative
and are responsible for our day-to-day operations. Our success depends in part on our ability to retain our executive officers,
to compensate our executive officers at attractive levels, and to continue to attract additional qualified individuals to our
management team. Although we have entered into employment agreements with members of our senior management team, and do not believe
that any of them are planning to leave or retire in the near term, we cannot assure that our senior managers will remain with
us. The loss or limitation of the services of any of our executive officers or members of our senior management team, or the inability
to attract additional qualified management personnel, could have a material adverse effect on our business, financial condition,
results of operations, or independent associate relations.



Independent
Sales Representatives could fail to comply with our policies and procedures or make improper product, compensation, marketing
or advertising claims that violate laws or regulations, which could result in claims against us that could harm our financial
condition and operating results.



We
sell our products through a sales force of independent representatives. The independent representatives are independent contractors
and, accordingly, we are not in a position to provide the same direction, motivation, and oversight as we would if associates
were our own employees. As a result, there can be no assurance that our representatives will participate in our marketing strategies
or plans, accept our introduction of new products, or comply with our policies and procedures. All independent representatives
will be required to sign a written contract and agree to adhere to our policies and procedures, which prohibit associates from
making false, misleading or other improper claims regarding products or income potential from the distribution of the products.
However, independent representatives may from time to time, without our knowledge and in violation of our policies, create promotional
materials or otherwise provide information that does not accurately describe our marketing program. There is a possibility that
some jurisdictions could seek to hold us responsible for independent representatives’ activities that violate applicable
laws or regulations, which could result in government or third-party actions or fines against us, which could harm our financial
condition and operating results.



17







Uncertainty
of profitability:



Our
business strategy may result in increased volatility of revenues and earnings. As we only have a limited number of products developed
at this time, our overall success will depend on a limited number of products and our ability to develop or find new ones or new
applications as well as our research and development efforts, which may cause variability and unsteady profits and losses depending
on the products offered and their market acceptance.



Our
revenues and our profitability may be adversely affected by economic conditions and changes in the market for medical and recreational
marijuana. Our business is also subject to general economic risks that could adversely impact the results of operations and financial
condition.



Because
of the anticipated nature of the products that we offer and attempt to develop, it is difficult to accurately forecast revenues
and operating results and these items could fluctuate in the future due to a number of factors. These factors may include, among
other things, the following:



| | ● | Our
    ability to raise sufficient capital to take advantage of opportunities and generate sufficient revenues to cover expenses.                                                                             
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                                                                
| | ● | Our
    ability to source strong opportunities with sufficient risk adjusted returns.                                                                                                                          
| |   |                                                                                                                                                                                                                
| | ● | Our
    ability to manage our capital and liquidity requirements based on changing market conditions generally and changes in the
    developing legal medical marijuana and recreational marijuana industries.
| |   |                                                                                                                                                                                                                
| | ● | The
    acceptance of the terms and conditions of our service.                                                                                                                                                 
| |   |                                                                                                                                                                                                                
| | ● | The
    amount and timing of operating and other costs and expenses.                                                                                                                                           
| |   |                                                                                                                                                                                                                
| | ● | The
    nature and extent of competition from other companies that may reduce market share and create pressure on pricing and investment
    return expectations.                                              
| |   |                                                                                                                                                                                                                
| | ● | Adverse
    changes in the national and regional economies in which we will participate, including, but not limited to, changes in our
    performance, capital availability, and market demand.               
| |   |                                                                                                                                                                                                                
| | ● | Adverse
    changes in the projects in which we plan to invest which result from factors beyond our control, including, but not limited
    to, a change in circumstances, capacity and economic impacts.      
| |   |                                                                                                                                                                                                                
| | ● | Adverse
    developments in the efforts to legalize marijuana or increased federal enforcement.                                                                                                                
| |   |                                                                                                                                                                                                                
| | ● | Changes
    in laws, regulations, accounting, taxation, and other requirements affecting our operations and business.                                                                                          
| |   |                                                                                                                                                                                                                
| | ● | Our
    operating results may fluctuate from year to year due to the factors listed above and others not listed. At times, these fluctuations
    may be significant.                                          



Management
of growth will be necessary for us to be competitive:



Successful
expansion of our business will depend on our ability to effectively attract and manage staff, strategic business relationships,
and shareholders. Specifically, we will need to hire skilled management and technical personnel as well as manage partnerships
to navigate shifts in the general economic environment. Expansion has the potential to place significant strains on financial,
management, and operational resources, yet failure to expand will inhibit our profitability goals.



18







We
are entering a potentially highly competitive market:



The
markets for businesses in the medical marijuana and recreational marijuana industries as well as their related CBD and cannabinoid
industries are competitive and evolving. In particular, we face strong competition from larger companies that may be in the process
of offering similar products and services to ours. Many of our current and potential competitors have longer operating histories,
significantly greater financial, marketing and other resources and larger client bases than we have (or may be expected to have).



Given
the rapid changes affecting the global, national, and regional economies generally and the medical marijuana and recreational
marijuana industries, in particular, we may not be able to create and maintain a competitive advantage in the marketplace. Our
success will depend on our ability to keep pace with any changes in its markets, especially with legal and regulatory changes.
Our success will depend on our ability to respond to, among other things, changes in the economy, market conditions, and competitive
pressures. Any failure by us to anticipate or respond adequately to such changes could have a material adverse effect on our financial
condition, operating results, liquidity, cash flow and our operational performance.



If
we fail to protect our intellectual property, our business could be adversely affected:



Our
viability will depend, in part, on our ability to develop and maintain the proprietary aspects of our products and brands to distinguish
our products from our competitors’ products. We rely on trade secrets and confidentiality provisions to establish and protect
our intellectual property. Any infringement or misappropriation of our intellectual property could damage its value and limit
our ability to compete. We may have to engage in litigation to protect the rights to our intellectual property, which could result
in significant litigation costs and require a significant amount of our time. Competitors may also harm our sales by designing
products that mirror the capabilities of our products or technology without infringing on our intellectual property rights. If
we do not obtain sufficient protection for our intellectual property, or if we are unable to effectively enforce our intellectual
property rights, our competitiveness could be impaired, which would limit our growth and future revenue. We may also find it necessary
to bring infringement or other actions against third parties to seek to protect our intellectual property rights. Litigation of
this nature, even if successful, is often expensive and time-consuming to prosecute, and there can be no assurance that we will
have the financial or other resources to enforce our rights or be able to enforce our rights, or prevent other parties from developing
similar technology or designing around our intellectual property.



Our
lack of sufficient patent and/or trademark or copyright protection and any unauthorized use of our proprietary information and
technology may affect our business:



We
currently rely on a combination of protections by contracts, including confidentiality and nondisclosure agreements, and common
law rights, such as trade secrets, to protect our intellectual property. However, we cannot assure you that we will be able to
adequately protect our technology or other intellectual property from misappropriation in the U.S. and abroad. This risk may be
increased due to the lack of certain patent and/or copyright protection. Furthermore, patent applications that we file may not
result in issuance of a patent, or, if a patent is issued, the patent may not be issued in a form that is advantageous to us.
Despite our efforts to protect our intellectual property rights, others may independently develop similar products, duplicate
our products or design around our patents and other rights. In addition, it is difficult to monitor compliance with, and enforce,
our intellectual property rights on a worldwide basis in a cost-effective manner. In jurisdictions where foreign laws provide
less intellectual property protection than afforded in the U.S., our technology or other intellectual property may be compromised,
and our business could be materially adversely affected. If any of our proprietary rights are misappropriated or we are forced
to defend our intellectual property rights, we will have to incur substantial costs. Such litigation could result in substantial
costs and diversion of our resources, including diverting the time and effort of our senior management, and could disrupt our
business, as well as have a material adverse effect on our business, prospects, financial condition and results of operations.
We can provide no assurance that we will have the financial resources to oppose any actual or threatened infringement by any third
party. Furthermore, any patent or copyrights that we may be granted may be held by a court to infringe on the intellectual property
rights of others and subject us to the payment of damage awards.



19







Ordinary
and necessary business deduction other than the cost of goods sold are disallowed by the Internal Revenue Services for Cannabis
companies under IRC Section 280E:



At
this juncture, we do not believe that IRS 280E interferes with our businesses model from deducting ordinary and necessary business
expenses because we believe that we are in compliance with the 2014 Farm Bill and/or the products we sell are either from participants
that are compliant with the 2014 Farm Bill or are made from lawfully imported industrial hemp full spectrum cannabinoids or CBD.
Although we believe that the Farm Bill applies to commercial activity in that it references the “marketing,” “sale”
and “transportation,” of industrial hemp and hemp products that are derived from an authorized state program, it is
possible that our suppliers may not be in compliance with the Farm Bill or that a government agency or prosecutor could take a
narrower view of the activity allowed under the Farm Bill or import laws, if that were the case we could be seen as selling and
distributing a Schedule 1 substance under the CSA and we would therefore be subject to IRC Section 280E. IRC Section 280E only
allows the cost of goods sold to be deducted from revenues earned from the sale of cannabis and cannabis products that come under
the purview of the CSA. If that were the case we would not be able to deduct many of our overhead expenses. To the extent that
we have subsidiaries and other lines of trade or business, many of those overhead expenses could be allocated to those subsidiaries
that are note involved in products that come within the CSA so we would have an opportunity to deduct those disallowed expenses
elsewhere. Nevertheless, the revenue that is derived from those other trade or businesses may not be as large as the corresponding
deductions so be may still not be able to realize the full benefit of those expenses and instead have net operating losses in
the other trade or businesses that we would not be able to use or would have to carry-forward indefinitely. In addition, if the
Company enters the cannabis industry more directly, for example if the company were to purchase a marijuana dispensary that was
legal under state law and operated in compliance with state law, IRC Section 280E would unquestionably be applicable in which
case the onerous tax burden might significantly impact the profitability of the Company and may make the pricing of its products
less competitive, to the extent that competitors could manage to find a way to not have their operations subject to IRC Section
280E. Notwithstanding the forgoing, there can be no assurance that if we were to reallocate items of deduction form business segments
that were involved in the sales of products coming within the CSA that the Internal Revenue Service (“IRS”) would
not challenge those deductions or disallow them on some other basis. This could result in an onerous tax burden.



We
may be held responsible for certain taxes or assessments relating to the activities of our independent representatives, which
could harm our financial condition and operating results.



Our
independent representatives are subject to taxation and, in some instances, legislation or governmental agencies impose an obligation
on us to collect taxes, such as value added taxes, and to maintain appropriate tax records. In addition, we are subject to the
risk in some jurisdictions of being responsible for social security and similar taxes with respect to our distributors. In the
event that local laws and regulations require us to treat our independent contractors as employees, or if our reps are deemed
by local regulatory authorities to be our employees, rather than independent contractors, we may be held responsible for social
security and related taxes in those jurisdictions, plus any related assessments and penalties, which could harm our financial
condition and operating results.



A
pandemic, epidemic or outbreak of an infectious disease, such as COVID-19, may materially and adversely affect our business and
operations, and our ability to complete financial reports to enable us to comply with our reporting obligation under the Exchange
Act.



The
occurrence of a pandemic, epidemic, or outbreak of an infectious disease including the recent outbreak of respiratory illness
caused by a novel coronavirus (COVID-19), and efforts to contain the spread of the such a pandemic, epidemic, or outbreak, which
includes social distancing, travel bans and quarantine, could limited access to our facilities, management, support staff and
professional advisors. These, in turn, could impact our operations, financial condition, development work and demand for our products
and services, and our overall ability to react timely to mitigate the impact of such an event. These factors could substantially
hamper our efforts to provide our investors with timely information and comply with our filing obligations with the Securities
and Exchange Commission.



Risks
Related to Our Securities



Because
we may issue additional shares of our common stock, investment in our company could be subject to substantial dilution:



Investors’
interests in our Company will be diluted and investors may suffer dilution in their net book value per share when we issue additional
shares. We are authorized to issue 75,000,000 shares of common stock, $0.001 par value per share. As of March 31, 2020, there
were 38,144,182 shares issued and outstanding and as of August 3, 2020 there were 40,589,197 shares of our common stock issued
and outstanding. We anticipate that all or at least some of our future funding, if any, will be in the form of equity financing
from the sale of our common stock. If we do sell more common stock, investors’ investment in our company will likely be
diluted. Dilution is the difference between what investors pay for their stock and the net tangible book value per share immediately
after the additional shares are sold by us. If dilution occurs, any investment in our company’s common stock could seriously
decline in value.



20







Trading
in our common stock on the OTCQB Exchange has been subject to wide fluctuations:



Our
common stock is currently quoted for public trading on the OTCQB Exchange. The trading price of our common stock has been subject
to wide fluctuations. Trading prices of our common stock may fluctuate in response to a number of factors, many of which will
be beyond our control. The stock market has generally experienced extreme price and volume fluctuations that have often been unrelated
or disproportionate to the operating performance of companies with limited business operation. There can be no assurance that
trading prices and price earnings ratios previously experienced by our common stock will be matched or maintained. These broad
market and industry factors may adversely affect the market price of our common stock, regardless of our operating performance.
In the past, following periods of volatility in the market price of a company’s securities, securities class-action litigation
has often been instituted. Such litigation, if instituted, could result in substantial costs for us and a diversion of management’s
attention and resources.



Our
common stock is currently quoted only on the OTCQB marketplace, which may have an unfavorable impact on our stock price and liquidity:



Our
common stock is quoted on the OTCQB Marketplace. The OTCQB Marketplace is a significantly more limited market than the New York
Stock Exchange or the NASDAQ stock market. The quotation of our shares of common stock on the OTCQB Marketplace may result in
a less liquid market available for existing and potential stockholders to trade shares of our common stock, could depress the
trading price of our common stock and could have a long-term adverse impact on our ability to raise capital in the future.



There
can be no assurance that there will be an active market for our shares of common stock either now or in the future. Market liquidity
will depend on the perception of our operating business and any steps that our management might take to bring us to the awareness
of investors. There can be no assurance given that there will be any awareness generated. Consequently, investors may not be able
to liquidate their investment or liquidate at a price that reflects the value of the business. As a result, holders of our securities
may not find purchasers for our securities should they desire to sell them. Consequently, our securities should be purchased only
by investors having no need for liquidity in their investment and who can hold our securities for an indefinite period of time.



The
regulation of penny stocks by SEC and FINRA may discourage the tradability of our securities.



We
are a “penny stock” company. None of our securities currently trade in any market and, if ever available for trading,
will be subject to a Securities and Exchange Commission rule that imposes special sales practice requirements upon broker-dealers
who sell such securities to persons other than established customers or Accredited Investors. For purposes of the rule, the phrase
“Accredited Investors” means, in general terms, institutions with assets in excess of $5,000,000, or individuals having
a net worth in excess of $1,000,000 or having an annual income that exceeds $200,000 (or that, when combined with a spouse’s
income, exceeds $300,000). For transactions covered by the rule, the broker-dealer must make a special suitability determination
for the purchaser and receive the purchaser’s written agreement to the transaction prior to the sale. Effectively, this
discourages broker-dealers from executing trades in penny stocks. Consequently, the rule will affect the ability of purchasers
of our stock to sell their securities in any market that might develop therefore because it imposes additional regulatory burdens
on penny stock transactions.



In
addition, the Securities and Exchange Commission has adopted a number of rules to regulate “penny stocks”. Such rules
include Rules 3a51-1, 15g-1, 15g-2, 15g-3, 15g-4, 15g-5, 15g-6, 15g-7, and 15g-9 under the Securities and Exchange Act of 1934,
as amended. Because our securities constitute “penny stocks” within the meaning of the rules, the rules would apply
to us and to our securities. The rules will further affect the ability of owners of shares to sell our securities in any market
that might develop for them because it imposes additional regulatory burdens on penny stock transactions.





21







Shareholders
should be aware that, according to Securities and Exchange Commission, the market for penny stocks has suffered in recent years
from patterns of fraud and abuse. Such patterns include (i) control of the market for the security by one or a few broker-dealers
that are often related to the promoter or issuer; (ii) manipulation of prices through prearranged matching of purchases and sales
and false and misleading press releases; (iii) “boiler room” practices involving high-pressure sales tactics and unrealistic
price projections by inexperienced sales persons; (iv) excessive and undisclosed bid-ask differentials and markups by selling
broker-dealers; and (v) the wholesale dumping of the same securities by promoters and broker-dealers after prices have been manipulated
to a desired consequent investor losses. Our management is aware of the abuses that have occurred historically in the penny stock
market. Although we do not expect to be in a position to dictate the behavior of the market or of broker-dealers who participate
in the market, management will strive within the confines of practical limitations to prevent the described patterns from being
established with respect to our securities.



Nevada
law, our Articles of Incorporation and our by-laws provides for the indemnification of our officers and directors at our expense,
and correspondingly limits their liability, which may result in a major cost to us and hurt the interests of our shareholders
because corporate resources may be expended for the benefit of officers and/or directors:



Our
Articles of Incorporation and By-Laws include provisions that eliminate the personal liability of our directors for monetary damages
to the fullest extent possible under the laws of the State of Nevada or other applicable law. These provisions eliminate the liability
of our directors and our shareholders for monetary damages arising out of any violation of a director of his fiduciary duty of
due care. Under Nevada law, however, such provisions do not eliminate the personal liability of a director for (i) breach of the
director’s duty of loyalty, (ii) acts or omissions not in good faith or involving intentional misconduct or knowing violation
of law, (iii) payment of dividends or repurchases of stock other than from lawfully available funds, or (iv) any transaction from
which the director derived an improper benefit. These provisions do not affect a director’s liabilities under the federal
securities laws or the recovery of damages by third parties.



