Aura Systems Inc. Files 2024 10-K

TL;DR

Aura Systems Inc. filed its 2024 10-K. No stock listed.

AI Summary

Aura Systems Inc. filed its 10-K for the fiscal year ended February 29, 2024, reporting from its principal executive offices in Lake Forest, CA. The company, incorporated in Delaware, operates in the miscellaneous electrical machinery sector. Its securities are not registered on any exchange, and it does not have any securities registered pursuant to Section 12(b) of the Act.

Why It Matters

This filing provides a comprehensive overview of Aura Systems Inc.'s financial performance and operational status for the fiscal year 2024, which is crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate red flags, though the lack of exchange-listed securities warrants further investigation.

Key Numbers

• 0228 — Fiscal Year End (Indicates the end of the reporting period.)
• 000-17249 — Commission File Number (Unique identifier for the company's SEC filings.)

Key Players & Entities

• AURA SYSTEMS INC (company) — Registrant
• February 29, 2024 (date) — Fiscal year end
• 0000826253 (company) — Central Index Key
• 3690 (company) — Standard Industrial Classification Code
• 954106894 (company) — IRS Number
• DE (company) — State of Incorporation
• 10541 ASHDALE STREET (company) — Business Address Street 1
• STANTON (company) — Business Address City
• CA (company) — Business Address State
• 90680 (company) — Business Address Zip

FAQ

Key Financial Figures

• $150 million — electromagnetic research and more than $150 million in development by Aura scientists and e
• $30 million — successfully restructured in excess of $30 million of debt. Also, during Fiscal 2018, the
• $9.75 million — er contributed a total of approximately $9.75 million to the venture principally in the form
• $500 — acilities, equipment, and approximately $500 of working capital while the Company co
• $250 — g capital while the Company contributed $250 in cash as well as a limited license. T
• $1,000 — Fiscal 2018, Jiangsu Shengfeng placed a $1,000 order with the Company including a $700
• $700 — ,000 order with the Company including a $700 advance payment of which the Company ha

Filing Documents

• ea0207082-10k_aurasystems.htm (10-K) — 1163KB
• ea020708201ex31-1_aura.htm (EX-31.1) — 10KB
• ea020708201ex31-2_aura.htm (EX-31.2) — 9KB
• ea020708201ex32-1_aura.htm (EX-32.1) — 6KB
• image_001.jpg (GRAPHIC) — 25KB
• 0001213900-24-049745.txt ( ) — 6816KB
• ausi-20240229.xsd (EX-101.SCH) — 74KB
• ausi-20240229_cal.xml (EX-101.CAL) — 39KB
• ausi-20240229_def.xml (EX-101.DEF) — 320KB
• ausi-20240229_lab.xml (EX-101.LAB) — 558KB
• ausi-20240229_pre.xml (EX-101.PRE) — 320KB
• ea0207082-10k_aurasystems_htm.xml (XML) — 842KB

RISK FACTORS

ITEM 1A. RISK FACTORS 15

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 21

CYBERSECURITY

ITEM 1C. CYBERSECURITY 22

PROPERTIES

ITEM 2. PROPERTIES 22

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 22

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 23 PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 24

[Reserved]

ITEM 6. [Reserved] 25

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 25

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 29

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 29

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 30

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 30

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 30

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 30 PART III

DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 31

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 35

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 36

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 37

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 38 PART IV

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 39

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 39

SIGNATURES

SIGNATURES 41 i SPECIAL NOTE REGARDING

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Report contains forward-looking including the statements under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Business" and elsewhere in this Report regarding future events or prospects are forward-looking statements. The words "approximates," "believes," "forecast," "expects," "anticipates," "estimates," "intends," "plans," "would," "could," "should," "seek," "may," or other similar expressions in this Report, as well as other statements regarding matters that are not historical fact, constitute forward-looking made by, and information currently available to, us. Such statements are based on assumptions and the actual outcome will be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some may inevitably prove to be incorrect. As a result, our actual future results may differ from our expectations, and those differences may be material. Accordingly, investors should use caution in relying on forward-looking statements to anticipate future results or trends. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by

forward-looking statements include the following

forward-looking statements include the following: Our ability to generate positive cash flow from operations; Our ability to obtain additional financing to fund our operations; The impact of economic, political and market conditions on us and our customers; The impact of unfavorable results of legal proceedings; Our exposure to potential liability arising from possible errors and omissions, breach of fiduciary duty, breach of duty of care, waste of corporate assets and/or similar claims that may be asserted against us; Our ability to compete effectively against competitors offering different technologies; Our business development and operating development; Our expectations of growth in demand for our products; and Other risks described under the heading "Risk Factors" in Part I, Item 1A of this Annual Report on Form 10-K We do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except to the extent required by law. You should interpret all subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf as being expressly qualified by the cautionary statements in this Report. As a result, you should not place undue reliance on these forward-looking References in this Report to "we", "us", "the Company," "Aura" or "Aura Systems" means Aura Systems, Inc. As used herein, reference to "Fiscal 2024" refers to the fiscal year ending February 29, 2024, "Fiscal 2023" refers to the fiscal year ending February 28, 2023, "Fiscal 2022" refers to the fiscal year ending February 28, 2022, "Fiscal 2021" refers to the fiscal year ending February 28, 2021, reference to "Fiscal 2020" refers to the fiscal year ended February 29, 2020, reference to "Fiscal 2019" refers to the fiscal year ended February 28, 2019, reference to "Fiscal 2018" refers to the fiscal year ended February 28, 2018, reference to "Fiscal 2017" refers to the Fiscal

BUSINESS

ITEM 1. BUSINESS Introduction Aura Systems, Inc. ("Aura"), is a Delaware corporation founded in 1987. The Company innovated and commercialized the technology for Axial Flux Induction electric motors and generators. Aura's axial flux induction motor technology ("AAFIM") provides an industrial solution that does not use any permanent magnets, no rare earth elements, is smaller and lighter, uses significant less materials (just copper and steel), very high efficiency, significantly less copper, highly reliably, very robust, and no scheduled maintenance. The industrial electric motor market is expected to grow from an estimated USD 113.3 billion in 2020 to USD 169.1 billion by 2026, at a CAGR of 6.9% during the forecast period 1 . Electric motors are employed in infrastructure, major structures, and industries all around the world. Each year, almost 30 million motors are sold for industrial use alone 2 . Electric motors find application in a variety of equipment throughout industry. Common industrial applications include: (i) compressors, (ii) fans and blowers, (iii) heavy duty equipment, (iv) HVAC systems, (v) pumps and (vi) machine tools (lathes and mills, etc.). The universal global trend for electrification has created in addition to the industrial demand for motors a very large demand for motors used in electric transportation for vehicles, planes, and boats ("EV"). In such applications, one or more electric motors are used for propulsion. Most electric motors currently used for electric mobility employ high energy permanent magnets 3 due to their high efficiency and small size. The magnetic material is usually sintered neodymium–iron–boron (NdFeB) made or processed in China. It is expected that over 100 million electric motors will be required per year by 2032 to meet the demand for the growing EV market 4 . For Electric Vehicle applications, AAFIM provide efficiencies that are equal to or higher than ones provided by the best high energy permanent magne

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View this 10-K filing on SEC EDGAR