UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2023~~2024

☐

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

From ________________ to ________________

ELECTRONIC SYSTEMS TECHNOLOGY, INC.

(Exact name of registrant as specified in its charter)

Washington	000-27793	91-1238077
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

415 N. Roosevelt St. STE B1 Kennewick WA		99336
(Address of principal executive offices)		(Zip Code)

(509) 735-9092

(Registrant's telephone number, including area code)

N/A

(Former name, former address & former fiscal year, if changed since last report)

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

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.001 par value	ELST	OTCQB

Indicate by check mark whether the registrant (1) has filed all documents and reports required to be filed by Sections 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 filings 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, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large Accelerated Filer ☐

Accelerated Filer ☐

Non-Accelerated Filer ☒

Small Reporting Company ☒

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ ☐ No x ☒

APPLICABLE ONLY TO CORPORATE ISSUERS:

As of ~~October 26~~April, ~~2023~~18 2024, the number of the Company's shares of ~~Common~~common ~~Stock~~stock par value $0.001, outstanding was 4,946,502.

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements.

ELECTRONIC SYSTEMS TECHNOLOGY, INC. CONDENSED BALANCE SHEETS (Unaudited)

	September 30,		December 31,
	March 31,		December 31,
	2023		2022
	2024		2023
ASSETS
Current assets
Cash and cash equivalents	$	~~421~~435,~~493~~181	$	~~751~~486,~~118~~252
Certificates of deposit		400,000		~~251~~400,~~699~~000
Accounts receivable, net		96111,~~178~~866		~~141~~52,~~394~~592
Inventories		~~809~~629,~~877~~606		~~725~~722,~~478~~457
Prepaid expenses		3217,~~436~~354		4219,~~627~~278
Employee retention tax credit receivable (NOTE 7)		—		63,000
Accrued interest receivable		1,331		1,906
Accrued interest receivable		2,274		808
Total current assets		1,595,338		1,682,485
Total current assets		1,762,258		1,976,124
Property and equipment, net of depreciation		17,249		18,225
Property and equipment, net of depreciation		19,260		914
Right to use – Lease, net of amortization		20,620		30,298
Right to use – Lease, net of amortization (NOTE 6)		40,821		69,419
Total assets	$	1,633,207	$	1,731,038
Total assets	$	1,822,339	$	2,046,457
LIABILITIES and STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	3230,~~582~~778	$	~~138~~37,~~996~~355
Accrued wages and bonus		4,465		24,777
Accrued wages		5,655		4,188
Accrued vacation pay		24,382		16,846
Operating lease liability, current portion		20,937		30,773
Lease liability, current (NOTE 6)		41,453		39,120
Accrued vacation pay		27,004		21,243
Other accrued liabilities		7,~~175~~149		810,~~913~~221
Total current liabilities		110,057		228,652
Total liabilities		91,523		103,780
Long-Term Liabilities
Stockholders' equity
Operating lease liability (NOTE 6)		—		30,457
Total liabilities		110,057		259,109
Stockholder equity
Common stock, $0.001 par value 50,000,000 shares authorized 4,946,502 and 4,946,502 shares issued and outstanding respectively		4,947		4,947
Additional paid-in capital		933,105		~~932~~933,~~412~~105
Retained earnings		~~774~~603,~~230~~632		~~849~~689,~~989~~206
Total stockholders' equity		1,~~712~~541,~~282~~684		1,~~787~~627,~~348~~258
Total liabilities and stockholders' equity	$	1,~~822~~633,~~339~~207	$	21,~~046~~731,~~457~~038

See Notes to ~~Condensed~~ Financial Statements.

ELECTRONIC SYSTEMS TECHNOLOGY, INC. ~~CONDENSED STATEMENTS OF OPERATIONS (Unaudited)~~

		Three Months Ended September 30, 2023			Three Months Ended September 30, 2022			Nine Months Ended September 30, 2023			Nine Months Ended September 30, 2022
SALES - NET	$	342,721		$	487,160		$	1,233,016		$	1,376,195
COST OF SALES		(178,435	)		(210,056	)		(586,631	)		(611,376	)
GROSS PROFIT		164,286			277,104			646,385			764,819
Operating Expenses
General and administrative		55,829			60,784			202,086			212,308
Research and development		26,114			40,029			82,798			131,662
Marketing and sales		133,223			104,293			454,819			373,694
TOTAL OPERATING EXPENSE		215,166			205,106			739,703			717,664
OPERATING INCOME (LOSS)		(50,880	)		71,998			(93,318	)		47,155
OTHER INCOME
Interest income		8,375			1,373			17,559			2,459
TOTAL OTHER INCOME		8,375			1,373			17,559			2,459
NET INCOME (LOSS) BEFORE INCOME TAX		(42,505	)		73,371			(75,759	)		49,614
Benefit (provision) for income tax		—			—			—			—
NET INCOME (LOSS)	$	(42,505	)	$	73,371		$	(75,759	)	$	49,614
Basic and diluted earnings per share	$	(0.01	)	$	0.01		$	(0.02	)	$	0.01
Basic and diluted weighted average shares used in computing income (loss) per share:		4,946,502			4,946,502			4,946,502			4,946,502

CONDENSED STATEMENTS OF OPERATIONS

~~See Notes to Condensed Financial Statements.~~(Unaudited)


	Three Months Ended
	March 31,			March 31,
	2024			2023

SALES - NET	$	356,061		$	305,089
COST OF SALES		(160,715	)		(139,560	)
GROSS PROFIT		195,346			165,529

OPERATING EXPENSES
General and administrative		88,778			84,765
Research and development		28,947			28,663
Marketing and sales		168,665			148,227
Total operating expenses		286,390			261,655
OPERATING LOSS		(91,044	)		(96,126	)

OTHER INCOME
Interest income		5,470			4,002
Total other income		5,470			4,002

NET LOSS BEFORE INCOME TAX		(85,574	)		(92,124	)
Benefit (provision) for income tax		—			—
NET LOSS	$	(85,574	)	$	(92,124	)

Earnings (loss) per share – basic and diluted	$	(0.02	)	$	(0.02

Weighted average shares – basic and diluted		4,946,502			4,946,502

~~ELECTRONIC~~See ~~SYSTEMS~~Notes ~~TECHNOLOGY,~~to ~~INC.~~Financial ~~CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)~~Statements.

