$ASTA Launching Disruptive TechnologyIt seems like Astra Veda Corporation (OTC: ASTA) is currently keeping its word concerning becoming Pink Current permanently as it successfully filed its Q2 earnings. Moreover, the company is keeping its promise of issuing PR every week for the next 3 – 4 months as it shared its first PR regarding $1.5 million in non-dilutive funding and a PR regarding its Q2 earnings. As for the next week’s PR, it could be related to a deal with the Finnish military since it has been teasing the Finnish flag in its latest tweets. With promising plans up its sleeve and plans to initiate the audit process to become SEC reporting, the future seems bright for ASTA stock.
ASTA Fundamentals
Keeping its promise of becoming Pink Current permanently, ASTA released its Q2 earnings. In this report, the company shared some exciting announcements which may see the stock run over the course of this week. With this in mind, the company shared in its Q2 report that it is seeking to reduce its outstanding shares by creating a distinctive category of cash dividend-generating preferred shares that will not be eligible for conversion back into common shares.
Another exciting development is that the company is preparing to start its PCAOB audit stage to become fully SEC reporting. On that note, ASTA shared that it has the data required for its 2-year audit thanks to its partnership with Eventus Advisory Group. This means that the company will not face any obstacles during its audit which should see the process be concluded in less time than usual.
At the same time, ASTA reiterated its goal of eventually uplisting to the NASDAQ and promised not to effect any reverse splits until listing on NASDAQ. In this way, the company is showing its commitment to protecting its shareholders’ value while positioning itself for long-term success. In light of these promising plans, going long on ASTA stock may prove to be profitable for long-term investors.
ASTA Financials
Looking into ASTA’s Q2 2023 report, the company’s assets increased substantially from $398.8 thousand at the beginning of the year to $1 million. This increase is mainly attributable to the increases in its accounts receivable from $50 thousand to $300 thousand as well as reporting $350 thousand in investments. Meanwhile, the company’s liabilities slightly increased over the same period from $1 million to $1.1 million due to the increase in accrued expenses from $773.4 thousand to $853.3 thousand which are expenses that will be paid by the company in the future.
In terms of revenues, ASTA’s revenues remained flat YoY at $150 thousand, however, operating costs increased from $278.5 thousand to $366.2 thousand. This led the company to report a net loss of $193.8 thousand – an increase from $106 thousand a year ago.
Technical Analysis
ASTA stock is in a neutral trend with the stock trading in a sideways channel between $0.0045 and $0.0061. Looking at the indicators, the stock is currently trading below the 50 and 21 MAs which is a bearish indication, but above the 200 MA which is a bullish indication. Meanwhile, the RSI is neutral at 42 and the MACD is starting to curl bullishly.
As for the fundamentals, ASTA stock may soar this week given the bullish news the company shared in its Q2 earnings. In addition, the company is preparing to share its third weekly PR next week which could act as a major catalyst since it could be related to a deal with the Finnish military. With the stock trading near support, bullish investors could find the current PPS as a good entry point ahead of the company’s upcoming PR.
ASTA Forecast
Given the updates ASTA shared in its Q2 earnings, the stock may be poised to run this week. With the company planning to reduce its shares through the introduction of a new cash dividend-paying preferred share series, it has shown commitment to protecting its shareholders’ value. At the same time, the company’s plans to start the 2-year audit process to become fully SEC reporting is a bullish sign that the company’s goal of uplisting to NASDAQ may be soon. Meanwhile, the company’s PR scheduled for next week may see the stock soar given its potential to be regarding a deal with the Finnish military. For all of these reasons, ASTA stock may be one of the promising OTC stocks to hold onto for the long term.
