ECO SCIENCE SOLUTIONS, INC. - Quarter Report: 2014 April (Form 10-Q)

Eco Science Solutions Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2014

o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from [ ] to [ ]

Commission file number 000-54803

ECO SCIENCE SOLUTIONS, INC.

(Exact name of registrant as specified in its charter)


Nevada	46-4199032
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3250 NE 1^st Avenue, Suite 305, Miami FL	33137
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number:	305-460-2259

N/A

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




Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the last 90 days.					Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, 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 registration statement was required to submit and post such files).					Yes þ No ¨

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

	Large accelerated filer	¨	Accelerated filer	¨
	Non-accelerated filer	¨	Smaller reporting company	þ

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

Indicate the number of shares outstanding of each of the registrant’s

classes of common stock as of the latest practicable date.

26,643,001 Common Shares issued and outstanding as of June 16, 2014

DOCUMENTS INCORPORATED BY REFERENCE: None

PART I-FINANCIAL INORMATION


ITEM 1.	FINANCIAL STATEMENTS

The Company’s unaudited interim consolidated financial statements for the three month period ended April 30, 2014 form a part of this quarterly report. They are stated in United States Dollars (US$) and are prepared in accordance with United States generally accepted accounting principles.

These financial statements should be read in conjunction with the audited financial statements and notes included thereto for the year ended January 31, 2014 on Form 10-K, as filed with the Securities and Exchange Commission on May 14, 2014.


ECO SCIENCE SOLUTIONS, INC.
(formerly Eaton Scientific Systems, Inc.)
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED BALANCE SHEETS

		April 30, 2014			January 31, 2014
		(Unaudited)
ASSETS
Current assets
	Cash	$	4,558		$	5,684
	Total current assets		4,558			5,684

	TOTAL ASSETS	$	4,558		$	5,684

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities
	Accounts payable and accrued expenses	$	29,579		$	37,856
	Related party payable		58,250			58,250
	Related party loans		22,000			––
	Notes payable-convertible		247,000			––
	Total current liabilities		356,829			96,106

Long term liabilities
	Related party loans		––			22,000
	Notes payable-convertible		––			250,000
	Related party loans-convertible		52,491			16,991
	Total long term liabilities		52,491			288,991
	Total liabilities		409,320			385,097

Stockholders' deficit
	Preferred stock, $.001 par, 50,000,000 shares authorized, none and 2,500,000 issued and outstanding at April 30, 2014 and January 31, 2014, respectively		––			2,500
	Common stock, $0.10 par, 650,000,000 shares authorized, 26,643,001 and 443,001 issued and outstanding at April 30, 2014 and January 31, 2014, respectively		2,664,300			44,300
	Additional paid in capital-preferred		––			5,262,500
	Additional paid in capital-common		5,223,278			2,203,828
	Subscriptions receivable		(200	)		––
	Accumulated deficit		(8,292,140	)		(7,892,541	)
	Total stockholders' deficit		(404,762	)		(379,413	)

	TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$	4,558		$	5,684

The accompanying notes are an integral part of these financial statements

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ECO SCIENCE SOLUTIONS, INC.
(formerly Eaton Scientific Systems, Inc.)
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED INCOME STATEMENTS
(Unaudited)
							Cumulative from
							December 8, 2009
	For the three months ended						(Inception) to
	April 30, 2014			April 30, 2013			April 30, 2014
Revenue	$	––		$	––		$	––
Cost of revenues		––			––			––
Gross profit		––			––			––

General and administrative expenses		24,217			18,000			143,380

Net operating loss		(24,217	)		(18,000	)		(143,380	)

Other income (expenses)
Interest expense		(4,132	)		(3,658	)		(20,383	)
Amortization of stock options/compensation		(371,250	)		(222,083	)		(2,677,500	)
Gain on foreign currency exchange		––						783
Impairment loss		––						(5,265,000	)
Total other income (expenses)		(375,382	)		(225,741	)		(7,962,100	)

Net loss - continuing operations		(399,599	)		(243,741	)		(8,105,480	)

Net loss - discontinued operations		––			(116,125	)		(780,211	)

Net loss	$	(399,599	)	$	(359,866	)	$	(8,885,691	)

Net loss per common share - basic and diluted
Continuing operations	$	(0.05	)	$	(0.55	)
Discontinued operations	$	––		$	(0.26	)

Weighted average common shares outstanding - basic and diluted		8,186,821			443,001

The accompanying notes are an integral part of these financial statements

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ECO SCIENCE SOLUTIONS, INC.
(formerly Eaton Scientific Systems, Inc.)
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
							Cumulative from
							December 8, 2009
	For the three months ended						(inception) to
	April 30, 2014			April 30, 2013			April 30, 2014
Cash flows from operating activities:
Net loss	$	(399,599	)	$	(359,866	)	$	(8,885,691	)
Net loss - discontinued operations		––			(116,125	)		(780,211	)
Net loss - continuing operations		(399,599	)		(243,741	)		(8,105,480	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of stock options/stock compensation		371,250			222,083			2,677,500
Impairment loss		––			––			5,265,000
Changes in operating assets and liabilities:
Increase (decrease) in accounts payable and accrued expenses		(8,752	)		3,658			29,105
Increase in related party payables		475			14,000			58,725
Net cash used in operating activities		(36,626	)		(4,000			(75,150	)

Cash flows from financing activities:
Proceeds from related party loans		35,500			––			74,491
Proceeds from notes payable		––			––			250,000
Net cash provided by financing activities		35,500			––			324,491

Net cash provided by continuing operations		(1,126	)		(4,000	)		249,341

Cash flows from discontinued operations
Net cash used in operating activities		––			(32,954	)		(284,645	)
Net cash used in investing activities		––			(10,507	)		(40,113	)
Net cash (used in) provided by financing activities		––			(59,900	)		79,975

Net cash used in discontinued operations		––			(103,361	)		(244,783	)

Net increase (decrease) in cash		(1,126	)		(107,361	)		4,558

Cash-beginning of period		5,684			287,421			––

Cash-end of period	$	4,558		$	180,060		$	4,558

NON-CASH ACTIVITIES
Recapitalization due to share exchange	$	––		$	––		$	(108,622	)
Preferred stock issued for patent license	$	––		$	––		$	5,265,000
Conversion of preferred stock to common stock	$	5,265,000		$	––		$	5,265,000
Conversion of debt to common stock	$	3,000		$	––		$	3,000
Distribution of assets upon spin off	$	––		$	––		$	(15,013	)
Distribution of liabilities upon spin off	$	––		$	––		$	608,564

SUPPLEMENTAL DISCLOSURES
Interest paid	$	––		$	––		$	––
Income taxes paid	$	––		$	––		$	––

The accompanying notes are an integral part of these financial statements

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ECO SCIENCE SOLUTIONS, INC.

(formerly Eaton Scientific Systems, Inc.)

A DEVELOPMENT STAGE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

APRIL 30, 2014

NOTE 1: NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS

The Company was incorporated in the state of Nevada on December 8, 2009 under the name Pristine Solutions, Inc. The Company’s wholly owned subsidiary, Pristine Solutions Limited, was incorporated under the laws of Jamaica. The Company’s original business plan focused on developing a network of sales points for the sale and service of tankless water heaters in Jamaica, through Pristine Solutions Limited.