We
do not intend to pay cash dividends on any investment in the shares of stock of our Company and any gain on an investment in our
Company will need to come through an increase in our stock’s price, which may never happen:



We
have never paid any cash dividends and currently do not intend to pay any cash dividends for the foreseeable future. To the extent
that we require additional funding currently not provided for, our funding sources may prohibit the payment of a dividend. Because
we do not currently intend to declare dividends, any gain on an investment in our company will need to come through an increase
in the stock’s price. This may never happen and investors may lose all of their investment in our company.



Because
our securities are subject to penny stock rules, you may have difficulty reselling your shares:



Our
shares as penny stocks, are covered by Section 15(g) of the Securities Exchange Act of 1934 which imposes additional sales practice
requirements on broker/dealers who sell our company’s securities including the delivery of a standardized disclosure document;
disclosure and confirmation of quotation prices; disclosure of compensation the broker/dealer receives; and, furnishing monthly
account statements. These rules apply to companies whose shares are not traded on a national stock exchange, trade at less than
$5.00 per share, or who do not meet certain other financial requirements specified by the Securities and Exchange Commission.
These rules require brokers who sell “penny stocks” to persons other than established customers and “accredited
investors” to complete certain documentation, make suitability inquiries of investors, and provide investors with certain
information concerning the risks of trading in such penny stocks. These rules may discourage or restrict the ability of brokers
to sell our shares of common stock and may affect the secondary market for our shares of common stock. These rules could also
hamper our ability to raise funds in the primary market for our shares of common stock.



Our
common stock market prices may be volatile, which substantially increases the risk that investors may not be able to sell their
Securities at or above the price that was paid for the security.



Because
of the limited trading market for our common stock and because of the possible price volatility, shareholders may not be able
to sell their shares of common stock when desired. The inability to sell Securities in a rapidly declining market may substantially
increase the risk of loss because of such illiquidity and because the price for our Securities may suffer greater declines because
of our price volatility.



22







Certain
factors, some of which are beyond our control, that may cause our share price to fluctuate significantly include, but are not
limited to the following:



●
variations in our quarterly operating results;



●
loss of a key relationship or failure to complete significant transactions;



●
additions or departures of key personnel; and



●
fluctuations in stock market price and volume.



Additionally,
in recent years the stock market in general, and the personal care markets in particular, have experienced extreme price and volume
fluctuations. In some cases, these fluctuations are unrelated or disproportionate to the operating performance of the underlying
company. These market and industry factors may materially and adversely affect our stock price, regardless of our operating performance.
In the past, class action litigation often has been brought against companies following periods of volatility in the market price
of those companies common stock. If we become involved in this type of litigation in the future, it could result in substantial
costs and diversion of management attention and resources, which could have a further negative effect on shareholders’ investments
in our stock.



Because
we may issue additional shares of our common stock, investment in our company could be subject to substantial dilution:



Investors’
interests in our Company will be diluted and investors may suffer dilution in their net book value per share when we issue additional
shares. We are authorized to issue 75,000,000 shares of common stock, $0.001 par value per share. As of the date hereof there
are 40,589,197 shares of our common stock issued and outstanding. We anticipate that all or at least some of our future funding,
if any, will be in the form of equity financing from the sale of our common stock. If we do sell more common stock, investors’
investment in our company will likely be diluted. Dilution is the difference between what investors pay for their stock and the
net tangible book value per share immediately after the additional shares are sold by us. If dilution occurs, any investment in
our company’s common stock could seriously decline in value.



FINRA
sales practice requirements may also limit a stockholder’s ability to buy and sell our stock:



In
addition to the “penny stock” rules described above, the Financial Industry Regulatory Authority (known as “FINRA”)
has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds
for believing that the investment is suitable for that customer. Prior to recommending speculative low-priced securities to their
non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial
status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there
is a high probability that speculative low-priced securities will not be suitable for at least some customers. FINRA requirements
make it more difficult for broker-dealers to recommend that their customers buy our common shares, which may limit your ability
to buy and sell our stock and have an adverse effect on the market for our shares.



Our
existing stockholders may experience significant dilution from the sale of our common stock pursuant to the GHS financing agreement.



The
sale of our common stock to GHS Investments LLC in accordance with the Financing Agreement may have a dilutive impact on our shareholders.
As a result, the market price of our common stock could decline. In addition, the lower our stock price is at the time we exercise
our put options, the more shares of our common stock we will have to issue to GHS in order to exercise a put under the Financing
Agreement.



The
perceived risk of dilution may cause our stockholders to sell their shares, which may cause a decline in the price of our common
stock. Moreover, the perceived risk of dilution and the resulting downward pressure on our stock price could encourage investors
to engage in short sales of our common stock. By increasing the number of shares offered for sale, material amounts of short selling
could further contribute to progressive price declines in our common stock.



23







The
issuance of shares pursuant to the GHS financing agreement may have a significant dilutive effect.



Depending
on the number of shares we issue pursuant to the GHS Financing Agreement, it could have a significant dilutive effect upon our
existing shareholders. Although the number of shares that we may issue pursuant to the Financing Agreement will vary based on
our stock price (the higher our stock price, the less shares we have to issue), there may be a potential dilutive effect to our
shareholders, based on different potential future stock prices, if the full amount of the Financing Agreement is realized. Dilution
is based upon common stock put to GHS and the stock price discounted to GHS’s purchase price of 80% of the lowest trading
price during the pricing period.



A
pandemic, epidemic or outbreak of an infectious disease, such as COVID-19, may materially and adversely affect our business and
operations, and our ability to complete financial reports to enable us to comply with our reporting obligation under the Exchange
Act.



The
occurrence of a pandemic, epidemic, or outbreak of an infectious disease including the recent outbreak of respiratory illness
caused by a novel coronavirus (COVID-19), and efforts to contain the spread of the such a pandemic, epidemic, or outbreak, which
includes social distancing, travel bans and quarantine, could limited access to our facilities, management, support staff and
professional advisors. These, in turn, could impact our operations, financial condition, development work and demand for our products
and services, and our overall ability to react timely to mitigate the impact of such an event. These factors could substantially
hamper our efforts to provide our investors with timely information and comply with our filing obligations with the Securities
and Exchange Commission.



ITEM
1B. UNRESOLVED STAFF COMMENTS



None.



ITEM
2. PROPERTY AND EQUIPMENT



On
August 14, 2017, the Company executed a lease for a 1,981 square foot office/warehouse space in Miami, FL to be used for corporate
offices and storage of inventory. The term of the lease began September 1, 2017 and continues for 37 months ending September 30,
2020. The monthly rent will be $1,863.50 until September 30, 2018 with escalations to $1,925.44 and $1,989.21 per month on September
30, 2019 and 2020 respectively. We believe that our existing facilities are suitable but we may require additional space to accommodate
our growing organization. We believe such space will be available on commercially reasonable terms.



ITEM
3. LEGAL PROCEEDINGS



On
January 11, 2019, the Company received notice that Strongbow Advisors, Inc. and Robert Stevens (“Stevens”, and together
with Strongbow, the “Receiver”) had been appointed by the Nevada District Court, as Receiver for the Registrant in
Case No. A-18-784952-C (the “Order).



The
Company sought the appointment of the Receiver after it found itself in an imminent danger of insolvency following the issuance
by an arbitration panel of an award (the “Award”) in the sum of $3,994,522.5 million in favor of Cromogen Biotechnology
Corporation (“Cromogen”) in the matter entitled Cromogen Biotechnology Corporation vs. Earth Science Tech, Inc. (the
“Cromogen Litigation”). The Nevada District Court found that the Company was in fact insolvent and ordered the appointment
of the Receiver.



The
Award consisted of a sum for breach of contract against the Company in the amount of $120,265.00, a sum for costs and fees against
the Company in the amount of $111,057.00 and a sum for the claim of tortuous interference and conversion against the Company in
the amount of $3,763,200.00. The District Court in Florida had confirmed the Award granted by the arbitration panel, denying however,
the award of fees that the arbitration panel had granted Cromogen.



Cromogen
prevailed in our appeal in the appeals process in No. 19-10118, United States Court of Appeals for the Eleventh Circuit on April
14, 2020. The Receiver subsequently allowed Cromogen status as an unsecured creditor in the estate. As of the date of this filing
the Company remains in danger of insolvency if a plan of reorganization is not subsequently approved by the court that adequately
resolves the Cromogen unsecured debt or Cromogen agrees to a settlement. Previous attempts to settle the amounts with Cromogen
have been fruitless.



24







As
part of the impact of the receivership, the Court issued a Writ of Injunction and “Blanket Stay” covering the Company
and its assets during the time that the Company is in receivership. As a result of the “Blanket Stay” the Company’s
estate is protected from creditors and interference with its administration is prevented while the Company’s financial issues
are being fully analyzed and resolved. As part of this process, creditors will be notified and required to provide claims in writing
under oath on or before the deadline stated in the notice provided by the Receiver or those claims will be barred under NRS §78.675.
The Blanket Stay will remain in place unless otherwise waived by the Receiver, or it is vacated by the Court or alternatively,
lifted by the Court, upon a “motion to lift stay” duly made and approved by the Nevada District Court.



The
appointment of the Receiver was approved unanimously by the Board and by a majority of the Company’s shareholders. Strongbow
and Stevens were selected because of their reputation in helping (i) companies restructure and (ii) to execute on their business
plans, albeit under a debt and capital structure that allows them to succeed. Stevens and Strongbow assist companies by helping
them raise the capital needed not only to pay debts, but build and grow their businesses. The Receiver, however, is an agent of
the court, and will be independent and neutral in managing the Company’s operations and trying to preserve the Company’s
value for the creditors and shareholders.



There
are a number of possible outcomes to the receivership, including settlement and payment to creditors, reorganization, or liquidation.
The Receiver was tasked by the Court with bringing to a final settlement all of the unfinished business of the Company. Towards
that end, the Receiver is allowed, under Section 3(p) of the Order, to borrow money, incur debt, and issue stock, debentures and
other financial instruments. The Receiver intends to use the proceeds from our initial sale of shares to GHS to pay and settle
the Company’s debts, while preserving the value of its assets for the benefit of its shareholders. If the Receiver is not
successful in mitigating the Company’s liabilities, or otherwise, the Company’s results could be materially adversely
impacted and the Company may be forced to liquidate its business.



On
November 7, 2019 the Receiver for Earth Science Tech, Inc., a Nevada corporation (the “Company”) filed a motion for
preliminary injunction against Majorca Group Ltd. in the 8th Judicial District in Clark County, Nevada. The filing requested a
show cause hearing whereby the Company will request the Court grants it motion to cancel certain shares and class of stock and
to nullify certain amendments of the Articles of Incorporation. Specifically, the Company asked that Majorca Group Ltd. be restricted
from selling, transferring, converting, encumbering, hypothecating, obtaining loans against or in any fashion or in any way transferring
their shares of common and preferred stock in the Company. Additionally, the motion sought a Freezing Injunction over any broker,
bank, any financial institution, attorney, or agent holding shares of the Company as well as any proceeds from shares of the Company.



On
January 27, 2020 Earth Science Tech, Inc., a Nevada corporation (the “Company”) reached a confidential settlement
with Majorca Group, Ltd (“Majorca”). The Receiver withdrew its motion for injunction over the Majorca common and preferred
shares. The Settlement Agreement provided that Majorca Group, Ltd. and all relevant parties will, within 10 days of execution
of the settlement agreement, return 18,000,000 common shares and 5,200,000 Series A Preferred Stock held by Majorca for cancellation.
The Series A Preferred Stock class will be cancelled completely. The remaining 6,520,000 common shares held by Majorca is subject
to lockup agreement and thereafter, sales will be made only pursuant to a limited strict bleed-out agreement administered by a
third party.



On
May 19, 2020, the Company filed documents with the Delaware Secretary of State on May 19, 2020 to effect a holding company reorganization
(the “Delaware Reorg”), which will result in a newly formed Delaware corporation, ETST Holdings, Inc., (“ETST
Delaware”), owning all the capital stock of Earth Science Tech, Inc. ETST Delaware will initially be a direct, wholly owned
subsidiary of Earth Science Tech, Inc. Pursuant to the Delaware Reorg, a newly formed entity (“Merger Sub”), a direct,
wholly owned subsidiary of ETST Delaware and an indirect, wholly owned subsidiary of Earth Science Tech, Inc., will merge with
and into Earth Science Tech, Inc., with Earth Science Tech, Inc. surviving as a direct, wholly owned subsidiary of ETST Delaware.
Each share of each class of Earth Science Tech, Inc. stock issued and outstanding immediately prior to the ETST Delaware Merger
will automatically convert into an equivalent corresponding share of ETST Delaware stock, having the same designations, rights,
powers and preferences and the qualifications, limitations and restrictions as the corresponding share of Earth Science Tech,
Inc. stock being converted. Accordingly, upon consummation of the ETST Delaware Merger, Earth Science Tech, Inc.’s current
stockholders will become stockholders of ETST Delaware. The stockholders of Earth Science Tech, Inc. will not recognize gain or
loss for U.S. federal income tax purposes upon the conversion of their shares in the ETST Delaware Merger.



25







The
ETST Delaware Merger was conducted pursuant to Section 251(g) of the General Corporation Law of the State of Delaware, which provides
for the formation of a holding company without a vote of the stockholders of the constituent corporations. Effective upon the
consummation of the ETST Delaware Merger, ETST Delaware will adopt an amended and restated certificate of incorporation and amended
and restated bylaws that are identical to those of Earth Science Tech, Inc. immediately prior to the consummation of the ETST
Delaware Merger, except for the change of the name of the corporation as permitted by Section 251(g). Furthermore, the conversion
will occur automatically without an exchange of stock certificates. Stock certificates previously representing shares of a class
of Earth Science Tech, Inc. stock will represent the same number of shares of the corresponding class of ETST Delaware stock after
the ETST Delaware Merger. Following the consummation of the ETST Delaware Merger shares of our Common Stock will continue to trade
on the under the symbol ETST on the OTC Markets .



ITEM
4. MINE SAFTEY DISCLOSURE



Not
applicable.



PART
II



ITEM
5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.



Our
common stock is currently quoted on the OTCQB under the symbol “ETST”. Our common stock has been quoted on the OTCQB
since August 27, 2017, under the symbol “ETST”. Because we are quoted on the OTCQB, our securities may be less liquid,
receive less coverage by security analysts and news media, and generate lower prices than might otherwise be obtained if they
were listed on a national securities exchange.



The
following table sets forth the high and low bid quotations for our common stock as reported on the OTCQB for the periods indicated.



|Fiscal 2019                                  |  | Low |       |  | High |  
|-------------------------------------------- |  | --- | ----- |  | ---- | -
|First Quarter – reported June 30, 2018       |  | $   | 0.421 |  |      | $
|Second Quarter – reported September 30, 2018 |  | $   | 0.45  |  |      | $
|Third Quarter – reported December 31, 2018   |  | $   | 0.525 |  |      | $
|Fourth Quarter – reported March 31, 2019     |  | $   | 0.55  |  |      | $



|Fiscal 2020                                  |  | Low |       |  | High |  
|-------------------------------------------- |  | --- | ----- |  | ---- | -
|First Quarter – reported June 30, 2019       |  | $   | 0.301 |  |      | $
|Second Quarter – reported September 30, 2019 |  | $   | 0.36  |  |      | $
|Third Quarter – reported December 31, 2019   |  | $   | 0.065 |  |      | $
|Fourth Quarter – reported March 31, 2020     |  | $   | 0.028 |  |      | $



26







HOLDERS



As
of August 3, 20120, there are 146 record holders of 40,589,197 shares of the Company’s common stock.



DIVIDENDS



We
have not paid any dividends on our common stock since our inception and do not intend to pay any dividends in the foreseeable
future.



The
declaration of any future cash dividends is at the discretion of our board of directors and depends upon our earnings, if any,
our capital requirements and financial position, our general economic conditions, and other pertinent conditions. It is our present
intention not to pay any cash dividends in the foreseeable future, but rather to reinvest earnings, if any, in our business operations.



UNREGISTERED
SALES OF SECURITIES



The
following shares sold and issued were shares of restricted Common Stock made in reliance upon the exemptions from registration
provided by Section 4(2) of the Securities Act of 1933, and/or Rule 506 of Regulation D promulgated thereunder. The investors
were “accredited investors” and/or “sophisticated investors” pursuant to Section 501(a) of the Securities
Act, who provided the Company with representations, warranties and information concerning their qualifications as a “sophisticated
investors” and/or “accredited investors.” The Company provided and made available, to the investors, full information
regarding its business and operations. There was no general solicitation in connection with the offers or sales of the restricted
securities. The investors acquired the restricted common stock for their own accounts, for investment purposes and not with a
view to public resale or distribution thereof within the meaning of the Securities Act. The restricted shares so purchased cannot
be sold unless pursuant to an effective registration statement by the Company, or by exemptions from registration requirements
of Section 5 of the Securities Act—the existence of any such exemptions are subject to legal review and approval by the
Company.



