Description.
1)Red - energy, beauty.
2)the star on top - new horizons.
3)vertical curved lines - symbolic image of the supports that hold the rocket before launch. In this case, knowledge and experience that supports the person in their quest for new horizons.
4)ribbon with name and date - marking the General idea and goals of each person Asgardia.
5)the sun at the base is the beginning of everything in our world.
About the human figure, to explain, I think, is not necessary.