On August 22, 2012, Christine Buchanan-McKenzie resigned from all positions with the Company, including, but not limited to that of President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer, and a member of the Board of Directors. The resignation did not involve any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. On the same day, Mr. Michael Borkowski was appointed as President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer, and a member of the Board of Directors of the Company.

The Company’s Chief Executive Officer, Mr. Michael J. Borkowski, and the Company’s controlling shareholder and former President, Ms. Christine Buchanan-McKenzie, entered into a Common Stock Purchase Agreement, whereby Mr. Borkowski would purchase one hundred (100%) percent of the Company’s common shares owned by Mrs. Buchanan-McKenzie, or 240,000,000 shares, at par value $.0001, representing approximately 54.1% of the Company’s total issued and outstanding shares. The Common Stock Purchase Agreement, and subsequent transaction closing, was completed on October 22, 2012. On October 23, 2012, the Common Stock Purchase Agreement was finalized, and a change in control of the Company took place.

In conjunction with the Share Exchange and Common Stock Purchase Agreement, the total shares held by the ESSL Shareholders are 265,000,000, or approximately 59.8% of the issued and outstanding common stock of the Company as of October 30, 2012. In addition, certain ESSL shareholders owning a total of 135,779,375 shares of the Company’s common stock, representing approximately 30.64% of the issued and outstanding common stock of the Company, entered into three (3) separate twenty-four (24) month Lock-Up Agreements.

As a result of the Share Exchange and Common Stock Purchase Agreement, (i) there was a change in control of the Company; (ii) ESSL became the Company’s wholly owned subsidiary; and (iii) the ESSL operations continued as its primary business. In addition, on November 27, 2012, the Company changed its name to Eaton Scientific Systems, Inc.

In October, 2013, the Company’s Management was introduced to Domenic Marciano (“Marciano”). Marciano represented that he intended to acquire an exclusive license to a unique automotive product, the EcoFlora Spark Plug, with a proprietary technology, and that EcoFlora has the potential to be uniquely positioned in the automotive parts business in the United States and International automotive parts marketplace.

The Majority Shareholders acknowledge that the Company has not been able to attract investment capital sufficient to execute its business plan because of its Share price. Further, Management believes that the potential success of the EcoFlora technology could potentially provide value to the Company and its shareholders. As a result, on November 26, 2013, the Company and its Majority Shareholders (the “Majority Stockholders”) entered into an Agreement for the Purchase of Common Stock (the “Stock Purchase Agreement”) with Marciano whereby Marciano acquired 227,370,000 shares of the Company’s common stock from the Majority Stockholders at par value $.0001, representing approximately 51.3% of the Company’s total issued and outstanding shares, in exchange for cash in the amount of $22,737 (the “Cash Proceeds”). The Stock Purchase Agreement, and subsequent transaction closing, was completed on November 26, 2013, and a change in control of the Company took place.

The Majority Shareholders and the Company’s Management also believe it is in the best interest of the Company’s Shareholders to operate Eaton Scientific Systems, Ltd. (“Eaton Sub”) a Nevada corporation and wholly owned subsidiary of the Company, as a privately held Company, until such time where it is sufficiently capitalized to increase the probability for its Clinical Trials of Homatropine (“Tropine 3”) in oral suspension for the treatment of hot flash symptoms in pre-menopausal, menopausal and post menopausal women, to be in a position to yield results that may provide the opportunity for a potential FDA approval for marketing to consumers in the US.

In connection with the terms and conditions of the Stock Purchase Agreement and sale of 227,370,000 shares held by the Majority Stockholders:

Marciano appointed two new directors to the Company’s board of directors; and

The “Lock-Up-Leak-Out” Agreements executed in October 2012 were cancelled by mutual agreement between the Board and the Company’s Shareholders who were party to the Agreements.

The Majority Shareholders of the Company have voted to “Spin-out” to its Shareholders, one hundred percent (100%) of the issued and outstanding shares of Eaton Scientific Systems Ltd., its operating subsidiary, as of the record date of November 25, 2013, on a one-for-one basis within sixty-days (60) of the Change of Control of the Company, or by January 25, 2014.

On January 9, 2014, the Spin-out was complete, and Eaton Scientific Systems, Ltd. was no longer a subsidiary of the Company.

On February 14, 2014, the Company changed its name to Eco Science Solutions, Inc. (OTCQB.ESSI).

NOTE: The following notes and any further reference made to “the Company”, "we", "us", "our" and "ESSI" shall mean Eco Science Solutions, Inc. (formerly Eaton Scientific Systems, Inc.), unless otherwise indicated.

Headquartered in Miami, Florida, Eco Science Solutions, Inc., a Nevada corporation, is charged with the origination, development and commercialization of innovative aftermarket automotive parts.

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On December 4, 2013, the Company (the “Company”) executed an Agreement of the License of Intellectual Property (the “License Agreement”) dated November 4, 2013 with Eco Science Solutions International, Inc., a Canadian corporation (“ESS International”), for the exclusive license to a revolutionary Spark Plug technology, the EcoFlora Spark Plug, that has filed for Patent protection in Canada and the United States based on its "Internal Pre-Combustion Chamber High Efficiency Spark Plug" technology. In connection with the License Agreement, the Company issued ESS International 2,500,000 shares of the Company’s Series “A” Convertible Preferred Stock (“Preferred Stock”), in exchange for the exclusive license of the Patent Applications, in perpetuity. The Preferred Stock is convertible into common stock at a conversion rate of 10 common shares for each preferred share.

On February 14, 2014, the Company effected a 1000-to-1 reverse stock split. As a result, the total shares of common stock issued and outstanding was adjusted to 443,001 shares with a par value of $0.10.

On April 4, 2014, the Company received notice from Eco Science Solutions International, Inc. to convert 100% of the Series “A” preferred shares into restricted common shares on a 10 for 1 basis. As a result, on April 9, 2014, 25,000,000 shares of the Company’s restricted common stock was issued, of which 19,866,668 shares were issued to the Company’s chairman, Domenic Marciano, and 5,133,332 shares were issued to non-related parties. Subsequent to the conversion, Eco Science Solutions International, Inc. no longer holds any shares of the Company’s capital stock, and Mr. Marciano holds 20,094,038 shares of the Company’s common stock, which represents 62.13% of the total issued and outstanding shares of the Company’s common stock on a fully diluted basis.

The Company is currently in the testing and development stages, and intends to validate its technology and then and manufacture and sell the technology.

Going Concern

These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated significant revenues to date and has never paid any dividends and is unlikely to pay dividends or generate significant earnings in the immediate or foreseeable future. As at April 30, 2014, the Company had a working capital deficit from continuing operations of $352,271, and an accumulated deficit of $8,292,140. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability to raise equity or debt financing, and the attainment of profitable operations from the Company's future business. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern.

The financial statements reflect all adjustments consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of the results for the periods shown. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This summary of significant accounting policies is presented to assist in understanding the Company’s financial statements. These accounting policies conform to accounting principles, generally accepted in the United States of America, and have been consistently applied in the preparation of the financial statements.

Basis of Presentation

These consolidated financial statements and related notes are prepared in accordance with generally accepted accounting principles in the United States and are expressed in US dollars. The Company’s fiscal year end is January 31.

Development Stage Company

The Company is a development stage company as defined by ASC 915-10-05, “Development Stage Entity.” The Company is still devoting substantially all of its efforts on establishing the business, and its planned principal operations have not commenced. All losses accumulated, since inception, have been considered as part of the Company’s development stage activities.