During
the twelve months ended March 31, 2020, the Company issued 480,500 shares of its common stock for $237,590.00, in transactions
that were exempt from registration under the Securities Act of 1933, as amended pursuant to Section 4(2) and/or Rule 506 promulgate
under Regulation D. No gain or loss was recognized on the issuances. On June 30, 2019 the Company issued 10,000 shares, 50,000
shares, 10,000 shares, 50,000 shares, and 3,000 shares to each of its 5 individual officers at $0.73 per share. On August 23,
2019 the Company 87,500 shares, and 250,000 shares to 2 separate investors at a price of $0.40 per share. On September 30, 2019
the Company issued 10,000 shares, 50,000 shares, 10,000 shares, and 50,000 shares for each of its 4 individual officers at $0.44
per share.



EQUITY
COMPENSATION PLAN INFORMATION



The
Company currently does not have an equity compensation plan in place.



COMMON
STOCK



The
holders of our common stock are entitled to one vote per share on all matters submitted to a vote of our stockholders. The holders
of the common stock have the sole right to vote, except as otherwise provided by law, by our articles of incorporation, or in
a statement by our board of directors in a Preferred Stock Designation.



In
addition, such holders are entitled to receive ratably such dividends, if any, as may be declared from time to time by our board
of directors out of legally available funds, subject to the payment of preferential dividends or other restrictions on dividends
contained in any Preferred Stock Designation, including, without limitation, the Preferred Stock Designation establishing a series
of preferred stock described above. In the event of the dissolution, liquidation or winding up of Earth Science Tech, Inc., the
holders of our common stock are entitled to share ratably in all assets remaining after payment of all our liabilities, subject
to the preferential distribution rights granted to the holders of any series of our preferred stock in any Preferred Stock Designation,
including, without limitation, the Preferred Stock Designation establishing a series of our preferred stock described above.



The
holders of the common stock do not have cumulative voting rights or preemptive rights to acquire or subscribe for additional,
unissued or treasury shares in accordance with the laws of the State of Nevada. Accordingly, excluding any voting rights granted
to any series of our preferred stock, the holders of more than 50 percent of the issued and outstanding shares of the common stock
voting for the election of directors can elect all of the directors if they choose to do so, and in such event, the holders of
the remaining shares of the common stock voting for the election of the directors will be unable to elect any person or persons
to the board of directors. All outstanding shares of the common stock are fully paid and nonassessable.



27







The
laws of the State of Nevada provide that the affirmative vote of a majority of the holders of the outstanding shares of our common
stock and any series of our preferred stock entitled to vote thereon is required to authorize any amendment to our articles of
incorporation, any merger or consolidation of Earth Science Tech, Inc. with any corporation, or any liquidation or disposition
of any substantial assets of Earth Science Tech, Inc.



PREFERRED
STOCK



The
Company initially Designated Ten Million (10,000,000) shares of Class A Preferred Stock, $0.001 par value, on June 6, 2014 by
filing said designation with the Nevada Secretary of State (the “Preferred Stock”). The holders of shares of Preferred
Stock are entitled to vote on all matters coming to a vote of the shareholders of the Company as a class. The Preferred Stock
has the following rights and preferences (1) it ranks senior to all other classes of stock that may be designated after it; (2)
a vote of the preferred shareholders is required prior to the increase of authorized stock or the designation of a class or series
of preferred stock that would be senior to the Preferred Stock; (3) holders are not entitled to dividends; (4) the holders are
entitled to anti-dilution rights such that additional shares shall be granted to the extent necessary to allow the holders of
the Preferred stock to maintain their voting control; (5) the shares of Preferred Stock are convertible into shares of the Company’s
Common Stock on a one for one basis; (6) the holders of the Preferred Stock were entitled to ten (10) votes of common stock for
each share held. On July 3, 2017 the voting preferences were changed by filing of an amendment to the Certificate of Designation
with the Nevada Secretary of State such that as a class, the holders of the issued and outstanding shares of Preferred Stock are
entitled to vote have the number of votes equal to 52% of the total number of common stock votes (including the common votes of
the Class A Preferred stock. In addition, the authorized Class A Preferred Shares were decreased to Five Million Two Hundred Thousand
(5,200,000) (the number issued and outstanding.) On January 27, 2020 the Five Million Two Hundred Thousand (5,200,000) Class A
Preferred Shares were cancelled completely, the Company now has zero (0) Class A Preferred Shares issued and outstanding.



WARRANTS



The
Company does not currently have any warrants issued or outstanding.



ISSUER
REPURCHASES OF EQUITY SECURITIES



We
did not repurchase any shares of our common stock during the fourth quarter of the fiscal year covered by this Annual Report on
Form 10-K.



OPTIONS



The
Company has not granted any options since inception.



TRANSFER
AGENT



The
Company’s transfer agent is Action Stock Transfer, Inc., 2469 E Fort Union Blvd., Suite 214, Salt Lake City, UT 84121.



ITEM
6. SELECTED FINANCIAL DATA



Not
applicable to a “smaller reporting company” as defined in Item 10(f)(1) of SEC Regulation S-K.



28







ITEM
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS



The
following discussion of our financial condition and results of operations for the years ended March 31, 2020 and March 31, 2019
should be read in conjunction with our consolidated financial statements and the notes to those statements that are included elsewhere
in this Annual Report on Form 10-K. Our discussion includes forward-looking statements based upon current expectations that involve
risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could
differ materially from those anticipated in these forward-looking statements as a result of a number of factors. We use words
such as “anticipate”, “estimate”, “plan”, “project”, “continuing”,
“ongoing”, “expect”, “believe”, “intend”, “may”, “will”,
“should”, “could”, and similar expressions to identify forward-looking statements.



OVERVIEW



We
offer high-grade full spectrum cannabinoid oil to the market through our website and store front/clinic accounts. Through our
positive results in studies on breast cancer and immune cells through the University of Central Oklahoma, in addition to studies
through DV Biologics that prove the Company’s CBD oil formulation lowers cortisol and functions as a neuro-protectant, with
positive result case studies through key health organizations. We formulate, market and distribute the CBD oil used through our
studies to the public, offering the most effective quality of CBD on the market.



Our
favored division effectively became a non-profit organization on February 11, 2019 and is structured to accept grants and donations
to conduct further studies and help donate EST’s effective CBD products to those in need.



We
expect to realize revenue from our consumer products business segment to fund our working capital needs. However, in order to
fund our pharmaceutical product development efforts, we will need to raise additional capital either through the issuance of equity
and/or the issuance of debt. In the event we are unable to fund our drug development efforts, we may need to curtail or delay
such activity.



RESULTS
OF OPERATIONS



The
following tables set forth summarized cost of revenue information for the year ended March 31, 2020 and for the year ended March
31, 2019:



|                 |  | For the Years Ended |        
|---------------- |  | ------------------- | -------
|                 |  | March 31,           |        
|                 |  | 2020                |        
|                 |  |                     |        
|Revenue          |  | $                   | 526,139
|Cost of revenues |  |                     | 307,665
|Gross Profit     |  |                     | 218,474



We
had product sales of $526,139 and gross profit of $218,474, representing a gross margin of 42% in 2020 compared with product sales
of $770,635 and gross profit of $295,013, representing a gross margin of 38% in 2019. The sales increase in 2020 compared with
2019 is primarily due to an increase in distribution, customer awareness and demand for our branded High Grade Full Spectrum
Cannabinoidsproducts, as we continued to expand and maintain our core customer base.



29







OPERATING
EXPENSE



A
reconciliation from our net income (loss) to Adjusted EBITDA, a non-GAAP measure, for the years ended March 31, 2020 and 2019
are outlined in the table below:



|                                        |  | Fiscal Year Ended March 31, 2020 and March 31, 2019 |           
|--------------------------------------- |  | --------------------------------------------------- | ----------
|                                        |  | 2020                                                |           
|Compensation - officers                 |  | $                                                   | 194,019   
|Officer Compensation Stock              |  | $                                                   | 142,590   
|Marketing                               |  | $                                                   | 47,071    
|General and administrative              |  | $                                                   | 551,480   
|Donations                               |  | $                                                   | —         
|Loss on disposal of assets              |  | $                                                   | —         
|Patent Impairment Expense               |  | $                                                   | —         
|Professional fees                       |  | $                                                   | 30,991    
|Bad Debt Expense                        |  | $                                                   | —         
|Cost of legal proceedings               |  | $                                                   | 84,777    
|Research and development                |  | $                                                   | 76,113    
|Total operating expenses                |  | $                                                   | 1,127,041 
|                                        |  |                                                     |           
|Loss from operations                    |  |                                                     | (908,567  
|                                        |  |                                                     |           
|Other Income (Expenses)                 |  |                                                     |           
|Other Income                            |  | $                                                   | 26,351    
|Interest expense                        |  | $                                                   | (4,765    
|Interest Expense-Convertible Note 1-GHS |  | $                                                   | (39,117   
|Interest Expense-Convertible Note 2-GHS |  | $                                                   | (79,330   
|Interest Expense-Convertible Note 3-GHS |  | $                                                   | (91,702   
|Interest Expense-Convertible Note 4-GHS |  | $                                                   | (91,326   
|Interest Expense-Convertible Note 5-GHS |  | $                                                   | (8,132    
|Interest Expense-Promissory Note-GHS    |  | $                                                   | (3,426    
|Interest income                         |  |                                                     | —         
|Total other income (expenses)           |  |                                                     | (291,386  
|                                        |  |                                                     |           
|Net loss before income taxes            |  |                                                     | (1,199,953
|                                        |  |                                                     |           
|Income taxes                            |  |                                                     | —         
|                                        |  |                                                     |           
|Net loss                                |  | $                                                   | (1,199,953
|                                        |  |                                                     |           
|Net loss per common share:              |  |                                                     |           
|Loss per common share-Basic and Diluted |  | $                                                   | (0.03     



30







For
the year ended March 31, 2020, the Company had a net loss from continuing operations of approximately $1,199,953 compared to a
loss from continuing operations of approximately $2,215,345 for the year ended March 31, 2019. This decrease in net loss is due
largely to the Company being in receivership alleviating legal fees related to the Cromogen litigation, and the restructuring
the Company significantly reducing both R&D and marketing expenses.



General
and administrative expenses represent bank charges, office expenses, rent and filing fees.



INTEREST
EXPENSE



Interest
expense decreased to $4,765 in 2020 compared with $75,632 in 2019.



NON-GAAP
FINANCIAL MEASURES



We
use Adjusted EBITDA internally to evaluate our performance and make financial and operational decisions that are presented in
a manner that adjusts from their equivalent GAAP measures or that supplement the information provided by our GAAP measures. Adjusted
EBITDA is defined by us as EBITDA (net income (loss) plus depreciation expense, amortization expense, interest and income tax
expense, minus income tax benefit), further adjusted to exclude certain non-cash expenses and other adjustments as set forth below.
We use Adjusted EBITDA because we believe it more clearly highlight trends in our business that may not otherwise be apparent
when relying solely on GAAP financial measures, since Adjusted EBITDA eliminates from our results specific financial items that
have less bearing on our core operating performance.



We
use Adjusted EBITDA in communicating certain aspects of our results and performance, including in this Annual Report, and believe
that Adjusted EBITDA, when viewed in conjunction with our GAAP results and the accompanying reconciliation, can provide investors
with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than
GAAP measures alone. In addition, we believe the presentation of Adjusted EBITDA is useful to investors in making period-to-period
comparison of results because the adjustments to GAAP are not reflective of our core business performance.





31







Adjusted
EBITDA is not presented in accordance with, or as an alternative to, GAAP financial measures and may be different from non-GAAP
measures used by other companies. We encourage investors to review the GAAP financial measures included in this Annual Report,
including our consolidated financial statements, to aid in their analysis and understanding of our performance and in making comparisons.



CASH
FLOW & ASSETS



A
summary of our changes in cash flows & assets for the years ended March 31, 2020 and 2019 is provided below:



|                                                                                                                                                                                     |  | March 31, 2020 |             |   | March 31, 2019 |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | -------------- | ----------- | - | -------------- | -
|ASSETS                                                                                                                                                                               |  |                |             |   |                |  
|Current Assets:                                                                                                                                                                      |  |                |             |   |                |  
|Cash                                                                                                                                                                                 |  | $              | 30,723      |   |                | $
|Accounts Receivable (net allowance of $101,404 and $128,420 respectively)                                                                                                            |  | $              | 38,933      |   |                | $
|Prepaid expenses and other current assets                                                                                                                                            |  |                | 54          |   |                |  
|Inventory                                                                                                                                                                            |  |                | 63,348      |   |                |  
|Total current assets                                                                                                                                                                 |  |                | 133,058     |   |                |  
|                                                                                                                                                                                     |  |                |             |   |                |  
|Property and equipment, net                                                                                                                                                          |  |                | 4,133       |   |                |  
|                                                                                                                                                                                     |  |                |             |   |                |  
|Other Assets:                                                                                                                                                                        |  |                |             |   |                |  
|Patent, net                                                                                                                                                                          |  |                | —           |   |                |  
|Rou Asset                                                                                                                                                                            |  |                | 11,170      |   |                |  
|Deposits                                                                                                                                                                             |  |                | 6,191       |   |                |  
|Total other assets                                                                                                                                                                   |  |                | 17,361      |   |                |  
|Total Assets                                                                                                                                                                         |  | $              | 154,552     |   |                | $
|                                                                                                                                                                                     |  |                |             |   |                |  
|LIABILITIES AND STOCKHOLDERS’S EQUITY                                                                                                                                                |  |                |             |   |                |  
|                                                                                                                                                                                     |  |                |             |   |                |  
|Current Liabilities:                                                                                                                                                                 |  |                |             |   |                |  
|Accounts payable                                                                                                                                                                     |  | $              | 82,228      |   |                | $
|Accrued expenses                                                                                                                                                                     |  | $              | 154,552     |   |                | $
|Accrued settlement                                                                                                                                                                   |  | $              | 231,323     |   |                | $
|Interest Payable-Conv Notes-GHS                                                                                                                                                      |  |                | 9,648       |   |                |  
|Interest Payable-Promissory Note-GHS                                                                                                                                                 |  |                | 3,630       |   |                |  
|Convertible Note 1-GHS                                                                                                                                                               |  |                | 76,927      |   |                |  
|Convertible Note 2-GHS                                                                                                                                                               |  |                | 88,596      |   |                |  
|Convertible Note 3-GHS                                                                                                                                                               |  |                | 88,525      |   |                |  
|Convertible Note 4-GHS                                                                                                                                                               |  |                | 88,894      |   |                |  
|Convertible Note 5-GHS                                                                                                                                                               |  |                | 55,000      |   |                |  
|Promissory Note-GHS                                                                                                                                                                  |  |                | 30,000      |   |                |  
|Lease Liability-Current                                                                                                                                                              |  |                | 11,170      |   |                |  
|Notes payable - related parties                                                                                                                                                      |  |                | 59,558      |   |                |  
|Total current liabilities                                                                                                                                                            |  |                | 980,051     |   |                |  
|Total liabilities                                                                                                                                                                    |  |                | 980,051     |   |                |  
|                                                                                                                                                                                     |  |                |             |   |                |  
|Commitments and contingencies                                                                                                                                                        |  |                |             |   |                |  
|                                                                                                                                                                                     |  |                |             |   |                |  
|Stockholders’ (Deficit) Equity:                                                                                                                                                      |  |                |             |   |                |  
|Convertible preferred stock with liquidation preference, par value of $0.001 pre share,10,000,000 shares authorized: 5,200,000 issued and outstanding                                |  |                | —           |   |                |  
|Common stock, par value $0.001 per share, 75,000,000 shares authorized; 37,813,092 and 52,205,400 shares issued and outstanding as of March 31, 2020 and March 31, 2019 respectively |  |                | 37,814      |   |                |  
|Additional paid-in capital                                                                                                                                                           |  |                | 28,050,192  |   |                |  
|Accumulated deficit                                                                                                                                                                  |  |                | (28,913,505 | ) |                |  
|Total stockholders’ (Deficit)Equity                                                                                                                                                  |  |                | (825,499    | ) |                |  
|Total Liabilities and Stockholders’ (Deficit) Equity                                                                                                                                 |  | $              | 154,552     |   |                | $



For
the year ended March 31, 2020 the Company had a net loss from continuing operations of approximately $1,199,953 compared to a
loss from continuing operations of approximately $2,215,345 for the year ended March 31, 2019. This decrease in net loss is due
to the Company being under receivership suspending research and development and marketing expenses while restructuring the Company
assets and operations while expanding sales of current products, as well as dealing with Cromogen legal matters in a different
approach, greatly reducing legal expense.



Marketing
expenses totaled $47,071 for the twelve months ended March 31, 2020, a decrease of $195,648 from $424,055 for the twelve months
ended March 31, 2019. This decrease primarily related to the Company reducing marketing costs and utilizing existing marketing
materials.





