UNITED
STATES

SECURITIES
AND EXCHANGE COMMISSION

Washington,
D.C. 20549



FORM
10-Q



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



For
the quarterly period ended September 30, 2018



OR



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



For
the transition period from ___________ to __________



Commission
File No. 000-55000



EARTH
SCIENCE TECH CORPORATION

(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 31sth Street, 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)



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” and “smaller
reporting 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 on June 30, 2018 was 47,942,475.


















TABLE
OF CONTENTS



|             |                                                                                          | PAGE
|------------ | ---------------------------------------------------------------------------------------- | ----
|PART
    I   | FINANCIAL
    INFORMATION                                                                | F-1 
|ITEM
    1.  | FINANCIAL
    STATEMENTS                                                                 | F-1 
|ITEM
    2.  | MANAGEMENTS
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 3   
|ITEM
    3.  | QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                           | 7   
|ITEM
    4.  | CONTROLS
    AND PROCEDURES                                                              | 8   
|             |                                                                                          |     
|PART
    II  | OTHER
    INFORMATION                                                                    | 8   
|ITEM
    1.  | LEGAL
    PROCEEDINGS                                                                    | 8   
|ITEM
    1A. | RISK
    FACTORS                                                                         | 10  
|ITEM
    2.  | UNREGISTERED
    SALES OF EQUITY SECURITIES AND USE OF PROCEEDS                          | 10  
|ITEM
    3.  | DEFAULTS
    UPON SENIOR SECURITIES                                                      | 10  
|ITEM
    4.  | MINE
    SAFETY DISCLOSURES                                                              | 10  
|ITEM
    5.  | OTHER
    INFORMATION                                                                    | 10  
|ITEM
    6.  | EXHIBITS                                                                                 | 10  





2







PART
I — FINANCIAL INFORMATION



ITEM
1. FINANCIAL STATEMENTS



Table
of Contents



|Consolidated
    Financial Statements and Notes                                         |    
|--------------------------------------------------------------------------------------- | ---
|                                                                                        |    
|Balance Sheets as of September 30, 2018 and March 31, 2018                              | F-2
|                                                                                        |    
|Statements of Operations for the three months ended September 30, 2018 and 2017         | F-3
|                                                                                        |    
|Statements of Changes in Shareholders’ Equity the three months ended September 30, 2018 | F-4
|                                                                                        |    
|Statements of Cash Flows for the three months ended September 30, 2018 and 2017         | F-5
|                                                                                        |    
|Notes for the Financial Statements                                                      | F-6





F-1











EARTH
SCIENCE TECH, INC. AND SUBSIDIARIES

CONSOLIDATED
BALANCE SHEETS





|                                                                                                                                                                                         |  | September 30, |             |   | March 31, |  
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ----------- | - | --------- | -
|                                                                                                                                                                                         |  | 2018          |             |   | 2018      |  
|ASSETS                                                                                                                                                                                   |  |               |             |   |           |  
|Current Assets:                                                                                                                                                                          |  |               |             |   |           |  
|Cash                                                                                                                                                                                     |  | $             | 190,538     |   |           | $
|Accounts Receivable(net allowance of $111,301 and $111,301 respectively )                                                                                                                |  | $             | 96,736      |   |           | $
|Prepaid expenses and other current assets                                                                                                                                                |  |               | 279,997     |   |           |  
|Inventory                                                                                                                                                                                |  |               | 78,403      |   |           |  
|Total current assets                                                                                                                                                                     |  |               | 645,674     |   |           |  
|                                                                                                                                                                                         |  |               |             |   |           |  
|Property and equipment, net                                                                                                                                                              |  |               | 15,746      |   |           |  
|                                                                                                                                                                                         |  |               |             |   |           |  
|Other Assets:                                                                                                                                                                            |  |               |             |   |           |  
|Patent, net                                                                                                                                                                              |  |               | 36,537      |   |           |  
|Deposits                                                                                                                                                                                 |  |               | 6,191       |   |           |  
|Total other assets                                                                                                                                                                       |  |               | 42,728      |   |           |  
|Total Assets                                                                                                                                                                             |  | $             | 704,148     |   |           | $
|                                                                                                                                                                                         |  |               |             |   |           |  
|LIABILITIES AND STOCKHOLDERS’S EQUITY                                                                                                                                                    |  |               |             |   |           |  
|                                                                                                                                                                                         |  |               |             |   |           |  
|Current Liabilities:                                                                                                                                                                     |  |               |             |   |           |  
|Accounts payable                                                                                                                                                                         |  | $             | 240,989     |   |           | $
|Accrued expenses                                                                                                                                                                         |  | $             | 63,405      |   |           | $
|Accrued settlement                                                                                                                                                                       |  |               | 231,323     |   |           |  
|Notes payable - related parties                                                                                                                                                          |  |               | 59,558      |   |           |  
|Total current liabilities                                                                                                                                                                |  |               | 595,275     |   |           |  
|Total liabilities                                                                                                                                                                        |  |               | 595,275     |   |           |  
|                                                                                                                                                                                         |  |               |             |   |           |  
|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                                    |  |               | 5,200       |   |           |  
|Common stock, par value $0.001 per share, 75,000,000 shares authorized; 50,118,233 and 46,150,207 shares issued and outstanding as of September 30, 2018 and March 31, 2018 respectively |  |               | 50,119      |   |           |  
|Additional paid-in capital                                                                                                                                                               |  |               | 26,680,354  |   |           |  
|Accumulated deficit                                                                                                                                                                      |  |               | (26,626,800 | ) |           |  
|Total stockholders’ (Deficit)Equity                                                                                                                                                      |  |               | 108,873     |   |           |  
|Total Liabilities and Stockholders’ (Deficit) Equity                                                                                                                                     |  | $             | 704,148     |   |           | $



