`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 ~~March~~June 3130, 2023

☐

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)

~~Indicate~~Securities ~~by check mark whether the registrant (1)~~registered ~~has~~pursuant ~~filed all documents and reports required~~ to beSection ~~filed by Sections 13 or 15~~12(dg) 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 ☒ NO ☐:

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 ~~☒ NO~~ 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 ☐☒ ~~(Do not check if a smaller reporting company)~~ 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 check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ~~YES ☐ NO~~Yes ☒¨ No x

APPLICABLE ONLY TO CORPORATE ISSUERS:

As of ~~April,~~July 19 26, 2023, 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)

	March 31,		December 31,
	June 30,		December 31,
	2023		2022
ASSETS
Current assets
Cash and cash equivalents	$	~~592~~382,~~417~~095	$	751,118
Certificates of deposit		~~251~~400,~~699~~000		251,699
Accounts receivable, net		~~107~~177,~~770~~868		141,394
Inventories		~~729~~840,~~308~~573		725,478
Prepaid expenses		3619,~~896~~726		42,627
Employee retention tax credit receivable (NOTE 7)		63,000		63,000
Accrued interest receivable		~~682~~699		808
Total current assets		1,~~781~~883,~~772~~961		1,976,124
Property and equipment, net of depreciation		920,~~876~~265		914
Right to use – Lease, net of amortization (NOTE 6)		5950,~~984~~452		69,419
Total assets	$	1,~~851~~954,~~632~~678	$	2,046,457
LIABILITIES and STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	6493,~~084~~789	$	138,996
Accrued wages		2,904		24,777
Accrued wages and bonus		21,470		24,777
Operating lease liability, current portion (NOTE 6)		40,100		39,120
Accrued vacation pay		26,366		16,846
Accrued vacation pay		22,220		16,846
Lease liability, current (NOTE 6)		40,878		39,120
Other accrued liabilities		67,~~900~~340		8,913
Total current liabilities		~~136~~189,~~208~~843		228,652
Long-Term Liabilities
Operating lease liability (NOTE 6)		2010,~~200~~048		30,457
Total liabilities		~~156~~199,~~408~~892		259,109
Stockholders' equity
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		~~932~~933,~~412~~105		932,412
Retained earnings		~~757~~816,~~865~~735		849,989
Total stockholders' equity		1,~~695~~754,~~224~~787		1,787,348
Total liabilities and stockholders' equity	$	1,~~851~~954,~~632~~678	$	2,046,457

See Notes to Condensed Financial Statements.

ELECTRONIC SYSTEMS TECHNOLOGY, INC.

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended
		Three Months Ended June 30, 2023			Three Months Ended June 30, 2022			Six Months Ended June 30, 2023			Six Months Ended June 30, 2022
	March 31,			March 31,
SALES - NET	$	585,206		$	416,892		$	890,295		$	889,035
	2023			2022
COST OF SALES		(268,636	)		(191,437	)		(408,196	)		(401,321	)
SALES - NET	$	305,089		$	472,143
GROSS PROFIT		316,570			225,455			482,099			487,714
COST OF SALES		(139,560	)		(209,883	)
Operating Expenses
GROSS PROFIT		165,529			262,260
General and administrative		61,492			66,747			146,257			151,522
OPERATING EXPENSES
Research and development		28,021			45,856			56,684			91,633
General and administrative		84,765			84,776
Marketing and sales		173,368			132,242			321,595			269,401
Research and development		28,663			45,777
TOTAL OPERATING EXPENSE		262,881			244,845			524,536			512,556
Marketing and sales		148,227			137,159
OPERATING INCOME (LOSS)		53,689			(19,390	)		(42,437	)		(24,842	)
Total operating expenses		261,655			267,712
OTHER INCOME
OPERATING LOSS		(96,126	)		(5,452	)
Interest income		5,181			594			9,183			1,085
OTHER INCOME
TOTAL OTHER INCOME		5,181			594			9,183			1,085
Interest income		4,002			491
NET INCOME (LOSS) BEFORE INCOME TAX		58,870			(18,796	)		(33,254	)		(23,757	)
Total other income		4,002			491
Benefit (provision) for income tax		—			—			—			—
NET LOSS BEFORE INCOME TAX		(92,124	)		(4,961	)
NET INCOME (LOSS)	$	58,870		$	(18,796	)	$	(33,254	)	$	(23,757	)
Benefit (provision) for income tax		—			—
Basic and diluted earnings per share	$	0.01		$	(0.00	)	$	(0.01	)	$	(0.00	)
NET LOSS	$	(92,124	)	$	(4,961	)
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
Earnings (loss) per share – basic and diluted	$	(0.02	)	$	0.00
Weighted average shares – basic and diluted		4,946,502			4,946,502

See Notes to Condensed Financial Statements.