32







Research
and development costs were totaled $76,113 for the twelve months ended March 31, 20120, a decrease of $262,743 from $338,856.
The decrease is associated with the Company moving the HygeeTM medical device out of R&D phase and discontinuing
CBD patent applications, (See Part I Note 2 Carrying value, recoverability and impairment of long-lived assets). The Company determined
to suspend current R&D based on core needs of the business of the Company and to preserve cash.



Officer
stock compensation totaled $142,590 for the twelve months ended March 31, 2020, a decrease of $281,465 from $424,055. This is
due the Company not having a Chief Sales Officer during the twelve months ending March 31, 2020 compared to 2019, Company share
value being lower during share compensation issuances, and officers not being issued shares for quart ending December 31, 2019
and year end March 31, 2020.



Professional
fees totaled $30,991 for the twelve months ended March 31, 2020, a decrease of $141,136 from $172,127. The reduction in professional
fees was due to timing and general cost savings.



Legal
proceedings costs totaled $84,777 for the twelve months ended March 31, 2020, a decrease of $262,743 from $338,856. The decrease
is a result of the Company being in receivership with the additional fees and legal expenses through Strongbow. The legal and
professional advisors for the Receivership Estate, and expenses through general and administration.



Total
Revenues - For the years ended March 31, 2020 and 2019, the Company had total sales of $526,139 and $770,635, respectively. While
our revenues decreased, this was consistent with a corresponding decrease in our cost of goods sold from $304,665 for the year
ended March 31, 2020 to $475,662 for the year ended March 31, 2019; resulting in a Gross Profit of $218,474 as of March 31, 2020
compared to $295,013 for the previous year ending March 31, 2019. The decrease in revenue is primarily attributed to inventory
constraints as well as available supply of acceptable raw material the Company requires.



Costs
and Expenses - Costs of sales, include the costs of manufacturing, packaging, warehousing and shipping our products. As we develop
and release addition products, we expect our costs of sales to increase.



General
and administrative expenses increased from $514,467 for the year ended March 31, 2019, to $551,480 for the year ended March 31,
2020. [This increase was due receivership fees and bank fees.]



The
Company had $30,723 in Cash for the period ended March 31, 2020, compared with $127,524 for the same period ended March 31, 2019.
This decrease is primarily due to inventory constraints as well as available supply of acceptable raw material the Company requires.



The
Company had $82,228 in Accounts Payable for the period ended March 31, 2020, compared with $98,109 for the same period ended March
31, 2019. This decrease is primarily due to the many of the remaining balances being paid for while others are in a monthly payment
plan till fully paid.



The
Company had $59,558 in Notes Payable and Accrued Interest for the period ended March 31, 2020. The Company had the same amount
in Notes Payable and Accrued Interest for the period ended March 31, 2019.



The
Company had a Stockholder’s Deficit of $825,499 for the period ended March 31, 2020, compared with $206,659 of Stockholder’s
Equity for the same period ended March 31, 2019. This increase is primarily due to the Company’s effective S-1 being utilized.



We
are a smaller reporting company, as defined by 17 CFR § 229.10(f)(1). We do not consider the impact of inflation and changing
prices as having a material effect on our net sales and revenues and on income from our operations for the previous two years
or from continuing operations going forward.



The
Company achieved a gross margin percentage of 42% for the year ended March 31, 2020, a increase of 3% from the gross margin percentage
of 38% for the prior year ended March 31, 2019. The Company expects this gross margin percentage to increase marginally as it
achieves greater economies of scale from higher volumes of sales and is consequently able to purchase inventory at lower prices.



33







CASH
FLOWS FROM OPERATING ACTIVITIES



Operating
Activities - For the years ended March 31, 2020 and March 31, 2019, the Company used cash for operating activities of $518,620
and $1,643,024, respectively. Management aggressively managed expenses and reduced cash outflows based on reduced sales velocity.



CASH
FLOWS FROM INVESTING ACTIVITIES



During
the years ended March 31, 2020 and March 31, 2019, the Company had no cash flows from investing activities.



CASH
FLOWS FROM FINANCING ACTIVITIES



During
the year ended March 31, 2020, the Company received $421,819 in cash from issuance of unregistered and registered commons stock
and issuance of convertible note. For the Year ended March 31, 2019, the Company received $1,698,510 in cash proceeds from the
sale of common stock and convertible and promissory notes.



FUTURE
FINANCING



On
February 28, 2019, the Company entered into an Equity Financing Agreement (the “GHS Equity Financing Agreement”) and
Registration Rights Agreement (the “GHS Registration Rights Agreement”) with GHS Investments LLC, a Nevada limited
liability company (“GHS”). Under the terms of the Equity Financing Agreement, GHS agreed to provide the Company with
up to $5,000,000 upon effectiveness of a registration statement on Form S-1 (the “Registration Statement”) filed with
the U.S. Securities and Exchange Commission (the “Commission”). Additionally, in accordance with the Equity Financing
Agreement, the Company shall issue GHS a promissory note in the principal amount of $30,000 to offset transaction costs (the “Note”).



On
October 15, 2019 the Securities and Exchange Commission declared the previously filed S-1 registration statement to be effective.



STOCK
BASED COMPENSATION



The
Company follows ASC 718 in accounting for its stock based compensation to employees. This standard states that compensation cost
is measured at the grant date based on the fair value of the award and is recognized at the time granted.



The
Company accounts for transactions in which services are received from non-employees in exchange for equity instruments based on
the fair value of the equity instrument exchanged in accordance with ASC 505-50.



RECENT
ACCOUNTING PRONOUNCEMENTS



In
January 2017, the FASB issued Accounting Standards Update No. 2017-04, Intangibles-Goodwill and Other, which simplifies the accounting
for goodwill impairments by eliminating step 2 from the goodwill impairment test. Instead, if “the carrying amount of a
reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the
total amount of goodwill allocated to that reporting unit.” The guidance is effective for fiscal years beginning after December
15, 2019. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this new standard will have
on its Consolidated Financial Statements.



All
other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.



OFF-
BALANCE SHEET ARRANGEMENTS



None.



ITEM
7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK



Not
applicable to a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K.





34







ITEM
8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA



The
financial statements required by this item are set forth at the pages indicated in Part IV, Item 15(a)(1) of this Annual Report.



Notes
to Financials

For

Earth
Science Tech Corporation

For
the Fiscal Year Ending

March
31, 2020



Table
of Contents



|Report of Independent Registered Public Accounting Firm F - Consolidated Financial Statements and Notes | F-1
|------------------------------------------------------------------------------------------------------- | ---
|                                                                                                        |    
|Balance Sheets as of March 31, 2020 and March 31, 2019                                                  | F-2
|                                                                                                        |    
|Statements of Operations for the years ended March 31, 2020 and March 31, 2019                          | F-3
|                                                                                                        |    
|Statements of Changes in Shareholders’ Equity for the years ended March 31, 2020 and 2019               | F-4
|                                                                                                        |    
|Statements of Cash Flows for the years ended March 31, 2020 and March 31, 2019                          | F-5
|                                                                                                        |    
|Notes for the Financial Statements                                                                      | F-6



35







Report
of Independent Registered Public Accounting Firm



To
the shareholders and the board of directors of Earth Science Tech Corporation



Opinion
on the Financial Statements



We
have audited the accompanying consolidated balance sheets of Earth Science Tech Corporation as of March 31, 2020 and 2019, the
related statements of operations, stockholders’ equity (deficit), and cash flows for the years then ended, and the related
notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly,
in all material respects, the financial position of the Company as of March 31, 2020 and 2019, and the results of its operations
and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States.



Basis
for Opinion



These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on
the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.



We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error
or fraud.



Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that our audit provides a reasonable basis for our opinion.



Substantial
Doubt about the Company’s Ability to Continue as a Going Concern



The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed
in Note 3 to the financial statements, the Company has suffered recurring losses from operations and has a significant accumulated
deficit. In addition, the Company continues to experience negative cash flows from operations. These factors raise substantial
doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are
also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.



|/S/
    BF Borgers CPA PC                              | 
|------------------------------------------------------ | 
|BF
    Borgers CPA PC                                  | 
|                                                       | 
|We
    have served as the Company’s auditor since 2017 | 
|Lakewood,
    CO                                       | 
|August
    [  ],2020                                   | 



F-1







EARTH
SCIENCE TECH, INC. AND SUBSIDIARIES

CONSOLIDATED
BALANCE SHEETS



|                                                                                                                                                                                     |  | March 31 2020 |             |   | March 31, 2019 |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ------------- | ----------- | - | -------------- | -
|ASSETS                                                                                                                                                                               |  |               |             |   |                |  
|Current Assets:                                                                                                                                                                      |  |               |             |   |                |  
|Cash                                                                                                                                                                                 |  | $             | 30,723      |   |                | $
|Accounts Receivable(net allowance of $101,404 and $ 128,420 respectively)                                                                                                            |  | $             | 38,933      |   |                | $
|Prepaid expenses and other current assets                                                                                                                                            |  |               | 54          |   |                |  
|Inventory                                                                                                                                                                            |  |               | 63,348      |   |                |  
|Total current assets                                                                                                                                                                 |  |               | 133,058     |   |                |  
|                                                                                                                                                                                     |  |               |             |   |                |  
|Property and equipment, net                                                                                                                                                          |  |               | 4,133       |   |                |  
|                                                                                                                                                                                     |  |               |             |   |                |  
|Other Assets:                                                                                                                                                                        |  |               |             |   |                |  
|Patent, net                                                                                                                                                                          |  |               | —           |   |                |  
|Rou Asset                                                                                                                                                                            |  |               | 11,170      |   |                |  
|Deposits                                                                                                                                                                             |  |               | 6,191       |   |                |  
|Total other assets                                                                                                                                                                   |  |               | 17,361      |   |                |  
|Total Assets                                                                                                                                                                         |  | $             | 154,552     |   |                | $
|                                                                                                                                                                                     |  |               |             |   |                |  
|LIABILITIES AND STOCKHOLDERS’S EQUITY                                                                                                                                                |  |               |             |   |                |  
|                                                                                                                                                                                     |  |               |             |   |                |  
|Current Liabilities:                                                                                                                                                                 |  |               |             |   |                |  
|Accounts payable                                                                                                                                                                     |  | $             | 82,228      |   |                | $
|Accrued expenses                                                                                                                                                                     |  | $             | 154,552     |   |                | $
|Accrued settlement                                                                                                                                                                   |  |               | 231,323     |   |                |  
|Interest Payable-Conv Notes-GHS                                                                                                                                                      |  |               | 9,648       |   |                |  
|Interest Payable-Promissory Note-GHS                                                                                                                                                 |  |               | 3,630       |   |                |  
|Convertible Note 1-GHS                                                                                                                                                               |  |               | 76,927      |   |                |  
|Convertible Note 2-GHS                                                                                                                                                               |  |               | 88,596      |   |                |  
|Convertible Note 3-GHS                                                                                                                                                               |  |               | 88,525      |   |                |  
|Convertible Note 4-GHS                                                                                                                                                               |  |               | 88,894      |   |                |  
|Convertible Note 5-GHS                                                                                                                                                               |  |               | 55,000      |   |                |  
|Promissory Note-GHS                                                                                                                                                                  |  |               | 30,000      |   |                |  
|Lease Liability-Current                                                                                                                                                              |  |               | 11,170      |   |                |  
|Notes payable - related parties                                                                                                                                                      |  |               | 59,558      |   |                |  
|Total current liabilities                                                                                                                                                            |  |               | 980,051     |   |                |  
|Total liabilities                                                                                                                                                                    |  |               | 980,051     |   |                |  
|                                                                                                                                                                                     |  |               |             |   |                |  
|Commitments and contingencies                                                                                                                                                        |  |               |             |   |                |  
|                                                                                                                                                                                     |  |               |             |   |                |  
|Stockholders’ (Deficit) Equity:                                                                                                                                                      |  |               |             |   |                |  
|Convertible preferred stock with liquidation preference, par value of $0.001 pre share,10,000,000 shares authorized: 5,200,000 issued and outstanding                                |  |               | —           |   |                |  
|Common stock, par value $0.001 per share, 75,000,000 shares authorized; 37,813,092 and 52,205,400 shares issued and outstanding as of March 31, 2020 and March 31, 2019 respectively |  |               | 37,814      |   |                |  
|Additional paid-in capital                                                                                                                                                           |  |               | 28,050,192  |   |                |  
|Accumulated deficit                                                                                                                                                                  |  |               | (28,913,505 | ) |                |  
|Total stockholders’ (Deficit)Equity                                                                                                                                                  |  |               | (825,499    | ) |                |  
|Total Liabilities and Stockholders’ (Deficit) Equity                                                                                                                                 |  | $             | 154,552     |   |                | $



F-2







EARTH
SCIENCE TECH, INC. AND SUBSIDIARIES

CONSOLIDATED
STATEMENTS OF OPERATIONS



|                                        |  | For the Years Ended March 31, |           
|--------------------------------------- |  | ----------------------------- | ----------
|                                        |  | 2020                          |           
|Revenue                                 |  | $                             | 526,139   
|Cost of revenues                        |  |                               | 307,665   
|Gross Profit                            |  |                               | 218,474   
|                                        |  |                               |           
|Operating Expenses:                     |  |                               |           
|Compensation - officers                 |  |                               | 194,019   
|Officer Compensation Stock              |  |                               | 142,590   
|Marketing                               |  |                               | 47,071    
|General and administrative              |  |                               | 551,480   
|Donations                               |  |                               | —         
|Loss on disposal of assets              |  |                               | —         
|Patent Impairment Expenses              |  |                               | —         
|Professional fees                       |  |                               | 30,991    
|Bad Debt Expense                        |  |                               | —         
|Cost of legal proceedings               |  |                               | 84,777    
|Research and development                |  |                               | 76,113    
|Total operating expenses                |  |                               | 1,127,041 
|                                        |  |                               |           
|Loss from operations                    |  |                               | (908,567  
|                                        |  |                               |           
|Other Income (Expenses)                 |  |                               |           
|Interest Income/(expense)               |  |                               | 21,586    
|Interest Expense-Convertible Note 1-GHS |  |                               | (39,117   
|Interest Expense-Convertible Note 2-GHS |  |                               | (79,330   
|Interest Expense-Convertible Note 3-GHS |  |                               | (91,702   
|Interest Expense-Convertible Note 4-GHS |  |                               | (91,326   
|Interest Expense-Convertible Note 5-GHS |  |                               | (8,071    
|Interest Expense-Promissory Note-GHS    |  |                               | (3,426    
|Interest income                         |  |                               | —         
|Total other income (expenses)           |  |                               | (291,386  
|                                        |  |                               |           
|Net loss before income taxes            |  |                               | (1,199,953
|                                        |  |                               |           
|Income taxes                            |  |                               | -         
|                                        |  |                               |           
|Net loss                                |  | $                             | (1,199,953
|                                        |  |                               |           
|Net loss per common share:              |  |                               |           
|Loss per common share-Basic and Diluted |  | $                             | (0.03     



F-3







EARTH
SCIENCE TECH. INC, AND SUBSIDIARIES

CONSOLIDATED
STATEMENTS OF STOCKHOLDERS’ (DEFICIT) EQUITY

FOR
THE YEARS ENDED MARCH 31, 20120 AND 2019



|                                                                          |  | Common Stock |             |   | Preferred Stock |   |         | Additional Paid-in |  |   | Accu-mulated |   |  |         |       
|------------------------------------------------------------------------- |  | ------------ | ----------- | - | --------------- | - | ------- | ------------------ |  | - | ------------ | - |  | ------- | ------
|Description                                                               |  | Shares       |             |   | Amount          |   |         | Shares             |  |   | Amount       |   |  | Capital |       
|                                                                          |  |              |             |   |                 |   |         |                    |  |   |              |   |  |         |       
|Balance March 31, 2018                                                    |  |              | 46,150,207  |   |                 |   | 46,150  |                    |  |   | 5,200,000    |   |  |         | 5,200 
|                                                                          |  |              |             |   |                 |   |         |                    |  |   |              |   |  |         |       
|Common stock issued for cash                                              |  |              | 5,180,093   |   |                 |   | 5,180   |                    |  |   |              |   |  |         |       
|Common stock issued for services                                          |  |              | 75,000      |   |                 |   | 75      |                    |  |   |              |   |  |         |       
|Common stock issued for officer compensation                              |  |              | 494,500     |   |                 |   | 495     |                    |  |   |              |   |  |         |       
|Common stock issued for employee compensation                             |  |              | 30,600      |   |                 |   | 31      |                    |  |   |              |   |  |         |       
|Common stock returned to company                                          |  |              |             |   |                 |   |         |                    |  |   |              |   |  |         |       
|Common stock duplicated to be cancelled                                   |  |              | 275,000     |   |                 |   | 275     |                    |  |   |              |   |  |         |       
|BCF Intrinsic value on Convertible Note-GHS                               |  |              |             |   |                 |   |         |                    |  |   |              |   |  |         |       
|Net Loss                                                                  |  |              |             |   |                 |   |         |                    |  |   |              |   |  |         |       
|                                                                          |  |              |             |   |                 |   |         |                    |  |   |              |   |  |         |       
|Balance March 31, 2019                                                    |  |              | 52,205,400  |   |                 | $ | 52,206  |                    |  | $ | 5,200,000    |   |  | $       | 5,200 
|                                                                          |  |              |             |   |                 |   |         |                    |  |   |              |   |  |         |       
|Common stock issued for cash                                              |  |              | 2,926,699   |   |                 |   | 2,927   |                    |  |   |              |   |  |         |       
|Common stock issued for services                                          |  |              |             |   |                 |   |         |                    |  |   |              |   |  |         |       
|Common stock issued for officer compensation                              |  |              | 243,000     |   |                 |   | 243     |                    |  |   |              |   |  |         |       
|Common stock issued for employee compensation                             |  |              |             |   |                 |   |         |                    |  |   |              |   |  |         |       
|Adjustment to 8/18/19 conversion rate on 237,993 shares issued to
    GHS |  |              |             |   |                 |   |         |                    |  |   |              |   |  |         |       
|Common Stock cancellation-Majorca 1/24/20                                 |  |              | (18,000,000 | ) |                 |   | (18,000 | )                  |  |   |              |   |  |         |       
|Preferred Stock cancellation-Majorca 1/24/20                              |  |              |             |   |                 |   |         |                    |  |   | (5,200,000   | ) |  |         | (5,200
|Common stock issued for Conversion on Note                                |  |              | 437,993     |   |                 |   | 438     |                    |  |   |              |   |  |         |       
|BCF Intrinsic value on Convertible Note-GHS                               |  |              |             |   |                 |   |         |                    |  |   |              |   |  |         |       
|Net Loss                                                                  |  |              |             |   |                 |   |         |                    |  |   |              |   |  |         |       
|                                                                          |  |              |             |   |                 |   |         |                    |  |   |              |   |  |         |       
|Balance March 31, 2020                                                    |  |              | 37,813,092  |   |                 | $ | 37,814  |                    |  | $ | —            |   |  |         | —     