F-2







EARTH
SCIENCE TECH, INC. AND SUBSIDIARIES

CONSOLIDATED
STATEMENTS OF OPERATIONS





|                              |  | For the three      |          |   | For the three      |   |          | For the six        |  |   | For the six        |  
|----------------------------- |  | ------------------ | -------- | - | ------------------ | - | -------- | ------------------ |  | - | ------------------ | -
|                              |  | Months Ended       |          |   | Months Ended       |   |          | Months Ended       |  |   | Months Ended       |  
|                              |  | September 30, 2018 |          |   | September 30, 2017 |   |          | September 30, 2018 |  |   | September 30, 2017 |  
|                              |  |                    |          |   |                    |   |          |                    |  |   |                    |  
|Revenue                       |  | $                  | 201,324  |   |                    | $ | 89,237   |                    |  | $ | 368,215            |  
|Cost of revenues              |  |                    | 109,117  |   |                    |   | 49,006   |                    |  |   | 216,599            |  
|Gross Profit                  |  |                    | 92,207   |   |                    |   | 40,231   |                    |  |   | 151,616            |  
|                              |  |                    |          |   |                    |   |          |                    |  |   |                    |  
|Operating Expenses:           |  |                    |          |   |                    |   |          |                    |  |   |                    |  
|                              |  |                    |          |   |                    |   |          |                    |  |   |                    |  
|Compensation - officers       |  |                    | 58,087   |   |                    |   | 28,000   |                    |  |   | 115,529            |  
|Officer Compensation Stock    |  |                    | 154,350  |   |                    |   | 27,000   |                    |  |   | 252,350            |  
|Employee Compensation Stock   |  |                    | -        |   |                    |   | -        |                    |  |   | 20,182             |  
|Marketing                     |  |                    | 94,644   |   |                    |   | 40,597   |                    |  |   | 123,911            |  
|General and administrative    |  |                    | 127,109  |   |                    |   | 163,036  |                    |  |   | 298,544            |  
|Donations                     |  |                    | -        |   |                    |   | -        |                    |  |   | -                  |  
|Loss on disposal of assets    |  |                    | -        |   |                    |   | -        |                    |  |   | -                  |  
|Professional fees             |  |                    | 16,278   |   |                    |   | 30,086   |                    |  |   | 26,254             |  
|Bad Debt Expense              |  |                    | -        |   |                    |   | -        |                    |  |   | -                  |  
|Cost of legal proceedings     |  |                    | 145,553  |   |                    |   | -        |                    |  |   | 271,547            |  
|Research and development      |  |                    | 104,265  |   |                    |   | -        |                    |  |   | 169,510            |  
|Total operating expenses      |  |                    | 700,286  |   |                    |   | 288,719  |                    |  |   | 1,277,827          |  
|                              |  |                    |          |   |                    |   |          |                    |  |   |                    |  
|Loss from operations          |  |                    | (608,079 | ) |                    |   | (248,488 | )                  |  |   | (1,126,211         | )
|                              |  |                    |          |   |                    |   |          |                    |  |   |                    |  
|Other Income (Expenses)       |  |                    |          |   |                    |   |          |                    |  |   |                    |  
|Interest expense              |  |                    | (1,191   | ) |                    |   | -        |                    |  |   | (2,382             | )
|Interest income               |  |                    | -        |   |                    |   | -        |                    |  |   | -                  |  
|Total other income (expenses) |  |                    | (1,191   | ) |                    |   | -        |                    |  |   | (2,382             | )
|                              |  |                    |          |   |                    |   |          |                    |  |   |                    |  
|Net loss before income taxes  |  |                    | (609,270 | ) |                    |   | (248,488 | )                  |  |   | (1,128,593         | )
|                              |  |                    |          |   |                    |   |          |                    |  |   |                    |  
|Income taxes                  |  |                    | -        |   |                    |   | -        |                    |  |   | -                  |  
|                              |  |                    |          |   |                    |   |          |                    |  |   |                    |  
|Net loss                      |  | $                  | (609,270 | ) |                    | $ | (248,488 | )                  |  | $ | (1,128,593         | )



