Fri, Jul 12, 9:29 PM (57 days ago)
Astra Energy, Inc.'s Form 10-Q for the quarter ended May 31, 2024, reveals a net loss of $80,435, a significant reduction from the $221,827 loss in the same period in 2023. The company reported no revenue for the quarter. Operating expenses increased due to higher business development and general administrative costs. Notable financial activities include a $750,000 cash inflow from a joint venture with Powertron Global LLC. Astra also issued 5 million shares for exclusive manufacturing rights to the Holcomb In-Line Power Generator, valued at $1,685,000. Current liabilities grew to $1.91 million, up from $1.13 million as of August 2023, due to increased accounts payable and accrued interest. Cash flow from operations improved, with a net usage of $21,234 compared to $619,102 in the prior period. The company faces substantial doubt about its ability to continue as a going concern due to its accumulated deficit of $53.45 million and lack of revenue. Future operations hinge on securing additional financing through equity sales, loans, or partnerships.