F-4







EARTH
SCIENCE TECH, INC. AND SUBSIDIARIES

CONSOLIDATED
STATEMENTS OF CASH FLOWS



|                                                                         |  | For the Years ended March 31 |           
|------------------------------------------------------------------------ |  | ---------------------------- | ----------
|                                                                         |  | 2020                         |           
|Cash Flow From Operating Activities:                                     |  |                              |           
|Net loss                                                                 |  |                              | (1,999,953
|Adjustments to reconcile net loss to net cash from operating activities: |  |                              |           
|Stock-based compensation                                                 |  |                              | 142,590   
|Stock issued for services                                                |  |                              | —         
|Depreciation and amortization                                            |  |                              | 7,229     
|Changes in operating assets and liabilities:                             |  |                              |           
|Increase/Decrease in deposits                                            |  |                              |           
|Increase/Decrease in prepaid expenses and other current assets           |  |                              | 82,401    
|Decrease/Increase in inventory                                           |  |                              | 97,961    
|Increase in other assets                                                 |  |                              |           
|Increase in accrued settlement                                           |  |                              |           
|Increase in accounts payable                                             |  |                              | 351,152   
|Net Cash Used in Operating Activities                                    |  |                              | (518,620  
|                                                                         |  |                              |           
|Investing Activities:                                                    |  |                              |           
|Purchases of property and equipment                                      |  |                              |           
|Patent expenditures                                                      |  |                              | —         
|Net Cash Used in Investing Activities                                    |  |                              | —         
|                                                                         |  |                              |           
|Financing Activities:                                                    |  |                              |           
|Proceeds from issuance of common stock                                   |  |                              | 221,819   
|Proceeds from notes payable- related party                               |  |                              | —         
|Proceeds from Convertible Note 1-GHS                                     |  |                              | 200,000   
|Proceeds from Promissory Note- GHS                                       |  |                              | —         
|Repayment of advances from related party                                 |  |                              | —         
|Net Cash Provided by Financing Activities                                |  |                              | 421,819   
|                                                                         |  |                              |           
|Net Increase in Cash                                                     |  |                              | (96,801   
|                                                                         |  |                              |           
|Cash - Beginning of year                                                 |  |                              | 127,524   
|Cash - End of year                                                       |  |                              | 30,723    



F-5







Note
1 — Organization and Nature of Operations



Earth
Science Tech, Inc. (“ETST” or the “Company”) was incorporated under the laws of the State of Nevada on
April 23, 2010. ETST is a unique biotechnology company focused on cutting edge nutraceuticals and Bioceuticals designed to excel
in industries such as health, wellness, nutrition, supplement, cosmetic and alternative medicine to improve illnesses and the
quality of life for consumers worldwide. The Company sells its products through its retail store located in Coral Gables Florida
and through the internet. ETST is currently focused on delivering nutritional and dietary supplements that help with treating
symptoms such as: chronic pain, joint pain, inflammation, seizures, high blood pressure, memory loss, depression, weight management,
nausea and aging. ETST products include vitamins, minerals, herbs, botanicals, personal care products, homeopathies, functional
foods, and other products. These products are marketed in various formulations and delivery forms including capsules, tablets,
soft gels, chewables, liquids, creams, sprays, powders, and whole herbs. During 2015, ETST entered into a license and distribution
agreement to provide its Cannabidiol oil to retailers in the vaping industry.



Note
2 — Summary of Significant Accounting Policies



Basis
of presentation



The
Company’s accounting policies used in the presentation of the accompanying consolidated financial statements conform to
accounting principles generally accepted in the United States of America (“US GAAP”) and have been consistently applied.



Principles
of consolidation



The
accompanying consolidated financial statements include all of the accounts of the Company and its wholly-owned subsidiaries. The
subsidiaries include Earth Science Tech Inc, Nutrition Empire Co. Ltd., Earth Science Vapor, and Earth Science Pharmaceutical
Inc. and Kannabidioid Inc.



We
operate through wholly-owned subsidiaries which provide products, marketing and distribution. As of December 2014, Nutrition Empire,
Inc. was opened as a brick and mortar retail store that provides health, wellness, sports nutrition and dietary supplement products
at competitive prices. In March 2015, the Company created Earth Science Tech Vapor One, Inc., a license and distribution company
allowing us entry in the maturing marketplace of the vaping industry. In 8/22/2016 Earth Science Pharmaceuticals, Inc. was formed
to acquire Beo Its, Inc. Our licensing relationship gives us the market mobility, allowing us to capture the emerging market offering
our Cannabidiol oil to our retail partners as demand emerges.



All
intercompany balances and transactions have been eliminated on consolidation.



Use
of estimates and assumptions



The
preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in
the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting periods.



The
Company’s significant estimates and assumptions include the fair value of financial instruments; the accrual of the legal
settlement, the carrying value recoverability and impairment, if any, of long-lived assets, including the estimated useful lives
of fixed assets; the valuation allowance of deferred tax assets; stock based compensation, the valuation of the inventory reserves
and the assumption that the Company will continue as a going concern. Those significant accounting estimates or assumptions bear
the risk of change due to the fact that there are uncertainties attached to those estimates or assumptions, and certain estimates
or assumptions are difficult to measure or value.



Management
bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances,
the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily
apparent from other sources.



Management
regularly reviews its estimates utilizing currently available information, changes in facts and circumstances, historical experience
and reasonable assumptions. After such reviews, and if deemed appropriate, those estimates are adjusted accordingly. Actual results
could differ from those estimates.



Carrying
value, recoverability and impairment of long-lived assets



The
Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC’)
360 to evaluate its long-lived assets. The Company’s long-lived assets, which include property and equipment and three patent
applications are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset
may not be recoverable.



F-6







The
Company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated
with the related long-lived asset or group of long-lived assets over their remaining estimated useful lives against their respective
carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Fair
value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable.
If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than
originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated
useful lives.



The
Company considers the following to be some examples of important indicators that may trigger an impairment review: (i) significant
under-performance or losses of assets relative to expected historical or projected future operating results; (ii) significant
changes in the manner or use of assets or in the Company’s overall strategy with respect to the manner or use of the acquired
assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv)
increased competitive pressures; (v) a significant decline in the Company’s stock price for a sustained period of time;
and (vi) regulatory changes. The Company evaluates assets for potential impairment indicators at least annually and more frequently
upon the occurrence of such events. Impairment of changes, if any, are included in operating expenses.



On
June 4, 2019 the Company let its patents be abandoned based upon the advice of IP counsel. IP counsel indicated that only one
patent application had a reasonable chance of being granted and based upon this advice the Company determined that it would discontinue
this approach of using the patent process to protect product formulations in general and rather, revert to proprietary formulae
and trade secrets to protect its intellectual property (unless it was clear from the beginning of the process that the formula
was patentable. As a result on Jun 4, 2019, the company wrote down or otherwise impaired approximately $27,000 in legal fees that
had previously been attributed to its Patents and took a corresponding write-off to “impairment expense.”



Cash
and cash equivalents



The
Company considers all highly liquid investments with a maturity of three months or less to be cash and cash equivalents.



Related
parties



The
Company follows ASC 850 for the identification of related parties and disclosure of related party transactions.



Pursuant
to this ASC related parties include a) affiliates of the Company; b) entities for which investments in their equity securities
would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825-10-15, to
be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and profit-sharing
trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company;
f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating
policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate
interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties
or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that
one or more of the transacting parties might be prevented from fully pursuing its own separate interests.



Commitments
and contingencies



The
Company follows ASC 450 to account for contingencies. Certain conditions may exist as of the date the consolidated financial statements
are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or
fail to occur. This may result in contingent liabilities that are required to be accrued or disclosed in the financial statements.
The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing
loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such
proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived
merits of the amount of relief sought or expected to be sought therein.



F-7







If
the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability
can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the
assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but
cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable
and material, would be disclosed.



Loss
contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would
be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material
adverse effect on the Company’s consolidated financial position, results of operations or cash flows. However, there is
no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and
results of operations or cash flows.



Revenue
recognition



The
Company follows and implemented ASC 606, Revenue from Contracts with Customers for revenue recognition. Although the new revenue
standard is expected to have an immaterial effect, if any, on our ongoing net income, we did implement changes to our processes
related to revenue recognition and the control activities within them. These included the development of new policies based on
the five-step model provided in the new revenue standard, ongoing contract review requirements, and gathering of information provided
for disclosures.



The
Company recognizes revenue from product sales or services rendered when control of the promised goods are transferred to our clients
in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services. To achieve
this core principle, we apply the following five steps: identify the contract with the client, identify the performance obligations
in the contract, determine the transaction price, allocate the transaction price to performance obligations in the contract and
recognize revenues when or as the Company satisfies a performance obligation.



The
Company recognizes its retail store revenue at point of sale, net of sales tax.



Inventories



Inventories
consist of various types of nutraceuticals and bioceuticals at the Company’s main facility. Inventories are stated at the
lower of cost or market using the first in, first out (FIFO) method. A reserve is established if necessary to reduce excess or
obsolete inventories to their net realizable value.



Cost
of Sales



Components
of costs of sales include product costs, shipping costs to customers and any inventory adjustments.



Shipping
and Handling Costs



The
Company includes shipping and handling fees billed to customers as revenues and shipping and handling costs for shipments to customers
as cost of revenues.



Research
and development



Research
and development costs are expensed as incurred. The Company’s research and development expenses relate to its engineering
activities, which consist of the design and development of new products for specific customers, as well as the design and engineering
of new or redesigned products for the industry in general.



Income
taxes



The
Company follows ASC 740 in accounting for income taxes. Deferred tax assets and liabilities are determined based on the estimated
future tax effects of net operating loss carry forwards and temporary differences between the tax bases of assets and liabilities
and their respective financial reporting amounts measured at the current enacted tax rates. The Company records a valuation allowance
for its deferred tax assets when management concludes that it is not more likely than not those assets will be recognized.



F-8







The
Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will
be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized
in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than
50% likelihood of being realized upon ultimate settlement. As of March 31, 2020 the Company has not recorded any unrecognized
tax benefits.



Interest
and penalties related to liabilities for uncertain tax positions will be charged to interest and operating expenses, respectively.
The Company has net operating loss carry forwards (NOL) for income tax purposes of approximately $6,150,613. This loss is allowed
to be offset against future income until the year 2039 when the NOL’s will expire. The tax benefits relating to all timing
differences have been fully reserved for in the valuation allowance account due to the substantial losses incurred through March
31, 2020. The change in the valuation allowance for the years ended March 31, 2020 and 2019 was an increase of $0 and $0, respectively.



Internal
Revenue Code Section 382 (“Section 382”) imposes limitations on the availability of a company’s net operating
losses after certain ownership changes occur. The Section 382 limitation is based upon certain conclusions pertaining to the dates
of ownership changes and the value of the Company on the dates of the ownership changes. It was determined that an ownership change
occurred in October 2013 and March 2014. The amount of the Company’s net operating losses incurred prior to the ownership
changes are limited based on the value of the Company on the date of the ownership change. Management has not determined the amount
of net operating losses generated prior to the ownership change available to offset taxable income subsequent to the ownership
change.



Net
loss per common share



The
Company follows ASC 260 to account for earnings per share. Basic earnings per common share calculations are determined by dividing
net results from operations by the weighted average number of shares of common stock outstanding during the year. Diluted loss
per common share calculations are determined by dividing net results from operations by the weighted average number of common
shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive
they are not considered in the computation.



As
of March 31 2020 the Company has no warrants that are anti-dilutive and not included in the calculation of diluted loss per share.



Cash
flows reporting



The
Company follows ASC 230 to report cash flows. This standard classifies cash receipts and payments according to whether they stem
from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation
method (“Indirect method”) as defined by this standard to report net cash flow from operating activities by adjusting
net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating
cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are
included in net income that do not affect operating cash receipts and payments. The Company reports separately information about
investing and financing activities not resulting in cash receipts or payments in the period pursuant this standard.



Stock
based compensation



The
Company follows ASC 718 in accounting for its stock based compensation to employees. This standard states that compensation cost
is measured at the grant date based on the fair value of the award and is recognized over the service period, which is usually
the vesting period. The Company values stock based compensation at the market price of the Company’s common stock as of
the date in which the obligation for payment of service is incurred.

The
Company accounts for transactions in which service are received from non-employees in exchange for equity instruments based on
the fair value of the equity instrument exchanged in accordance with ASC 505-50.



F-9







Property
and equipment



Property
and equipment is recorded at cost net of accumulated depreciation. Depreciation is computed using the straight-line method based
upon the estimated useful lives of the respective assets as follows:



|Leasehold
    improvements  | Shorter
    of useful life or term of lease
|--------------------------- | -------------------------------------------
|                            |                                            
|Signage                     | 5
    years                                
|                            |                                            
|Furniture
    and equipment | 5
    years                                
|                            |                                            
|Computer
    equipment      | 5
    years                                



The
cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are
retired or disposed of, the cost and accumulated depreciation are removed from accounts and any resulting gains or losses are
included in operations.



Recently
issued accounting pronouncements



In
August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)
No. 2016-15, Classification of Certain Cash Receipts and Cash Payments. The new standard will change the classification
of certain cash payments and receipts within the cash flow statement. Specifically, payments for debt prepayment or debt extinguishment
costs, including third-party costs, premiums paid, and other fees paid to lenders that are directly related to the debt prepayment
or debt extinguishment, excluding accrued interest, will now be classified as financing activities. Previously, these payments
were classified as operating expenses. The guidance is effective for fiscal years beginning after December 15, 2018, and interim
periods within fiscal years beginning after December 15, 2019, with early adoption permitted, and will be applied retrospectively.
The Company does not expect that the adoption of this new standard will have a material impact on its consolidated financial statements.



In
February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases. This ASU requires lessees to recognize
most leases on their balance sheets related to the rights and obligations created by those leases. The ASU also requires additional
qualitative and quantitative disclosures related to the nature, timing and uncertainty of cash flows arising from leases. The
guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early
adoption is permitted. The Company is currently evaluating the impact the adoption of this new standard will have on its consolidated
financial statements.



In
March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation – Stock Compensation. The new standard
modified several aspects of the accounting and reporting for employee share- based payments and related tax accounting impacts,
including the presentation in the statements of operations and cash flows of certain tax benefits or deficiencies and employee
tax withholdings, as well as the accounting for award forfeitures over the vesting period. The new standard was effective for
the Company on April 1, 2017. The Company does not believe that the adoption of this new standard will have a material effect
on its consolidated financial statements.



F-10







In
May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. This guidance will supersede
Topic 605, Revenue Recognition, in addition to other industry-specific guidance, once effective. The new standard requires a company
to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects
the consideration to which the company expects to be entitled in exchange for those goods and services. In August 2015, the FASB
issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date, as a revision to ASU 2014-09, which
revised the effective date to fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption
is permitted but not prior to periods beginning after December 15, 2016 (i.e., the original adoption date per ASU 2014-09). In
March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations, which clarifies
certain aspects of the principal- versus-agent guidance, including how an entity should identify the unit of accounting for the
principal versus agent evaluation and how it should apply the control principle to certain types of arrangements, such as service
transactions. The amendments also reframe the indicators to focus on evidence that an entity is acting as a principal rather than
as an agent. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations
and Licensing, which clarifies how an entity should evaluate the nature of its promise in granting a license of intellectual property,
which will determine whether it recognizes revenue over time or at a point in time. The amendments also clarify when a promised
good or service is separately identifiable (i.e., distinct within the context of the contract) and allow entities to disregard
items that are immaterial in the context of a contract. The Company continues to assess the impact this new standard may have
on its ongoing financial reporting. The Company has identified its revenue streams both by contract and product type and is assessing
each for potential impacts. For the revenue streams assessed, the Company does not anticipate a material impact in the timing
or amount of revenue recognized.