Use of Estimates

The preparation of consolidated financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to long-lived assets and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Cash and Cash Equivalents

The Company considers all highly liquid instruments with maturity of three months or less at the time of purchase to be cash equivalents. As of April 30, 2014 and January 31, 2014, the Company had no cash equivalents.

Intangible Assets

Intangible assets consist of licensing and other direct costs incurred in connection with the license rights of pending patents, and are capitalized and amortized over the shorter of the economic or legal life of the patent. During the years ended April 30, 2014 and January 31, 2014, respectively, $0 and $5,265,000 were capitalized to patent development costs.

Impairment of Long-Lived Assets

The Company’s long-lived assets, including intangibles, are reviewed for impairment whenever events or changes in circumstances indicate that the historical-cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset.

Due to the Company’s recurring losses, the costs related to its patents were evaluated for impairment and it was determined that there were no sufficient estimated future cash flows for the recoverability of the asset. As a result, an impairment loss of $5,265,000 was recorded for the year ended January 31, 2014.

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Fair Value Measurements

Pursuant to ASC 820, Fair Value Measurements and Disclosures and ASC 825, Financial Instruments, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 and 825 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 and 825 prioritizes the inputs into three levels that may be used to measure fair value:


Ÿ	Level 1	Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.
Ÿ	Level 2	Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.
Ÿ	Level 3	Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Company’s financial instruments consist principally of cash, accounts payable, and accrued liabilities. Pursuant to ASC 820 and 825, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

Revenue Recognition

The Company recognizes revenue in accordance with ASC 605, Revenue Recognition. Revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service has been provided, and collectability is reasonably assured. As of April 30, 2014, no revenue has been recognized, as the Company has not commenced operations.

Stock-Based Compensation

The Company records stock-based compensation in accordance with ASC 718, Share-Based Payments, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued.

Basic and Diluted Net Income (Loss) Per Share

The Company computes net income (loss) per share in accordance with ASC 260, Earning per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti dilutive.

Discontinued Operations

In accordance with ASC 205-20 and ASU 2014-08, Presentation of Financial Statements - Discontinued Operations, the Company reported the results of its former subsidiary, Eaton Scientific Solutions, Ltd. (“Eaton Sub”), as a discontinued operation. The application of ASC 205-20 and the adoption of ASU 2014-08 are discussed in Note 3 below.

Comprehensive Loss

ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at April 30, 2014, the Company has no items that represent comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements.

Recently Adopted Accounting Standards:

The Company evaluates the pronouncements of various authoritative accounting organizations, primarily the Financial Accounting Standards Board (“FASB”), the US Securities and Exchange Commission (“SEC”), and the Emerging Issues Task Force (“EITF”), to determine the impact of new pronouncements on US GAAP and the impact on the Company. The Company has recently adopted the following new accounting standards:

Adopted:

Effective January 2012, the Company adopted ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (ASU 2011-04). ASU 2011-04 represents the converged guidance of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) on fair value measurement. A variety of measures are included in the update intended to either clarify existing fair value measurement requirements, change particular principles requirements for measuring fair value or for disclosing information about fair value measurements. For many of the requirements, the FASB does not intend to change the application of existing requirements under Accounting Standards Codification (ASC) Topic 820, Fair Value Measurements. ASU 2011-04 was effective for interim and annual periods beginning after December 15, 2011. The adoption of this update did not have a material impact on the consolidated financial statements.

Effective January 2012, the Company adopted ASU No. 2011-05, Presentation of Comprehensive Income (ASU 2011-05). ASU 2011-05 is intended to increase the prominence of items reported in other comprehensive income and to facilitate convergence of accounting guidance in this area with that of the IASB. The amendments require that all non-owner changes in shareholders’ equity be presented in a single continuous statement of comprehensive income or in two separate but consecutive statements. In December 2011, the FASB issued ASU No. 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05 (ASU 2011-12). ASU 2011-12 defers the provisions of ASU 2011-05 that require the presentation of reclassification adjustments on the face of both the statement of income and statement of other comprehensive income. Amendments under ASU 2011-05 that were not deferred under ASU 2011-12 will be applied retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this update did not have a material impact on the consolidated financial statements.

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In April 2013, the FASB issued ASU No. 2013-07, Presentation of Financial Statements (Top 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. The amendments in this standard is effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. The Company is evaluating the effect, if any, the adoption of ASU No. 2013-07 may have on its consolidated financial statements.

In April 2014, the FASB issued ASU No. 2014-08 Presentation of Financial Statements (Top 205): Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity. The objective of ASU No. 2014-08 is to clarify the criteria for determining which disposals can be presented as discontinued operations and also modifies related disclosure requirements. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2014, and interim periods within those annual periods. Early adoption is permitted for new disposals beginning in the first quarter of 2014, provided financial statements have not been issued before the release of this standard.

Not Yet Adopted:

In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive (ASU 2013-02). This guidance is the culmination of the FASB’s deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income. However, the amendments require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This standard is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. The Company is evaluating the effect, if any, the adoption of ASU 2013-02 may have on its consolidated financial statements.

In July 2013, the FASB issued ASU No 2013-11, Presentation of an Unrecognized Tax Benefit When Net Operating Loss Carryforward Exists. The objective of ASU 2013-11 is to reduce diversity in practice by providing guidance on the presentation of unrecognized tax benefits, and will better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, and interim reporting periods therein. Early adoption is permitted. The Company is evaluating the effect, if any, adoption of ASU No. 2013-11 will have on its consolidated financial statements.

Recently Issued Accounting Standards Updates:

There were various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries. None of the updates are expected to a have a material impact on the Company's consolidated financial position, results of operations or cash flows.

NOTE 3: DISCONTINUED OPERATIONS

Eaton Scientific Systems, Ltd.

On January 9, 2014, the Company completed the spin-off of its subsidiary, Eaton Scientific Systems, Ltd (the “Eaton Sub”).

As consideration for the sale of the Eaton Sub, the Company’s shareholders of record on November 25, 2013, will receive shares in the Eaton Sub on a one-for-one basis in the Eaton Sub at the completion of the spin off.

As a result of the spin off, the net assets of the Eaton Sub were written off during the year ended January 31, 2014. The results of operations for the year ended January 31, 2014, reflect activity of the Eaton Sub up until the finalization of the spin-off on January 9, 2014 [1].

A summary of the results of the discontinued operations of the Eaton Sub is as follows:


				December 8, 2009
	For the year ended			(inception) to
	January 31, 2014 [1]			January 9, 2014 [1]
Revenue	$	––		$	––
Cost of revenues		––			––
Gross profit		––			––
General and administrative expenses		321,998			618,937
Net operating loss		(321,998	)		(618,937	)

Interest expense		(22,959	)		(37,374	)
Impairment loss		(34,433	)		(34,433	)
Depreciation and amortization		(5,115	)		(7,640	)
Net loss from discontinued operations	$	(384,505	)	$	(698,384	)

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A summary of the assets and liabilities of the discontinued operations of the Eaton Sub is as follows:


	January 9, 2014
Property and equipment, net	$	10,782
Intangible assets, net		4,231
Total assets of discontinued operations	$	15,013

Cash deficit	$	1,393
Accounts payable and accrued expenses		97,877
Short term debt		194,491
Related party payable		(467	)
Notes payable		273,000
Notes payable-convertible		42,270
Total liabilities of discontinued operations		608,564
Net assets of discontinued operations	$	(593,551	)

NOTE 4: NOTES AND LOANS PAYABLE-CONVERTIBLE

On January 7, 2013, the Company issued a Convertible Promissory Note in the amount of $250,000 to a non-related party (the “Convertible Note”). The Convertible Note and accrued interest was subsequently purchased and assigned to another non-related party as part of a Convertible Note Assignment and Purchase Agreement (the “Assignment”) dated August 18, 2013. The Convertible Note is payable within two years, or by January 31, 2015, accrues interest at a rate of 6% per annum, and is convertible into the Company’s common stock at a rate of $0.003 per share. In accordance with an Assignment of Debt dated April 16, 2014, principal in the amount of $3,000 was assigned to a non-related party (the “Assignee”), transferring all the rights of the original Convertible Note. Interest in the amount of $19,643 and $15,986 has been accrued as of April 30, 2014 and January 31, 2014, respectively, and is included as an accrued expense on the accompanying balance sheets.