F-3







EARTH
SCIENCE TECH. INC, AND SUBSIDIARIES

CONSOLIDATED
STATEMENTS OF STOCKHOLDERS’ (DEFICIT) EQUITY

FOR
THREE MONTHS ENDED SEPTEMBER 30, 2018





|                                              |  | Common Stock |            |  | Preferred Stock |   |        | Additional Paid-in |  |   | Accumalated |  |  |         |      
|--------------------------------------------- |  | ------------ | ---------- |  | --------------- | - | ------ | ------------------ |  | - | ----------- |  |  | ------- | -----
|Description                                   |  | Shares       |            |  | Amount          |   |        | Shares             |  |   | Amount      |  |  | Capital |      
|Balance-March 31, 2017                        |  |              | 42,287,499 |  |                 |   | 42,287 |                    |  |   | 5,200,000   |  |  |         | 5,200
|                                              |  |              |            |  |                 |   |        |                    |  |   |             |  |  |         |      
|Common stock issued for cash                  |  |              | 3,096,698  |  |                 |   | 3,097  |                    |  |   |             |  |  |         |      
|Common stock issued for services              |  |              | 533,010    |  |                 |   | 533    |                    |  |   |             |  |  |         |      
|Common stock issued for officer compensation  |  |              | 233,000    |  |                 |   | 233    |                    |  |   |             |  |  |         |      
|Common stock returned to company              |  |              |            |  |                 |   |        |                    |  |   |             |  |  |         |      
|Net Loss                                      |  |              |            |  |                 |   |        |                    |  |   |             |  |  |         |      
|                                              |  |              |            |  |                 |   |        |                    |  |   |             |  |  |         |      
|Balance March 31, 2018                        |  |              | 46,150,207 |  |                 |   | 46,150 |                    |  |   | 5,200,000   |  |  |         | 5,200
|                                              |  |              |            |  |                 |   |        |                    |  |   |             |  |  |         |      
|Common stock issued for cash                  |  |              | 1,604,168  |  |                 |   | 1,604  |                    |  |   |             |  |  |         |      
|Common stock issued for services              |  |              | 40,000     |  |                 |   | 40     |                    |  |   |             |  |  |         |      
|Common stock issued for officer compensation  |  |              | 122,500    |  |                 |   | 123    |                    |  |   |             |  |  |         |      
|Common stock issued for employee compensation |  |              | 25,600     |  |                 |   | 26     |                    |  |   |             |  |  |         |      
|Common stock returned to company              |  |              |            |  |                 |   |        |                    |  |   |             |  |  |         |      
|Net Loss                                      |  |              |            |  |                 |   |        |                    |  |   |             |  |  |         |      
|                                              |  |              |            |  |                 |   |        |                    |  |   |             |  |  |         |      
|Balance June 30, 2018                         |  |              | 47,942,475 |  |                 | $ | 47,943 |                    |  | $ | 5,200,000   |  |  | $       | 5,200
|                                              |  |              |            |  |                 |   |        |                    |  |   |             |  |  |         |      
|Common stock issued for cash                  |  |              | 2,033,258  |  |                 |   | 2,033  |                    |  |   |             |  |  |         |      
|Common stock issued for services              |  |              | 20,000     |  |                 |   | 20     |                    |  |   |             |  |  |         |      
|Common stock issued for officer compensation  |  |              | 122,500    |  |                 |   | 123    |                    |  |   |             |  |  |         |      
|Common stock returned to company              |  |              |            |  |                 |   |        |                    |  |   |             |  |  |         |      
|Net Loss                                      |  |              |            |  |                 |   |        |                    |  |   |             |  |  |         |      
|                                              |  |              |            |  |                 |   |        |                    |  |   |             |  |  |         |      
|Balance September 30, 2018                    |  |              | 50,118,233 |  |                 | $ | 50,119 |                    |  |   | 5,200,000   |  |  | $       | 5,200



F-4







EARTH
SCIENCE TECH, INC. AND SUBSIDIARIES

CONSOLIDATED
STATEMENTS OF CASH FLOWS





|                                                                         |  | For the Six        |            |   | For the Six        | 
|------------------------------------------------------------------------ |  | ------------------ | ---------- | - | ------------------ | 
|                                                                         |  | Months Ended       |            |   | Months Ended       | 
|                                                                         |  | September 30, 2018 |            |   | September 30, 2017 | 
|Cash Flow From Operating Activities:                                     |  |                    |            |   |                    | 
|Net loss                                                                 |  |                    | (1,128,593 | ) |                    | 
|Adjustments to reconcile net loss to net cash from operating activities: |  |                    |            |   |                    | 
|Stock-based compensation                                                 |  |                    | 272,533    |   |                    | 
|Stock issued for services                                                |  |                    | 43,920     |   |                    | 
|Depreciation and amortization                                            |  |                    | 5,339      |   |                    | 
|Changes in operating assets and liabilities:                             |  |                    |            |   |                    | 
|Increase/Decrease in deposits                                            |  |                    | -          |   |                    | 
|Increase/Decrease in prepaid expenses and other current assets           |  |                    | (343,556   | ) |                    | 
|Decrease/Increase in inventory                                           |  |                    | 56,381     |   |                    | 
|Increase in other assets                                                 |  |                    |            |   |                    | 
|Increase in accrued settlement                                           |  |                    | -          |   |                    | 
|Increase in accounts payable                                             |  |                    | 171,875    |   |                    | 
|Net Cash Used in Operating Activities                                    |  |                    | (922,101   | ) |                    | 
|                                                                         |  |                    |            |   |                    | 
|Investing Activities:                                                    |  |                    |            |   |                    | 
|Purchases of property and equipment                                      |  |                    | (393       | ) |                    | 
|Patent expenditures                                                      |  |                    | -          |   |                    | 
|Net Cash Used in Investing Activities                                    |  |                    | (393       | ) |                    | 
|                                                                         |  |                    |            |   |                    | 
|Financing Activities:                                                    |  |                    |            |   |                    | 
|Proceeds from issuance of common stock                                   |  |                    | 1,040,994  |   |                    | 
|Proceeds from notes payable- related party                               |  |                    | -          |   |                    | 
|Repayment of advances from related party                                 |  |                    | -          |   |                    | 
|Net Cash Provided by Financing Activities                                |  |                    | 1,040,994  |   |                    | 
|                                                                         |  |                    |            |   |                    | 
|Net Decrease in Cash                                                     |  |                    | 118,500    |   |                    | 
|                                                                         |  |                    |            |   |                    | 
|Cash - Beginning of year                                                 |  |                    | 72,038     |   |                    | 
|Cash - End of year                                                       |  |                    | 190,538    |   |                    | 



F-5







Notes
                                         to Financials

For

Earth
Science Tech Corporation

For
the Period Ending

September
30, 2018



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.. 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. ETSC 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, Earth Science Pharmaceutical Inc.,
Kannabidioid Inc.



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 a patent
are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not
be recoverable.



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.



F-6







Carrying
value, recoverability and impairment of long-lived assets



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.



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.