ELECTRONIC SYSTEMS TECHNOLOGY, INC. CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)

CONDENSED STATEMENTS OF CASH FLOWS


	Six Months Ended
	June 30,			June 30,
	2023			2022

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss	$	(33,254	)	$	(23,757	)

Noncash items included in net loss:
Depreciation and amortization		418			222
Stock based compensation		693			—
Changes in operating assets and liabilities:
Accounts receivable, net		(36,474	)		6,835
Inventories		(115,095	)		(27,252	)
Accrued interest receivable		109			(641	)
Prepaid expenses		22,901			6,304
Accounts payable		(45,207	)		(31,151	)
Other accrued liabilities		4,956			(1,187	)
NET CASH USED IN OPERATING ACTIVITIES		(200,953	)		(70,627	)


CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of fixed assets		(19,769	)
Certificates of deposit redeemed		751,699			300,000
Certificates of deposit purchased		(900,000	)		(300,000	)
NET CASH USED IN INVESTING ACTIVITIES		(168,070	)		—

CASH FLOWS USED IN 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		(369,023	)		(76,595	)
Cash and cash equivalents at beginning of period		751,118			655,616
Cash and cash equivalents at end of period	$	382,095		$	579,021

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

	Three Months Ended
	March 31,			March 31,
	2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(92,124	)	$	(4,961	)
Noncash items included in net loss:
Depreciation		38			111
Changes in operating assets and liabilities:
Accounts receivable, net		33,624			24,977
Inventories		(3,830	)		66,997
Accrued interest receivable		126			(270	)
Prepaid expenses		5,731			(16,508	)
Accounts payable		(74,912	)		(20,983	)
Other accrued liabilities, accrued wages and accrued vacation pay		(18,354	)		1,653
NET CASH PROVIDED (USED) IN OPERATING ACTIVITIES		(149,701	)		51,016
CASH FLOWS FROM INVESTING ACTIVITIES:
Certificates of deposit redeemed		300,000			150,000
Certificates of deposit purchases		(300,000	)		—
Purchase of equipment		(9,000	)		—
NET CASH PROVIDED (USED) FROM INVESTING ACTIVITIES		(9,000	)		150,000
CASH FLOWS USED IN FINANCING ACTIVITIES:
Principal payments on CARES Act loan payable (round 1)		—			(5,968	)
NET CASH USED IN FINANCING ACTIVITIES		—			(5,968	)
NET INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS		(158,701	)		195,048
Cash and cash equivalents at beginning of period		751,118			655,616
Cash and cash equivalents at end of period	$	592,417		$	850,664

~~See~~ELECTRONIC SYSTEMS ~~Notes~~TECHNOLOGY, toINC. ~~Financial~~DBA ~~Statements.~~ESTEEM WIRELESS MODEMS CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited)


	Common Stock				Additional Paid-In		Retained
	Shares		Amount		Capital		Earnings			Total

Balances, January 1, 2022		4,946,502	$	4,947	$	932,412	$	703,458		$	1,640,817

Net income (loss)		—		—		—		(4,961	)		(4,961	)

Balance at March 31, 2022		4,946,502	$	4,947	$	932,412	$	698,497		$	1,635,856

Net income (loss)		—		—		—		(18,796	)		(18,796	)

Balance at June 30, 2022		4,946,502	$	4,947	$	932,412	$	679,701		$	1,617,060

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

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

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

Net income (loss)		—		—		—		58,870			58,870

Stock based compensation		—		—		693		—			693

Balance at June 30, 2023		4,946,502	$	4,947	$	933,105	$	816,735		$	1,754,787

~~ELECTRONIC SYSTEMS~~See ~~TECHNOLOGY,~~Notes ~~INC~~to Condensed Financial Statements.

~~DBA ESTEEM WIRELESS MODEMS~~5

~~CONDENSED STATEMENTS~~ELECTRONIC OFSYSTEMS ~~CHANGES~~TECHNOLOGY, ~~IN STOCKHOLDERS’ EQUITY~~INC.

~~(Unaudited)~~NOTES TO CONDENSED FINANCIAL STATEMENTS

	Shares		Amount		Additional Paid-In Capital		Retained Earnings			Total
Balances, January 1, 2022		4,946,502	$	4,947	$	932,412	$	703,458		$	1,640,817
Net income (loss)		—		—		—		(4,961	)		(4,961	)
BALANCES AT March 31, 2022		4,946,502	$	4,947	$	932,412	$	698,497		$	1,635,856
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

(Unaudited)

~~See~~NOTE ~~Notes~~1 to- ~~Financial~~BASIS ~~Statements.~~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 June 30, 2023, and its results of operations, cash flows, and changes in stockholders’ equity for the six months ended June 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.

~~ELECTRONIC~~The results of operations ~~SYSTEMS~~for ~~TECHNOLOGY~~the three month and six-month period ended June 30, ~~INC~~2023 are not necessarily indicative of the results expected for the full fiscal year or for any other fiscal period. The Company estimates that for 2023 the anticipated effective annual federal income tax rate will be 0%.

~~NOTES~~New TOAccounting ~~CONDENSED FINANCIAL STATEMENTS~~Pronouncements

~~(Unaudited)~~Accounting standards that have 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.