On April 29, 2014, the Company received notice from the Assignee to convert 100% of the $3,000 note into the Company’s common stock at the conversion rate of $0.003 per share. As a result, 1,000,000 unrestricted shares of the Company’s common stock were issued to the Assignee.

In connection with the Assignment of Debt and subsequent conversion of debt, the principal balance of the Convertible Note was reduced to $247,000.

As of April 30, 2014 and January 31, 2014, respectively, the Company has accrued $19,643 and $15,986 in interest on notes and loans payable.

NOTE 5: RELATED PARTY TRANSACTIONS

As of April 30, 2014, related parties are due a total of $132,741, which is comprised of $74,491 in cash loans to the Company, and $58,250 in accrued compensation.

Related party transactions consist of the following:


	April 30, 2014		January 31, 2014
Related party payable-compensation	$	58,250	$	58,250

Notes payable for loans to the Company		22,000		22,000
Convertible notes payable for loans to the Company		52,491		16,991
Total related party loans		74,491		38,991
Total related party transactions	$	132,741	$	97,241

On September 1, 2012, the Company entered into an employment agreement with Mr. Michael J. Borkowski (the “2012 Employment Agreement”) to serve as the Company’s President, CEO, and Director. The Employment Agreement was for a term of three (3) years, and included compensation in the amount of $72,000 per year, bonus compensation in the amount of $100,000 contingent upon the Company meeting certain goals, 5,000,000 stock options, and certain other benefits in the event they are offered by the Company in the future. As a result of the change in control of the Company in November 2013, the 5,000,000 stock options granted under the 2012 Employment Agreement became fully vested (see Note 9). As of April 30, 2014 and January 31, 2014, $59,000 has been recorded as a related party payable for unpaid compensation under the 2012 Employment Agreement.

On November 15, 2013, the Company entered into a new employment agreement with Mr. Michael J. Borkowski (the “2013 Employment Agreement”) to serve under new management as the Company’s President, CEO, and Director. The Employment Agreement, which replaces the 2012 Employment Agreement, is for a term of one (1) year, and includes compensation in the amount of $18,000 per year, compensation for certain travel expenses, and grants to purchase 400,000 shares of the Company’s common stock at par, which vest periodically beginning February 15, 2014, at 100,000 shares per vesting period through November 15, 2014 (the “Stock Award”). In connection with the Stock Award, $640,000 has been recorded as deferred compensation, of which $320,000 has been expensed in the current period. There remains $320,000 in deferred compensation to be amortized over the next 7 months. As of April 30, 2014 and January 31, 2014, $750 has been recorded as prepaid related party compensation under the 2013 Employment Agreement.

On November 4, 2013, the Company issued a Promissory Note (the “Note”) in the amount of $22,000 to Eco Science Solutions International, Inc., a company controlled by Domenic Marciano, the Company’s chairman, for cash loans made to the Company. The Note bears interest at a rate of 5% per annum and is due within ninety (90) days of written demand. As of April 30, 2014, the Note remains unpaid, and no demand has been made. Interest in the amount of $533 and $265 has been accrued as of April 30, 2014 and January 31, 2014, respectively, and is included as an accrued expense on the accompanying balance sheets.

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On January 31, 2014, the Company issued a Convertible Promissory Note (the “Convertible Note”) in the amount of $16,991 to Eco Science Solutions International, Inc., a company controlled by Domenic Marciano, the Company’s chairman, for cash loans made to the Company. On April 30, 2014, a modification to the Convertible Note was made to increase the principal by $35,500, representing additional cash loans made to the Company for overhead advances. The Convertible Note bears interest at a rate of 5% per annum, is due within two (2) years, or January 31, 2016, and is convertible into the Company’s common stock at a rate equal to the fair market value on the date of conversion. As of April 30, 2014, the Note remains unpaid, and no demand has been made. Interest in the amount of $207 and $0 has been accrued as of April 30, 2014 and January 31, 2014, respectively, and is included as an accrued expense on the accompanying balance sheets.

On April 9, 2014, in connection with the conversion of certain preferred stock, Domenic Marciano, the Company’s chairman, was issued 19,866,668 of the Company’s common stock (see Note 7).

As of April 30, 2014 and January 31, 2014, respectively, the Company has accrued $740 and $265 in interest on related party loans.

NOTE 6: COMMITMENTS AND CONTINGENCIES

On December 4, 2013, the Company (the “Company,” the “Licensee”) executed an Agreement of the License of Intellectual Property (“License Agreement”) dated November 4, 2013 with Eco Science Solutions International, Inc., a Canadian corporation (“Licensor”), for the license of certain US and Canadian Patent Pending Applications in perpetuity. In connection with the terms and conditions of the License Agreement, the Company will pay Licensor a royalty equal to three percent (3%) of Gross Revenues (the “Gross Revenues”) earned in connection with the Patent License, payable on a quarterly basis. As of April 30, 2014, no Gross Revenues have been earned.

NOTE 7: PREFERRED STOCK

The total number of authorized shares of preferred stock that may be issued by the Company is 50,000,000 shares with a par value of $0.001.

On December 4, 2013, in connection with the Agreement of the License of Intellectual Property dated November, 4, 3013, the Company issued 2,500,000 shares of Series “A” Convertible Preferred Stock to Eco Science Solutions International, Inc., a company controlled by Domenic Marciano, the Company’s chairman, valued at $5,265,000. As a result, $5,262,500 was recorded as preferred additional paid in capital. The Preferred Stock is convertible into the Company’s common stock at a rate of 10 shares of common stock for each share of Preferred Stock.

As of April 30, 2014, no shares of the Company’s preferred stock were issued and outstanding.

NOTE 8: COMMON STOCK

The following reflects the common stock transactions as adjusted for the change in par value, and the effects of the 1000-to-1 reverse stock-split that occurred on February 14, 2014.

The total number of authorized shares of common stock that may be issued by the Company is 650,000,000 shares with a par value of $0.10.

On February 14, 2014, the Company effected a 1000-to-1 reverse stock split. As a result, the total shares of common stock issued and outstanding was reduced to 443,001 common shares with a par value of $0.10.

On February 15, 2014, in accordance with his Employment Agreement, the Company issued 100,000 shares of restricted common stock, valued at $160,000, to its President for cash in the amount of $100. As a result, additional paid in capital was reduced by $9,900.