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 ASC 606 for revenue recognition. The Company recognizes revenue when it is realized or realizable and earned.
The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence
of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales
price is fixed or determinable, and (iv) collectability is reasonably assured.



F-7







The
Company derives its revenues from sales contracts with its customer with revenues being generated upon rendering of products.
Persuasive evidence of an arrangement is demonstrated via invoice; products are considered provided when the product is delivered
to the customers; and the sales price to the customer is fixed upon acceptance of the purchase order and there is no separate
sales rebate, discount, or v



Inventories



Inventories
consist of various types of nutraceuticals and bioceuticals at the Company’s retail store and main office. 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.



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 September 30, 2018 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.



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                                





F-8







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.



Note
3 — Going Concern



The accompanying condensed consolidated financial statements have been prepared assuming that the Company
will continue as a going concern. At September 30, 2018, the Company had negative working capital, an accumulated deficit of $
26,626,800 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.



Note
4 - Commitments and Contingencies



Legal
Proceedings



Cromongen
Biotechnology Corporation vs. Earth Science Tech, Inc. The Company is engaged in a legal controversy in arbitration with a
former supplier, Cromogen Biotechnology Corporation (“Cromogen”). The Company claimed that Cromogen did not perform
in accordance with its contract to supply high quality hemp oil to the Company on a consistent and timely manner. In accordance
with the arbitration clause stipulated by the contract, in the arbitration proceeding, the Company filed a counterclaim and affirmative
defenses to Cromogen’s claims for damages. The Company also filed a legal action in the courts of Florida against Cromogen,
its principals and related companies, wherein fraud is alleged in connection with Cromogen’s representations regarding the
formulation and quality of the hemp oil supplied. The legal action in the Florida courts has been stayed by court order.



Since
then the Company has received a copy of the Final Award (the “Award”) from the Arbitration Panel that was rendered
June 8, 2018. The Award denied the Company’s counterclaims and certain of Cromogen’s claims. However, the Award was
ultimately in favor of Cromogen on three issues which came in at a total of $3,994,522.55. This 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 $111,057.55
and a sum for the claim of tortuous interference and conversion against the Company in the amount of $3,763,200.00 based on alleged
lost profits based on the claimed lost contract that would have allegedly resulted in business of $48 million in revenue for Cromogen.
The Award has not been confirmed; and in reviewing it, the Company’s counsel found significant problems with the calculations
based on Cromogen’s own numbers that it believes is will be successful in disputing either pursuant to a motion before the
Arbitration Panel or at such time as Cromogen seeks to have the Award confirmed in court. Regardless of the Award, the Company
indends to vigorously dispute the confirmation of the Award and although there can be no assurances, is optimistic because of
the basis for appeal that its counsel has identified Management has consulted with legal counsel and has recorded an estimated
accrual based on the probability of an arbitration award and legal fees against the Company of $231,323 as of June 30, 2018.



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 three months and six months ended September 30, 2018
were $6,611 and $13,222 respectively.



F-9







Note
 5 - 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 September 30, 2018, the Company had allowances of $ 111,301 The Company used
an allowance of 40% of receivables over 90 days to charge bad debt expense.



Prepaid
expenses and other current assets of $279,997 as of September 30, 2018 mainly represent $279,075 in prepaid expenses for an accounts
payable invoice from Greybeard Holding dated 7/24/18 for inventory but not yet delivered.



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 $63,405 as of September 30, 2018 mainly represent $21,405 of accrued interest on notes payable and accrued payroll
for Michael Aube for $42,000.



General
and administrative expenses were $127,109 and $163,036 for the three months ended September 30, 2018 and 2017 respectively and
$298,544 and $ 414,913 for the six months ended September 30, 2018 and 2017 respectively. For the three months ended September
30, 2018, the majority comprised of consulting fees in the amount of $53,785 and accounting fees of $22,400. The remainder of,
$50,924 was for employee compensation, rent, and other expenses. For the six months ended September 30, 2018 the majority comprised
of consulting fees of $108,409 and accounting fees of $71,800. The remainder of $118,335 was for employee compensation, rent and
other expenses.



Professional
fees were $16,278 and $26,254 for the three months and six months ended September 30, 2018 respectively. The bulk of these expenses
were paid to transfer agent for issuance of stock.



Costs of legal proceedings
were $145,553 and $271,547 for the three months and six months ended September 30, 2018. Legal expenses were for patent, security
exchange and corporate attorney fees.



Research and development were $104,265 and $169,510 for the three months and six months ended September 30,
2018. These expenses were for new products and a medical device.



Note
6 - Subsequent Events



On October 16, 2018 the company partners with Group Opmedic for lab results of Hygee medical device. Agreement
with Groupe Opmedic Inc. and its Procrea Fertility Laboratories to provide the laboratory services for the detection of sexually
transmitted infections (STIs) in women using HygeeTM. Woman using HygeeTM can
mail the sample to the Procrea Fertility lab for anonymous and discreet testing for STIs.





F-10











ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION



The
following Management’s Discussion and Analysis should be read in conjunction with Earth Science Tech Corporation’s
financial statements and the related notes thereto. The Management’s Discussion and Analysis contains forward-looking statements
that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. Any statements
that are not statements of historical fact are forward-looking statements. When used, the words “believe,” “plan,”
“intend,” “anticipate,” “target,” “estimate,” “expect,” and the like,
and/or future-tense or conditional constructions (“will,” “may,” “could,” “should,”
etc.), or similar expressions, identify certain of these forward-looking statements. These forward-looking statements are subject
to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the
forward-looking statements in this Report on Form 10-Q. The Company’s actual results and the timing of events could differ
materially from those anticipated in these forward-looking statements as a result of several factors. The Company does not undertake
any obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this Report
on Form 10-Q.