NOTE 12 - ~~BASIS OF PRESENTATION~~ INVENTORIES

~~The~~Inventories ~~condensed~~are ~~financial statements, including notes,~~stated ofat ~~Electronic~~lower ~~Systems Technology, Inc. (the "Company") are representations~~ of ~~the~~direct ~~Company’s~~cost ~~management,~~or ~~which~~net isrealizable ~~responsible for~~value ~~their integrity and objectivity. The accompanying unaudited condensed financial statements have been prepared by the Company in accordance~~ with ~~accounting~~cost ~~principles~~determined ~~generally~~using ~~accepted in~~ the ~~United~~FIFO ~~States of America~~ (~~“U.S.~~first 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, 2023, and its results of operations, cash flows, and changes in ~~stockholders’ equity for the three months ended March 31~~, ~~2023~~first ~~and~~out) ~~2022~~method. ~~The~~Inventories ~~balance sheet at December 31, 2022 was derived from audited annual financial statements but does not contain all~~consist 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.following:

The results of operations for the three-month period ended March 31, 2023 are not necessarily indicative of the results expected for the full fiscal year or for any other fiscal period. The Company estimates that for 2023 the anticipated effective annual federal income tax rate will be 0%.

Schedule of inventories
	June 30, 2023		December 31, 2022
Parts	$	124,215	$	172,190
Work in progress		380,562		336,298
Finished goods		335,796		216,990
Total inventories	$	840,573	$	725,478

~~New Accounting Pronouncements~~6

~~Accounting~~ELECTRONIC ~~standards~~SYSTEMS ~~that~~TECHNOLOGY, ~~have 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~~NOTES 2TO -CONDENSED FINANCIAL ~~INVENTORIES~~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
	March 31, 2023		December 31, 2022
Parts	$	146,628	$	172,190
Work in progress		247,223		336,298
Finished goods		335,457		216,990
Total inventory	$	729,308	$	725,478

NOTE 3 - EARNINGS (LOSS) PER SHARE

~~NOTE~~Basic 3earnings (loss) per share excludes dilution and is computed by dividing income (loss) available to common stockholders by the weighted-average ~~EARNINGS~~number of shares of common stock outstanding for the period. Diluted earnings (~~LOSS~~loss) ~~PER~~per ~~SHARE~~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 June 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.

~~Basic~~NOTE ~~earnings~~4 ~~(loss) per share excludes dilution and is computed by dividing income (loss) available to common stockholders by the weighted~~-~~average~~ ~~number~~STOCK of common shares 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 March 31, 2023 and 2022, the Company had 180,000 and 240,000 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.OPTIONS

6On June 9, 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 three and six-month periods ended June 30, 2023.

~~NOTE~~As 4of -June ~~STOCK~~30, 2023, ~~OPTIONS~~there were 225,000 options outstanding with a weighted average exercise price of $0.40 per share, a weighted average remaining life of 2.2 years and had intrinsic value of 0 nil.

~~The~~NOTE ~~Company~~5 ~~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, 2023 and 2022.REVENUE

AsThe ofCompany ~~March~~product revenue ~~31,~~includes ~~2023~~industrial wireless products and ~~2022,~~accessories ~~there~~such ~~were~~as ~~180~~antennas,~~000~~ power supplies and ~~240,000~~cable ~~options~~assemblies. ~~outstanding~~The ~~respectively~~Company ~~with~~also provides adirect ~~weighted~~site ~~average~~support ~~exercise~~and ~~price~~engineering services to customers, such as repair and upgrade of $0its products.40 ~~per~~During ~~share~~the three-month periods ended June 30, a2023 ~~weighted~~and ~~average~~2022, ~~remaining~~the ~~life of~~Company’s ~~2.3~~revenue from products sales was $575,306 and 3$409,392, respectively.4 ~~years~~Revenue from ~~respectively~~site support and noengineering ~~intrinsic~~services ~~value~~was $9,900 and $7,500 respectively, over the same periods.

~~NOTE~~During 5the –six-month periods ~~REVENUE~~ended June 30, 2023 and 2022, the Company’s revenue from products sales was $872,895 and $871,235, respectively. Revenue from site support and engineering services was $17,400 and $17,800 respectively, over the same periods.

The Company ~~product revenue includes industrial wireless~~’s ~~products and accessories such as antennas~~customers, ~~power~~to ~~supplies~~which ~~and~~trade ~~cable~~credit ~~assemblies.~~terms ~~The~~are ~~Company~~extended, ~~also~~consist ~~provides~~of ~~direct~~United ~~site~~States ~~support~~ and ~~engineering services~~local togovernments ~~customers,~~and ~~such~~foreign ~~as repair~~ and ~~upgrade~~domestic ~~of its products~~companies. Domestic ~~During~~sales for the three-month period ended ~~March~~June 3130, 2023 and ~~2022~~June 30, ~~the~~2022 ~~Company’s revenue~~were ~~from products sales was~~ $~~297~~575,~~589~~683 and $~~461~~378,~~843~~959, respectively. ~~Revenue~~Sales ~~from~~to ~~site~~foreign customers ~~support~~for ~~and~~the ~~engineering~~three-month ~~services~~period ~~was~~ended $7June 30,~~500~~ 2023 and ~~$10,300~~ ~~respectively~~June 30, ~~over~~2022 ~~the~~were ~~same~~$9,523 ~~periods~~and $37,933, respectively.