On March 15, 2014, in accordance with his Employment Agreement, the Company issued 100,000 shares of restricted common stock, valued at $160,000, to its President for cash in the amount of $100. As a result, additional paid in capital was reduced by $9,900.

On April 29, 2014, the Company received notice from the holder of a Convertible Note Payable to convert principal in the amount of $3,000 into the Company’s common stock at the conversion rate of $0.003 per share. As a result, 1,000,000 unrestricted shares of the Company’s common stock, with a par value of $100,000, were issued to the note holder, and additional paid in capital was reduced by $97,000.

As of April 30, 2014 and January 31, 2014, respectively, 26,643,001 and 443,001 shares of the Company’s common stock were issued and outstanding.

NOTE 9: WARRANTS AND OPTIONS

On September 1, 2012, the Company adopted the Employee Stock Option Plan (“2012 Plan”), wherein 25,000,000 shares of common stock were reserved for issuance. The 2012 Plan is intended to assist the Company in securing and retaining key employees, directors and consultants by allowing them to participate in the Company's ownership and growth through the grant of incentive and non-qualified options.

On September 1, 2012, the Company, under its 2012 Plan, granted qualified stock options to purchase 6,500,000 shares of its common stock. Of the total options granted, 5,000,000 were granted to the President of the Company (the “Executive Options”) at $0.10 per share, and 1,500,000 were granted to a consultant at $0.25 per share (collectively, the “Options”). The Options are exercisable for a period of five years, vest quarterly over a period of three years, and were valued using the Black-Scholes valuation method at $0.41 per share, or $2,665,000, to be amortized over a 36-month period.

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The change in control of the Company that took place on November 26, 2013, triggered the accelerated vesting of the 5,000,000 Executive options, which became fully exercisable. As a result, 100% of the deferred compensation related to the Executive Options in the amount of $1,879,167 was expensed during the year ended January 31, 2014.


Options Outstanding
		Remaining	Exercise Price		Weighted
	Number of	Contractual Life	times Number		Average
Exercise Price	Shares	(in years)	of Shares		Exercise Price
$0.10	5,000,000	3.50	$	500,000	$0.10
$0.25	1,500,000	3.50		375,000	$0.25
	6,500,000		$	875,000	$0.20


Options Activity		Weighted
	Number	Average
	of Shares	Exercise Price
Outstanding at January 31, 2014	6,500,000	$0.20
Issued	––	––
Exercised	––	––
Expired / Cancelled	––	––
Outstanding at April 30, 2014	6,500,000	$0.20

As of April 30, 2014 and January 31, 2014, the Company has granted a total of 6,500,000 options to purchase common stock shares. In connection with the options granted, a total of $2,665,000 has been recorded as deferred compensation, of which $51,250 and $2,084,617 has been expensed during the three months ended April 30, 2014 and the year ended January 31, 2014, respectively. There remains $307,500 and $358,750 of deferred compensation as of April 30, 2014 and January 31, 2014, respectively.

NOTE 10: RESTRICTED STOCK AWARDS

On February 15, 2014, in connection with a certain Employment Agreement dated November 15, 2013, its President was awarded the right to purchase 400,000 shares of the Company’s restricted common stock (the “Restricted Stock Units”, “RSUs”) at a per share price of $0.001 (the “Stock Award”). The Stock Award, valued at $640,000, vests periodically over the period beginning February 15, 2014 through November 15, 2014, at 100,000 RSUs per vesting period. During the three month period ended April 30, 2014, the Company recorded deferred compensation in the amount of $640,000, of which $320,000 was expensed in the current period for the 200,000 RSUs vested February 15, 2014 and March 15, 2014. There remains $320,000 in deferred compensation to be amortized over the next 7 months.


Restricted Stock Units Activity			Weighted
	Number		Average
	of RSUs		Exercise Price
Outstanding at January 31, 2014	––		––
Awarded	400,000		$0.001
Exercised / Vested	(200,000	)	$0.001
Expired / Cancelled	––		––
Outstanding at April 30, 2014	200,000		$0.001

As of April 30, 2014, the Company has awarded a total of 400,000 Restricted Stock Units. In connection with the Stock Award, a total of $640,000 has been recorded as deferred compensation, of which $320,000 has been expensed as of April 30, 2014. There remains $320,000 of deferred compensation as of April 30, 2014.

NOTE 11: INCOME TAXES

The components of the net change in deferred tax asset at April 30, 2014 and January 31, 2014, the statutory tax rate, the effective tax rate and the amount of the valuation allowance are indicated below:


	April 30, 2014			January 31, 2014

Income (loss) before taxes:
Continuing operations	$	(399,599	)	$	(7,452,402	)
Discontinued operations		––			(384,505	)
Total income (loss) before taxes		(399,599	)		(7,836,907	)
Statutory rate		34%			34%

Computed expected tax payable (recovery)	$	(135,900	)	$	(2,664,400	)
Non-deductible expenses		––			1,000
Change in valuation allowance		135,900			2,663,400
Reported income taxes	$	––		$	––

The significant components of the cumulative deferred income tax assets and liabilities at April 30, 2014 and January 31, 2014, are as follows:


Deferred tax assets:	April 30, 2014			January 31, 2014
Continuing operations:
Net operating loss carry forward	$	2,755,900		$	2,620,000
Less valuation allowance		(2,755,900	)		(2,620,000	)
Net deferred tax asset - continuing operations	$	––		$	––

Discontinued operations:
Net operating loss carry forward	$	263,700		$	263,700
Less valuation allowance		(263,700	)		(263,700	)
Net deferred tax asset - discontinued operations	$	––		$	––

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NOTE 12: SUBSEQUENT EVENTS

The Company has evaluated the events and transactions for recognition or disclosure subsequent to April 30, 2014 and through June 16, 2014, and has determined that there have been no events that would require disclosure.


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

Forward Looking Statements

This quarterly report contains forward-looking statements. These statements relate to future events or the Company’s future financial performance. In some cases, forward-looking statements can be identified by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors” that may cause the Company’s or its industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

The Company’s unaudited financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with the Company’s financial statements and the related notes that appear elsewhere in this quarterly report.

The following discussion contains forward-looking statements that reflect the Company’s plans, estimates and beliefs. The Company’s actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to those discussed below and elsewhere in this quarterly report. All adjustments necessary for a fair statement of the results for the interim periods have been made, and all adjustments are of a normal recurring nature.

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States Dollars and all references to “common shares” refer to the common shares in the Company’s capital stock.

As used in this annual report, the terms "we", "us", "our" and "ESSI" mean Eco Science Solutions, Inc. (formerly Eaton Scientific Systems, Inc.), unless otherwise indicated.

Overview

The Company was incorporated in the state of Nevada on December 8, 2009, under the name Pristine Solutions, Inc. The Company’s wholly owned subsidiary, Pristine Solutions Limited, was incorporated under the laws of Jamaica. The Company’s original business plan focused on developing a network of sales points for the sale and service of tankless water heaters in Jamaica, through Pristine Solutions Limited.

