FORM 5

FORM 5

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940.

  1. Name and Address of Reporting Person*

Schooley John L

 2. Issuer Name and Ticker or Trading Symbol

Electronic Systems Technology Inc.
ELST

 Relationship of Reporting Person to Issuer
(Check all Applicable)

__X___ Director _______ 10% Owner
______ Officer (give title below)
_______ Other  (Specify below)

(Last) (First) (Middle)

1916 W. Mission Rd.

 3. IRS Identification Number of Reporting Person at an entity
(Voluntary)		 4. Statement for (Month/Year)
12/2001

(Street)

Escondido CA 92029

 5. If Amendment; Date of Original (Month/Year) 7. Individual or Joint/Group Reporting
(check applicable line)

_X__Form Filed by One Reporting Person
____Form Filed by more than One Reporting Person
(City) (State) (Zip)

Table 1 – Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security
(Instr. 3)		 2.Transaction Date
(Month/DayYear)		 3.Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D) (Instr. 3,4 and 5) 5. Amount of Securities Beneficially Owned at end of Issuers Fiscal Year
(Instr.3&4)		 6.Ownership Forum Direct
(D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Amount (A)
or
(D)		 Price
COMMON           85,000 D  
                 
                 
                 
                 
                 
                 
                 
                 

*If the form is filed by more that one Reporting Person see Instruction 4(b)(v).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FORM 5

(Continued)
Table II – Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security 2.Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 4.Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed (D) (Instr. 3,4 & 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Underlying Securities
(Instr. 3 & 4)

8. Price of Derivative
security (Instr. 5)

 9. Number of Derivative Securities Beneficially Owned at End of Year
(Instr. 4)		 10.Ownership of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Date Exercisable Expiration Date Title Amount of Number of Shares
(A) (D)
OPTIONS           2/11/00 2/11/03 Common 25,000 $2.81 25,000 D  
OPTIONS           2/9/01 2/9/04 Common 25,000 $0.44 25,000 D  
                           
                           
                           
                           
                           
                           
                           
                           
                           

Explanation of Responses:

 

**Intentional misstatements or omissions of facts constitute Federal Criminal Violations.

See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a)

/s/ JOHN SCHOOLEY Feb 12, 2002

__________________________________ ___________

** Signature of Reporting Person Date