Aura Systems Inc. Files Q1 2024 10-Q Report
Ticker: AUSI · Form: 10-Q · Filed: Jul 22, 2024 · CIK: 826253
| Field | Detail |
|---|---|
| Company | Aura Systems Inc (AUSI) |
| Form Type | 10-Q |
| Filed Date | Jul 22, 2024 |
| Risk Level | low |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
AURA filed its 10-Q for May 31, 2024. Check financials.
AI Summary
Aura Systems, Inc. filed its quarterly report for the period ending May 31, 2024. The company, incorporated in Delaware with its principal executive offices in Lake Forest, CA, is engaged in the manufacturing of miscellaneous electrical machinery. The filing details its financial performance and operational status for the specified quarter.
Why It Matters
This filing provides investors and stakeholders with an update on Aura Systems Inc.'s financial health and operational progress during the first quarter of fiscal year 2024.
Risk Assessment
Risk Level: low — This is a standard quarterly filing (10-Q) and does not inherently indicate significant new risks.
Key Players & Entities
- AURA SYSTEMS INC (company) — Registrant
- May 31, 2024 (date) — Quarterly period end date
- Delaware (location) — State of incorporation
- 95-4106894 (identifier) — IRS Employer Identification No.
- 20431 North Sea Circle Lake Forest , CA 92630 (address) — Principal executive offices
- (310) 643-5300 (phone_number) — Registrant's telephone number
FAQ
What is the reporting period for this 10-Q filing?
The quarterly period ended May 31, 2024.
What is the company's full legal name?
The company's full legal name is AURA SYSTEMS, INC.
In which state was Aura Systems, Inc. incorporated?
Aura Systems, Inc. was incorporated in Delaware.
What is the IRS Employer Identification Number for Aura Systems, Inc.?
The IRS Employer Identification Number is 95-4106894.
What is the address of Aura Systems, Inc.'s principal executive offices?
The address of the principal executive offices is 20431 North Sea Circle Lake Forest, CA 92630.
Filing Stats: 4,769 words · 19 min read · ~16 pages · Grade level 15.9 · Accepted 2024-07-22 17:25:45
Key Financial Figures
- $0.0001 — July 19, 2024 Common Stock, par value $0.0001 per share 111,527,248 shares AURA SYS
Filing Documents
- ea0209741-10q_aurasystem.htm (10-Q) — 509KB
- ea020974101ex31-1_aurasys.htm (EX-31.1) — 10KB
- ea020974101ex31-2_aurasys.htm (EX-31.2) — 10KB
- ea020974101ex32-1_aurasys.htm (EX-32.1) — 6KB
- 0001013762-24-000546.txt ( ) — 4598KB
- ausi-20240531.xsd (EX-101.SCH) — 58KB
- ausi-20240531_cal.xml (EX-101.CAL) — 31KB
- ausi-20240531_def.xml (EX-101.DEF) — 267KB
- ausi-20240531_lab.xml (EX-101.LAB) — 437KB
- ausi-20240531_pre.xml (EX-101.PRE) — 265KB
- ea0209741-10q_aurasystem_htm.xml (XML) — 464KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION ITEM 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited) 1 Condensed Balance Sheets as of May 31, 2024 (unaudited) and February 29, 2024 1 Condensed Statements of Operations May 31, 2024 and May 31, 2023 2 Condensed Statements of Shareholders Deficit as of May 31, 2024 and May 31, 2023 3 Condensed Statements of Cash Flows May 31, 2024 and May 31, 2023 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 18 ITEM 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 23 ITEM 4.
Controls and Procedures
Controls and Procedures 23
OTHER INFORMATION
PART II. OTHER INFORMATION ITEM 1.
Legal Proceedings
Legal Proceedings 24 ITEM 1A.
Risk Factors
Risk Factors 25 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 ITEM 3. Defaults Upon Senior Securities 25 ITEM 4. Mine Safety Disclosures 25 ITEM 5. Other Information 25 ITEM 6. Exhibits 26 SIGNATURES AND CERTIFICATIONS 27 i
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS AURA SYSTEMS, INC. CONDENSED BALANCE SHEETS May 31, 2024 February 29, 2024 (amounts in thousands, except share data) (Unaudited) Assets Current assets Cash and cash equivalents $ 297 $ 124 Accounts receivables 15 - Inventories - 20 Prepaid and other current assets 140 175 Total current assets 452 319 Property and equipment, net 710 378 Operating lease right-of-use asset 559 607 Lease security deposit 160 160 Total assets $ 1,881 $ 1,464 Liabilities and Shareholders' Deficit Current liabilities Accounts payable and accrued expenses $ 2,407 $ 2,625 Accrued interest 1,702 2,598 Customer advances 447 447 Notes payable current portion 163 119 Convertible notes payable – past due 1,513 1,508 Convertible note payable-related party current portion 4,270 3,020 Notes payable-related parties, current portion 782 4,632 Operating lease liability, current portion 246 238 Derivative liability 17,171 - Total current liabilities 28,701 15,187 Notes payable, non-current portion 438 286 Convertible note payable-related party, non-current portion 8,011 7,088 Operating lease liability 358 423 Total liabilities 37,508 22,984 Commitments and contingencies - - Shareholders' deficit Common stock: $ 0.0001 par value; 150,000,000 shares authorized; 109,047,248 and 104,591,648 issued and outstanding May 31, 2024, and February 29, 2024, respectively 11 10 Additional paid-in capital 458,610 457,460 Accumulated deficit ( 494,248 ) ( 478,990 ) Total shareholders' deficit ( 35,627 ) ( 21,520 ) Total liabilities and shareholders' deficit $ 1,881 $ 1,464 The accompanying notes are an integral part of these unaudited financial statements 1 AURA SYSTEMS, INC. CONDENSED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ending May 31 2024 2023 (amounts in thousands, except share and per share data) Net revenue $ 47 $ 10