In
January 2017, the FASB issued Accounting Standards Update No. 2017-04, Intangibles-Goodwill and Other, which simplifies the accounting
for goodwill impairments by eliminating step 2 from the goodwill impairment test. Instead, if “the carrying amount of a
reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the
total amount of goodwill allocated to that reporting unit.” The guidance is effective for fiscal years beginning after December
15, 2019. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this new standard will have
on its Consolidated Financial Statements.



All
other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.



Intangible
Assets



In
October 2014, the Company acquired a patent that is being amortized over its useful life of fifteen years in accordance with ASC
350, “Intangibles - Goodwill and Other”. The Company purchased the patent through a cash payment of $25,000. Additionally,
the Company capitalized patent fees of $26,528. The Company’s balance of intangible assets on the condensed consolidated
balance sheet net of accumulated amortizations $0 and $34.334 as of March 31, 2020 and March 31, 2019, respectively. Amortization
expense related to the intangible assets was $4,406.00 and $4,406.00, respectively for the years ended March 31, 2019 and 2018,
respectively.



Reclassification



Certain
amounts from the prior period have been reclassified to conform to the current period presentation.



Note
3 — Going Concern



The
accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going
concern. At March 31, 2020, the Company had negative working capital, an accumulated deficit of $28,913,505 and was in negotiations
to extend the maturity date on notes payable that are in default. These factors raise substantial doubt about the Company’s
ability to continue as a going concern.



While
the Company is attempting to generate sufficient revenues, the Company’s cash position may not be sufficient to pay its
obligations and support the Company’s daily operations. Management intends to raise additional funds by way of a public
or private offering. Management believes that the actions presently being taken to further implement its business plan and generate
sufficient revenues may provide the opportunity for the Company to continue as a going concern. While the Company believes in
the viability of its strategy to generate sufficient revenues and in its ability to raise additional funds, there can be no assurances
to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further
implement its business plan and generate sufficient revenues.



The
condensed consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to
continue as a going concern.



F-11







Note
4 - Related Party Balances and Transactions



Kannabidioid,
Inc. is currently in development stage and has had no related party revenue from Earth Science Tech, Inc. for the three months
ended March 31, 2020.



On
January 11, 2019, Robert Stevens was appointed by the Nevada District Court as Receiver for the Company in Case No. A-18-784952-C.
As approved by the Nevada District Court, Strongbow Advisors, Inc., an entity controlled by Robert Stevens (“Strongbow”),
is compensated at a rate of $400 per hour for his services as the Company’s Receiver. During the twelve months ended March
31, 2020, $319,256.84 has been paid to Strongbow as compensation for Mr. Stevens’ services as the Company’s Receiver.



Note
5 – Stockholders’ Equity



During
the years ended March 31, 2020 and 2019, the Company issued 3,164,692 and 5,180,903 common shares for cash of $335,117.44 and
$1,564,194 respectively.



During
the years ended March 31, 2020 and 2019, the Company issued 0 and 75,000 common shares for services at a fair value of $0.00 and
$57,420 respectively.



During
the years ended March 31, 2020 and 2019, the Company issued 240,000 and 494,500 common shares with a fair value of $142,590 and
$424,054, respectively to officers as compensation.



On
June 30, 2019 the Company issued to five executive officers at a price of $0.73 per share an aggregate of 123,000 restricted shares
of the Company’s Common Stock for an aggregate consideration of $89,790.



On
August 19, 2019 the Company issued 237,993 shares of Common Stock at a price of $0.50 per share in conversion of the Convertible
Note 1-GHS for the principal debt amount of $113,300.00 and interest of $5,696.47 totaling $118,996.47 pursuant to the exemption
provided by 3(a)9 of the Securities Act of 1933, as amended. Like the other notes purchased by GHS, the notes were originally
issued as “not in a public offering” under the exemption provided by Section 4(2) of the Securities Act of 1933, as
amended.



On
August 30, 2019 the Company issued to two separate investors at a price of $0.40 per share an aggregate of 237,500 restricted
shares of the Company’s Common Stock for an aggregate consideration of $95,000.



On
September 30, 2019 the Company issued to four executive officers at a price of $0.44 per share an aggregate of 120,000 restricted
shares of the Company’s Common Stock for an aggregate consideration of $52,800.



On
October 16, 2019 the Company issued to GHS Investments LLC through its S-1 at a price of $0.08 per share an aggregate of 177,663
free trading shares of the Company’s Common Stock for an aggregate consideration of $14,213.04.



On
October 23, 2019 the Company issued to GHS Investments LLC through its S-1 at a price of $0.228 per share an aggregate of 80,060
free trading shares of the Company’s Common Stock for an aggregate consideration of $18,253.60 .



On
December 18, 2019 the Company issued to GHS Investments LLC through its S-1 at a price of $0.05272 per share an aggregate of 189,648
free trading shares of the Company’s Common Stock for an aggregate consideration of $9,998.20.



On
January 7, 2020 the Company issued to GHS Investments LLC through its S-1 at a price of $0.048 per share an aggregate of 239,671
free trading shares of the Company’s Common Stock for an aggregate consideration of $11,504.20.



F-12







On
January 21, 2020 the Company issued to GHS Investments LLC through its S-1 at a price of $0.05608 per share an aggregate of 242,369
free trading shares of the Company’s Common Stock for an aggregate consideration of $13,592.00.



On
February 6, 2020 the Company issued to GHS Investments LLC through its S-1 at a price of $0.072 per share an aggregate of 165,962
free trading shares of the Company’s Common Stock for an aggregate consideration of $11,949.20.



On
February 21, 2020 the Company issued to GHS Investments LLC through its S-1 at a price of $0.05552 per share an aggregate of 430,800
free trading shares of the Company’s Common Stock for an aggregate consideration of $23,918.00.



On
March 13, 2020 the Company issued to GHS Investments LLC through its S-1 at a price of $0.02008 per share an aggregate of 717,232
free trading shares of the Company’s Common Stock for an aggregate consideration of $14,402.00.



On
March 27, 2020 the Company issued to GHS Investments LLC through its S-1 at a price of $0.02016 per share an aggregate of 445,794
free trading shares of the Company’s Common Stock for an aggregate consideration of $8,987.20.



Note
6 - Commitments and Contingencies



Legal
Proceedings



On
January 11, 2019, the Company received notice that Strongbow Advisors, Inc. and Robert Stevens (“Stevens”, and together
with Strongbow, the “Receiver”) had been appointed by the Nevada District Court, as Receiver for the Registrant in
Case No. A-18-784952-C (the “Order).



The
Company sought the appointment of the Receiver after it found itself in an imminent danger of insolvency following the issuance
by an arbitration panel of an award (the “Award”) in the sum of $3,994,522.5 million in favor of Cromogen Biotechnology
Corporation (“Cromogen”) in the matter entitled Cromogen Biotechnology Corporation vs. Earth Science Tech, Inc. (the
“Cromogen Litigation”). The Nevada District Court found that the Company was in fact insolvent and ordered the appointment
of the Receiver.



The
Award consisted of a sum for breach of contract against the Company in the amount of $120,265.00, a sum for costs and fees against
the Company in the amount of $111,057.00 and a sum for the claim of tortuous interference and conversion against the Company in
the amount of $3,763,200.00. The District Court in Florida had confirmed the Award granted by the arbitration panel, denying however,
the award of fees that the arbitration panel had granted Cromogen.



Cromogen
prevailed in our appeal in the appeals process in No. 19-10118, United States Court of Appeals for the Eleventh Circuit on April
14, 2020. The Receiver subsequently allowed Cromogen status as an unsecured creditor in the estate. As of the date of this filing
the Company remains in danger of insolvency if a plan of reorganization is not subsequently approved by the court that adequately
resolves the Cromogen unsecured debt or Cromogen agrees to a settlement. Previous attempts to settle the amounts with Cromogen
have been fruitless.



As
part of the impact of the receivership, the Court issued a Writ of Injunction and “Blanket Stay” covering the Company
and its assets during the time that the Company is in receivership. As a result of the “Blanket Stay” the Company’s
estate is protected from creditors and interference with its administration is prevented while the Company’s financial issues
are being fully analyzed and resolved. As part of this process, creditors will be notified and required to provide claims in writing
under oath on or before the deadline stated in the notice provided by the Receiver or those claims will be barred under NRS §78.675.
The Blanket Stay will remain in place unless otherwise waived by the Receiver, or it is vacated by the Court or alternatively,
lifted by the Court, upon a “motion to lift stay” duly made and approved by the Nevada District Court.



F-13







The
appointment of the Receiver was approved unanimously by the Board and by a majority of the Company’s shareholders. Strongbow
and Stevens were selected because of their reputation in helping (i) companies restructure and (ii) to execute on their business
plans, albeit under a debt and capital structure that allows them to succeed. Stevens and Strongbow assist companies by helping
them raise the capital needed not only to pay debts, but build and grow their businesses. The Receiver, however, is an agent of
the court, and will be independent and neutral in managing the Company’s operations and trying to preserve the Company’s
value for the creditors and shareholders.



There
are a number of possible outcomes to the receivership, including settlement and payment to creditors, reorganization, or liquidation.
The Receiver was tasked by the Court with bringing to a final settlement all of the unfinished business of the Company. Towards
that end, the Receiver is allowed, under Section 3(p) of the Order, to borrow money, incur debt, and issue stock, debentures and
other financial instruments. The Receiver intends to use the proceeds from our initial sale of shares to GHS to pay and settle
the Company’s debts, while preserving the value of its assets for the benefit of its shareholders. If the Receiver is not
successful in mitigating the Company’s liabilities, or otherwise, the Company’s results could be materially adversely
impacted and the Company may be forced to liquidate its business.



On
November 7, 2019 the Receiver for Earth Science Tech, Inc., a Nevada corporation (the “Company”) filed a motion for
preliminary injunction against Majorca Group Ltd. in the 8th Judicial District in Clark County, Nevada. The filing requests a
show cause hearing whereby the Company will request the Court grants it motion to cancel certain shares and class of stock and
to nullify certain amendments of the Articles of Incorporation. Specifically, the Company is asking that Majorca Group Ltd. be
restricted from selling, transferring, converting, encumbering, hypothecating, obtaining loans against or in any fashion or in
any way transferring their shares of common and preferred stock in the Company. Additionally the motion seeks a Freezing Injunction
over any broker, bank, any financial institution, attorney, or agent holding shares of the Company as well as any proceeds from
shares of the Company.



On
January 27, 2020 Earth Science Tech, Inc., a Nevada corporation (the “Company”) reached a confidential settlement
with Majorca Group, Ltd (“Majorca”). The Receiver will withdraw its motion for injunction over the Majorca common
and preferred shares. The Settlement Agreement provides that Majorca Group, Ltd. and all relevant parties will, within 10 days
of execution of the settlement agreement, return 18,000,000 common shares and 5,200,000 Series A Preferred Stock held by Majorca
for cancellation. The Series A Preferred Stock class will be cancelled completely. The remaining 6,520,000 common shares held
by Majorca is subject to lockup agreement and thereafter, sales will be made only pursuant to a limited strict bleed-out agreement
administered by a third party.



Employment
Agreement



The
Company is a party to an employment agreement with its chief operations officer since October 9, 2016. The terms of the agreement
require the Company to pay its chief operations officer a monthly salary of $6,000 and 50,000 fully vested shares of the Company’s
common stock at the end of each quarter. This agreement is cancelable by either party giving thirty days’ notice.



Lease
Agreements



On
August 14, 2017, the Company entered into an office lease covering its new Doral, Florida headquarters, with landlord Doral Flex.
The Lease term is for 37 months commencing on September 1, 2017 and ending on September 30, 2020. The monthly rent, including
sales tax is $1,990, $2,056 and $2,124 for the years ending 9/30/2018, 9/30/2019 and 9/30/2020, respectively. A deposit of $6,191
was tendered to secure the lease. Rent expense for the year ended March 31, 2020 and 2019 were $27,801 and $27,022.17 respectively.



Note
7 - Balance Sheet and Income Statement Footnotes



Accounts
receivable represent normal trade obligations from customers that are subject to normal trade collection terms, without discounts
or rebates. If collection is expected in one year or less they are classified as current assets. If not, they are presented as
non-current assets. Notwithstanding, these collections, the Company periodically evaluates the collectability of accounts receivable
and considers the need to establish an allowance for doubtful debts based upon historical collection experience and specifically
identifiable information about its customers. As of March 31, 2020, and 2019, the Company had allowances of $101,404 and $128,420
respectively. The Company used an allowance of 40% of receivables over 90 days to charge bad debt expense.



Prepaid
expenses and other current assets for year ended March 31, 2020 were $54 which are significantly lower than March 31, 2019 of
$33,751 due to released deposits and advance work to be performed requiring deposits.



F-14







Accounts
payable are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers.
Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle
of the business if longer). If not, they are presented as non-current liabilities



Accrued
expenses of $154,552 as of March 31, 2020 represent $126,000 of accrued payroll for former Company Officer, Michele Aube and $28,552
of accrued interest on related Notes Payable.



Marketing
expenses were $47,071 and $242,719 for March 31, 2020 and 2019 respectively.



General
and administrative expenses were $551,480 and $514,467 for March 31, 2020 and 2019 respectively. For the period March 31, 2020,
the majority comprises of Receiver admin fees of $301,347, accounting and audit fees of $57,792, employee compensation of $46,118.
The remainder of $146,223 was for rent and other expenses.



Professional
fees were $30,991 and $172,127 for years ended March 31, 2020 and 2019, respectively. The bulk of these expenses were paid to
transfer agent for issuance of stock for $3,292, Strongbow Advisors for $15,160, $539 to DLA Piper, and OTC Markets for $12,000
for the year ended March 31, 2020.



Research
and development were $76,113 and $338,856 for years ending March 31, 2020 and 2019. These expenses were for further development
of the medical device.



Note
8-Subsequent Events



On
May 18, 2020, Michel Aube resigned from both CEO and Chief Science Officer (CSO) positions in Earth Science Tech and all positions
within its three wholly owned subsidiaries including; Canno Ino Laboratories, Inc., Earth Science Pharmaceuticals, Inc., and Cannabis
Therapeutics, Inc.



On
My 18, 2020, Nickolas S. Tabraue was appointed as CEO of Earth Science Tech, Inc., retaining his roles as President, Director,
and Chairman.



On
May 18, 2020, Earth Science Tech, Inc. filed documents with the Delaware Secretary of State to effect a holding company reorganization
(the “Delaware Reorg”), which will result in a newly formed Delaware corporation, ETST Holdings, Inc., (“ETST
Delaware”), owning all the capital stock of Earth Science Tech, Inc. ETST Delaware will initially be a direct, wholly owned
subsidiary of Earth Science Tech, Inc. Pursuant to the Delaware Reorg, a newly formed entity (“Merger Sub”), a direct,
wholly owned subsidiary of ETST Delaware and an indirect, wholly owned subsidiary of Earth Science Tech, Inc., will merge with
and into Earth Science Tech, Inc., with Earth Science Tech, Inc. surviving as a direct, wholly owned subsidiary of ETST Delaware.
Each share of each class of Earth Science Tech, Inc. stock issued and outstanding immediately prior to the ETST Delaware Merger
will automatically convert into an equivalent corresponding share of ETST Delaware stock, having the same designations, rights,
powers and preferences and the qualifications, limitations and restrictions as the corresponding share of Earth Science Tech,
Inc. stock being converted. Accordingly, upon consummation of the ETST Delaware Merger, Earth Science Tech, Inc.’s current
stockholders will become stockholders of ETST Delaware. The stockholders of Earth Science Tech, Inc. will not recognize gain or
loss for U.S. federal income tax purposes upon the conversion of their shares in the ETST Delaware Merger.



The
ETST Delaware Merger was conducted pursuant to Section 251(g) of the General Corporation Law of the State of Delaware, which provides
for the formation of a holding company without a vote of the stockholders of the constituent corporations. Effective upon the
consummation of the ETST Delaware Merger, ETST Delaware will adopt an amended and restated certificate of incorporation and amended
and restated bylaws that are identical to those of Earth Science Tech, Inc. immediately prior to the consummation of the ETST
Delaware Merger, except for the change of the name of the corporation as permitted by Section 251(g). Furthermore, the conversion
will occur automatically without an exchange of stock certificates. Stock certificates previously representing shares of a class
of Earth Science Tech, Inc. stock will represent the same number of shares of the corresponding class of ETST Delaware stock after
the ETST Delaware Merger. Following the consummation of the ETST Delaware Merger shares of our Common Stock will continue to trade
on the under the symbol ETST on the OTC Markets.



F-15







ITEM
9A. CONTORLS AND PROCEDURES



EVALUATION
OF DISCLOSURE CONTROLS & PROCEDURES



Our
management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control
over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934 as a
process designed by, or under the supervision of, the Company’s principal executive and financial officer and effected by
the Company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles and includes those policies and procedures that:



●
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions
of the assets of the Company;



●
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance
with authorizations of management and directors of the Company; and



●
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s
assets that could have a material effect on the financial statements.



Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.



The
Company’s management assessed the effectiveness of the Company’s internal control over financial reporting as of March
31, 2020. In making this assessment, the Company’s management used the criteria set forth by the Committee of Sponsoring
Organizations of the Treadway Commission 1992 (“COSO”) in Internal Control-Integrated Framework. The COSO framework
is based upon five integrated components of control: control environment, risk assessment, control activities, information and
communications and ongoing monitoring.



Based
on an evaluation under the supervision and with the participation of the Company’s management, the Company’s principal
executive officer and principal financial officer has concluded that the Company’s internal control over financial reporting
as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act were not effective as of March 31, 2019 (the “Evaluation
Date”), to ensure that information required to be disclosed by the Company in reports that it files or submits under the
Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange
Commission rules and forms and (ii) accumulated and communicated to the Company’s management, including its principal executive
officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Each of the following
is deemed a material weakness in our internal control over financial reporting:



●
Limited or no segregation of duties and lack of multiple levels of supervision and review.



●
No independent directors.



●
Ineffective controls over financial reporting.



●
Lack of controls over authorization related party transactions.



Management
believes that the material weaknesses set forth in the four items above did not have an effect on our financial results. However,
management believes that the lack of a functioning audit committee results in ineffective oversight in the establishment and monitoring
of required internal controls and procedures, which could result in a material misstatement in our financial statements in future
periods.



Management’s
Remediation Initiatives



In
an effort to remediate the identified material weaknesses and other deficiencies and enhance our internal controls, we plan to
initiate the following series of measures once we have the financial resources to do so:



36







We
expect to create a position to segregate duties consistent with control objectives and will increase our personnel resources and
technical accounting expertise within the accounting function when funds are available to us. And, we plan to appoint one or more
outside directors to an audit committee resulting in a fully functioning audit committee, which will undertake the oversight in
the establishment and monitoring of required internal controls and procedures, such as reviewing and approving estimates and assumptions
made by management when funds are available to us.

Management
believes that the appointment of outside directors to a fully functioning audit committee, would remedy the lack of a functioning
audit committee.



Changes
in Internal Control Over Financial Reporting



There
were no changes in our internal controls over financial reporting that occurred during the period covered by this report, which
were identified in connection with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the
Exchange Act, that have materially affected, or are reasonably likely to materially affect, our internal control over financial
reporting.



This
Annual Report does not include an attestation report of the Company’s registered independent public accounting firm regarding
internal control over financial reporting. Management’s report was not subject to attestation by the Company’s independent
registered public accounting firm pursuant to rules of the SEC that permit the Company to provide only management’s report
in this Annual Report.



ITEM
9B. OTHER INFORMATION



None



PART
III



ITEM
10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE



The
Company does not, at present, have any employees other than the current officers and directors. We have not entered into any employment
agreements, as we currently do not have any employees other than the current officers and directors.



Directors
and Executive Officers

|Name                    |  | Principal
    Occupation                                 |  | Age |    | Director
    or 
    Officer Since
|----------------------- |  | -------------------------------------------------------- |  | --- | -- | ----------------------------------
|Nickolas
    S. Tabraue |  | President,
    Secretary Director, Chairman of the Board |  |     | 32 |                                   
|Steve
    Warm          |  | Director
    and Chief Legal Counsel                     |  |     | 77 |                                   
|Gagan
    Hunter        |  | Chief
    Operating Officer and Director                 |  |     | 61 |                                   
|Wendell
    Hecker      |  | Chief
    Financial Officer                              |  |     | 64 |                                   
|Sergio
    Castillo     |  | Chief
    Marketing Officer                              |  |     | 36 |                                   
|Robert
    Stevens      |  | Court
    Appointed Receiver                             |  |     | 54 |                                   



There
are no other persons nominated or chosen to become directors or executive officers, nor do we have any employees other than above
mentioned officers and directors.



Our
directors hold office until the next annual meeting of shareholders and the election and qualification of their successors. Directors
receive no compensation for serving on the board of directors other than the reimbursement of reasonable expenses incurred in
attending meetings. Officers are appointed by the board of directors and serve at the discretion of the board.



37







Officer
and Director Background:



Nickolas
S. Tabraue -CEO, President, Director, & Chairman



Mr.
Tabraue is an industry veteran having 13 years of professional experience in the nutraceutical, dietary supplement field, as well
as retail corporate management. Mr. Tabraue is well versed in his knowledge of supplements, retail management, and customer service.
His experience began at The Vitamin Shoppe in 2006 where he started in sales, product placement and customer service leading to
his position as a manager of four different locations in 2012. One of these stores was the Company’s highest volume and
another included the restructuring of a non-performing high volume store, achieving high operating levels in operations, service,
inventory compliance, and sales. In 2012 he left The Vitamin Shoppe to manage Nutrition Empire, Inc. and was brought on with Earth
Science Tech, Inc. when it acquired Nutrition Empire in 2015. In evaluating Mr. Tabraue’s specific experience, qualifications,
attributes and skills in connection with his appointment to our board, we took into account his experience in the nutraceutical,
dietary supplement field, as well as retail corporate management and customer service.



Robert
Stevens – Appointed Receiver



Mr.
Stevens has more than 30 years of experience in the securities and finance industries. Mr. Stevens is president of Somerset Capital
Ltd (“Somerset”) which he founded in 2001 and he serves as president and managing director. Somerset is a private
capital firm that employs industry-specific skillsets to make strategic investments in distressed and turnaround situations as
well as merger and direct investments in private and pre-public companies. Mr. Stevens is also president of Strongbow Advisors,
Inc., which provides turnaround and receiver advisory as well as consulting services. Mr. Stevens also serves as a court –
appointed receiver. Mr. Stevens was also Managing Director of Technology Partners, a private equity and M&A firm from 2006
to 2013. Mr. Stevens is currently an independent director for from Social Enterprises (OTCQB: GRMM) where he serves as chair of
the audit committee, and has also served on the board of AppTech Corp (OTC: APCX) from July 2016 to March of 2017.



Steve
Warm, Esq. – Director & Chief Legal Counsel



Mr.
Warm was born in New York City and grew up in Northern New Jersey. He is a graduate of Dickinson University (Teaneck, N.J.) and
Rutgers University Law School (Newark, N.J.). Mr. Warm finished law school at the age of 21 and sat for the New Jersey Bar only
a few weeks after his 22nd birthday. (He is believed to be the youngest person to have been admitted to practice in
New Jersey once a law school degree became a prerequisite). After practicing in Ramsey, New Jersey, Burlington, New Jersey., Willingboro,
New Jersey and Medford, New Jersey, Mr. Warm became a member of the Florida Bar, practicing exclusively in Boca Raton for 25 years.
In 1986, he joined his three sons in Gainesville, Florida, where he presently maintains his primary office, although he still
has and uses facilities in Boca for specific clients. Mr. Warm has experience in diverse areas of the law over a lengthy span
of years. He has done tax work, corporate representation, entrepreneurial support, litigation, and family law, contractual issues
of all kinds, personal injury matters, estate planning/probate and many other things. Mr. Warm has successfully represented any
number of companies, large and small, domestic and foreign, public and private. He was instrumental in obtaining the seminal Federal
Court ruling which paved the way for the expansion of national banks. In evaluating Mr. Warm’s specific experience, qualifications,
attributes and skills in connection with his appointment to our board, we took into account his experience in various areas of
the law and successful representation of companies, large and small, domestic and foreign, public and private.



Wendell
Hecker – CFO



Mr.
Hecker earned a Bachelor of Science in Accounting from New York University. Having spent more than 30 years at large corporations
in New York and Florida, he brings to Earth Science Tech, extensive accounting experience. Prior to joining Earth Science Mr.
Hecker was the Controller for Ampco Electric, Inc. where he was in charge of all accounting operations. Before joining Ampco in
2014 he was self-employed as an accountant serving a variety of clients and meeting their accounting needs and prior to starting
his own accounting practice from 2007 through 2010 he served as the controller of Seaview Research Inc., Hecker will ensure that
the Company’s accounting follows best practices, keeps up-to-date, and increases transparency with investors as sales continue
to increase.



38







Sergio
Castillo – Chief Marketing Officer (CMO)



Mr.
Castillo joined the Company as its Chief Marketing Officer in January 2017. He moved to Miami when he was only 16, is a current
marketing consultant for few firms including Cloud Accounting, La Familia Media, Fresh Press Miami, Goodlife Miami, as well as
Abdon Entertainment. He started his first company in 2008 called “Goodlife Miami, LLC”. In 2010, his second company
was started named Fresh Press, LLC. His third company, which he still owns and operates, was founded in 2012, called La Familia
Media, LLC. As the time passed, he has learned what is necessary to run the marketing plans for many successful companies, and
he is taking his expertise into the field of industrial based hemp and hemp products. At each of his companies and currently with
Earth Science, Mr. Castillo handles graphics, web design, and marketing. As the CMO of Earth Science Tech, Inc he is in a position
to bring his experience to the new and fast moving industry that is developing around hemp and hemp products.



Gagan
Hunter – Director & COO



Mr.
Hunter a graduate from Oaksterdam University, America’s first primer cannabis college, University of Pittsburgh, and post
graduate studies at the Temple University, Gagan Hunter is a holistic health specialist, cannabis & cannabinoid (CBD) educator.
Mr. Hunter has 20 years of natural products industry experience in sales, marketing, and management, and 20 years teaching nutrition.
Prior to joining Earth Science Mr. Hunter worked for Mother Earth’s County, representing over 250 manufacturers of natural
products and supplements to retailers such as Whole Foods, Earth Fare and Sprouts, throughout North and South Carolina Georgia
and Tennessee. He was responsible for product placement, product training, consumer education, demonstrations and merchandising.
He was also responsible for staff training, purchasing, customer service, budgets, sales reporting, conducting sales meetings,
setting sales goals, tracking store inventories and financial management throughout his 16 years at Mother Earth’s Bounty.
His skills obtained through his 20 years in the industry are staff training, purchasing, customer service, inventory control,
and financial management. In evaluating Mr. Hunter’s specific experience, qualifications, attributes and skills in connection
with his appointment to our board, we took into account his experience in product placement, product training, consumer education,
demonstrations and merchandising.



Committees
of The Board of Directors



The
Company is managed under the direction of its board of directors.



The
Company does not have an executive committee, at this time.



The
Company does not have an audit committee at this time.



Officer’s
and Director’s Involvement in Legal Proceedings



No
executive Officer or Director of the Company has been convicted in any criminal proceeding (excluding traffic violations) or is
the subject of a criminal proceeding that is currently pending. No executive Officer or Director of the Company is the subject
of any pending legal proceedings. No Executive Officer or Director of the Company is involved in any bankruptcy petition by or
against any business in which they are a general partner or executive officer at this time or within two years of any involvement
as a general partner, executive officer, or Director of any business.



Special
Note – Former Officer and Director



Dr.
Michel Aube – Former CEO & Chief Science Officer (CSO)



Dr.
Aubé has wide-ranging expertise in the life sciences. As a microbiologist he furthered his graduate studies at Laval University,
earning a Master’s degree in Cell Biology and Molecular Physiology as well as a PhD in Physiology-Endocrinology. Prior to
joining Earth Science from 2008-2010 he served as a Post-doc Researcher in Immunology at the University of Montreal where he was
responsible for the development of a therapeutic vaccine to treat AIDS based on ex-vivo maturation of dndritic cells from patients.
Thereafter, in 2010, he was a post-doc researcher conducting fundamental research to understand the role of the genes implicated
in the maturation of T cells, and in 2012 his research was focused on understanding the mechanism of action of a new drug that
improves the graft versus host disease in patients that received hematopoietic stem cell transplants. Following his post-doc research
at the University of Montreal in 2013 he founded BOE, ITS with the objective of developing the company’s MSN-2 medical device
for the treatment of Sexually Transmitted Infections. In addition, he created and taught three postdoctoral courses in Immunology.
His scientific research in Sexually Transmitted Infections (STIs), Cancer and Stem Cell biology has been published in several
prestigious medical journals. Dr. Aubé has received a number of Awards for Excellence from the Network for environmental
health research and childhood diseases. On May 18, 2020, Michel Aube resigned from both CEO and Chief Science Officer (CSO) positions
in Earth Science Tech and all positions within its three wholly owned subsidiaries including; Canno Ino Laboratories, Inc., Earth
Science Pharmaceuticals, Inc., and Cannabis Therapeutics, Inc.



39







ITEM
11. EXECUTIVE COMPENSATION



The
following table sets forth the compensation paid to officers and board members during the fiscal years ended March 31, 2020 and
2019. The table sets forth this information for Earth Science Tech, Inc. including salary, bonus, and certain other compensation
to the Board members and named executive officers for the past two fiscal years.



|Name and Principal Position     |  | Year |  |  | Salary ($) |         |  | Bonus ($) |  |   | Stock Awards ($) |  |  | Non-Equity Incentive Plan Compensation ($) |      |  | All Other Compensation ($) |   |  | Total ($) | 
|------------------------------- |  | ---- |  |  | ---------- | ------- |  | --------- |  | - | ---------------- |  |  | ------------------------------------------ | ---- |  | -------------------------- | - |  | --------- | 
|Nickolas S. Tabraue,            |  | 2020 |  |  |            | 84,000  |  |           |  | — |                  |  |  | 56,500                                     | (1)  |  |                            | — |  |           | 
|President, Secretary & Director |  | 2019 |  |  |            | 104,000 |  |           |  | — |                  |  |  | 172,000                                    | ( )  |  |                            | — |  |           | 
|                                |  |      |  |  |            |         |  |           |  |   |                  |  |  |                                            |      |  |                            |   |  |           | 
|Dr. Michel Aube,                |  | 2020 |  |  |            | 3,000   |  |           |  | — |                  |  |  | 56,500                                     | (2)  |  |                            | — |  |           | 
|Chief Executive Officer         |  | 2019 |  |  |            | 48,0000 |  |           |  | — |                  |  |  | 172,0000                                   | (  ) |  |                            | — |  |           | 
|                                |  |      |  |  |            |         |  |           |  |   |                  |  |  |                                            |      |  |                            |   |  |           | 
|Wendell Hecker                  |  | 2020 |  |  |            | 28,300  |  |           |  | — |                  |  |  | 11,500                                     | (3)  |  |                            | — |  |           | 
|Chief Financial Officer         |  | 2019 |  |  |            | 30,500  |  |           |  | — |                  |  |  | 34,400                                     | ( )  |  |                            | — |  |           | 
|                                |  |      |  |  |            |         |  |           |  |   |                  |  |  |                                            |      |  |                            |   |  |           | 
|Gagan Hunter                    |  | 2020 |  |  |            | 72,000  |  |           |  | — |                  |  |  | 11,500                                     | (4)  |  |                            | — |  |           | 
|Chief Operating Officer         |  | 2019 |  |  |            | 69,923  |  |           |  | — |                  |  |  | 34,400                                     | ( )  |  |                            | — |  |           | 



|(1) | During
    the fiscal year ended March 31, 2020, as compensation for services rendered, was issued: (i) 50,000 shares of common stock,
    at a price of $0.73 per share; (ii) 50,000 shares of common stock, at a price of $0.44 per share.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | During
    the fiscal year ended March 31, 2020, as compensation for services rendered, was issued: (i) 50,000 shares of common stock,
    at a price of $0.73 per share; (ii) 50,000 shares of common stock, at a price of $0.44 per share.
|(3) | During
    the fiscal year ended March 31, 2020, as compensation for services rendered, was issued: (i) 10,000 shares of common stock,
    at a price of $0.73 per share; (ii) 10,000 shares of common stock, at a price of $0.44 per share.
|(4) | During
    the fiscal year ended March 31, 2020, as compensation for services rendered, was issued: (i) 10,000 shares of common stock,
    at a price of $0.73 per share; (ii) 10,000 shares of common stock, at a price of $0.44 per share.



40







EMPLOYMENT
AGREEMENTS



Nickolas
S. Tabraue started in 2015 at a base salary of $5,000 per month and 50,000 shares granted per quarter. This was changed to $6,000
per month in the first quarter of 2016 and then to $7,000 in the fourth quarter of 2016 and finally to $4,000 every two weeks
in the second quarter of 2017. On March 19, 2018 the Company entered into an Employment Agreement with Mr. Tabraue (the “Tabraue
Employment Agreement”) for a term of 1 year, renewable upon mutual agreement of both parties for an additional 1 year term.
The Tabraue Employment Agreement provides that Mr. Tabraue receive a $8,666.00 monthly salary and 50,000 shares each fiscal quarter.
The Tabraue Employment Agreement may be terminated with or without cause, pursuant to the terms therein.



Wendell
Hecker and the Company entered into an employment agreement on February 1, 2018 (the “Hecker Employment Agreement”).
The Hecker Employment Agreement provides that Mr. Hecker is to receive a salary of $2,500 per month and 10,000 shares of restricted
common stock per quarter. The term of the Hecker Employment Agreement is 1 year, renewable upon mutual agreement of both parties
for an additional 1 year term. The Hecker Employment Agreement may be terminated with or without cause, pursuant to the terms
therein.