~~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~~six-month period ended ~~March~~June 3130, 2023 and ~~March~~June 3130, 2022 were $~~293~~869,~~908~~591 and $~~436~~815,~~670~~629, respectively. Sales to foreign customers for the ~~three~~ six-month period ended ~~March~~June 3130, 2023 and ~~March~~June 3130, 2022 were $1120,~~181~~704 and $3573,~~473~~406, respectively.

For the three-month period ended ~~March~~June 3130, 2023 ~~and 2022~~, sales to ~~individual~~three customers ~~representing~~represented more than 10% of total revenue, ~~were~~three ascustomers ~~follows:~~represented more than 10% of total revenue for the same period in 2022.

Schedule of revenue
	For the three-month period ended March 31,
	2023					2022
	Sales		%age of Total Sales			Sales		%age of Total Sales
Domestic customer A	$	70,090		23	%	$	75,505		16	%
Domestic customer B		—		—			72,683		15	%
Domestic customer C		—		—			53,625		11	%

~~As of March 31, 2023 Domestic customer A’s accounts~~ELECTRONIC ~~receivable~~SYSTEMS ~~balance was $43~~TECHNOLOGY,~~019~~ INC.

AsNOTES ofTO ~~March 31, 2023 and 2022, the Company had a sales order backlog of~~CONDENSED ~~$162,396~~FINANCIAL ~~and $116,461, respectively.~~STATEMENTS

7(Unaudited)

NOTE 6 - LEASES

Schedule of revenue
	2023 Sales		2023 %age of Total Sales			2022 Sales		2022%age of Total Sales
Domestic customer A	$	134,604		23	%	$	54,436		13	%
Domestic customer B		76,993		13	%		53,880		13	%
Domestic customer C		56,861		10	%		49,031		12	%

OnFor ~~September 23, 2022,~~ the ~~Company signed a new two~~six-~~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~~period ~~applied~~ended toJune ~~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~~30, ~~the Company recognized a lease liability and right of use asset of $78~~2023,~~757 based~~ onsales ~~the~~to two~~-year~~ ~~payment~~customers ~~stream~~represented ~~discounted~~more ~~using~~than ~~an estimated incremental borrowing rate of 4.125~~10%. ~~At March 31, 2023, the remaining lease term is 18 months. As~~ of ~~March~~total 31revenue, ~~2023,~~three ~~future~~customers ~~payments~~represented onmore ~~this~~than ~~lease~~10% of total ~~$30,671~~revenue ~~and~~for ~~$31,304~~the ~~will~~same beperiod ~~paid~~ in ~~2023 and 2024 respectively~~2022.

For the three-month periods ended March 31, 2023 and 2022, lease expense of $11,576 and $10,903, respectively, are included in the following expense classifications on the statements of operations:

	2023 Sales		2023 %age of Total Sales			2022 Sales		2022 %age of Total Sales
Domestic customer A	$	204,694		23	%	$	121,715		14	%
Domestic customer B		91,821		10	%		107,505		12	%
Domestic customer C							100,693		11	%

Schedule of lease expense
	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	$	5,397	$	4,247	$	9,644
Variable lease costs		727		572		1,299		704		555		1,259
Total lease costs	$	6,478	$	5,098	$	11,576	$	6,101	$	4,802	$	10,903

As of June 30, 2023 and 2022, the Company had a sales order backlog of $109,844 and $24,857, respectively.

NOTE 76 - ~~Cares Act Retention Credit~~LEASES

AsOn atSeptember ~~December 31~~23, 2022, the ~~and~~Company ~~March~~signed 31a new two-year lease for its facilities. The base lease is $3,373 ~~2023~~and $3,478 ~~the~~per ~~Company~~month ~~has~~for anyears ~~employee~~one and two, respectively. ~~retention~~There is a leasehold tax ~~credit~~applied ~~due~~to ofthe ~~$63,000~~base lease at 12.84%. The ~~amount~~Company has the right to beterminate ~~received~~the lease with 90 days’ notice. There is ano ~~refund~~renewal ofclause ~~qualified~~contained ~~payroll~~in ~~taxes~~the current lease. Upon signing the lease, the Company ~~paid~~recognized ina ~~connection~~lease ~~with~~liability and right ~~employee~~of ~~payroll~~use ~~during~~asset of $78,757 based on the ~~COVID~~two-year 19payment ~~pandemic.~~stream ~~The~~discounted ~~Company~~using ~~expects~~an toestimated ~~receive~~incremental borrowing rate of 4.125%. At June 30, 2023, the ~~credit~~remaining lease term is 15 months. As of June 30, 2023, future payments on this lease of $19,679 and $30,772 will be paid in 2023 and 2024 respectively.