	Nine Months Ended
	September 30,			September 30,
	2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(75,759	)	$	49,614
Noncash items included in net loss:
Depreciation and amortization		1,423			333
Stock based compensation		693			—
Changes in operating assets and liabilities:
Accounts receivable, net		45,216			3,644
Inventories		(84,399	)		(56,601	)
Accrued interest receivable		(1,466	)		(794	)
Prepaid expenses		10,191			(53,377	)
Employee retention tax credit receivable		63,000			—
Accounts payable		(106,414	)		(44,803	)
Other accrued liabilities		(14,040	)		14,525
NET CASH USED IN OPERATING ACTIVITIES		(161,555	)		(87,459	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of fixed assets		(19,769	)		—
Certificates of deposit redeemed		1,001,699			850,000
Certificates of deposit purchased		(1,150,000	)		(850,584	)
NET CASH USED IN INVESTING ACTIVITIES		(168,070	)		(584	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on CARES Act loan payable (round 1)		—			(5,968	)
NET CASH USED IN FINANCING ACTIVITIES		—			(5,968	)
NET DECREASE IN CASH AND CASH EQUIVALENTS		(329,625	)		(94,011	)
Cash and cash equivalents at beginning of period		751,118			655,616
Cash and cash equivalents at end of period	$	421,493		$	561,605

~~See~~ELECTRONIC ~~Notes~~SYSTEMS toTECHNOLOGY, ~~Condensed Financial Statements~~INC.

3CONDENSED STATEMENTS OF CASH FLOWS

~~ELECTRONIC SYSTEMS TECHNOLOGY, INC. DBA ESTEEM WIRELESS MODEMS CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY~~ (Unaudited)

	Common Stock						Additional Paid-In		Retained
	Three Months Ended
	Shares			Amount			Capital		Earnings			Total
	March 31,			March 31,
Balance, January 1, 2022		4,946,502		$	4,947		$	932,412	$	703,458		$	1,640,817
	2024			2023
Net income (loss)		—			—			—		(4,961	)		(4,961	)
CASH FLOWS FROM OPERATING ACTIVITIES:
Balance at March 31, 2022		4,946,502			4,947			932,412		698,497			1,635,856
Net loss	$	(85,574	)	$	(92,124	)
Net income (loss)		—			—			—		(18,796	)		(18,796	)
Noncash items included in net loss:
Balance at June 30, 2022		4,946,502			4,947			932,412		679,701			1,617,060
Depreciation		93			38
Net income (loss)		—			—			—		73,371			73,371
Amortization		913			—
Balance at September 30, 2022		4,946,502		$	4,947		$	932,412	$	753,072		$	1,690,431
Changes in operating assets and liabilities:
Balance, January 1, 2023		4,946,502		$	4,947		$	932,412		849,989		$	1,787,348
Accounts receivable, net		(59,274	)		33,624
Net income (loss)		—			—			—		(92,124	)		(92,124	)
Inventories		92,851			(3,830
Balance at March 31, 2023		4,946,502			4,947			932,412		757,865			1,695,224
Accrued interest receivable		575			126
Net income (loss)		—			—			—		58,870			58,870
Prepaid expenses		1,924			5,731
Stock based compensation								693		—			693
Accounts payable		(6,577	)		(74,912	)
Balance at June 30, 2023		4,946,502			4,947			933,105		816,735			1,754,787
Other accrued liabilities, accrued wages and accrued vacation pay		3,998			(18,354	)
Net income (loss)		—			—			—		(42,505	)		(42,505	)
NET CASH USED IN OPERATING ACTIVITIES		(51,071	)		(149,701	)
Balance at September 30, 2023		4,946,502		$	4,947		$	933,105	$	774,230		$	1,712,282
CASH FLOWS FROM INVESTING ACTIVITIES:
Certificates of deposit redeemed		300,000			300,000
Certificates of deposit purchases		(300,000	)		(300,000
Purchase of equipment		—			(9,000	)
NET CASH USED FROM INVESTING ACTIVITIES		—			(9,000	)
NET DECREASE IN CASH AND CASH EQUIVALENTS		(51,071	)		(158,701	)
Cash and cash equivalents at beginning of period		486,252			751,118
Cash and cash equivalents at end of period	$	435,181		$	592,417

See Notes to ~~Condensed~~ Financial Statements.

ELECTRONIC SYSTEMS TECHNOLOGY, INC.

~~NOTES~~DBA TOESTEEM WIRELESS ~~CONDENSED FINANCIAL STATEMENTS~~MODEMS

~~(Unaudited)~~CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

~~NOTE 1 - BASIS OF PRESENTATION~~ (Unaudited)

The unaudited condensed financial statements, including notes, of Electronic Systems Technology, Inc. (the "Company") are representations of the Company’s management, which is responsible for their integrity and objectivity. The accompanying unaudited condensed financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, as well as the instructions to Form 10-Q. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2023 and its results of operations, cash flows, and changes in stockholders’ equity for the three and nine months ended September 30, 2023, and 2022. The balance sheet at December 31, 2022 was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. All amounts presented are in U.S. dollars. For further information, refer to the financial statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.