The
following discussion should be read in conjunction with our unaudited consolidated financial statements and related notes and
other financial data included elsewhere in this report. See also the notes to our consolidated financial statements and Management’s
Discussion and Analysis of Financial Condition and Results of Operations contained in our Registration Statement filed on Form
10-12g for the fiscal year ended March 31, 2018.



Critical
Accounting Policies and Estimates



The
discussion and analysis of the Company’s financial condition and results of operations are based upon the Company’s
condensed financial statements, which have been prepared in accordance with accounting principles generally accepted in the United
States of America. The preparation of these financial statements requires us to make estimates and judgments that affect the reported
amounts of assets, liabilities, revenues and expenses. In consultation with the Company’s Board of Directors, management
has identified the following accounting policies that it believes are key to an understanding of its financial statements. These
are important accounting policies that require management’s most difficult, subjective judgments.



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, Earth Science Pharmaceutical Inc.,
Kannabidioid Inc. 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.





3







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 a patent
are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not
be recoverable.



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.



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.



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.





4









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 retail store and main office. 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.



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 September 30, 2018 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.





5









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.



Liquidity
and Capital Resources.



For
the Three-Month Period Ended September 30, 2018 versus September 30, 2017



During the three months ended September 30, 2108, net cash used in the Company’s operating activities
totaled $(584,529) compared to $(252,058) during the three months ended September 30, 2017. During the three months ended September
30, 2018, net cash used in investing activities totaled $393 compared to $0 provided by investing activities during the three months
ended September 30, 2017. During the three months ended September 30, 2018, net cash provided by financing activities totaled $597,944
compared to $214,755 from financing activities during the three months ended September 30, 2017. During the three months ended
September 30, 2018, net cash increased $13,022 as compared to a decrease of $(37,303) during the three months ended September 30,
2017.



At September 30, 2018, the Company had cash of $190,538, accounts receivable of $96,736, inventories of $78,403
and prepaid expenses of $279,997 that comprised the Company’s total current assets totaling $645,674. The Company’s
property and equipment at September 30, 2018 had a net book value of $15,746. The Company also had Patents totaling $36,537 at
September 30, 2018, while the Company’s total assets at September 30, 2018 were $704,148.



At September 30, 2018, the Company had total liabilities of $595,275. The Company had no other long-term liabilities,
commitments or contingencies. Other than anticipated increases in the legal and accounting costs associated with being a public
company, Company management is not aware of any other known trends, events or uncertainties which may affect the Company’s
future liquidity.



At September 30, 2018, the Company had a stockholders’ equity totaling $108,873 compared to $120,525
for the period ending September 30, 2017.



RESULTS
OF OPERATIONS



For the Three Months Ended September
30, 2018 versus September 30, 2017



The Company’s revenue for the three months ended September 30, 2018 was $201,324 compared to September
30, 2017 revenue totaling $89,237. The Company incurred operating expenses for the three months ended September 30, 2018 totaling
$700,286 that included officer compensation of $58,087 in cash and $154,350 in stock based compensation 2, marketing expenses of
$94,644 and general and administrative expenses of $127,109, professional fees of $16,278, costs of legal proceedings of $145,553
and research and development expenses of $104,265. Operating expenses for the three months ended September 30, 2017 totaled $288,719
and included officer compensation of $28,000 in cash and $27,000 in stock based compensation , marketing expenses of $40,597 and
general and administrative expenses of $163,036, professional fees of $30,086, costs of legal proceedings of $ 0 and research and
development expenses of $0.





6









The
Company’s Plan of Operation for the Next Twelve Months.



The Company generated a net loss from continuing operations for the periods ended September 30, 2018 and September
30, 2017 of approximately $608,079 and $288,719, respectively. As of September 30, 2018 and September 30, 2017, the Company had
current assets of $645,674 and $381,313, respectively, which included the following as of September 30, 2018 cash and cash equivalents
of approximately $190,538; inventory of $78,403; and accounts receivable of $96,736 (net of $111,301 in allowances.) and prepaid
expenses of $279,997,



The Company’s auditors have expressed doubt as to our ability to continue as a going concern in our
most recent financial statements for the periods ending September 30, 2018, in part, because our Current Assets of $645,674 exceeded
our Current Liabilities of $595,275 by $50,399. However included in Current Liabilities are Notes Payable – related parties
of $59,558 and Accrued Settlement of $231,323. The Note Payable, like the name suggests, is payable to a related party; who, we
believe, will continue to forgo immediate payment until we are in a better cash position to make payment. Thus while it is listed
as a current liability, it operates more closely to a long-term liability. The $231,323 for Accrued Settlement is an accrual for
an unfavorable arbitration award in our dispute with Cromogen (See Part II Item 1 Legal Proceedings.) While we believe that
this is the most that would ultimately be confirmed by a court, the ultimate amount could be higher. However, before we even get
to the issue of the confirmation of an award, we need to recognize that the Company has brought a motion for recalculation based
on a mathematical error made by the arbitration panel that profoundly diminishes the award. Then, regardless of whether the Company’s
motion to the arbitration panel to recalculate using the proper numbers is successful, the Company has what it believes is more
than one solid basis to successfully challenge the award in the first place. In any event, by the time all motions and appeals
have been completed, there is an award, and that award is converted into a collectible non-appealable judgment, it is very likely
that the time to a final adjudication on the merits will take longer than one year to reach. As such, Current Assets would actually
exceed Current Adjusted Liabilities by $180,594 so there isn’t quite the sense of immediacy that a strict view of current
assets versus current liabilities might otherwise suggest. Although we are optimistic about our prospects for success on appeal
of the award, if the appeal were to be unsuccessful we would be unable to pay the entire amount and if we were otherwise unable
to make payment arrangements with them as a judgment creditor, we would be insolvent.



