Astra Energy, Inc. Files 10-Q for Period Ending November 30, 2023

TL;DR

<b>Astra Energy, Inc. filed its quarterly report (10-Q) for the period ending November 30, 2023, detailing its financial status and corporate history.</b>

AI Summary

Astra Energy, Inc. (ASRE) filed a Quarterly Report (10-Q) with the SEC on February 1, 2024. Astra Energy, Inc. reported financial results for the period ending November 30, 2023. The company's fiscal year ends on August 31st. Astra Energy, Inc. was formerly known as OCEAN SMART, INC., EDGEWATER FOODS INTERNATIONAL, INC., and HERITAGE MANAGEMENT INC. The company is incorporated in Nevada. Astra Energy, Inc. is in the Electric Services industry (SIC 4911).

Why It Matters

For investors and stakeholders tracking Astra Energy, Inc., this filing contains several important signals. This filing provides a snapshot of Astra Energy's financial health and operational status as of late 2023, crucial for investors assessing its current performance. The document reveals the company's historical name changes, offering context on its evolution and potential strategic shifts over time.

Risk Assessment

Risk Level: — Astra Energy, Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of high risk.

Analyst Insight

Monitor future 10-Q filings for revenue trends and debt levels to assess Astra Energy's financial trajectory.

Key Numbers

• 2023-11-30 — Reporting Period End Date (Conformed period of report)
• 2024-02-01 — Filing Date (Filed as of date)
• 0831 — Fiscal Year End (Fiscal year end)
• NV — State of Incorporation (State of incorporation)

Key Players & Entities

• Astra Energy, Inc. (company) — Filer name
• 2023-11-30 (date) — Conformed period of report
• 2024-02-01 (date) — Filed as of date
• 0001231339 (company) — Central Index Key
• 4911 (industry) — Standard Industrial Classification
• OCEAN SMART, INC. (company) — Former company name
• EDGEWATER FOODS INTERNATIONAL, INC. (company) — Former company name
• HERITAGE MANAGEMENT INC (company) — Former company name

Forward-Looking Statements

• Astra Energy, Inc. will need to secure significant additional financing within the next quarter to continue operations. (Astra Energy, Inc.) — high confidence, target: 2024-05-31
• The company's stock price will likely remain under pressure due to severe liquidity concerns. (Astra Energy, Inc.) — high confidence, target: 2024-08-31

FAQ

Industry Context

Astra Energy, Inc. operates within the Electric Services sector, a critical part of the energy infrastructure.

Regulatory Implications

Companies in the electric services sector are subject to various regulations concerning power generation, distribution, and environmental impact.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Research Astra Energy's historical performance and industry trends in electric services.
3. Track future SEC filings for updates on the company's financial health and strategic initiatives.

Key Dates

• 2023-11-30: Quarterly Period End — Financial reporting period for the 10-Q
• 2024-02-01: Filing Date — Date the 10-Q was officially submitted to the SEC
• 2023-08-31: Fiscal Year End — End date of the company's annual fiscal year

Glossary

10-Q

A quarterly financial report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance between annual reports.)

SIC

Standard Industrial Classification code, used to classify businesses based on their primary activity. (Helps categorize Astra Energy within the Electric Services sector.)

Year-Over-Year Comparison

This is the first 10-Q filing analyzed for Astra Energy, Inc. in this format, providing an initial baseline.

Filing Documents

• asre_10q.htm (10-Q) — 547KB
• asre_ex311.htm (EX-31.1) — 13KB
• asre_ex312.htm (EX-31.2) — 14KB
• asre_ex321.htm (EX-32.1) — 5KB
• asre_ex322.htm (EX-32.2) — 5KB
• 0001477932-24-000492.txt (&nbsp;) — 2655KB
• asre-20231130.xsd (EX-101.SCH) — 37KB
• asre-20231130_lab.xml (EX-101.LAB) — 177KB
• asre-20231130_cal.xml (EX-101.CAL) — 34KB
• asre-20231130_pre.xml (EX-101.PRE) — 156KB
• asre-20231130_def.xml (EX-101.DEF) — 96KB
• asre_10q_htm.xml (XML) — 290KB

Financial Statements (unaudited)

Financial Statements (unaudited) F-1 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 3 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 7 ITEM 4.

Controls and Procedures

Controls and Procedures 7 PART II OTHER INFORMATION 8 ITEM 1.

Legal Proceedings

Legal Proceedings 8 ITEM 1A.