~~Item~~For 2.the ~~Management’s~~three ~~Discussion~~month and six-month periods ended June 30, 2023 and ~~Analysis~~2022, lease expenses of ~~Financial~~$11,576 ~~Condition~~and $10,903 and ~~Results~~$23,151 and $21,805, respectively, are included in the following expense classifications on the statement of ~~Operations.~~operations:

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL

Schedule of lease expense
	For the three-month period ended June 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	$	5,397	$	4,248	$	9,645
Variable lease costs		727		572		1,299		704		554		1,258
Total lease costs	$	6,478	$	5,098	$	11,576	$	6,101	$	4,802	$	10,903

CONDITION AND RESULTS OF OPERATION

	For the six-month period ended June 30,
	2023						2022
	Cost of sales		Operating expenses		Total		Cost of sales		Operating expenses		Total
Base rent pursuant to lease agreement	$	11,501	$	9,052	$	20,553	$	10,793	$	8,495	$	19,288
Variable lease costs		1,454		1,144		2,598		1,408		1,109		2,517
Total lease costs	$	12,955	$	10,196	$	23,151	$	12,201	$	9,604	$	21,805

~~Management's~~NOTE ~~discussion~~7 ~~and~~- ~~analysis~~CARES ~~is intended~~ACT toRETENTION be read in conjunction with the Company's unaudited financial statements and the integral notes thereto for the quarter ended March 31, 2023. The following statements may be forward looking in nature and actual results may differ materially.CREDIT

AAs at December 31, 2022 and June 30, 2023, the Company has an employee retention tax credit due of $63,000. ~~RESULTS~~ The amount to be received is a refund of qualified OFpayroll ~~OPERATIONS~~taxes the Company paid in connection with employee payroll during the COVID 19 pandemic. The credit was received in July 2023.

REVENUES: Total revenues from sales decreased to $305,089 for the first quarter of 2023 as compared to $472,143 in the first quarter of 2022, reflecting a decrease of 35.4%. Management believes the decrease in sales revenues is due to decreased product demand due to supply chain issues for the Domestic market during the first quarter of 2023 when compared with the same quarter of 2022.9

~~The~~Item Company's revenues have historically fluctuated from quarter to quarter due to timing factors such as product shipments to customers, customer order placement, customer buying trends, and changes in the general economic environment2. ~~The~~Management’s ~~procurement process regarding plant and project automation, or project development,~~Discussion ~~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~~Analysis ~~work, as well as capital budget considerations on the part~~ of ~~the~~Financial ~~customer.~~Condition ~~Because~~and ofResults ~~the complexity~~ of ~~this procurement process, forecasts with regard to the Company's revenues are difficult to predict~~Operations.

AMANAGEMENT'S ~~percentage breakdown of the Company’s market~~DISCUSSION ~~segments~~AND ofANALYSIS ~~Domestic~~OF ~~and Foreign Export sales for the first quarter of 2023 and 2022 are as follows:~~FINANCIAL

	2023	2022
Domestic Sales	96%	93%
Export Sales	4%	7%

CONDITION AND RESULTS OF OPERATION

~~BACKLOG:~~Management'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 June 30, 2023. The following statements may be forward looking in nature and actual results may differ materially.

~~As of March 31, 2023, the Company had a sales order backlog of $162,396~~A. ~~The~~RESULTS ~~Company’s~~OF 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.OPERATIONS

~~COST~~REVENUES: OFTotal ~~SALES:~~revenues from sales increased to $585,206 for the first six-months of 2023 as compared to $416,892 in the second quarter of 2022, reflecting an increase of 40.4%. Management believes the increase in sales revenues is due to the increase in customer demand. Year to date total revenues from sales increased to $890,295 in 2023 as compared to $889,035 in 2022, reflecting an increase of 0.1%. Management believes the increase in sales revenues is due to the Company’s increased inventory level and the ability to ship orders in a timely manner.

~~Cost~~The ofCompany's ~~sales~~revenues have ~~percentages~~historically ~~for~~fluctuated ~~the~~from ~~first~~quarter ~~quarters~~to ofquarter due to timing factors such as product shipments to customers, customer order placement, ~~2023~~customer buying trends, and ~~2022~~changes ~~were~~in ~~46%~~the ~~and~~general ~~44%~~economic ofenvironment. ~~respective~~The ~~net~~procurement ~~sales~~process regarding plant and ~~are~~project ~~calculated~~automation, or ~~excluding~~project ~~site~~development, ~~support~~which ~~expenses~~usually ofsurrounds ~~$4,541~~the ~~and~~decision $6to purchase ESTeem products,~~312~~ ~~respectively~~can be lengthy. ~~The~~ ~~cost~~This ofprocurement ~~sales~~process ~~percentage~~may involve ~~increase~~bid inactivities unrelated to the ~~first~~ESTeem ~~quarter~~products, ofsuch ~~2023~~as isadditional systems and subcontract work, as well as capital budget considerations on the ~~result~~part of the ~~product~~customer. ~~mix~~Because ~~sold~~of ~~during~~the complexity of this procurement process, forecasts with regard to the ~~same~~Company's ~~quarter~~revenues ofare difficult ~~2022~~to predict.