	Shares		Amount		Additional Paid-In Capital		Retained Earnings			Total

Balances, January 1, 2023		4,946,502	$	4,947	$	932,412	$	849,989		$	1,787,348

Net income (loss)		—		—		—		(92,124	)		(92,124	)

BALANCES AT March 31, 2023		4,946,502	$	4,947	$	932,412	$	757,865		$	1,695,224

Balances, January 1, 2024		4,946,502	$	4,947	$	933,105	$	689,206		$	1,627,258

Net income (loss)		—		—		—		(85,574	)		(85,574	)

BALANCES AT MARCH 31, 2024		4,946,502	$	4,947	$	933,105	$	603,632		$	1,541,684

~~The results~~See ofNotes ~~operations~~to ~~for~~Financial ~~the three and nine-month period ended September 30, 2023 are not necessarily indicative of the results expected for the full fiscal year or for any other fiscal period~~Statements. ~~The Company estimates that for 2023 the anticipated effective annual federal income tax rate will be 0%.~~

~~New Accounting Pronouncements~~4

~~Accounting standards~~ELECTRONIC ~~that~~SYSTEMS ~~have~~TECHNOLOGY, ~~been issued by the Financial Accounting Standards Board that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption~~INC.

~~NOTE 2~~NOTES -TO ~~INVENTORIES~~CONDENSED FINANCIAL STATEMENTS

~~Inventories are stated at lower of direct cost or net realizable value with cost determined using the FIFO~~ (~~first in, first out~~Unaudited) ~~method. Inventories consist of the following:~~

Schedule of inventories
	September 30, 2023		December 31, 2022
Parts	$	125,555	$	172,190
Work in progress		366,887		336,298
Finished goods		317,435		216,990
Total inventories	$	809,877	$	725,478

NOTE 1 - BASIS OF PRESENTATION

5The condensed financial statements, including notes, of Electronic Systems Technology, Inc. (the "Company") are representations of the Company’s management, which is responsible for their integrity and objectivity. The accompanying unaudited condensed financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, as well as the instructions to Form 10-Q. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2024, and its results of operations, cash flows, and changes in stockholders’ equity for the three months ended March 31, 2024 and 2023. The balance sheet at December 31, 2023 was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. All amounts presented are in U.S. dollars. For further information, refer to the financial statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

~~NOTE 3~~The results of operations for the three-month ~~EARNINGS~~period ended ~~(LOSS)~~March ~~PER~~31, ~~SHARE~~2024 are not necessarily indicative of the results expected for the full fiscal year or for any other fiscal period. The Company estimates that for 2024 the anticipated effective annual federal income tax rate will be 0%.

~~Basic earnings~~New ~~(loss)~~Accounting per share excludes dilution and is computed by dividing income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings (loss) per share reflects potential dilution occurring if securities or other contracts to issue common stock were exercised or converted into Common Stock or resulted in the issuance of common stock that then shared in the earnings of the Company. At September 30, 2023 and 2022, the Company had 225,000 and 210,000 outstanding stock options, respectively, that could have a dilutive effect on future periods’ net income. The stock options were not included in the calculation of diluted earnings per share for either period as they were anti-dilutive.Pronouncements

~~NOTE~~Accounting standards that have been issued by the 4Financial -Accounting ~~STOCK~~Standards ~~OPTIONS~~Board that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption.

~~On June~~NOTE 9,2 2023, the Board of Directors granted 45,000 options to employees. The new options have an exercise price of $0.40, a term of 5 years, and vest immediately. The fair value of the options was determined using the Black-~~Scholes~~ model using the following variables: stock price of $0.24, volatility of 104.1%, expected term of 5 years with a forfeiture rate of 95%, and a discount factor of 3.92%. Share based compensation of $693 ($534 in marketing and sales and $159 in general and administrative in the condensed statement of operations) was recognized during the nine-month period ended September 30, 2023.INVENTORIES

~~As of~~Inventories ~~September~~are ~~30,~~stated ~~2023,~~at ~~there~~lower ~~were~~of ~~225,000~~direct ~~options~~cost ~~outstanding~~or net ~~with~~realizable avalue ~~weighted~~with ~~average~~cost ~~exercise~~determined ~~price~~using ofthe ~~$0.40~~FIFO ~~per~~(first ~~share~~in, afirst ~~weighted~~out) ~~average remaining life of 2~~method.0 ~~years~~Inventories ~~and~~consist ~~had intrinsic value~~ of ~~nil.~~the following:

NOTE 5 – REVENUE

Schedule of inventories
	March 31, 2024		December 31, 2023
Parts	$	108,085	$	118,472
Work in progress		227,871		313,597
Finished goods		293,650		290,388
Total inventory	$	629,606	$	722,457

~~The Company~~NOTE ~~product~~3 revenue includes industrial wireless products and accessories such as antennas, power supplies and cable assemblies. The Company also provides direct site support and engineering services to customers, such as repair and upgrade of its products. During the three-~~month~~ ~~periods~~EARNINGS ~~ended~~(LOSS) ~~September~~PER ~~30,~~SHARE 2023 and 2022, the Company’s revenue from products sales was $336,621 and $480,260, respectively. Revenue from site support and engineering services was $6,100 and $6,900 respectively, over the same periods.

~~During~~Basic earnings (loss) per share excludes dilution and is computed by dividing income (loss) available to common stockholders by the ~~nine~~weighted-~~month~~average ~~periods~~number ~~ended~~of ~~September~~common ~~30,~~shares ~~2023~~outstanding for ~~and~~the ~~2022,~~period. Diluted earnings (loss) per share reflects potential dilution occurring if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the ~~Company’s~~issuance ~~revenue~~of ~~from~~common ~~products~~stock ~~sales~~that ~~was~~then ~~$1,209,516~~shared ~~and~~in ~~$1,351,495,~~the earnings of the ~~respectively~~Company. ~~Revenue~~At ~~from~~March ~~site~~31, ~~support~~2024 and ~~engineering~~2023, ~~services~~the ~~was~~Company ~~$23~~had 225,~~500~~000 and ~~$24~~180,~~700~~000 outstanding stock options, respectively, ~~over~~that ~~the~~could ~~same~~have a dilutive effect on future periods’ net income. The stock options were not included in the calculation of diluted earnings per share for either period as they were anti-dilutive.

