Earth Science Tech, Inc. (ETST): M&A transaction — Earth Science Tech acquires Avenvi LLC for ~$1.06M in related-party transaction

Earth Science Tech, Inc.

Acquisition price of $1,058,788; $258,788 initial payment plus $200,000/month for four months.
Avenvi's audited Sept 30, 2024 balance sheet: total assets $1,056,140 ($282k cash, $184k equity securities, $590k property/equipment).
Avenvi had zero revenue and net income of $399,791 for Jan-Sep 2024, primarily from investment gains.
Seller is Giorgio R. Saumat, also CEO/Chairman of Earth Science Tech; board approved as arm's-length.
Acquired assets include ~4 acres vacant residential land, one commercial property (5,000 sq ft), and cash equivalents.

item 2.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Earth Science Tech, Inc. completed an acquisition involving Avenvi, LLC (closed 2024-10-01).

Action: acquisition
Counterparty: Avenvi, LLC
Closing: 2024-10-01

Exact text from the filing

On October 1, 2024, Earth Science Tech, Inc., a Florida corporation (OTC: ETST) (the “Company”) acquired Avenvi, LLC., a Florida limited liability company (the “Seller”) and is filing this 8-K with audited financials completed on December 12, 2024 pursuant to the previously announced Purchase and Sale Agreement dated October 1, 2024 (the “closing Date”)

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Earth Science Tech, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-049823

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