9A percentage breakdown of the Company’s market segments of Domestic and Foreign Export sales for the three- and six-month periods ended June 30, 2023 and 2022 are as follows:

OPERATING EXPENSES:

	Three Months ended June 30, 2023			Three Months ended June 30, 2022			Six Months ended June 30, 2023			Six Months ended June 30, 2022
Domestic Sales		98	%		91	%		98	%		92	%
Export Sales		2	%		9	%		2	%		8	%

~~Operating expenses for the first quarter of 2023 decreased $6,057 from first quarter of 2022 levels. The following is a delineation of operating expenses~~BACKLOG:

	March 31, 2023		March 31, 2022		Increase (Decrease)
General and administrative	$	84,765	$	84,776	$	(11	)
Research and development		28,663		45,777		(17,114	)
Marketing and sales		148,227		137,159		11,068
Total operating expenses	$	261,655	$	267,712	$	(6,057	)

As of June 30, 2023, the Company had a sales order backlog of $109,844. 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.

~~General~~COST ~~and~~OF ~~administrative~~SALES: For the first quarter of 2023, general and administrative expenses decreased $11 to $84,765, due to decreased payroll related expenses and were offset by increased purchased services when compared with the same quarter of 2022.

~~Research~~Cost of sales percentages for the second quarters of 2023 and ~~development:~~2022 ~~Research~~were 45.9% and ~~development~~45.9% of respective net sales. Cost of sales percentages for the six-month periods ~~expenses~~ended ~~decreased~~June ~~$17~~30,~~114~~ to2023 ~~$28~~and 2022 were 45.8% and 45.1%,~~663~~ ~~during~~respectively. The cost of sales percentage increase for the ~~first~~six ~~quarter~~month ofperiod ~~2023~~ended June ~~due~~3, to2023 ~~decreased~~is ~~expenses~~the ~~related~~result toof ~~engineering~~the ~~services~~product ~~when compared~~mix ~~with~~sold during the same ~~quarter~~period of 2022.

Marketing and sales: During the first quarter of 2023, marketing and sales expenses increased $11,068 to $148,227 when compared with the same period of 2022, due to increased payroll, taxes and benefits during the first quarter of 2023.10

~~INTEREST~~OPERATING ~~INCOME~~EXPENSES:

The ~~Company~~following ~~earned~~is ~~$4,002 in interest income during~~a ~~the~~delineation ~~quarter ended March 31, 2023 compared to $491 during the same period in 2022. Sources~~ of ~~this~~operating ~~income were money market accounts and certificates of deposit.~~expenses:

NET INCOME (LOSS):

	Three Months Ended							Six Month Ended
	June 30, 2023		June 30, 2022		Increase (Decrease)			June 30, 2023		June 30, 2022		Increase (Decrease)
General and administrative	$	61,492	$	66,747	$	(5,255	)	$	146,257	$	151,522	$	(5,265	)
Research and development		28,021		45,856		(17,835	)		56,684		91,633		(34,949	)
Marketing and sales		173,368		132,242		41,126			321,595		269,401		52,194
Total operating expenses	$	262,881	$	244,845	$	18,036		$	524,536	$	512,556	$	11,980

~~The~~General ~~Company~~and ~~had~~administrative: For athe ~~net~~second ~~loss~~quarter of (2023, general and administrative expenses decreased $925,~~124)~~255 ~~for~~to ~~the~~$61,492, ~~first~~due to decreased wages when compared with the same quarter of 2022. For the six-month period ended June 30, 2023, ~~compared~~general toand aadministrative ~~net~~expenses ~~loss~~decreased ofby ($45,~~961)~~265, to $146,257, due to decreased payroll and increased services purchased. General and administrative expenses were 10.5% compared to 16.0% of sales revenue for the ~~same~~second quarter of ~~2022~~2023 and 16.4% ~~The~~compared ~~increase~~to in17.0% ~~net~~of ~~loss~~sales ~~during~~revenue ~~2023~~for issix-month ~~the~~period ~~result~~ended ~~of decreased~~June ~~sales~~30, 2023.

BResearch and development: Research and development expenses decreased $17,835 to $28,021 during the second quarter of 2023 due to decreased services purchased expenses when compared with the same quarter of 2022. ~~FINANCIAL~~ For the six-month period, research and development expenses decreased by $34,949 ~~CONDITION~~to $56,684, ~~LIQUIDITY~~due ~~AND~~to ~~CAPITAL~~decreased ~~RESOURCES~~services purchased. Research and development expense was 4.8% compared to 11.0% of sales revenue for the second quarter of 2023 and 6.4% compared to 10.3% of sales revenue for six-month period ended June 30, 2023.