The Company’s customers, to which trade credit terms are extended, consist of United States and local governments and foreign and domestic companies. Domestic sales for the three-month period ended September 30, 2023 and September 30, 2022 were $338,948 and $419,164, respectively. Sales to foreign customers for the three-month period ended September 30, 2023 and September 30, 2022 were $3,773 and $67,996, respectively.5

~~Domestic sales~~NOTE ~~for~~4 ~~the nine~~-~~month~~ ~~period~~STOCK ended September 30, 2023 and September 30, 2022 were $1,208,539 and $1,234,793, respectively. Sales to foreign customers for the nine-month period ended September 30, 2023 and September 30, 2022 were $24,477 and $141,402, respectively.OPTIONS

6The Company has outstanding stock options, which have been granted periodically to individual employees and directors. No shared based compensation was recognized during the three-month periods ended March 31, 2024 and 2023.

~~For the~~As ~~three-month~~of ~~period~~March ~~ended~~31, ~~September~~2024 30and December 31, 2023, ~~sales~~there were to225,000 ~~three~~and ~~customers~~180,000 ~~represented~~options ~~more~~outstanding ~~than~~respectively ~~10%~~with ofa ~~total~~weighted ~~revenue,~~average ~~three~~exercise ~~customers represented~~price ~~more~~of ~~than~~$0.40 ~~10%~~per ofshare, ~~total~~a ~~revenue~~weighted ~~for~~average remaining ~~the~~life ~~same~~of ~~period~~1.5 inand ~~2022~~no intrinsic value.

Schedule of revenue
	2023 Sales		2023 %age of Total Sales			2022 Sales		2022%age of Total Sales
Domestic customer A	$	64,698		19	%	$	60,130		12	%
Domestic customer B		57,456		17	%		58,167		12	%
Domestic customer C		33,119		10	%		46,703		10	%

NOTE 5 – REVENUE

~~For~~The Company’s product revenue includes industrial wireless products and accessories such as antennas, power supplies and cable assemblies. The Company also provides direct site support and engineering services to customers, such as repair and upgrade of its products. During the ~~nine~~three-month period ended ~~September~~March 3031, 2024 and 2023, ~~sales~~the toCompany’s ~~one~~revenue ~~customer~~from ~~represented~~products ~~more~~sales ~~than~~was ~~10%~~$345,161 ofand ~~total revenue~~$297,589, ~~two~~respectively. ~~customers~~Revenue ~~represented~~from site support and engineering ~~more~~services ~~than~~was $10%,900 ofand ~~total~~$7,500 ~~revenue~~respectively, ~~for~~over the same ~~period in 2022~~periods.

	2023 Sales		2023 %age of Total Sales			2022 Sales		2022 %age of Total Sales
Domestic customer A	$	262,149		21	%	$	165,621		12	%
Domestic customer B		—		—			137,346		10	%
Domestic customer C		—		—			—		—

The Company’s customers, to which trade credit terms are extended, consist of United States and local governments and foreign and domestic companies. Domestic sales for the three-month period ended March 31, 2024 and March 31, 2023 were $313,240 and $293,908, respectively. Sales to foreign customers for the three-month period ended March 31, 2024 and March 31, 2023 were $42,821 and $11,181, respectively.

~~As of~~For ~~September~~the 30three-month period ended March 31, ~~2023~~2024 and ~~2022~~ 2023, ~~the~~sales ~~Company~~to ~~had~~individual acustomers ~~sales~~representing ~~order~~more ~~backlog~~than 10% of ~~$124,125~~total ~~and~~revenue ~~$141,066,~~were ~~respectively.~~as follows:

NOTE 6 - LEASES

Schedule of revenue
	For the three-month period ended March 31,
	2024					2023
	Sales		%age of Total Sales			Sales		%age of Total Sales
Domestic customer A	$	53,487		15	%	$	70,090		23	%
Domestic customer B		43,419		12	%		—		—
Domestic customer C		36,791		10	%		—		—
Foreign customer D		36,376		10	%		—		—

~~On September~~As 23, 2022, the Company signed a new two-year lease for its facilities. The base lease is $3,373 and $3,478 per month for years one and two, respectively. There is a leasehold tax applied to the base lease at 12.84%. The Company has the right to terminate the lease with 90 days’ notice. There is no renewal clause contained in the current lease. Upon signing the lease, the Company recognized a lease liability and right of ~~use~~March ~~asset of $78~~31,~~757~~ ~~based~~2024 on the ~~two-year~~amounts ~~payment~~outstanding ~~stream~~for ~~discounted using an estimated incremental borrowing~~these ~~rate~~customer ofare ~~4.125%.~~listed ~~At September 30, 2023, the remaining lease term is 12 months~~below. ~~As of September 30, 2023, future payments on this lease of $10,435 and $31,304 will be paid in 2023 and 2024 respectively.~~

Schedule of amounts outstanding
	AR Balance At March 31, 2024
Domestic customer A	$	3,586
Domestic customer B		19,501
Domestic customer C		31,741
Foreign customer D		—

~~For the~~As ~~three~~of ~~and~~March ~~nine-month periods ended September 30~~31, ~~2023~~2024 and ~~2022~~2023, ~~lease~~the ~~expenses~~Company ofhad ~~$11,576~~a ~~and~~sales ~~$11,616~~order ~~and~~backlog of $3410,~~727~~346 and $34162,~~849~~396, respectively~~, are included in the following expense classifications on the statement of operations:~~.

