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Astra Energy Inc (ASRE+1.17%). has submitted its 10-K filing for the fiscal year ended August 31, 2024.
The filing outlines Astra Energy's focus on clean and renewable electricity, emphasizing projects in solar, waste-to-energy conversion, and clean burning fuels. The company is advancing a 350MW Combined Cycle Gas Power Plant project in Tanzania and a 'Clean Energy Park' in Zanzibar.
Astra Energy reported no revenue for the fiscal years ended August 31, 2024, and 2023. General and administrative expenses increased to $333,008, while business development expenses rose to $874,245.
The company incurred a net loss of $3,487,467 for the year ended August 31, 2024, compared to $10,430,545 in the previous year. The decrease in net loss is attributed to reduced impairment losses and lower executive compensation.
Astra Energy's cash flow from operating activities was negative $124,815, with cash provided by financing activities amounting to $145,300. The company relies on private capital investment or loans to fund future operations.
The filing highlights Astra Energy's strategic partnerships, including a joint venture with Holcomb Scientific Research Ltd. for manufacturing the Holcomb Inline Power Generator.
The report identifies a material weakness in internal controls over financial reporting, specifically citing inadequate segregation of duties and insufficient written policies.
Astra Energy's management plans to address these weaknesses by documenting processes and controls, and formalizing internal control monitoring.
The company has an accumulated deficit of $56,142,747 as of August 31, 2024, and continues to seek financing options to support its operations and project development.
Astra Energy's principal executive offices are located in Sarasota, Florida, and its common stock is traded on the OTCQB under the symbol ASRE.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Astra Energy Inc annual 10-K report dated December 16, 2024. To report an error, please email earnings@qz.com.