Although
the Company will require additional debt or equity financing for its operations as currently conducted, the Company believes its
margins are sufficiently high that if management felt that it was necessary, it could curtail a number of other costs and expenses
that would enable it to continue its operations on a limited basis - selling industrial hemp based CBD and full-spectrum oils
However, we do believe that the research and development we intend to pursue will require additional funding such that in order
to maintain our operations at their current level (building for expansion, R&D, roll-out of MSN-2 Device), we will require
additional debt or equity financing. If we are unable to secure such additional financing we would not be able to continue our
operations as we have historically, with the research and development and accelerated product launches. As discussed previously,
our increase in marketing has provided us with additional sales opportunities that we believe will significantly increase our
sales in the current year; and with our margins at approximately 42% together with increasingly larger inventory turns, our working
capital will build quickly (if we are a.) not continuing to fund R&D and meet other expenses or b.) meeting the R&D and
other expenses with proceeds from additional financing ) This will then allow us to sustain operations without additional funding
over the next 12 months if we reduce our operations and focus only on CBD and full-spectrum precuts at which point we could then
begin with R&D and other expenses. Alternatively we can raise additional funds to meet the anticipated R&D and other expenses
while we allow the sales from our existing products to become self sustaining.



Historically we have been able to fully fund operations from a combination of operations and through additional
sales of our common stock; and we have no reason to believe that we will not be able to continue doing so since we have a strong
base of existing shareholders who are committed to our vision for the Company (and they have demonstrated a willingness to purchase
shares of stock when they are offered). If these shareholders were to cease purchasing shares when offered, if we were unable to
secure other sources of debt or equity financing, or if we were unable to secure financing on terms that are acceptable to us,
we would not be able to continue operations as currently planned. Rather, we would need to curtail our research and development,
scale back operations and only focus on CBD and full-spectrum sales. But even then if we curtailed operations, depending on whether
we continued to incur unforeseen expenses or incurred higher than expected expenses, we may not have sufficient capital to meet
our current operating needs. However we do have sufficient resources over the short and long term with scaled back expenses and
R&D so that after several turns of inventory we would then be able to resume our R&D and operations as planned. Additional
funding primarily allows us to expedite our business plan. During the periods ending September
30, 2018 and September 30, 2017 the Company has met its capital requirements through a combination of operating activities and
through external financing through the sale of its restricted common stock. We intend to continue the sales of our common stock
and believe that by becoming a fully reporting company we will be able to attract additional investors at smaller discounts to
the current market price which, if we are correct, will result in less dilution to existing investors than has been the case while
we were not subject to the Securities Exchange Act of 1934, as amended.



ITEM
3. QUANTITATIVE AND QUALITATATIVE DISCLOSURES ABOUT MARKET RISK



We
are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide
the information under this item.



7









ITEM
4. CONTROLS AND PROCEDURES



Evaluation
of Disclosure Controls and Procedures



Disclosure
controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed in our
reports filed under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the
SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed
to ensure that information required to be disclosed by our company in the reports that it files or submits under the Exchange
Act is accumulated and communicated to our management, including its principal executive and principal financial officers, or
persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Although our management
has not formally carried out an evaluation under the supervision and with the participation of our Principal Executive Officer
and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant
to Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (“Exchange Act”), because of the relatively
thin management structure that the Company currently maintains, we believe that our Principal Executive Officer and Principal
Financial Officer have sufficient timely information to allow them to make necessary disclosures in a timely manner.



Based
on this informal evaluation, our principal executive and principal financial and accounting officer concluded that our disclosure
controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) were effective
as of June 30, 2018.



Management’s
Report on Internal Control Over Financial Reporting



Management
is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange Act
Rule 13a-15(f). The Company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with accounting principles generally accepted in the United States of America.



Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 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.



Changes
in Internal Control and Financial Reporting



There
were no other changes in the Company’s internal control over financial reporting that occurred during the Company’s
most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal
control over financial reporting.



PART
II — OTHER INFORMATION



ITEM
1. LEGAL PROCEEDINGS



Cromogen
Biotechnology Corporation vs. Earth Science Tech, Inc. Cromogen Biotechnology Corporation, an EI Salvadoran corporation (that
had been administratively dissolved when we were last advised) (“Cromogen”) commenced the arbitration proceeding against
the Company by serving a Notice of Arbitration on the Company on or about October 23, 2014. The Company served its Response and
Demurrer on or about November 6, 2014. The Company then served an Amended Response, Demurrer, Affirmative Defenses and Counterclaims
on January 9, 2015. Pursuant to UNCITRAL Rules and the direction of the arbitration Tribunal, Cromogen served its Statement of
Claim on or about June 9, 2015 and the Company served its Statement of Defense and Counterclaim on or about July 9, 2015. The
Company also filed a legal action in the courts of Florida against Cromogen, its principals and related companies, wherein fraud
is alleged in connection with Cromogen’s representations regarding the formulation and quality of the hemp oil supplied.
The legal action in the Florida courts has been stayed by court order pending the final outcome of the arbitration and as of the
date of this filing it remains stayed.