Schedule of lease expense
	For the three-month period ended September 30,
	2023						2022
	Cost of sales		Operating expenses		Total		Cost of sales		Operating expenses		Total
Base rent pursuant to lease agreement	$	5,751	$	4,526	$	10,277	$	5,751	$	4,526	$	10,277
Variable lease costs		727		572		1,299		749		590		1,339
Total lease costs	$	6,478	$	5,098	$	11,576	$	6,500	$	5,116	$	11,616

	For the nine-month period ended September 30,
	2023						2022
	Cost of sales		Operating expenses		Total		Cost of sales		Operating expenses		Total
Base rent pursuant to lease agreement	$	17,252	$	13,578	$	30,830	$	17,252	$	13,578	$	30,830
Variable lease costs		2,181		1,716		3,897		2,249		1,770		4,019
Total lease costs	$	19,433	$	15,294	$	34,727	$	19,501	$	15,348	$	34,849

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

~~NOTE 7~~MANAGEMENT'S -DISCUSSION ~~CARES~~AND ~~ACT~~ANALYSIS ~~RETENTION~~OF ~~CREDIT~~FINANCIAL

~~As of~~CONDITION ~~December~~AND ~~31,~~RESULTS ~~2022,~~OF the Company has an employee retention tax credit due of $63,000. The amount to be received is a refund of qualified payroll taxes the Company paid in connection with employee payroll during the COVID 19 pandemic. The credit was received in July 2023.OPERATION

8Management's discussion and analysis is intended to be read in conjunction with the Company's unaudited financial statements and the integral notes thereto for the quarter ended March 31, 2024. The following statements may be forward looking in nature and actual results may differ materially.

~~Item 2~~A. RESULTS OF ~~Management’s Discussion and Analysis of Financial Condition and Results of Operations.~~OPERATIONS

~~MANAGEMENT'S~~REVENUES: Total revenues from sales increased to $356,061 ~~DISCUSSION~~for ~~AND~~the ~~ANALYSIS~~first OFquarter ~~FINANCIAL~~of 2024 as compared to $305,089 in the first quarter of 2023, reflecting an increase of 16.7%. Management believes the increase in sales revenues is due to increased product demand from foreign customers and a reduction in the sales order backlog.

~~CONDITION~~The Company's revenues have historically fluctuated ~~AND~~from ~~RESULTS~~quarter OFto ~~OPERATION~~quarter due to timing factors such as product shipments to customers, customer order placement, customer buying trends, and changes in the general economic environment. The procurement process regarding plant and project automation, or project development, which usually surrounds the decision to purchase ESTeem products, can be lengthy. This procurement process may involve bid activities unrelated to the ESTeem products, such as additional systems and subcontract work, as well as capital budget considerations on the part of the customer. Because of the complexity of this procurement process, forecasts with regard to the Company's revenues are difficult to predict.

~~Management's discussion~~A ~~and~~percentage ~~analysis~~breakdown isof ~~intended to be read in conjunction with~~ the Company'’s ~~unaudited~~market segments ~~financial~~of ~~statements~~Domestic and ~~the~~Foreign ~~integral~~Export ~~notes thereto~~sales for the first quarter ~~ended~~of ~~September~~2024 ~~30,~~and 2023. ~~The~~are ~~following~~as ~~statements may be forward looking in nature and actual results may differ materially.~~follows:

A. RESULTS OF OPERATIONS

	2024		2023
Domestic Sales		88%		96%
Export Sales		12%		4%

~~REVENUES~~BACKLOG: Total revenues from sales decreased to $342,721 for the third quarter of 2023 as compared to $487,160 in the third quarter of 2022, reflecting a decrease of 29.6%. Management believes the decrease in sales revenues is due to the decrease in customer demand. Year to date total revenues from sales decreased to $1,233,016 in 2023 as compared to $1,376,195 in 2022, reflecting a decrease of 10.4%. Management believes the decrease in sales revenues is due to a decrease in customer demand and the ability to ship orders in a timely manner. Although the inventory levels have increased compared to last year, ancillary goods are being impacted by delays in the supply chain resulting in a $124K backlog.

~~The Company's~~As ~~revenues~~of ~~have~~March ~~historically fluctuated from quarter to quarter due to timing factors such as product shipments to customers~~31, ~~customer~~ ~~order placement~~2024, ~~customer buying trends, and changes in~~ the ~~general~~Company ~~economic~~had ~~environment.~~a ~~The~~sales ~~procurement process regarding~~order ~~plant~~backlog ~~and~~of ~~project automation~~$10,346. orThe ~~project~~Company’s ~~development,~~customers ~~which~~generally ~~usually~~place ~~surrounds~~orders ~~the~~on ~~decision~~an to"as ~~purchase~~needed ~~ESTeem products, can be lengthy~~basis". ~~This~~ ~~procurement~~Shipment ~~process~~for ~~may~~most ~~involve~~of ~~bid activities unrelated to~~ the ~~ESTeem~~ Company’s products, ~~such~~is asgenerally ~~additional~~made ~~systems~~within ~~and~~1 ~~subcontract~~to ~~work, as~~5 ~~well~~working asdays ~~capital~~after ~~budget~~receipt ~~considerations on the part~~ of ~~the~~ customer. ~~Because~~orders, ofwith the ~~complexity~~exception of ~~this~~ongoing, ~~procurement~~scheduled ~~process~~projects, ~~forecasts~~ ~~with~~and ~~regard~~custom todesigned ~~the Company's revenues are difficult to predict~~equipment.

~~A percentage~~COST ~~breakdown~~OF ~~of the Company’s market segments of Domestic and Foreign Export sales for the three- and nine-month periods ended September 30, 2023 and 2022 are as follows~~SALES:

	Three Months ended September 30, 2023			Three Months ended September 30, 2022			Nine Months ended September 30, 2023			Nine Months ended September 30, 2022
Domestic Sales		99	%		86	%		98	%		90	%
Export Sales		1	%		14	%		2	%		10	%

Cost of sales percentages for the first quarters of 2024 and 2023 were 43.3 % and 44.3% of respective net sales and are calculated excluding site support expenses of $6,677 and $4,541 respectively. The cost of sales percentage decrease in the first quarter of 2024 is the result of the product mix sold during the same quarter of 2023.