On August 23, 2012, the Company and its controlling stockholders entered into a Share Exchange Agreement (the “Share Exchange”) with Eaton Scientific Systems, Ltd., a Nevada corporation (“ESSL”) and the shareholders of ESSL (the “ESSL Shareholders”), whereby the Company acquired 25,000,000 shares of common stock (100%) of ESSL (the “ESSL Stock”) from the ESSL Shareholders. In exchange for the ESSL Stock, the Company issued 25,000,000 shares of its common stock to the ESSL Shareholders. In addition, the Company’s Chief Executive Officer, Mr. Michael J. Borkowski, and the Company’s controlling shareholder and former President, Ms. Christine Buchanan-McKenzie, entered into a Common Stock Purchase Agreement, whereby Mr. Borkowski would purchase one hundred (100%) percent of the Company’s common shares owned by Mrs. Buchanan-McKenzie, or 240,000,000 shares, at par value $.0001, representing approximately 54.1% of the Company’s total issued and outstanding shares. The Common Stock Purchase Agreement and Share Exchange, was completed on October 22, 2012. On October 23, 2012, the Common Stock Purchase Agreement was finalized, and a change in control of the Registrant took place.

In conjunction with the Share Exchange and Common Stock Purchase Agreement, the total shares held by the ESSL Shareholders are 265,000,000, or approximately 59.8% of the issued and outstanding common stock of the Company as of October 30, 2012. Certain ESSL shareholders owning a total of 135,779,375 shares of the Company’s common stock, representing approximately 30.64% of the issued and outstanding common stock of the Company, entered into three (3) separate twenty-four (24) month Lock-Up Agreements.

As a result of the Share Exchange and Common Stock Purchase Agreement, (i) there was a change in control of the Registrant; (ii) ESSL became the Company’s wholly owned subsidiary; and (iii) the ESSL operations will continue as the Company’s primary business. In addition, on November 27, 2012, the Company changed its name to Eaton Scientific Systems, Inc.

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In connection with the terms and conditions of the Stock Purchase Agreement and sale of 227,370,000 shares held by the Majority Stockholders:

Marciano appointed two new directors to the Company’s board of directors; and

The “Lock-Up-Leak-Out” Agreements executed in October 2012 were cancelled by mutual agreement between the Board and the Company’s Shareholders who were party to the Agreements.

On January 9, 2014, the Spin-out was complete, and Eaton Scientific Systems, Ltd. was no longer a subsidiary of the Company.

On February 14, 2014, the Company changed its name to Eco Science Solutions, Inc. (OTCQB.ESSI).

Description of Business

Headquartered in Miami, Florida, Eco Science Solutions, Inc., a Nevada corporation, is charged with the origination, development and commercialization of innovative aftermarket automotive parts.

The Company is a development stage company as defined by ASC 915-10, “Accounting and Reporting by Development Stage Enterprises”. A development stage enterprise is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from. The Company is currently in the testing and development stages, and intends to validate its technology and then and manufacture and sell the technology. At January 31, 2014, the Company has not yet commenced its principal operations.

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Results of Operations

The following summary of the Company’s results of operations should be read in conjunction with the Company’s audited consolidated financial statements for the years ended January 31, 2014 and 2013, which are included herein. The financial information provided includes the continuing operations of the Company and the discontinued operations of its former wholly owned subsidiaries, Pristine Solutions, Ltd. and Eaton Scientific Systems, Ltd. (“ESSL”).


	For the three months ended April 30,						Cumulative from December 8, 2009 (inception) to April 30, 2014
	2014			2013
Continuing operations:
Revenue	$	––		$	––		$	––
Cost of sales	$	––		$	––		$	––
Gross profit (loss)	$	––		$	––		$	––
General and administrative expenses	$	24,217		$	18,000		$	143,180
Operating (loss)	$	(24,217	)	$	(18,000	)	$	(143,180	)
Interest expense	$	(4,132	)	$	(3,658	)	$	(20,383	)
Amortization of stock options/compensation	$	(371,250	)	$	(222,083	)	$	(2,677,500	)
Foreign currency exchange	$	––		$	––		$	783
Impairment loss	$	––		$	––		$	(5,265,000	)
Net loss-continuing operations	$	(399,599	)	$	(243,741	)	$	(8,105,480	)
Discontinued operations:	$			$			$
Revenue	$	––		$	––		$	4,243
Cost of sales	$	––		$	––		$	(1,428	)
Gross profit (loss)	$	––		$	––		$	2,815
General and administrative expenses	$	––		$	108,153		$	703,178
Operating (loss)	$	––		$	(108,153	)	$	(700,363	)
Foreign currency exchange	$	––		$	––		$	1,716
Impairment loss	$	––		$	––		$	(34,433	)
Interest expense	$	––		$	(6,973	)	$	(37,374	)
Depreciation and amortization	$	––		$	(999	)	$	(9,757	)
Net loss-discontinued operations	$	––		$	(116,125	)	$	(780,211	)
Net loss	$	(399,599	)	$	(359,866	)	$	(8,885,691	)

Revenue

As a development stage company, the Company has not yet launched its major business activity, which is automotive spark plug manufacturing and distribution.

Cost of sales

As a development stage company, the Company has not yet launched its major business activity, which is automotive spark plug manufacturing and distribution.

General and Administrative Expenses


	For the three months ended
Continuing operations	April 30,
	2014		2013		Variances
Legal, accounting and audit fees	$	9,557	$	––	$	9,557
Management and consulting fees		4,500		18,000		(13,500	)
Transfer agent and filing fees		1,500		––		1,500
Research and development		4,000		––		4,000
Office supplies and other general expenses		4,660		––		4,660
Total general and administrative expenses	$	24,217	$	18,000	$	6,217

General and administrative expenses from continuing operations in the amount of $24,217 for the three months ended April 30, 2014, were comprised of $9,557 of legal and accounting fees, $4,500 of management and consulting fees, $1,500 in transfer agent and filing fees, $4,000 in research and development, and $4,660 of office, overhead and other general and administrative expenses.

General and administrative expenses from continuing operations in the amount of $18,000 for the three months ended April 30, 2013, were comprised of $18,000 in management and consulting fees.

General and administrative expenses from continuing operations for the three months ended April 30, 2014, were $24,217 as compared to $18,000 for the three months ended April 30, 2013, which resulted in an increase in general and administrative expenses for the current period of $6,217.

Significant increases in general and administrative expenses from continuing operations of $6,217, from the three months ended April 30, 2014, compared to the three months ended April 30, 2013, were attributable to the following items:

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an increase in legal, accounting and audit fees of $9,557, due to additional legal fees of $5,757 in connection with the change in control and other recent equity transactions, accounting fees of $1,800 for quarterly accounting and tax preparation fees, and auditor fees of $2,000 for quarterly review services, compared to no expense for the same period in the prior year;

a decrease in management fees of $13,500 due to a reduction in Executive compensation;

an increase in transfer agent and filing fees of $1,500, due to $1,500 incurred in connection with recent equity transactions during the current period compared to none in for the same period in the prior year;

an increase in research and development of $4,000 due to product development costs incurred during the current period, compared to none for the same period in the prior year; and

an increase in office supplies and other general expenses of $4,660, resulting from $1,280 in rent expense, $2,689 in travel expenses and $691 in other general office expenses incurred during the current period, compared to none for the same period in the prior year.

General and administrative expenses from continuing operations for the three months ended April 30, 2014, were incurred primarily for the purpose of advancing the Company closer to its goal of the manufacturing and distribution of its high-efficiency spark plug product.

Net Loss

During the three months ended April 30, 2014, the Company incurred a net loss from continuing operations of $399,599 compared with a net loss of $243,741 for the three months ended April 30, 2013. The increase in net loss of $155,858 is attributable to an increase in general and administrative expenses of $6,217; an increase in interest expense of $474, resulting from an increase in notes payable; and an increase in amortization of deferred stock option compensation of $149,167.