Sergio
Castillo and the Company entered into an employment agreement on January 24, 2017 (the “Castillo Employment Agreement”).
The Castillo Employment Agreement provides that Mr. Hecker is to receive a salary of $750 per month. The term of the Hecker Employment
Agreement is 6 months, renewable upon mutual agreement of both parties for an additional 6 month term. The Castillo Employment
Agreement is still in effect. The Castillo Employment Agreement may be terminated with or without cause, pursuant to the terms
therein.



Gagan
Hunter and the Company entered into an employment agreement on March 20, 2018 (the “Hunter Employment Agreement”).
The Hunter Employment Agreement provides that Mr. Hunter received a $4,500 per month salary which was subsequently increased to
$6,000 per month in the second quarter of 2018. Additionally, he receives 10,000 shares of restricted common stock per quarter.
The term of the Hunter Employment Agreement is 1 year, renewable upon mutual agreement of both parties for an additional 1 year
term. The Hunter Employment Agreement may be terminated with or without cause, pursuant to the terms therein.



Dr.
Michel Aube started in August 2016 at a base salary of $6,000 per month and 50,000 shares of restricted common stock granted per
quarter.



The
compensation that is listed in the table above does not necessarily correspond directly to the officers’ employment agreements
for a number of reasons. For example, Dr. Aube’s compensation does not show a full $72,000 in 2017 because payment didn’t
actually begin until part way through the year. In other cases such as Gabriel Aviles, he was not an officer until later, after
joining the Company so there may have been compensation re received in his position as a sales person that had been paid to him.
In other cases there may be increases in salary that have not been formally reflected by amending employment agreements, rather
the board of directors or the President, in the case of officers who report directly to the President, may have increased salaries
during the year due to outstanding performance and increased work load. The table above reflects what these officers and directors
have actually received for their service as officers and directors during the applicable time period and both the Company and
the officers and directors have agreed to the amount of compensation paid.



There
are no other employment agreements between the Company and its executive officers or directors. Our executive officers and directors
have the responsibility of determining the timing of remuneration programs for key personnel based upon such factors as positive
cash flow, shares sales, product sales, estimated cash expenditures, accounts receivable, accounts payable, notes payable, and
cash balances. At this time, management cannot accurately estimate when sufficient revenues will occur to implement this compensation,
or the exact amount of compensation.



POTENTIAL
PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL



SEC
regulations state that we must disclose information regarding agreements, plans or arrangements that provide for payments or benefits
to our executive officers in connection with any termination of employment or change in control of the Company. Such payments
are set forth above in the section entitled “Employment Agreements.”



None
of our executive officers or directors received, nor do we have any arrangements to pay out, any bonus, stock awards, option awards,
non-equity incentive plan compensation, or non-qualified deferred compensation.



41







OUTSTANDING
EQUITY AWARDS AT FISCAL YEAR END



None.



OPTION/SAR
GRANTS IN THE LAST FISCAL YEAR



None.



CONSULTING
AGREEMENTS WITH OFFICERS AND DIRECTORS



None.



DIRECTOR
COMPENSATION



We
have no standard arrangement to compensate directors for their services in their capacity as directors. Directors are not paid
for meetings attended. However, we intend to review and consider future proposals regarding board compensation. All travel and
lodging expenses associated with corporate matters are reimbursed by us, if and when incurred.



Mr.
Steven Warm was issued 10,000 shares on February 27, 2017 upon joining the Board of Directors. Mr. Warm did not receive nor is
anticipated to receive any further compensation as a Director since February 27, 2017.



INDEMNIFICATION
OF DIRECTORS AND OFFICERS



The
Company’s officers and directors are indemnified as provided by the Nevada Revised Statutes and the bylaws.



Under
the Nevada Revised Statutes, director immunity from liability to a company or its shareholders for monetary liabilities applies
automatically unless it is specifically limited by a company’s Articles of Incorporation. The Company’s Articles of
Incorporation do not specifically limit the directors’ immunity. Excepted from that immunity are: (a) The director’s
or officer’s act or failure to act constituted a breach of his or her fiduciary duties as a director or officer; and (b) The
breach of those duties involved intentional misconduct, fraud or a knowing violation of law.



The
Company’s bylaws provide that it will advance to any person who was or is a party or is threatened to be made a party to
any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by
reason of the fact that he is or was a director or officer of the Company, or is or was serving at the request of Earth Science
Tech as a director or executive officer of another company, partnership, joint venture, trust or other enterprise, prior to the
final disposition of the proceeding, promptly following request therefore, all expenses incurred by any director or officer in
connection with such proceeding upon receipt of an undertaking by or on behalf of such person to repay said amounts if it should
be determined ultimately that such person is not entitled to be indemnified under the bylaws or otherwise.



There
are no annuity, pension or retirement benefits proposed to be paid to officers, directors or employees of the corporation in the
event of retirement at normal retirement date pursuant to any presently existing plan provided or contributed to by Company.



42







ITEM
12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS



As
of March 31, 2020, we had outstanding 38,144,182 shares of common stock. Each share of common stock is currently entitled to one
vote on all matters put to a vote of our stockholders. The following table sets forth the number of common shares, and percentage
of outstanding common shares, beneficially owned as of the date hereof by:



| | ● | each
                                         person known by us to be the beneficial owner of more than five percent of our outstanding
                                         common stock;                           
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | ● | each
                                         of our current directors;                                                                                                                                                   
| | ● | each
                                         our current executive officers and any other persons identified as a “named executive”
                                         in the Summary Compensation Table above; and
| | ● | all
                                         our current executive officers and directors as a group.                                                                                                                     



Beneficial
ownership is determined in accordance with the rules of the SEC and includes general voting power and/or investment power with
respect to securities. Shares of common stock issuable upon exercise of options or warrants that are currently exercisable or
exercisable within 60 days of the record date, and shares of common stock issuable upon conversion of other securities currently
convertible or convertible within 60 days, are deemed outstanding for computing the beneficial ownership percentage of the person
holding such securities but are not deemed outstanding for computing the beneficial ownership percentage of any other person.
Under the applicable SEC rules, each person’s beneficial ownership is calculated by dividing the total number of shares
with respect to which they possess beneficial ownership by the total number of outstanding shares. In any case where an individual
has beneficial ownership over securities that are not outstanding but are issuable upon the exercise of options or warrants or
similar rights within the next 60 days, that same number of shares is added to the denominator in the calculation described above.
Because the calculation of each person’s beneficial ownership set forth in the “Percentage Beneficially Owned”
column of the table may include shares that are not presently outstanding, the sum total of the percentages set forth in such
column may exceed 100%. Unless otherwise indicated, the address of each of the following persons is 8000 NW 31sth Street, Unit
19, Doral, FL 33122, USA, and, based upon information available or furnished to us, each such person has sole voting and investment
power with respect to the shares set forth opposite his, her or its name.



|Beneficial Owner(1)                                                                      |  | Common Stock |           |  | Series A Preferred Stock |  |  | Number of Shares Beneficially Owned(2) |  |  | Percent(3) | 
|---------------------------------------------------------------------------------------- |  | ------------ | --------- |  | ------------------------ |  |  | -------------------------------------- |  |  | ---------- | 
|5% Stockholders:                                                                         |  |              |           |  |                          |  |  |                                        |  |  |            | 
|Majorca Group, Ltd.(6)                                                                   |  |              | 6,520,000 |  |                          |  |  |                                        |  |  | 6,520,000  | 
|Great Lakes Holdings Group, Inc.(7)                                                      |  |              | 6,700,000 |  |                          |  |  |                                        |  |  | 6,700,000  | 
|Named Executive Officers and Directors:                                                  |  |              |           |  |                          |  |  |                                        |  |  |            | 
|Michel Aube – Former Chief Executive Officer and Chief Science Officer(4)                |  |              | 618,500   |  |                          |  |  |                                        |  |  | 618,500    | 
|Nickolas S. Tabraue – President, Secretary and Director (former Chief Operating Officer) |  |              | 1,000,000 |  |                          |  |  |                                        |  |  | 1,000,000  | 
|Steven Warm, Chief Counsel and Director                                                  |  |              | 14,500    |  |                          |  |  |                                        |  |  | 14,500     | 
|Wendell Hecker, Chief Financial Officer                                                  |  |              | 70,000    |  |                          |  |  |                                        |  |  | 70,000     | 
|Sergio Castillo, Chief Marketing Officer                                                 |  |              | 0         |  |                          |  |  |                                        |  |  | 0          | 
|David Barbash, Chief Sales Officer                                                       |  |              | 7,000     |  |                          |  |  |                                        |  |  | 7,000      | 
|Gagan Hunter, Chief Operating Officer                                                    |  |              | 70,000    |  |                          |  |  |                                        |  |  | 70,000     | 
|All executive officers and directors as a group (7 persons)                              |  |              |           |  |                          |  |  |                                        |  |  | 1,780,000  | 



|(1) | Except
    as otherwise indicated, the persons named in this table have sole voting and investment power with respect to all shares of
    common stock shown as beneficially owned by them, subject to community property laws where applicable and to the information
    contained in the footnotes to this table.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



43







|(2) | Under
    SEC rules, a person is deemed to be the beneficial owner of shares that can be acquired by such person within 60 days upon
    the exercise of options or the settlement of other equity awards.                                                                                                                                                                                 
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                            
|(3) | Calculated
    on the basis of 38,144,182 shares of common stock outstanding as of March 31, 2020, plus any additional shares of common stock
    that a stockholder has the right to acquire within 60 days after March 31, 2020. Further, the positions listed are as of the
    date of this Registration Statement.                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                            
|(4) | Under
    his agreement with the Company, Dr. Michel Aube received additional shares as compensation for his services and in connection
    with the acquisition of his company, BOE Its, Inc.                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                            
|(5) | Nickolas
    S. Tabraue was Chief Operating Officer from October 2015-March 2018 in addition to the other positions he held the positions
    listed are current as of the date of this Registration Statement. He receives 50,000 shares per quarter as part of his compensation
    package and as such as of March 31, 2020 he held 1,000,000 or 2.62% of 38,144,182 shares outstanding.
|    |                                                                                                                                                                                                                                                                                                                                                                                            
|(6) | Majorca
    is owned 100% by John Morgan who is also its director and CEO.                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                            
|(7) | Great
    Lakes is owned and controlled by Dr. Issa El-Cheikh.                                                                                                                                                                                                                                                                                                                             



Rule
13d-3 under the Securities Exchange Act of 1934 governs the determination of beneficial ownership of securities. That rule provides
that a beneficial owner of a security includes any person who directly or indirectly has or shares voting power and/or investment
power with respect to such security. Rule 13d-3 also provides that a beneficial owner of a security includes any person who has
the right to acquire beneficial ownership of such security within sixty days, including through the exercise of any option, warrant
or conversion of a security. Any securities not outstanding which are subject to such options, warrants or conversion privileges
are deemed to be outstanding for the purpose of computing the percentage of outstanding securities of the class owned by such
person. Those securities are not deemed to be outstanding for the purpose of computing the percentage of the class owned by any
other person.



There
were no grants of stock options since inception to March 31, 2020. We do not have any long-term incentive plans that provide compensation
intended to serve as incentive for performance.



The
Board of Directors of the Company has not adopted a stock option plan. The company has no plans to adopt it but may choose to
do so in the future. If such a plan is adopted, this may be administered by the board or a committee appointed by the board (the
“Committee”). The committee would have the power to modify, extend or renew outstanding options and to authorize the
grant of new options in substitution therefore, provided that any such action may not impair any rights under any option previously
granted. The Company may develop an incentive based stock option plan for its officers and directors and may reserve up to 10%
of its outstanding shares of common stock for that purpose.



ITEM
13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE



During
2014, a former stockholder provided funds to the Company evidenced by 8% uncollateralized notes payable due September 30, 2014.
As of March 31, 2020, and March 31, 2018, the Company had $59,558 and $59,558, respectively of these notes payable which are in
default. The Company is in current negotiations to extend the maturity of these notes for an additional 2 years. Interest expense
for the years ended March 31, 2020 and 2019, were $ 0.00 and $ 0.00, respectively.



EQUITY
ISSUANCES TO OFFICERS AND DIRECTORS



The
President, Director, & Chairman of Earth Science Tech, Inc., Nickolas S. Tabraue, received 100,000 shares of the Company’s
common stock during the year ended March 31, 2020.



The
former CEO & Chief Sales Officer, (CSO) of Earth Science Tech, Inc., Dr. Michel Aube, received 100,000 shares of the Company’s
common stock during the year ended March 31, 2020.



44







The
Director & COO of Earth Science Tech, Inc., Gagan Hunter, received 20,000 shares of the Company’s common stock during
the year ended March 31, 2020.



The
CFO of Earth Science Tech, Inc., Wendell Hecker, received 20,000 shares of the Company’s common stock during the year ended
March 31, 2020.



Item
14. Principal Accounting Fees and Services.



During
the fiscal year ended March 31, 2020 we incurred approximately $56,592 in audit and audit related fees to our principal independent
accountants for professional services rendered in connection with the audit of financial statements for the fiscal year ended
March 31, 2020. We did not incur any other fees or tax related services fees during that time period.



During
the fiscal year ended March 31, 2019 we incurred approximately $77,396 in fees for professional services rendered in connection
with the audit of financial statements for the fiscal year ended March 31, 2019, and no other fees for professional services rendered
by our principal independent accountants or related to tax services, for a total of $77,396.



BF
Borgers is the Company’s principal auditing accountant firm. The Company’s Board of Directors has considered whether
the provisions of audit services are compatible with maintaining BF Borgers’s independence. The engagement of our independent
registered public accounting firm was approved by our Board of Directors prior to the start of the audit of our consolidated financial
statements for the year ended March 31, 2020.



The
following table represents aggregate fees billed to the Company for the years ended March 31, 2020 and 2019.



|Services           |  | 2020 |        |  | 2019 |  
|------------------ |  | ---- | ------ |  | ---- | -
|Audit fees         |  | $    | 56,592 |  |      | $
|Audit related fees |  | $    |        |  |      | $
|Tax fees           |  | $    |        |  |      | $
|All other fees     |  | $    |        |  |      | $
|Total fees         |  | $    | 59,592 |  |      | $



45







PART
IV



ITEM
15. EXHIBITS



The
following exhibits are incorporated into this Form 10-K Annual Report:



|        |  |                                                                                                                                                       | Incorporated
    by |           |  |                        | 
|------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------- | --------- |  | ---------------------- | 
|Exhibit |  |                                                                                                                                                       |                     | Reference |  | Filed
    or Furnished
|Number  |  | Exhibit
    Description                                                                                                                               |                     | Form      |  | Exhibit                | 
|        |  |                                                                                                                                                       |                     |           |  |                        | 
|31.1    |  | Certification of Chief Executive Officer Pursuant to Exchange Act Rule 13a-14(a) As adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |                     |           |  |                        | 
|        |  |                                                                                                                                                       |                     |           |  |                        | 
|31.2    |  | Certification of Chief Executive Officer Pursuant to Exchange Act Rule 13a-14(a) As adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |                     |           |  |                        | 
|        |  |                                                                                                                                                       |                     |           |  |                        | 
|32.1    |  | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002     |                     |           |  |                        | 
|        |  |                                                                                                                                                       |                     |           |  |                        | 
|32.2    |  | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002     |                     |           |  |                        | 
|        |  |                                                                                                                                                       |                     |           |  |                        | 
|101.INS |  | XBRL
    Instance Document                                                                                                                            |                     |           |  |                        | 
|        |  |                                                                                                                                                       |                     |           |  |                        | 
|101.SCH |  | XBRL
    Taxonomy Extension Schema                                                                                                                    |                     |           |  |                        | 
|        |  |                                                                                                                                                       |                     |           |  |                        | 
|101.CAL |  | XBRL
    Taxonomy Extension Calculation Linkbase                                                                                                      |                     |           |  |                        | 
|        |  |                                                                                                                                                       |                     |           |  |                        | 
|101.DEF |  | XBRL
    Taxonomy Extension Definition Linkbase                                                                                                       |                     |           |  |                        | 
|        |  |                                                                                                                                                       |                     |           |  |                        | 
|101.LAB |  | XBRL
    Taxonomy Extension Label Linkbase                                                                                                            |                     |           |  |                        | 
|        |  |                                                                                                                                                       |                     |           |  |                        | 
|101.PRE |  | XBRL
    Taxonomy Extension Presentation Linkbase                                                                                                     |                     |           |  |                        | 



ITEM
16. FORM 10-K/A SUMMARY



None.



46







SIGNATURES



Pursuant
to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.



|                           | RECEIVER
                                         FOR EARTH SCIENCE TECH, INC.
        CASE
        NO. A-18-784952-C
        STRONGBOW
        ADVISORS, INC.
|-------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------
|                           |                                                                                                                                                               
|Dated:
    August 18, 2020 | By:                                                                                                                                                           
|                           |                                                                                                                                                               
|                           | Its:                                                                                                                                                          



|                           | EARTH
    SCIENCE TECH, INC.
|-------------------------- | ----------------------------
|                           |                             
|Dated:
    August 18, 2020 | By:                         
|                           |                             
|                           | Its:                        



47