~~BACKLOG:~~7

~~As of~~OPERATING September 30, 2023, the Company had a sales order backlog of $124,125. The Company’s customers generally place orders on an "as needed basis". Shipment for most of the Company’s products is generally made within 1 to 5 working days after receipt of customer orders, with the exception of ongoing, scheduled projects, and custom designed equipment.EXPENSES:

~~COST~~Operating expenses for the first quarter of 2024 increased OF$24,736 ~~SALES~~from the first quarter of 2023 levels. The following is a delineation of operating expenses:

Cost of sales percentages for the third quarters of 2023 and 2022 were 52.1% and 43.1% of respective net sales. Cost of sales percentages for the nine-month periods ended September 30, 2023 and 2022 were 47.6% and 44.4%, respectively. The cost of sales percentage increase for the nine-month period ended September 30, 2023 is the result of the product mix sold during the same period of 2022.

	March 31, 2024		March 31, 2023		Increase (Decrease)
General and administrative	$	88,778	$	84,765	$	4,013
Research and development		28,947		28,663		284
Marketing and sales		168,665		148,227		20,438
Total operating expenses	$	286,390	$	261,655	$	24,735

9General and administrative: For the first quarter of 2024, general and administrative expenses increased $4,013 to $88,778, due to increased payroll related expenses and purchased services when compared with the same quarter of 2023.

~~OPERATING EXPENSES~~Research and development: Research and development expenses increased $284 to $28,947 during the first quarter of 2024 due to increased payroll expenses when compared with the same quarter of 2023.

~~The following~~Marketing isand asales: ~~delineation~~During the first quarter of ~~operating~~2024, marketing and sales expenses: increased $20,438 to $168,665 when compared with the same period of 2023, due to increased payroll, taxes, benefits, advertising, and trade shows during the first quarter of 2024.

	Three Months Ended							Nine Month Ended
	September 30, 2023		September 30, 2022		Increase (Decrease)			September 30, 2023		September 30, 2022		Increase (Decrease)
General and administrative	$	55,829	$	60,784	$	(4,955	)	$	202,086	$	212,308	$	(10,222	)
Research and development		26,114		40,029		(13,915	)		82,798		131,662		(48,864	)
Marketing and sales		133,223		104,293		28,930			454,819		373,694		81,125
Total operating expenses	$	215,166	$	205,106	$	10,060		$	739,703	$	717,664	$	22,039

INTEREST INCOME:

~~General and~~The ~~administrative:~~Company ~~For~~earned ~~the third quarter of 2023, general and administrative expenses decreased~~ $45,~~955~~470 toin ~~$55,829,~~interest ~~due~~income ~~to decreased~~during ~~wages when compared with~~ the ~~same~~ quarter ~~of 2022. For the nine-month period~~ ended ~~September~~March 3031, ~~2023,~~2024 ~~general~~compared ~~and administrative expenses decreased by $10,222,~~ to $~~202~~4,~~086,~~002 ~~due~~during ~~to decreased payroll and increased services purchased. General and administrative expenses were 16.3% compared to 12.5% of sales revenue for~~ the ~~third~~same ~~quarter~~period ofin 2023 ~~and 2022 respectively and 16~~.4% ~~compared~~Sources ~~to 15.4%~~ of ~~sales~~this ~~revenue for~~income ~~nine-month~~were ~~period~~money ~~ended~~market ~~September 30, 2023~~ accounts and ~~2022~~certificates ~~respectively~~of deposit.

~~Research and~~NET ~~development:~~INCOME Research and development expenses decreased $13,915 to $26,114 during the third quarter of 2023 due to decreased services purchased expenses when compared with the same quarter of 2022. For the nine-month period, research and development expenses decreased by $48,864 to $82,798, due to decreased services purchased. Research and development expense was 7.6% compared to 8.2% of sales revenue for the third quarter of 2023 and 2022 respectively and 6.7% compared to 9.6% of sales revenue for nine-month period ended September 30, 2023 and 2022 respectively.(LOSS):

~~Marketing and~~The ~~sales:~~Company ~~During~~had ~~the~~a ~~third~~net ~~quarter~~loss of ~~2023, marketing and sales expenses increased~~ $2885,~~930~~574 tofor ~~$133,223 when compared with~~ the ~~same~~first ~~period~~quarter of ~~2022,~~2024 ~~due~~compared to ~~increased~~a ~~payroll,~~net ~~benefits~~loss ~~expense,~~of ~~and travel. For the nine-month period, marketing and sales expenses increased by~~ $8192,~~125~~124 ~~to $454,819, due to increased payroll, benefits, and travel expenses. Marketing and sales expenses were 38.9% compared to 21.4% of sales revenue~~ for the ~~third~~same quarter of 2023 ~~and 2022 respectively and 36~~.9% ~~compared~~The todecrease ~~27.3~~in %net ofloss ~~sales~~during ~~revenue~~2024 ~~for~~is the ~~nine-month~~result of ~~period~~increased ~~ended~~sales ~~September~~and ~~30,~~operating ~~2023 2022 respectively~~expenses.

~~OTHER~~B. FINANCIAL ~~INCOME:~~CONDITION, LIQUIDITY AND CAPITAL RESOURCES

The Company's ~~earned~~current ~~$8,375~~asset into ~~interest~~current ~~income~~liabilities ratio ~~during~~at ~~the~~March ~~quarter ended September 30~~31, ~~2023~~2024 ~~and~~was $17~~,559~~.4:1 ~~for~~compared ~~the~~to ~~nine-month period~~16.2:1 ~~Sources~~at ~~of this~~December ~~income were money market accounts~~31, ~~certificates~~2023. ofThe ~~deposit,~~increase ~~and~~in ~~interest~~current ~~from~~ratio ~~the~~is ~~U.S.~~due ~~Treasury.~~to ~~The interest from~~ the ~~U.S.~~decrease ~~Treasury~~in accounts ~~was~~payable ~~for~~liability ~~the~~at ~~delay~~March in31, ~~issuing~~2024 ~~the~~as ~~check~~compared ~~for~~to ~~the~~December ~~tax~~31, ~~credit~~2023.

