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Document and Entity Information - shares
6 Months Ended
Aug. 31, 2017
Jan. 16, 2018
Document and Entity Information [Abstract]    
Entity Registrant Name AURA SYSTEMS INC  
Entity Central Index Key 0000826253  
Amendment Flag true  
Amendment Description

This Amendment No. 1 on Form 10-Q/A amends the Company’s Quarterly Report on Form 10-Q for the quarter ended August 31, 2017, originally filed with the U.S. Securities and Exchange Commission on October 25, 2017. This amendment is being filed to revise the following line items in the Company’s Balance Sheets under “Liabilities and Stockholders’ Deficit”: “Accrued expenses” at August 31, 2017, “Notes payable” at August 31, 2017; “Convertible note payable and accrued interest-related party, net of discount” at August 31, 2017 and “Convertible notes payable, net of discount” at August 31, 2017.

 

In the Company’s Statements of Cash Flows, the line item “Adjustments to reconcile Net loss to net cash used in operating activities” was added. Revisions were also made to the following line items under “Cash flow from operating activities” at August 31, 2017: “Accounts payable, customer deposit and accrued expenses” and “Net cash used in operations.” Revisions were also made to the following line items under “Financing activities” at August 31, 2017: “Payment to note payable”; “Proceeds from convertible notes payable” and “Net cash provided by financing activities.”

 

The Notes to the financial statements were also revised as follows: (i) in “Note 2 Going Concern”, the amount for negative cash flows from operating activities for the six months ended August 31, 2017 has been revised; (ii) in “Note 3 Notes Payable”, “Less: Current portion” at August 31, 2017 has been revised; (iii) in “Note 4 Accrued Expenses”, “Accrued interest” and “Total” at August 31, 2017 have been revised; (iv) in “Note 5 Shareholders’ Equity - Warrants”, in the table disclosing activity in issued and outstanding warrants, under the column “Number of Shares”, the following line items have been revised: “Outstanding, February 28, 2017”, “Cancelled/Expired”, and “Outstanding, August 31, 2017”; in Note 5 Shareholders’ Equity - Warrants, in the table disclosing the exercise prices of warrants outstanding at August 31, 2017, the second and fifth line items of both columns of “Stock Warrants Outstanding” and “Stock Warrants Exercisable” have been revised; (v) in “Note 6 Related Party Transactions”, the amount for the unsecured note payable to, and the amount for the accrued interest on, the unsecured note held by Mr. Kopple, as of August 31, 2017 have been revised.

 

Under “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources”, the following items were also revised: Net cash used in operations, Net proceeds from issuance of debt and Net Cash provided by financing activities for the six months ended August 31, 2017, and Accrued expenses and amount owed to board members at August 31, 2017.

 

This Amendment No. 1 has not been updated for events occurring after the filing of the Initial Report nor does it change the Company’s previous disclosures contained in the Initial Report.

 
Trading Symbol AUSI  
Current Fiscal Year End Date --02-28  
Document Type 10-Q/A  
Document Period End Date Aug. 31, 2017  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q2  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   126,608,391