Since
then the Company has received a copy of the Final Award (the “Award”) from the Arbitration Panel that was rendered
June 8, 2018. The Award was totaled at $3,994,522.55 that 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 $111,057.55 and a sum for the claim of tortuous
interference and conversion against the Company in the amount of $3,763,200.00 based on alleged lost profits based on the claimed
lost business of $48 million based upon a purchase agreement Cromogen claims to have had with CBD Oil Depot. The Award has not
been confirmed; and in reviewing it, the Company’s counsel found that a computational error was made by the tribunal. The
damage award was based upon Cromogen’s claim of lost profits and to calculate lost profits the tribunal extrapolated using
the numbers that form the basis of Cromogen’s 2014 statement of Profit and Loss (“P&L”) from the report
of their expert witness. The tribunal then added 50% of Cromogen’s marketing costs back to net income; used the percentage
of the adjusted net income compared to the gross revenue as the multiplier; multiplied it by the $48 million and then divided
in two to arrive at what they called “lost profit” or the damages. There are two issues with this calculation. First,
the number used for the cost of goods sold was incorrect based on the numbers presented by Cromogen. Second, when the correct
cost of goods sold number is used, Cromogen shows a loss not a profit. So we are not looking at a question of how much profit
was there but whether there was a profit at all. Below is a chart depicting the results of a corrected P&L that continues
to follow the tribunal’s approach of adding 50% of the marketing expense back to net income (loss) to arrive at the multiplier;
multiplying by $48 million and then dividing in two, as the tribunal did. A comparison is as follows:



8







|Summary
    of the Soudry Report         | Corrected
    #1 Summary of the Soudry Report
|---------------------------------------- | ---------------------------------------------
|Claimant
    P&L 2014                    | Claimant
    P&L 2014                        
|Revenue                                  | 255,000                                      
|Cost
    of Goods Sold                   | -75,672                                      
|Gross
    Profit                         | 179,328                                      
|TOTAL
    EXPENSES                       | -161,288                                     
|Net
    Income                           | 18,041                                       
|50%
    of Marketing Expense 21,932.5    | 50%
    of Marketing Expense 21,932.5        
|Adjusted
    net income/loss 39,973.5    | Adjusted
    net income/loss 5,810.5         
|39,973.5
    = 15.68% of 255,000 Revenue | 5,810.5
    = 2.28% of 255,000 Revenue       



Using
the incorrect COGS the award was arrived at:



$48,000,000
x 15.68% = $7,526,400 x 50% = $3,763,200.



Using
the same model but with the correct COGS the award would be:



$48,000,000
x 2.28% = $1,094,400 x 50% = $547,200.



What
we continue to have difficulty with, in reviewing this part of the Award, is that when the correct cost of goods sold is used,
there is no profit, there is a loss, So this isn’t a matter of the tribunal limiting a recovery of lost profits,
it’s a matter of the tribunal relying on an expert’s P&L that is wrong (based upon their own evidence), then continuing
to rely on that incorrect report to arrive at a damagers number. Damages for this part of the Award are based on “lost profits”
but once the computational error is corrected, based on the evidence it placed in the record, the company shows that is was losing
money. Earth Science’s counsel is in the process of bringing a motion, for reconsideration and recalculation of the Award,
before the tribunal pursuant to Rule 38 of the UNCITRAL Rules. The motion will be to recalculate the damages based on the presumably
correct cost of goods sold number and reduce the portion of the Award that was based on lost profits to $547,200. Since this motion
is limited to computational errors only, the impropriety of relying on a clearly erroneous expert report will not be addressed
directly with the Arbitration Panel; but rather, will be brought before a federal judge if/when Cromogen seeks to have the (Corrected)Award
confirmed.



The
correction of the cost of goods sold number (a correction that comes from Cromogen provided numbers) results in a net loss rather
than a net profit. Thus, we find it difficult to see how an award of lost profits can be granted to a company when the numbers
that the company presented show clearly that it has never been profitable. The “add back” of a part of the marketing
expenses artificially creates profit where none existed before. The “add back” creates adjusted net income instead
of a loss and that income is what creates the multiple with which the Arbitration Panel then extrapolates. But since the very
basis upon which the damages of this part of the Award are flawed, we have doubt as to whether a court would confirm the Award
in whole including the $547,200. Because the amount being added back in, fifty percent of 2014 marketing costs, comes from that
flawed report, is not otherwise supported and appears to be pulled out of nowhere, we believe there is a solid basis on which
a court would deny confirmation of the $547,200. The fact is based on a flawed report this portion of the award takes a company
that was not shown to be profitable and finds profitability based upon it but there is no logical reason a large contract wouldn’t
just result in even larger losses. As such we think that there is substantial uncertainty as to the likelihood that that the amount
of $3,763,200 would be confirmed. . Even if it were to be reaffirmed by the panel or the panel were to reduce the tor portion
of the award to $547,200, the Company has a number of sound legal arguments that could form the basis of a successful appeal.
Again however the outcome as to this portion of the Award is too uncertain at this time for us to estimate a value or a probability
of an outcome.



Notwithstanding
the forgoing, we to believe that the $111,057.55 for costs and fees as well as the $120,265.00 for breach of contract are more
likely to be enforced (although if Earth Science is successful on appeal, part of the costs and fees may be reversed due to Arbitration
Panel exceeding the scope of its authority in ruling on tort claims, (claims that do not appear to be covered by the arbitration
clause in the parties contract.) As such the only $231,322.55 of the Final Award appears solid enough to conclude that it will
ultimately be confirmed and enforceable following the various available motions and appeals. The remainder is just too speculative
to determine, with any degree of certainty or even probability, as to what the outcome may be. As such $231,322 is accrued in
the Company’s balance sheet under the account entitled Accrued Settlement.