~~The~~Marketing ~~Company's~~and ~~current~~sales: During ~~asset~~the tosecond ~~current~~quarter ~~liabilities ratio~~of at2023, ~~March~~marketing 31and sales expenses increased $41,126 ~~2023~~to ~~was~~$173,368 ~~13.1:1~~when compared with the same period of 2022, due to ~~8.6:1~~increased atpayroll, ~~December~~benefits 31expense, ~~2022~~and travel. ~~The~~For ~~increase~~the insix-month ~~current~~period, ~~ratio~~marketing isand sales expenses increased by $52,194 to $321,595, due to ~~the~~increased ~~decrease~~payroll, inbenefits, ~~accounts payable~~and ~~liability~~travel atexpenses. ~~March~~Marketing and sales expenses were 29.6% compared to 31,.7% of sales revenue for the second quarter of 2023 asand 36.1% compared to ~~December~~30.3% ~~31,~~of ~~2022~~sales revenue for the six-month period ended June 30, 2023.

AtOTHER March 31, 2023, the Company had cash and cash equivalents of $592,417 as compared to cash and cash equivalent of $751,118 at December 31, 2022, primarily reflecting decreases in Accounts Payable and the increase in net loss.INCOME:

~~For~~The ~~the~~Company ~~three-month period ended March 31, 2023, cash~~earned ~~used by operating activities was~~ $~~149~~5,~~701~~181 ~~compared to cash provided of $51,016 for the same period~~ in ~~2022.~~interest ~~This~~income ~~change was driven by a net loss of $92,124~~ during the ~~three~~quarter ~~months~~ ended ~~March~~June 3130, 2023 ~~compared to a net of $4,961 in the three months ended March 31, 2022. Change in operating assets~~ and ~~liabilities was~~ $579,~~615~~183 ~~during~~for the ~~three~~six-month period. ~~ended~~Sources ~~March~~of ~~31,~~this ~~2023~~income ~~compared~~were tomoney market ~~$55,866~~accounts inand ~~2022~~certificates of deposit.

~~Cash~~NET used for investing was $9,000 due to the purchase of a new website design for an E-Commerce interface during the first quarter of 2023 with the expectations that the website will be completed in April.LOSS:

InThe ~~management's~~Company ~~opinion~~had net income of $58,870 for the ~~Company's~~second ~~cash~~quarter ~~and~~of ~~cash equivalents~~2023 ~~and~~compared ~~other~~to ~~working~~a ~~capital~~net atloss ~~March~~of 31$18,976 for the same quarter of 2022. For the six-month period ended June 30, 2023, isthe ~~sufficient~~Company torecorded ~~satisfy~~a ~~requirements~~net ~~for~~loss ~~operations~~of $33,254 ~~capital~~compared ~~expenditures~~with a net loss of $23,757 ~~and other~~for ~~expenditures~~the assame ~~may~~period ~~arise~~of 2022. The decrease in net income during 2023 is the result of increased operating expenses.

FORWARD LOOKING STATEMENTS: The above discussion may contain forward looking statements that involve a number of risks and uncertainties. In addition to the factors discussed above, among 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, and risk factors that are listed in the Company's reports and registration statements filed with the Securities and Exchange Commission. 11

10B. FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

~~Item~~The 3Corporation's current asset to current liabilities ratio at June 30, 2023 was 9.9 ~~Quantitative~~compared to 8.6 at December 31, 2022. The increase in current ratio is due to the decrease of accounts payable and ~~Qualitative~~increase ~~Disclosures~~in ~~About~~inventory ~~Market~~at ~~Risk~~June 30, 2023 as compared to December 31, 2022.

~~There~~At isJune no30, ~~established~~2023, ~~market for trading~~ the ~~common~~ ~~stock of the~~ Company. ~~The~~had ~~market~~cash ~~for the Company’s common stock is limited,~~ and ascash ~~such~~equivalents ~~shareholders may have difficulty reselling their shares when desired or at attractive market prices. The Common Stock is not regularly quoted in the automated quotation system~~ of a ~~registered securities system or association. Our common stock, par value~~ $~~0.001 per share~~782,095 isas ~~quoted~~compared onto ~~the~~cash ~~OTC~~and ~~Markets~~cash ~~Group~~equivalent ~~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 computer network 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” quotations do not reflect inter-dealer prices$1, ~~retail~~002,817 ~~mark-ups commissions or actual transactions. The Company’s common stock has continued to trade in low volumes and~~ at ~~low prices.~~December ~~Some~~31, ~~investors view low-priced stocks as unduly speculative and therefore not appropriate candidates for investment~~2022. ~~Many institutional investors have internal policies prohibiting the purchase or maintenance of positions in low-priced stocks.~~

~~Item~~Cash 4used from operating activities decreased by $130,326 for the six-month period ended June 30, 2023 when compared to the same period in 2022. ~~Controls~~The decrease is attributable to a decrease in net income for the period being $9,497 less than the same period in 2022. The increase in the change in accounts receivable and ~~Procedures~~inventory balances contributed $43,309 and $87,843 respectively.