Liquidity and Capital Resources


Working Capital	April 30, 2014			January 31, 2014			Increase (Decrease)

Current assets	$	4,558		$	5,684		$	(1,126	)
Current liabilities		356,829			96,106			260,723
Working capital (deficit)		(352,271	)		(90,422	)		(261.849	)

As at April 30, 2014, the Company had cash from continuing operations in the amount of $4,558, compared to $5,684 as of January 31, 2014.

The Company had a working capital deficit of $352,271 as of April 30, 2014, compared to a working capital deficit of $90,422 as of January 31, 2014. The increase in working capital of $261,849 is primarily attributable to a decrease increase in cash of $1,126; a decrease in accounts payable and accrued expenses of $8,277; related party loans reclassified from long-term liabilities of $22,000; and convertible notes payable reclassified from long-term liabilities of $247,000.


Cash Flows	For the three months ended
	April 30, 2014			April 30, 2013			Increase (Decrease)
Continuing operations:
Net cash provided by (used in) operating activities	$	(36,626	)	$	(4,000	)	$	(32,626	)
Net cash provided by investing activities		––			––			––
Net cash provided by financing activities		35,500			––			35,500
Net cash provided by (used in) continuing operations		(1,126	)		(4,000	)		2,874

Discontinued operations:
Net cash provided by (used in) operating activities		––			(32,954	)		32,954
Net cash provided by (used in) investing activities		––			(10,507	)		10,507
Net cash provided by (used in) financing activities		––			(59,900	)		59,900
Net cash provided by (used in) discontinued operations		––			(103,361	)		103,361
Net increase (decrease) in cash	$	(1,126	)	$	(107,361	)		106,235

Cash flows from operating activities-continuing operations

During the three months ended April 30, 2014, the Company used $36,626 of cash flow for operating activities, compared with $4,000 for the three months ended April 30, 2013. The increase in cash used in operating activities of $32,626 is primarily attributable to an increase in the net loss from operations of $155,858, an increase on deferred stock compensation amortization of $149,167, a decrease in accounts payable and accrued expenses of $12,410, and a decrease in related party payables of $13,525.

Cash flows from investing activities-continuing operations

During the three months ended April 30, 2014 and 2013, the Company used no funds for investing activities.

Cash flows from financing activities-continuing operations

During the three months ended April 30, 2014, the Company was provided with $35,500 of cash flow from financing activities compared with none during the three months ended April 30, 2013. The increase in cash flows provided from financing activities of $35,500 is attributable to an increase in related party loans of $35,500.

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Future Financings

The Company will require additional financing in order to proceed with its plan of operations, including approximately $1,000,000 over the next 12 months to pay for its ongoing expenses. These cash requirements include working capital, general and administrative expenses, the development of the Company’s product line, and the pursuit of acquisitions. These cash requirements are in excess of the Company’s current cash and working capital resources. Accordingly, the Company will require additional financing in order to continue operations and to repay its liabilities. There is no assurance that any party will advance additional funds to the Company in order to enable the Company to sustain its plan of operations or to repay its liabilities. There can be no assurance that raising the desired amount of financing will enable the Company successfully to complete its plan of operations.

The Company anticipates continuing to rely on equity sales of its common stock in order to continue to fund its business operations. Issuances of additional shares will result in dilution to the Company’s existing stockholders. There is no assurance that the Company will achieve any additional sales of its equity securities or arrange for debt or other financing to fund its planned business activities.

Contractual Obligations

As a “smaller reporting company”, the Company is not required to provide tabular disclosure obligations.

Going Concern

These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities as a going concern in the normal course of business. The Company has not generated significant revenues to date and has never paid any dividends and is unlikely to pay dividends or generate significant earnings in the immediate or foreseeable future. As at April 30, 2014, the Company had a working capital deficit from continuing operations of $352,271, and an accumulated deficit of $8,292,140. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability to raise equity or debt financing, and the attainment of profitable operations from the Company's future business. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern.

Off-Balance Sheet Arrangements

The Company has no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

Critical Accounting Policies

The discussion and analysis of the Company’s financial condition and results of operations are based upon the Company’s consolidated audited financial statements, which have been prepared in accordance with the accounting principles generally accepted in the United States of America. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management’s application of accounting policies. The Company believes that understanding the basis and nature of the estimates and assumptions involved with the following aspects of the Company’s financial statements is critical to an understanding of its consolidated financial statements.

Development Stage Company

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Revenue Recognition

Stock-Based Compensation

Impairment of Long-Lived Assets

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Discontinued Operations

In accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations, the Company reported the results of its former subsidiary, Eaton Scientific Solutions, Ltd. (“Eaton Sub”), as a discontinued operation.

Recently Adopted Accounting Standards:

Adopted:

Not Yet Adopted:

Recently Issued Accounting Standards Updates:


ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a “smaller reporting company”, the Company is not required to provide the information required by this Item.

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ITEM 4.	CONTROLS AND PROCEDURES

Management’s Report on Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company’s reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to the Company’s management, including the Company’s president, chief executive officer and chief financial officer to allow for timely decisions regarding required disclosure. In designing and evaluating the Company’s disclosure controls and procedures, the Company’s management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and the Company’s management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

As of April 30, 2014, the end of the Company’s quarterly period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s president, chief executive officer and chief financial officer of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based on the foregoing, the Company’s president, chief executive officer and chief financial officer concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this quarterly report.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal controls over financial reporting that occurred during the three months ended April 30, 2014, that have materially or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

PART II


ITEM 1.	LEGAL PROCEEDINGS

The Company knows of no material, existing or pending legal proceedings against it, nor is the Company involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which its director, officer or any affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to its interest.


ITEM 1A.	RISK FACTORS

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


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

Recent Sales of Unregistered Securities

On February 15, 2014, in accordance with his Employment Agreement, the Company issued 100,000 shares of restricted common stock to its President for cash in the amount of $100. As a result, additional paid in capital was reduced by $9,900.

On March 15, 2014, in accordance with his Employment Agreement, the Company issued 100,000 shares of restricted common stock to its President for cash in the amount of $100. As a result, additional paid in capital was reduced by $9,900.

On April 29, 2014, the Company received notice from the holder of a $3,000 Convertible Note Payable to convert 100% of the principal into the Company’s common stock at the conversion rate of $0.003 per share. As a result, 1,000,000 unrestricted shares of the Company’s common stock were issued to the note holder.

Exemption From Registration. The shares of Common Stock referenced herein were issued in reliance upon an exemption from registration afforded either under Section 4(2) of the Securities Act for transactions by an issuer not involving a public offering, or Regulation D promulgated thereunder, or Regulation S for offers and sales of securities outside the U.S.


ITEM 3.	DEFAULTS UPON SENIOR SECURITIES

None.


ITEM 4.	MINE SAFETY STANDARDS

Not applicable.


ITEM 5.	OTHER INFORMATION

None.

