Aura Systems Inc. Files Quarterly Report for Period Ended November 30, 2023

TL;DR

<b>Aura Systems, Inc. filed its quarterly report for the period ending November 30, 2023, identifying itself as a smaller reporting company.</b>

AI Summary

AURA SYSTEMS INC (AUSI) filed a Quarterly Report (10-Q) with the SEC on January 16, 2024. Aura Systems, Inc. filed a 10-Q report for the quarterly period ended November 30, 2023. The company is incorporated in Delaware and has an IRS Employer Identification No. of 95-4106894. Its principal executive offices are located at 20431 North Sea Circle, Lake Forest, CA 92630. Aura Systems, Inc. is classified as a Non-accelerated filer and a Smaller Reporting Company. The filing indicates the company has not submitted electronically and posted Interactive Data Files as required.

Why It Matters

For investors and stakeholders tracking AURA SYSTEMS INC, this filing contains several important signals. This 10-Q filing provides an update on Aura Systems, Inc.'s financial performance and operational status for the specified quarter. The classification as a smaller reporting company and non-accelerated filer suggests a specific regulatory and disclosure profile for investors.

Risk Assessment

Risk Level: — AURA SYSTEMS INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate indicators of significant financial distress or major operational changes, suggesting a low level of immediate risk based solely on this document.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion, and risk factors to assess the company's performance and outlook.

Key Numbers

• 20231130 — Quarterly Period End Date (Form 10-Q)
• 20240116 — Filing Date (Form 10-Q)

Key Players & Entities

• AURA SYSTEMS INC (company) — Registrant
• November 30, 2023 (date) — Quarterly period ended
• Delaware (jurisdiction) — State of incorporation
• 95-4106894 (identifier) — I.R.S. Employer Identification No.
• 20431 North Sea Circle Lake Forest, CA 92630 (address) — Address of principal executive offices
• 3106435300 (phone) — Business phone

FAQ

Industry Context

Aura Systems, Inc. operates in the Miscellaneous Electrical Machinery, Equipment & Supplies industry.

Regulatory Implications

The company is subject to standard SEC reporting requirements for quarterly filings (Form 10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue, expenses, and profitability.
2. Review any disclosed risk factors or legal proceedings that could impact the company.
3. Compare the current quarter's performance to previous periods to identify trends.

Key Dates

• 2023-11-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-01-16: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing is a standard 10-Q for the period ending November 30, 2023, and does not contain comparative data within the provided header information.

Key Financial Figures

• $0.0001 — nuary 16, 2024 Common Stock, par value $0.0001 per share 102,008,954 shares AURA SYS

Filing Documents

• f10q1123_aurasys.htm (10-Q) — 595KB
• f10q1123ex31-1_aurasystems.htm (EX-31.1) — 10KB
• f10q1123ex31-2_aurasystems.htm (EX-31.2) — 10KB
• f10q1123ex32-1_aurasystems.htm (EX-32.1) — 5KB
• 0001213900-24-003660.txt (&nbsp;) — 4613KB
• ausi-20231130.xsd (EX-101.SCH) — 59KB
• ausi-20231130_cal.xml (EX-101.CAL) — 26KB
• ausi-20231130_def.xml (EX-101.DEF) — 251KB
• ausi-20231130_lab.xml (EX-101.LAB) — 488KB
• ausi-20231130_pre.xml (EX-101.PRE) — 266KB
• f10q1123_aurasys_htm.xml (XML) — 536KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Balance Sheets as of November 30, 2023 (unaudited) and February 28, 2023 1 Condensed Statements of Operations for the Three months and Nine months ended November 30, 2023 and 2022 (unaudited) 2 Condensed Statements of Changes in Shareholders' Deficit for the Three months and Nine months ended November 30, 2023 and 2022 (unaudited) 3 Condensed Statements of Cash Flows for the Nine months ended November 30, 2023 and 2022 (unaudited) 4 Notes to Condensed Financial Statements 5 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 20 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 ITEM 4.

Controls and Procedures

Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 27 ITEM 1A.

Risk Factors

Risk Factors 28 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 ITEM 3. Defaults Upon Senior Securities 28 ITEM 4. Mine Safety Disclosures 28 ITEM 5. Other Information 28 ITEM 6. Exhibits 29 SIGNATURES AND CERTIFICATIONS 30 i ITEM 1. FINANCIAL STATEMENTS AURA SYSTEMS, INC. CONDENSED BALANCE SHEETS (Unaudited) November 30, 2023 February 28, 2023 (amounts in thousands, except share data) (Unaudited) Assets Current assets Cash and cash equivalents $ 45 $ 15 Inventories 47 155 Prepaid and other current assets 169 142 Total current assets 261 312 Property and equipment, net 405 461 Operating lease right-of-use asset 660 816 Lease security deposit 160 160 Total assets $ 1,486 $ 1,749 Liabilities and Shareholders' Deficit Current liabilities Accounts payable and accrued expenses (including $ 396 and $ 376 due to related party, respectively) $ 2,496 $ 2,758 Accrued interest (including $ 1,898 and $ 995 due to related party, respectively) 2,400 1,471 Customer advances 447 454 Convertible notes payable , ($ 1,403 past due) 1,498 1,403 Convertible note payable-related party, ($ 3,000 past due) 3,020 3,000 Notes payable, current portion 136 92 Notes payable-related parties, current portion 4,632 4,632 Operating lease liability, current portion 230 207 Derivative warrant liability - 9 Total current liabilities 14,859 14,026 Notes payable, non-current portion 301 256 Note payable-related party, non-current portion 7,088 7,065 Operating lease liability 485 660 Total liabilities 22,733 22,007 Commitments and contingencies - - Shareholders' deficit Common stock: $ 0.0001 par value; 150,000,000 shares authorized; 101,242,286 and 94,648,346 issued and outstanding at November 30, 2023 and February 28, 2023, respectively. 10 9 Additional paid-in capital 456,688 454,507 Accumulated deficit ( 477,945 ) ( 474,

View Full Filing

View this 10-Q filing on SEC EDGAR