AnIn ~~evaluation~~management's ~~has been performed under the supervision~~opinion, ~~and with~~ the ~~participation~~Company's ofcash ~~our management, including our Chief Executive Officer~~ and ~~Principal~~cash ~~Accounting~~equivalents ~~Officer, of the effectiveness of the design~~ and ~~the~~other ~~operation~~working ofcapital ~~our~~at ~~"disclosure~~June ~~controls~~30, ~~and~~2023 ~~procedures" (as such term~~ is ~~defined~~sufficient into ~~Rules~~satisfy ~~13a-15(e)~~requirements ~~under~~for operations, ~~the~~capital ~~Securities~~expenditures, ~~Exchange~~and ~~Act~~other ofexpenditures ~~1934)~~ as ofmay ~~March~~arise ~~31,~~during 2023. ~~Based on that evaluation, our principal executive officer~~ and ~~our~~into ~~principal financial officer concluded that~~ the ~~design~~first ~~and~~half ~~operation~~ of ~~our disclosure controls and procedures were effective as of March 31, 2023~~2024.

FORWARD LOOKING STATEMENTS: The ~~design~~above ofdiscussion ~~any~~may ~~system~~contain offorward ~~controls~~looking isstatements ~~based~~that ininvolve ~~part upon~~a ~~certain~~number ~~assumptions~~of ~~about~~risks ~~the~~and ~~likelihood~~uncertainties. ofIn ~~future~~addition to ~~events,~~the ~~and~~factors ~~there~~discussed ~~can~~above, beamong noother ~~assurance~~factors that ~~any~~could ~~design~~cause ~~will~~actual ~~succeed~~results into ~~achieving~~differ materially are the following: competitive ~~its~~factors ~~stated~~such ~~goals~~as ~~under~~rival ~~all~~wireless ~~potential~~architectures ~~future~~and ~~conditions,~~price ~~regardless~~pressures; availability of ~~how~~third ~~remote.~~party ~~However,~~component ~~management~~products ~~believes~~at ~~that~~reasonable ~~our~~prices; inventory ~~system~~risks ofdue ~~disclosure controls~~to shifts in market demand and/or ~~procedures~~price ~~are~~erosion ~~designed~~of topurchased ~~provide~~components; achange ~~reasonable~~in ~~level~~product ofmix, ~~assurance~~and risk factors that are listed in the ~~objectives~~Company's ofreports and registration statements filed with the ~~system~~Securities ~~will~~and beExchange ~~met~~Commission.

~~Changes~~OFF-BALANCE inSHEET ARRANGEMENTS ~~Internal Control Over Financial Reporting~~

~~There~~The ~~have~~Company ~~not~~has ~~been~~no significant ~~any~~off-balance ~~changes~~sheet inarrangements ~~our~~that ~~internal~~have ~~control over~~or ~~financial~~are ~~reporting~~reasonably ~~(as~~likely ~~such~~to ~~term~~have isa ~~defined~~current inor ~~Rules~~future ~~13a-15(e)~~effect ~~and~~on ~~15d-15(e)~~our ~~under~~financial ~~the~~condition, changes ~~Exchange~~in ~~Act)~~financial ~~during~~condition, ~~the~~revenues ~~most~~or ~~recent~~expenses, ~~fiscal quarter~~results ~~that~~of ~~have~~operations, ~~materially affected~~liquidity, orcapital ~~are~~expenditures ~~reasonably~~or ~~likely~~capital toresources ~~materially~~that are ~~affect,~~material ~~our~~to ~~internal~~its ~~control over financial reporting~~stockholders.

11Item 1. Controls and Procedures

~~PART~~An ~~II—OTHER~~evaluation ~~INFORMATION~~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 June 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 June 30, 2023.

~~Item~~The 5design of 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. ~~Other~~However, ~~Information~~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.

~~None~~Changes in Internal Control Over Financial Reporting

~~Item~~There 6.have ~~Exhibits~~not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(e) and 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.

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

Changes in Internal Control Over Financial Reporting

12There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(e) and 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.

~~SIGNATURES~~12

InPART ~~accordance with the requirements of the Exchange~~II—OTHER ~~Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.~~INFORMATION

~~ELECTRONIC~~Item ~~SYSTEMS~~1. ~~TECHNOLOGY,~~Legal ~~INC.~~Proceedings

	By: /s/ Daniel M. Tolley
Date: April 28, 2023	Name: Daniel M. Tolley
	Title: President
	(Principal Executive Officer)

None.

	By: /s/ Michael W. Eller
Date: April 28, 2023	Name: Michael W. Eller
	Title: President
	(Principal Accounting Officer)

Item 2. Unregistered Sales of Securities

13None.

Item 3. Defaults Upon Senior Securities

None.

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: July 27, 2023	Name: Daniel M. Tolley
	Title: President
	(Principal Executive Officer)

	By: /s/ Michael W. Eller
Date: July 27, 2023	Name: Michael W. Eller
	Title: Vice President Administration
	(Principal Accounting Officer)

Filing Compare · ELECTRONIC SYSTEMS TECHNOLOGY INC