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ITEM 6.	EXHIBITS, FINANCIAL STATEMENT SCHEDULES

Exhibits required by Item 601 of Regulation S-B


Exhibit Number	Exhibit Description
(2)	Plan of Purchase, Sale, Reorganization, Arrangement, Liquidation or Succession
2.1	Share Exchange Agreement between Pristine Solutions, Inc. and Eaton Scientific Systems, Ltd. dated August 23, 2012 (incorporated by reference to the Registrant’s Current Report on Form 8-K filed August 24, 2012)
2.2	Agreement for the Purchase of Common Stock between the Majority Shareholders of Eaton Scientific Systems, Inc. and Domenic Marciano dated November 26, 2013 (incorporated by reference to the Registrant’s Current Report on Form 8-K filed December 2, 2013)
(3)	(i) Articles of Incorporation; and (ii) Bylaws
3.1	Articles of Incorporation of Pristine Solutions Inc. (incorporated by reference to the Registrant’s registration statement on Form S-1 filed on May 4, 2010)
3.2	Certificate of Amendment filed with the Nevada Secretary of State on January 29, 2010. (incorporated by reference to the Registrant’s registration statement on Form S-1 filed on May 4, 2010)
3.3	Bylaws of Pristine Solutions Inc. (incorporated by reference to the Registrant’s registration statement on Form S-1 filed on May 4, 2010)
3.4	Amended Articles of Incorporation/Certificate of Amendment filed with the Nevada Secretary of State on March 7, 2012 (incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended January 31, 2012 filed April 30, 2012)
3.5	Articles of Exchange filed with the Nevada Secretary of State on October 31, 2012 (incorporated by reference to the Registrant’s Current Report on Form 8-K filed November 13, 2012)
3.6	Certificate to accompany Restated Articles or Amended and Restated Articles (incorporated by reference to the Registrant’s Current Report on Form 8-K filed January 3, 2013)
(10)	Material Contracts
10.1	Consulting Agreement with Christine Buchanan-McKenzie (incorporated by reference to the Registrant’s registration statement on Form S-1filed on May 4, 2010)
10.2	License Agreement with Zhongshan Guangsheng Industry Co., Ltd. (incorporated by reference to the Registrant’s registration statement on Form S-1filed on May 4, 2010)
10.3	Consulting Agreement between Dr. David Stark and Eaton Scientific Systems, Ltd. dated August 28, 2012 (incorporated by reference to the Registrant’s Current Report on Form 8-K filed November 13, 2012)
10.4	2012 Employee Stock Option Plan of Pristine Solutions, Inc. dated September 1, 2012 (incorporated by reference to the Registrant’s Current Report on Form 8-K filed November 13, 2012)
10.5	Consulting Agreement between Dr. Jennifer Berman and Eaton Scientific Systems, Ltd. dated September 12, 2012 (incorporated by reference to the Registrant’s Current Report on Form 8-K filed November 13, 2012)
10.6	Retainer Agreement with Cislo & Thomas, LLP, Attorneys at Law dated September 14, 2012 (incorporated by reference to the Registrant’s Current Report on Form 8-K filed November 13, 2012)
10.7	Employment Agreement between Michael Borkowski and Pristine Solutions, Inc. dated October 1, 2012 (incorporated by reference to the Registrant’s Current Report on Form 8-K filed November 13, 2012)
10.8	Patent Assignment dated September 19, 2006 (incorporated by reference to the Registrant’s Current Report on Form 8-K filed November 13, 2012)
10.9	Lock-up Leak-out Agreement with M. Katsuka Sandoval dated October 27, 2012 (incorporated by reference to the Registrant’s Current Report on Form 8-K filed November 13, 2012)
10.10	Lock-up Leak-out Agreement with Edward W. Withrow III dated October 27, 2012 (incorporated by reference to the Registrant’s Current Report on Form 8-K filed November 13, 2012)
10.11	Lock-up Leak-out Agreement with Edward W. Withrow IV dated October 27, 2012 (incorporated by reference to the Registrant’s Current Report on Form 8-K filed November 13, 2012)
10.12	Consulting Agreement between Huntington Chase Financial Group, LLC and Eaton Scientific Systems, Inc. dated January 1, 2013 (incorporated by reference to the Registrant’s Annual Report on Form 10-K filed May 16, 2013)
10.13	Clinical Trials/Study Agreement with American Institute of Research dated May 14, 2013 (incorporated by reference to the Registrant’s Annual Report on Form 10-K filed May 16, 2013)
10.14	Agreement o f the License of Intellectual Property between Eaton Scientific Systems, Inc. and Eco Science Solutions International, Inc. dated November 4, 2013 (incorporated by reference to the Registrant’s Current Report on Form 8-K filed December 6, 2013)
10.15	Employment Agreement between Eaton Scientific Systems, Inc. and Michael Borkowksi dated November 15, 2013 (incorporated by reference to the Registrant’s Annual Report on Form 10-K filed May 14, 2014)
(16)	Letters on Change in Certifying Auditor
16.1	Letter from GBH CPA’s, PC dated November 2, 2013 (incorporated by reference to the Registrant’s Annual Report on Form 10-K filed December 12, 2013)
16.2	Letter from Stan JH Lee, CPA dated December 5, 2013 (incorporated by reference to the Registrant’s Annual Report on Form 10-K filed December 12, 2013)
(23)	Consents of Experts and Counsel
23.1	Letter from GBH CPA’s, PC dated July 21, 2010 (incorporated by reference to the Registrant’s registration statement on Form S-1 filed on May 4, 2010)
23.2	Deleted and replaced by Exhibit 23.4
23.3	Letter from Seale and Beers, CPAs dated May 15, 2013 (incorporated by reference to the Registrant’s Annual Report on Form 10-K filed May 16, 2013)
23.4	Letter from Seale and Beers, CPAs dated December 11, 2013 (incorporated by reference to the Registrant’s Annual Report on Form 10-K/A filed January 15, 2014)
23.5	Letter from Seale and Beers, CPAs dated May 13, 2014 (incorporated by reference to the Registrant’s Annual Report on Form 10-K filed May 14, 2014)
(31)	Rule 13a-14(a)/15d-14(a) Certifications
31.1*	Certification of our Chief Executive Officer pursuant to Rule 13(a)-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended
31.2*	Certification of our Chief Financial Officer pursuant to Rule 13(a)-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended
(32)	Section 1350 Certifications
32.1*	Certification of our Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002
32.2*	Certification of our Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002
(99)	Other Documents
99.1	Abstract of US Provisional Patent Application Ser No 60/719,756 / USPTO Patent Application USPTO No. 11/523,975 (incorporated by reference to the Registrant’s Current Report on Form 8-K filed November 13, 2012)
99.2	Prior Art Search Letter pertaining to U.S. Provisional Application Ser. No. 60/719,756 (incorporated by reference to the Registrant’s Current Report on Form 8-K filed November 13, 2012)
99.3	USPTO Statement of Assignment of Rights to Patent No. 11/523,975 filed September 25, 2012 (incorporated by reference to the Registrant’s Current Report on Form 8-K filed November 13, 2012)
99.4	$500,000 Convertible Promissory Note (incorporated by reference to the Registrant’s Current Report on Form 8-K filed November 13, 2012)
99.5	Modification to $500,000 Convertible Promissory Note (incorporated by reference to the Registrant’s Annual Report on Form 10-K filed May 16, 2013)
99.6	Homatropine Protocol dated March 14, 2013 (incorporated by reference to the Registrant’s Annual Report on Form 10-K filed May 16, 2013)
(101)	Interactive Data Files
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

Filed herewith.

Pursuant to Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

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SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	ECO SCIENCE SOLUTIONS, INC.


Dated: June 16, 2014	/s/ Michael J. Borkowski
	Michael J. Borkowski
	President, Chief Executive Officer, Chief Financial Officer and Director

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