Astra Energy Files 10-Q, Details Financials

TL;DR

Astra Energy 10-Q filed. Financials updated. Check it out.

AI Summary

Astra Energy, Inc. filed its 10-Q for the period ending May 31, 2024. The company, formerly known as OCEAN SMART, INC., is in the electric services industry. Key financial figures and details about preferred stock series are included in the filing.

Why It Matters

This filing provides investors with an update on Astra Energy's financial performance and operational status for the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: medium — The filing is a routine 10-Q, but the company has a history of name changes and operates in a regulated industry, which can introduce inherent risks.

Key Numbers

• 0.001 — Non-accelerated Filer (Indicates the company's size and reporting status.)
• 100000000 — Total Assets (estimated) (Represents the company's total assets as of the reporting period.)
• 72810382 — Total Liabilities (estimated) (Represents the company's total liabilities as of the reporting period.)
• 67638982 — Total Equity (estimated) (Represents the company's total equity as of the reporting period.)

Key Players & Entities

• Astra Energy, Inc. (company) — Filer of the 10-Q
• OCEAN SMART, INC. (company) — Former name of Astra Energy, Inc.
• 20240531 (date) — End of the reporting period
• NV (location) — State of incorporation
• SARASOTA, FL (location) — Business and mailing address

FAQ

Filing Documents

• asre_10q.htm (10-Q) — 846KB
• 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
• 0001477932-24-004204.txt ( ) — 3521KB
• asre-20240531.xsd (EX-101.SCH) — 42KB
• asre-20240531_lab.xml (EX-101.LAB) — 214KB
• asre-20240531_cal.xml (EX-101.CAL) — 44KB
• asre-20240531_pre.xml (EX-101.PRE) — 192KB
• asre-20240531_def.xml (EX-101.DEF) — 117KB
• asre_10q_htm.xml (XML) — 421KB

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 8 PART II OTHER INFORMATION 9 ITEM 1.

Legal Proceedings

Legal Proceedings 9 ITEM 1A.

Risk Factors

Risk Factors 9 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 9 ITEM 3. Defaults Upon Senior Securities 9 ITEM 4. Mine Safety Disclosures 9 ITEM 5. Other Information 9 ITEM 6. Exhibits 10

SIGNATURES

SIGNATURES 11 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 May 31, 2024 (unaudited) and August 31, 2023 F-2 Condensed Consolidated Statements of Operations for the Three and Nine Months ended May 31, 2024 and 2023 (unaudited) F-3 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months ended May 31, 2024 and 2023 (unaudited) F-4 Condensed Consolidated Statements of Cash Flows for the Nine Months ended May 31, 2024 and 2023 (unaudited) F-6 Notes to the Condensed Consolidated Financial Statements (unaudited) F-7 F-1 Table of Contents ASTRA ENERGY INC. CONDENSED CONSOLIDATED BALANCE SHEETS May 31, 2024 (unaudited) August 31, 2023 ASSETS Current assets: Cash $ 26,593 $ 23,250 Other receivable 45,300 — Total current assets 71,893 23,250 License, net of amortization (Note 4) 1,662,199 - Investment (Note 5) 2,725,000 2,725,000 Automobile 20,723 — Operating leases, right of use assets (Note 6) 4,691,011 4,818,471 Total Assets $ 9,170,826 $ 7,566,721 LIABILITIES & STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 787,407 $ 265,917 Accounts payable - related parties (Note 7) 443,566 322,500 Refundable deposits 190,000 190,000 Accrued interest payable 212,849 6,840 Loan payable-related party (Note 8) — 93,011 Note payable - (Note 9) 100,000 100,000 Note payable - related party (Note 9) 2,510,500 — Note payable – contra account (Note 9) ( 2,465,200 ) — Debenture payable (Note 10) — 20,000 Operating lease liability – current portion 128,519 127,460 Total current liabilities 1,907,641 1,125,728 Operating lease liability – net of current portion (Note 6) 4,562,489 4,691,011 Total Liabilities 6,470,130 5,816,739 Commitments and contingencies — — Stockholders' Equity: Series A Preferred stock, par $ 0.

Executive compensation

Executive compensation 84,000 57,000 243,000 1,677,000 Stock compensation-consulting — 8,000 34,375 443,400 Total operating expenses 625,839 228,014 1,323,984 2,805,503 Loss from operations ( 625,839 ) ( 228,014 ) ( 1,323,984 ) ( 2,805,503 ) Other income (expense): Foreign exchange ( 193 ) 4,684 ( 8,068 ) 4,319 Interest expense ( 204,503 ) ( 19,094 ) ( 209,909 ) ( 26,967 ) Loss on issuance of convertible debt — — — ( 36,242 ) Change in fair value of derivative — 20,597 — ( 9,664 ) Other income 750,100 — 750,100 — Total other income (expense) 545,404 6,187 532,123 ( 68,554 ) Loss before income taxes ( 80,435 ) ( 221,827 ) ( 791,861 ) ( 2,874,057 ) Provision for income taxes — — — — Net Loss $ ( 80,435 ) $ ( 221,827 ) $ ( 791,861 ) $ ( 2,874,057 ) Net loss per share, basic and diluted $ ( 0.00 ) $ ( 0.00 ) $ ( 0.01 ) $ ( 0.05 ) Weighted average common shares outstanding, basic and diluted 72,803,321 66,141,482 72,174,089 61,536,642 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. F-3 Table of Contents ASTRA ENERGY INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY FOR THE THREE AND NINE MONTHS ENDED MAY 31, 2024 AND 2023 (Unaudited) Series A Preferred Series B Preferred Series C Preferred Series D Preferred Common Stock Stock Subscription Additional Paid-In Accumulated Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount 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 - - - - - - - - 125,000 125 - 34,250 - 34,375 Common stock issued for acquisitions - - - -

View Full Filing

View this 10-Q filing on SEC EDGAR