XML 65 R1.htm IDEA: XBRL DOCUMENT v3.19.3
Document and Entity Information - USD ($)
12 Months Ended
Feb. 28, 2019
Oct. 09, 2019
Document and Entity Information [Abstract]    
Entity Registrant Name AURA SYSTEMS INC  
Entity Central Index Key 0000826253  
Amendment Flag true  
Amendment Description On March 26, 2019, various stockholders of the Company controlling a combined total of more than 27.5 million shares delivered a signed written consent to the Company removing Ronald Buschur as a member of the Company’s Board and electing Cipora Lavut as a director of the Company in his stead. On March 27, 2019, those same stockholders delivered a further signed written consent to the Company removing William Anderson and Si Ryong Yu as members of the Company’s Board and electing Robert Lempert and David Mann as directors of the Company. These written consents represented a majority of the outstanding shares of the Company’s common stock as of March 26, 2019 and March 27, 2019, respectively. Aura refused to recognize the legal effectiveness of the consents and on April 8, 2019 stockholders filed suit in the Court of Chancery of the State of Delaware pursuant to Section 225 of the Delaware General Corporations Law seeking an order confirming the validity of the consents. On July 8, 2019 the Court of Chancery entered final judgment in favor of the stockholder plaintiffs, confirming that (a) Ronald Buschur, Si Ryong Yu and William Anderson had been validly removed by the holders of a majority of the Company’s outstanding stock acting by written consent (b) Ms. Lavut, Mr. Mann and Mr. Lempert had been validly elected by the holders of a majority of the Company’s outstanding stock acting by written consent, and (c) the Company’s Board of Directors validly consists of Cipora Lavut, David Mann, Robert Lempert, Gary Douglas and Salvador Diaz-Versón, Jr. See Item 3, Legal Proceedings for more information. The Company’s initial filing of its Annual Report on Form 10-K for the fiscal year ended February 28, 2019 occurred on June 13, 2019. The Company filed Amendment No. 1 to its Annual Report on Form 10-K for the fiscal year ended February 28, 2019, also on June 13, 2019, to include XBRL Interactive Data exhibits which were omitted due to a technical problem in the submission of the original Form 10-K. The Company’s initial filing of its Annual Report on Form 10-K for the fiscal year ended February 28, 2019 as well as Amendment 1 to that report were both filed prior to the Court order confirming the removal of Mssrs. Buschur, Yu and Anderson as directors of the Company and prior to the termination of Melvin Gagerman as the Company’s Chief Executive Officer and Chief Financial Officer. Subsequent to the filing of the initial Annual Report on Form 10-K to the fiscal year ended February 28, 2019 and Amendment No. 1 thereto, the Company’s new management, in consultation with the Audit Committee of our Board of Directors, concluded that there was a material weakness in internal control that existed as of February 28, 2019 and continued through June 2019, which resulted in the misstatements explained below. A “material weakness” is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of annual or interim financial statements would not be prevented or detected on a timely basis. Specifically, current management identified that certain former individuals associated with the Company sought to misapply certain stock issuances and otherwise mischaracterize certain 2019 financial results, all with the intent to manipulate the shareholder proxy contest commenced in March 2019 which sought to remove Mssrs. Buschur, Anderson and Yu from the Company’s Board of Directors. These activities resulted in certain mischaracterizations in the descriptions of various events, the omission of certain disclosures relating to certain named executive officers, the overstatement of certain losses sustained by the Company and certain inaccuracies in the reported number of the Company’s outstanding shares (the “Misstatements”). The Company has concluded that the financial impact of the Misstatements are not material to any of its previously issued financial statements and that the correction of such Misstatements are not material to either the three, six or nine-month periods ended May 31, August 31 or November 30, 2019, respectively. The Company is filing this Amendment No. 2 to Annual Report on Form 10-K/A (this “Amendment”) for the purpose of restating our audited consolidated financial statements and related disclosures for the fiscal year ended February 28, 2019. As required by Rule 12b-15 under the Securities Exchange Act of 1934, the Company’s principal executive officer and principal financial officer are providing new currently dated certifications. In addition, the Company is filing a new consent from KSP Inc. Accordingly, this Amendment amends Item 15. “Exhibits, Financial Statement Schedules” in the Original 10-K to reflect the filing of the new certifications and consent. 
Current Fiscal Year End Date --02-28  
Document Type 10-K/A  
Document Period End Date Feb. 28, 2019  
Document Fiscal Period Focus FY  
Document Fiscal Year Focus 2019  
Entity Well-known Seasoned Issuer No  
Entity Current Reporting Status No  
Entity Voluntary Filers No  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity File Number 0-17249  
Entity Incorporation State Country Code DE  
Entity Interactive Data Current No  
Entity Public Float   $ 13,412,759
Entity Common Stock, Shares Outstanding   54,181,786