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Astra Energy Inc (ASRE+1.17%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing no revenue for the period. Operating expenses increased to $464,360 from $307,355 in the same quarter the previous year.
General and administrative expenses rose to $246,990, primarily due to legal expenses related to Astra Energy Zanzibar Limited. Business development costs decreased to $21,823 from $153,145.
The company reported a net loss of $628,857 for the quarter, compared to $315,791 in the previous year. The loss from operations was $464,360.
Cash used in operating activities was $219,718, while cash provided by financing activities was $200,000. The company had a cash balance of $3,294 at the end of the period.
Astra Energy continues to face challenges in securing operating capital and is exploring various financing options, including potential equity offerings and venture capital investments.
The company is advancing several clean energy projects, including a 350MW Combined Cycle Gas Power Plant in Tanzania and a Clean Energy Park in Zanzibar, but has not yet secured necessary agreements for these projects.
Astra Energy has entered into multiple joint venture agreements, including one with Powertron Global LLC, but no operations have commenced under these agreements as of the filing date.
The company acknowledges substantial doubt about its ability to continue as a going concern due to its accumulated deficit and lack of revenue.
Astra Energy's management has identified material weaknesses in its internal controls over financial reporting, including a lack of an audit committee and insufficient documentation of review procedures.
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 quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.