~~NET~~At March 31, 2024, the Company had cash and cash equivalents ~~LOSS:~~of $435,181 as compared to cash and cash equivalent of $486,252 at December 31, 2023, primarily reflecting a decrease in accounts payable and the decrease in net loss.

~~The Company~~For ~~had~~the athree-month ~~net~~period ~~loss~~ended ofMarch ~~$42~~31,~~505~~ ~~for~~2024, ~~the~~cash used ~~third~~by ~~quarter~~operating ofactivities ~~2023~~was $51,071 compared to ~~net income of~~ $73149,~~371~~701 for the same ~~quarter~~period ofin ~~2022~~2023. ~~For~~This ~~the nine-month~~change ~~period~~was ~~ended~~driven ~~September~~by ~~30, 2023, the Company recorded~~ a net loss of $7585,~~759~~574 during ~~compared~~the ~~with~~three ~~net~~months ~~income~~ended ofMarch ~~$49~~31,~~614~~ ~~for~~2024 ~~the~~compared ~~same period~~to ofa ~~2022.~~net ~~The~~loss ~~decrease~~of $92,124 in ~~net~~the ~~income~~three ~~during~~months ~~2023~~ended isMarch ~~the~~31, ~~result~~2023 ofand ~~increased~~the ~~operating~~decrease in ~~expenses~~inventory ~~and~~of ~~lower sales~~$92,851.

10In management's opinion, the Company's cash and cash equivalents and other working capital at March 31, 2024 is sufficient to satisfy requirements for operations, capital expenditures, and other expenditures as may arise during 2024.

BFORWARD LOOKING STATEMENTS: The above discussion may contain forward looking statements that involve a number of risks and uncertainties. ~~FINANCIAL~~ In addition to the factors discussed above, among ~~CONDITION~~other factors that could cause actual results to differ materially are the following: competitive factors such as rival wireless architectures and price pressures; availability of third party component products at reasonable prices; inventory risks due to shifts in market demand and/or price erosion of purchased components; change in product mix, ~~LIQUIDITY~~and ~~AND~~risk ~~CAPITAL~~factors ~~RESOURCES~~that are listed in the Company's reports and registration statements filed with the Securities and Exchange Commission.

~~The Corporation's current asset to current liabilities ratio at September 30, 2023 was 16.0 compared to~~ 8~~.6 at December 31, 2022. The increase in current ratio is due to the decrease of accounts payable and increase in inventory at September 30, 2023 as compared to December 31, 2022.~~

~~At September~~Item ~~30,~~3. ~~2023,~~Quantitative ~~the Company had cash~~ and ~~cash~~Qualitative ~~equivalents~~Disclosures ~~including~~About ~~certificates~~Market ~~of deposit of $821,493 as compared to cash and cash equivalent of $1,002,817 at December 31, 2022~~Risk.

~~Cash used~~There ~~from~~is ~~operating~~no ~~activities~~established ~~decreased~~market byfor ~~$74,096~~trading the common stock of the Company. The market for the ~~nine-month~~Company’s ~~period~~common ~~ended~~stock ~~September~~is 30limited, ~~2023~~and ~~when~~as ~~compared~~such toshareholders ~~the~~may ~~same~~have ~~period~~difficulty reselling intheir ~~2022~~shares when desired or at attractive market prices. The ~~decrease~~Common Stock is ~~attributable~~not toregularly quoted in the automated quotation system of a ~~decrease~~registered insecurities ~~net~~system ~~income~~or ~~for~~association. ~~the~~Our ~~period~~common ~~being~~stock, par value $~~125~~0.001 per share,~~373~~ ~~less~~is ~~than~~quoted on the ~~same~~OTC ~~period~~Markets inGroup ~~2022~~QB (OTCQB) under the symbol “ELST”. The OTCQB is a network of security dealers who buy and sell stock. The dealers are connected by a ~~increase~~computer innetwork which provides information on current “bids” and “asks” as well as volume information. The OTCQB is not considered a “national exchange”. The “over-the-counter” ~~change~~quotations indo ~~accounts~~not ~~receivable,~~reflect ~~accounts~~inter-dealer ~~payable~~prices, retail mark-ups commissions or actual transactions. The Company’s common stock has continued to trade in low volumes and ~~inventory~~at ~~balances~~low prices. ~~contributed~~Some ~~$41,572,~~investors ~~$(61,611)~~view low-priced stocks as unduly speculative and ~~$(27,798)~~therefore not appropriate candidates for investment. Many institutional ~~respectively~~investors have internal policies prohibiting the purchase or maintenance of positions in low-priced stocks.

~~In management's~~Item ~~opinion,~~4. ~~the~~Controls ~~Company's cash~~ and cash equivalents and other working capital at September 30, 2023 is sufficient to satisfy requirements for operations, capital expenditures, and other expenditures as may arise during 2023 and into the first half of 2024.Procedures

