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Aura Systems Inc. (AUSI+3.61%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing indicates that Aura Systems Inc. reported no net revenue for the three months ended November 30, 2024, compared to $47,000 for the same period in 2023. This is attributed to a shift in focus towards developing a new product line.
Cost of goods sold was reported at zero for the quarter, compared to $99,000 in the previous year. The company experienced a gross loss due to low shipment volumes affecting fixed cost absorption.
Operating expenses increased, with engineering, research, and development costs rising to $196,000 from $33,000, and selling, general, and administrative expenses growing to $673,000 from $494,000.
Interest expense for the quarter was $479,000, a decrease from $332,000 in the previous year.
For the nine months ended November 30, 2024, net revenue was $50,000, down from $57,000 in the prior year. Gross profit was $21,000, compared to a gross loss of $137,000 for the same period in 2023.
The company reported a net loss of $540,000 for the quarter, compared to a net loss of $910,000 in the previous year. For the nine-month period, the net loss was $22,188,000, compared to $3,171,000.
Aura Systems Inc. has a shareholder deficit of $39,451,000 as of November 30, 2024, and notes payable totaling $5,315,000 are past due, raising concerns about the company's ability to continue as a going concern.
The company is working on increasing operations and sales of its AuraGen®/VIPER products and is seeking new funding sources to support these efforts.
Aura Systems Inc. is involved in various legal proceedings, including a dispute with former CEO Melvin Gagerman, which has been settled with no cost to the company.
The company issued 10,268,363 shares of common stock during the nine months ended November 30, 2024, raising approximately $2,623,000 in cash.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aura Systems Inc. quarterly 10-Q report dated January 21, 2025. To report an error, please email earnings@qz.com.