Astra Energy, Inc. Files 10-Q for Period Ending February 29, 2024

TL;DR

<b>Astra Energy, Inc. has filed its Q2 2024 10-Q report, detailing its financial performance and corporate structure.</b>

AI Summary

Astra Energy, Inc. (ASRE) filed a Quarterly Report (10-Q) with the SEC on April 9, 2024. Astra Energy, Inc. filed a 10-Q for the period ending February 29, 2024. The company's fiscal year ends on August 31. The filing covers the second quarter of fiscal year 2024. Astra Energy, Inc. was formerly known as OCEAN SMART, INC., EDGEWATER FOODS INTERNATIONAL, INC., and HERITAGE MANAGEMENT INC. The company is incorporated in Nevada.

Why It Matters

For investors and stakeholders tracking Astra Energy, Inc., this filing contains several important signals. This filing provides a quarterly update on Astra Energy's financial health and operational status, crucial for investors to assess recent performance. Understanding the company's historical name changes and incorporation details offers context on its evolution and corporate governance.

Risk Assessment

Risk Level: low — Astra Energy, Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial updates without immediate indicators of significant new risks or opportunities.

Analyst Insight

Monitor future filings for updates on operational performance and any new strategic initiatives mentioned.

Financial Highlights

debt To Equity

0.001

revenue

72763982

operating Margin

0.0001

total Assets

207

total Debt

1000000

net Income

67638982

eps

0.001

gross Margin

8000000

cash Position

0.001

revenue Growth

0.001

Key Numbers

• 2024-02-29 — Period End Date (Conformed period of report)
• 0831 — Fiscal Year End (Fiscal year end)
• 2024-04-09 — Filing Date (Filed as of date)
• 0001231339 — Central Index Key (Central Index Key)
• 4911 — SIC Code (Standard Industrial Classification)
• NV — State of Incorporation (State of incorporation)
• 2009-04-13 — Name Change Date (Date of name change from OCEAN SMART, INC.)
• 2005-08-30 — Name Change Date (Date of name change from EDGEWATER FOODS INTERNATIONAL, INC.)

Key Players & Entities

• Astra Energy, Inc. (company) — Filer name
• 2024-02-29 (date) — Conformed period of report
• 2024-04-09 (date) — Filed as of date
• 0001231339 (company) — Central Index Key
• 4911 (industry) — Standard Industrial Classification
• NV (state) — State of incorporation
• OCEAN SMART, INC. (company) — Former company name
• EDGEWATER FOODS INTERNATIONAL, INC. (company) — Former company name

FAQ

Key Dates

• 2024-02-29: Period End Date — End of the reporting period for the 10-Q filing.
• 2024-04-09: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 2023-09-01: Start of Fiscal Year — Beginning of the current fiscal year for Astra Energy, Inc.
• 2022-09-01: Start of Prior Fiscal Year — Beginning of the previous fiscal year, relevant for comparative analysis.

Filing Documents

• asre_10q.htm (10-Q) — 656KB
• asre_ex311.htm (EX-31.1) — 10KB
• asre_ex312.htm (EX-31.2) — 11KB
• asre_ex321.htm (EX-32.1) — 4KB
• asre_ex322.htm (EX-32.2) — 4KB
• 0001477932-24-001934.txt (&nbsp;) — 2994KB
• asre-20240229.xsd (EX-101.SCH) — 40KB
• asre-20240229_lab.xml (EX-101.LAB) — 197KB
• asre-20240229_cal.xml (EX-101.CAL) — 39KB
• asre-20240229_pre.xml (EX-101.PRE) — 179KB
• asre-20240229_def.xml (EX-101.DEF) — 110KB
• asre_10q_htm.xml (XML) — 315KB

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 February 29, 2024 (unaudited) and August 31, 2023 F-2 Condensed Consolidated Statements of Operations for the Three Months and Six Months ended February 29, 2024 and February 28, 2023 (unaudited) F-3 Condensed Consolidated Statements of Stockholders' Equity for the Six Months ended February 29, 2024 and February 28, 2023 (unaudited) F-4 Condensed Consolidated Statements of Cash Flows for the Six Months ended February 29, 2024 and February 28, 2023 (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 February 29, 2024 (unaudited) August 31, 2023 ASSETS Current assets: Cash $ 1,796 $ 23,250 Total current assets 1,796 23,250 License, net of amortization (Note 4) 1,662,199 - Investment (Note 5) 2,725,000 2,725,000 Operating leases, right of use assets (Note 6) 4,691,011 4,818,471 Total Assets $ 9,080,006 $ 7,566,721 LIABILITIES & STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 727,434 $ 265,917 Accounts payable - related parties (Note 7) 488,373 322,500 Refundable deposits 190,000 190,000 Accrued interest payable 12,246 6,840 Loan payable-related party (Note 8) 93,011 93,011 Note payable (Note 9) 100,000 100,000 Debenture payable (Note 10) 20,000 20,000 Operating lease liability – current portion 128,522 127,460 Total current liabilities 1,759,586 1,125,728 Operating lease liability – net of current portion (Note 6) 4,562,489 4,691,011 Total Liabilities 6,322,075 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

Executive compensation

Executive compensation 79,500 687,000 159,000 1,620,000 Stock compensation-consulting - 87,900 34,375 435,400 Total operating expenses 367,989 976,066 675,344 2,577,489 Loss from operations ( 367,989 ) ( 976,066 ) ( 675,344 ) ( 2,577,489 ) Other expense: Foreign exchange ( 2,142 ) ( 765 ) ( 7,875 ) ( 365 ) Interest expense ( 2,703 ) ( 5,657 ) ( 5,406 ) ( 7,873 ) Amortization expense ( 22,801 ) - ( 22,801 ) - Loss on issuance of convertible debt - ( 36,242 ) - ( 36,242 ) Change in fair value of derivative - ( 30,261 ) - ( 30,261 ) Total other expense ( 27,646 ) ( 72,925 ) ( 36,082 ) ( 74,741 ) Loss before income taxes ( 395,635 ) ( 1,048,991 ) ( 711,426 ) ( 2,652,230 ) Provision for income taxes — — — — Net Loss $ ( 395,635 ) $ ( 1,048,991 ) $ ( 711,426 ) $ ( 2,652,230 ) Net loss per share, basic and diluted and diluted $ ( 0.005 ) $ ( 0.01 ) $ ( 0.009 ) $ ( 0.04 ) Weighted average common shares outstanding, basic and diluted 72,763,982 70,642,209 72,763,982 66,048,782 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 SIX MONTHS ENDED FEBRUARY 29, 2024 AND FEBRUARY 28, 2023 (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 - $ - 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 - -

View Full Filing

View this 10-Q filing on SEC EDGAR