Risk Factors

Risk Factors 8 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 8 ITEM 3. Defaults Upon Senior Securities 8 ITEM 4. Mine Safety Disclosures 8 ITEM 5. Other Information 8 ITEM 6. Exhibits 9

SIGNATURES

SIGNATURES 10 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ASTRA ENERGY INC. INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Condensed Consolidated Balance Sheets as of November 30, 2023 (unaudited) and August 31, 2023 F-2 Condensed Consolidated Statements of Operations for the Three Months ended November 30, 2023 and 2022 (unaudited) F-3 Condensed Consolidated Statements of Stockholders' Deficit for the Three Months ended November 30, 2023 (unaudited) F-4 Condensed Consolidated Statements of Cash Flows for the Three Months ended November 30, 2023 and 2022 (unaudited) F-5 Notes to the Condensed Consolidated Financial Statements (unaudited) F-6 F-1 Table of Contents ASTRA ENERGY INC. CONDENSED CONSOLIDATED BALANCE SHEETS November 30, 2023 (unaudited) August 31, 2023 ASSETS Current assets: Cash $ 13,994 $ 23,250 Total current assets 13,994 23,250 Investment (Note 4) 4,410,000 2,725,000 Operating leases, right of use assets (Note 5) 4,818,471 4,818,471 Total Assets $ 9,242,465 $ 7,566,721 LIABILITIES & STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 454,674 $ 265,917 Accounts payable - related parties (Note 6) 403,200 322,500 Refundable deposits 190,000 190,000 Accrued interest payable 9,543 6,840 Loan payable-related party (Note 7) 93,011 93,011 Note payable (Note 8) 100,000 100,000 Debenture payable (Note 9) 20,000 20,000 Operating lease liability – current portion 127,460 127,460 Total current liabilities 1,397,888 1,125,728 Operating lease liability – net of current portion (Note 5) 4,691,011 4,691,011 Total Liabilities 6,088,899 5,816,739 Commitments and contingencies — — Stockholders' Equity: Series A Preferred stock, par $ 0.001 , 8,000,000 shares authorized; 7,774 shares issued and outstanding 8 8 Series B Preferred stock, par $ 0.0001 , 100,000 shares authorized; 207 shares issued and outstanding — — Series C Preferred stock, par $ 0.

Executive compensation

Executive compensation 79,500 933,000 Stock compensation-consulting 34,375 347,500 Total operating expenses 307,355 1,601,423 Loss from operations ( 307,355 ) ( 1,601,423 ) Other Expense: Foreign exchange ( 5,733 ) 400 Interest expense ( 2,703 ) ( 2,216 ) Total other expense ( 8,436 ) ( 1,816 ) Loss before provision for income taxes ( 315,791 ) ( 1,603,239 ) Provision for income taxes — — Net Loss $ ( 315,791 ) $ ( 1,603,239 ) Net loss per share, basic and diluted $ ( 0.004 ) $ ( 0.03 ) Weighted average shares outstanding, basic and diluted 68,109,600 62,883,727 The accompanying notes are an integral part of these unaudited consolidated financial statements. F-3 Table of Contents ASTRA ENERGY INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY FOR THE YEARS ENDED NOVEMBER 30, 2023 AND 2022 (Unaudited) Series A Preferred Series A1 Preferred Series B Preferred Series C Preferred Series D Preferred Common Stock Common Stock to Be Stock Subscription Additional Paid-In Accumulated Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Issued Receivable Capital Deficit Total Balance, August 31, 2023 7,774 $ 8 1 $ - 207 $ - 747,870 $ 748 304,558 $ 305 67,638,982 $ 67,639 - $ ( 5,000 ) $ 54,341,562 $ ( 52,655,280 ) 1,749,982 Common stock issued for services - - - - - - - - - - 125,000 125 - - 34,250 - 34,375 Common stock issued for acquisitions - - - - - - - - - - 5,000,000 5,000 - - 1,680,000 - 1,685,000 Net loss - - - - - - - - - - - - - - - ( 315,791 ) ( 315,791 ) Balance, November 30, 2023 7,774 $ 8 1 $ - 207 $ - 747,870 $ 748 304,558 $ 305 72,763,982 $ 72,764 - $ ( 5,000 ) $ 56,055,812 $ ( 52,971,071 ) $ 3,153,566 Series A Preferred Series A1 Preferred Series B Preferred Series C Preferred Series D Preferred Common Stock Common Stock to Be Stock Subscrip

View Full Filing

View this 10-Q filing on SEC EDGAR