9







In May of 2016, Earth Science Tech entered
into a contract with Greenlink Software Services, LLC, aka Digital Exchange, as Earth Science Tech’s merchant service processor.
In September of 2017, Digital Exchange closed their business and Earth Science moved to T1 Payments as their merchant processor.
As of September 2017, Digital Exchange owes Earth Science Tech $84,342 in undisbursed bank holds and sales. Currently, Earth Science
Tech is in negotiations with Digital Exchange, and both parties’ legal representatives in an attempt to resolve this matter.
We are uncertain of the amount of monies that will be received and as of March 31, 2018 we wrote off the amount as a bad debt
expense.



ITEM
1A. RISK FACTORS



We
are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide
the information under this item.



ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS



During the three months ended September
30, 2013, the Company issued 2,175,758 shares of its common stock for $767,114, 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 July 2, 2018 the Company issued 100,000 shares to an investor at a price of $0.25 per
share. On July 3, 2018 the Company 40,000 shares to an investor at a price of $0.20 per share. On July 5, 2018 the Company issued
30,000 shares to an investor at a price of $0.25 per share. On July 5, 2018 the Company issued 100,000 shares to an investor at
a price of $0.25 per share. On July 6, 2018 the Company issued 100,000 shares to an investor at $0.25 per share. On July 10, 2018
the Company issued 100,000 shares to an investor at $0.25 per share. On July 25, 2018 the Company issued 20,000 shares to an investor
at a price of $0.25 per share. On July 31, 2018 the Company issued 5,000 shares, 5,000 shares, 5,000 shares, 5,000 shares for marketing
compensation to 4 individuals at $0.74 per share. On August 3, 2018 the Company issued 100,000 shares to an investor at $0.25 per
share. On August 21, 2018 the Company issued 20,000 shares to an investor at $0.30 per share. On August 21, 2018 the Company issued
40,000 shares to an investor at $0.25 per share. On August 22, 2018 the Company issued 200,000 shares to an investor at $0.25 per
share. On August 24, 2018 the Company issued 40,000 shares and 32,258 shares to two investor at $0.25 per share. On August 31,
2018 the Company issued 100,000 shares to an investor at $0.25 per share. On September 3, 2018 the Company issued 100,000 shares
to an investor at $0.25 per share. On September 5, 2018 the Company issued 100,000 shares and 100,000 shares to two investors at
$0.25 per share. On September 6, 2018 the Company issued 40,000 shares to an investor at $0.25 per share. On September 7, 2018
the Company issued 20,000 shares to an investor at $0.25 per share. On September 12, 2018 the Company issued 40,000 shares to an
investor at $0.25 per share. On September 14, 2018 the Company issued 10,000 shares to an investor at $0.25 per share. On September
14, 2018 the Company issued 40,000 shares to an investor at $0.25 per share. On September 17, 2018 the Company issued 100,000 shares
to an investor at $0.25 per share. On September 18, 2018 the Company issued 50,000 shares to an investor at $0.50 per share. On
September 19, 2018 the Company issued 100,000 shares to an investor at $0.25 per share. On September 21, 2018 the Company issued
20,000 shares and 100,000 shares to two investors at $0.50 per share. On September 24, 2018 the Company issued 4,000 shares to
an investor at $0.60 per share. On September 24, 2018 the Company issued 10,000 shares to an investor at $0.50 per share. On September
26, 2018 the Company issued 30,000 shares to an investor at $0.50 per share. On September 27, 2018 the Company issued 20,000 shares
and 100,000 shares to two investors at $0.50 per share. On September 28, 2018 the Company issued 7,000 shares to an investor at
$0.50 per share. On September 28, 2018 the Company issued 20,000 shares to an investor at $0.40 per share. On September 30, 2018
the Company issued 2,500 shares, 50,000 shares, 10,000 shares, 50,000 shares, 10,000 shares to its officers 5 individuals at $1.26
per share.



ITEM
3. DEFAULTS UPON SENIOR SECURITIES



During
2014, a stockholder, Great Lakes Holdings Group, LLC, provided funds to the Company evidenced by 8% uncollateralized notes payable
due September 30, 2014. As of June 30, 2018 and June 30, 2017, 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 from the date hereof. Interest expense for the periods ended June 30, 2018 and 2017, were $1,191 and $0, respectively.



ITEM
4. MINE SAFETY DISCLOSURES



None.



ITEM
5. OTHER INFORMATION



Entry into a Material Definitive Agreement



In August 9, 2018, the Company entered
an agreement with Fortune Media Group for the production and broadcasting of a television and social media infomercial,
promoting the Company’s products.



In August 29, 2018, the Company achieves fully
reporting status with SEC under the Exchange Act of 1934.



In September 12, 2018, the Company gets approved
by the OTC Markets Group Inc. to uplist to the OTCQB exchange.





ITEM
6. EXHIBITS





|Exhibit                      |  |                                                                            
|---------------------------- |  | ---------------------------------------------------------------------------
|Number                       |  | Description                                                                
|Exhibits
    filed herewith:
|10.1                         |  | Participation Agreement                                                    
|31.1                         |  | Certification of Fortune Media Group Agreement Pursuant to Rule 13a-14     
|31.2                         |  | Certification of Q Achieving Fully Reporting Status Pursuant to Rule 13a-14
|32.1                         |  | Certification of OTC Markets OTCQB Certificate Pursuant to Rule 13a-14     
|32.2                         |  | Certification of OTC Markets OTCQB Certificate Pursuant to Rule 13a-14     
|                             |  |                                                                            
|101*                         |  | Interactive
    Data Files                                                 



*to
be filed by exhibit



10







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.



|                             | EARTH
    SCIENCE TECH CORPORATION
|---------------------------- | ----------------------------------
|                             |                                   
|Dated:
    November 19, 2018 | By:                               
|                             |                                   
|                             | Its:                              



11