~~FORWARD LOOKING~~An ~~STATEMENTS:~~evaluation ~~The~~has ~~above~~been ~~discussion~~performed ~~may~~under ~~contain~~the ~~forward~~supervision and ~~looking~~with ~~statements~~the ~~that~~participation ~~involve~~of aour ~~number~~management, ofincluding ~~risks~~our ~~and~~Chief ~~uncertainties.~~Executive ~~In addition~~Officer toand ~~the~~Principal ~~factors~~Accounting ~~discussed above~~Officer, ~~among~~of ~~other~~the ~~factors~~effectiveness of ~~that~~the ~~could~~design ~~cause~~and ~~actual~~the ~~results~~operation toof ~~differ~~our ~~materially~~"disclosure ~~are~~controls ~~the~~and ~~following: competitive~~procedures" ~~factors~~(as such asterm ~~rival~~is ~~wireless~~defined ~~architectures~~in ~~and~~Rules ~~price~~13a-15(e) ~~pressures;~~under the ~~availability~~Securities Exchange Act of ~~third~~1934) ~~party~~as ~~component~~of ~~products~~March at31, ~~reasonable prices;~~2024. ~~inventory~~Based ~~risks~~on ~~due~~that toevaluation, ~~shifts~~our inprincipal ~~market~~executive ~~demand~~officer and~~/or~~ ~~price~~our ~~erosion~~principal financial ofofficer ~~purchased~~concluded ~~components;~~that ~~change~~the indesign ~~product mix,~~ and ~~risk factors~~operation ~~that~~of ~~are~~our ~~listed~~disclosure incontrols ~~the Company's reports~~ and ~~registration~~procedures ~~statements~~were ~~filed~~effective ~~with~~as ~~the~~of ~~Securities~~March ~~and~~31, ~~Exchange Commission~~2024.

~~OFF-BALANCE~~The design of any system of controls is based in part ~~SHEET~~upon ~~ARRANGEMENTS~~certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote. However, management believes that our system of disclosure controls and procedures are designed to provide a reasonable level of assurance that the objectives of the system will be met.

~~The Company~~Changes ~~has no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes~~ in ~~financial~~Internal ~~condition,~~Control ~~revenues~~Over orFinancial ~~expenses, results of operations, liquidity, capital expenditures or capital resources that are material to its stockholders.~~Reporting

~~Item~~There have not been any changes in our internal control 1.over ~~Controls~~financial reporting (as such term is defined in Rules 13a-15(e) and ~~Procedures~~15d-15(e) under the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

An evaluation has been performed under the supervision and with the participation of our management, including our Chief Executive Officer and Principal Accounting Officer, of the effectiveness of the design and the operation of our "disclosure controls and procedures" (as such term is defined in Rules 13a-15(e) under the Securities Exchange Act of 1934) as of September 30, 2023. Based on that evaluation, our principal executive officer and our principal financial officer concluded that the design and operation of our disclosure controls and procedures were effective as of September 30, 2023.9

~~The design~~PART ofII—OTHER any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote. However, management believes that our system of disclosure controls and procedures are designed to provide a reasonable level of assurance that the objectives of the system will be met.INFORMATION

~~Changes in~~Item ~~Internal~~5. ~~Control~~Other ~~Over Financial Reporting~~Information

~~There~~During ~~have~~the ~~not~~three ~~been~~months ~~any~~ended ~~changes~~December in31, ~~our~~2023, ~~internal~~no ~~control~~director ~~over~~or ~~financial~~officer ~~reporting~~of ~~(as~~the ~~such~~Company adopted, ~~term~~modified, isor ~~defined~~terminated inany ~~Rules~~contract, ~~13a-15(e)~~instruction ~~and~~or ~~15d-15(e) under~~written plan for the ~~Exchange~~purchase ~~Act)~~or ~~during~~sale of our securities that was intended to satisfy the ~~most~~affirmative ~~recent~~defense ~~fiscal~~conditions ~~quarter~~of ~~that~~Rule ~~have~~10b5-1(c) ~~materially~~under ~~affected,~~the Exchange Act or ~~are~~any ~~reasonably~~“non-Rule ~~likely~~10b5-1 arrangement” toas ~~materially~~defined ~~affect, our~~in ~~internal~~Item ~~control~~408(c) ~~over~~of ~~financial~~Regulation ~~reporting~~S-K.

11Item 6. Exhibits

PART II—OTHER INFORMATION

		Incorporation by Reference
Exhibit Number	Description	Form	Exhibit	Filing Date	Filed/Furnished Herewith

31.1*	Certification of Principal Executive Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002				X
31.2*	Certification of Principal Financial Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002				X
32.1+	Certification of Principal Executive Officer pursuant to 18 U.S. C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002				XX
32.2+	Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002				XX
101.INS*	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)				X
101.SCH*	XBRL Taxonomy Extension Schema Document.				X
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document				X
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document				X
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document				X
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document				X
104*	Cover Page Interactive Date File (embedded with the Inline XBRL document)				X

X	Filed herewith
XX	Furnished herewith

~~Item 1. Legal Proceedings~~10

~~None.~~SIGNATURES

~~Item 2.~~In ~~Unregistered~~accordance ~~Sales~~with the requirements of ~~Securities~~the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

None.

	ELECTRONIC SYSTEMS TECHNOLOGY, INC.


	By: /s/ Daniel M. Tolley
Date: April 22, 2024	Name: Daniel M. Tolley
	Title: President
	(Principal Executive Officer)

Item 3. Defaults Upon Senior Securities

	By: /s/ Michael W. Eller
Date: April 22, 2024	Name: Michael W. Eller
	Title: President
	(Principal Accounting Officer)

~~None.~~11

Item 4. Mine Safety Disclosures

Not Applicable

Item 5. Other Information

None.

Item 6. Exhibits

EXHIBIT NUMBER	DESCRIPTION
31.1	Section 302 Certification, CEO
31.2	Section 302 Certification, CFO
32.1	Section 906 Certification, CEO
32.2	Section 906 Certification, CFO
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ELECTRONIC SYSTEMS TECHNOLOGY, INC.

	By: /s/ Daniel M. Tolley
Date: October 25, 2023	Name: Daniel M. Tolley
	Title: President
	(Principal Executive Officer)

	By: /s/ Michael W. Eller
Date: October 25, 2023	Name: Michael W. Eller
	Title: Vice President Administration
	(Principal Accounting Officer)

Filing Compare · ELECTRONIC SYSTEMS TECHNOLOGY INC