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World Scan Project Inc Com (WDSP) has submitted its 10-K filing for the fiscal year ended October 31, 2023.
The filing includes financial statements for the year, showing revenues of $30,986,882, compared to $29,440,341 in the previous year. The company recorded a net loss of $3,416,587 for the year, compared to a net income of $8,908,782 in the previous year.
Research and development expenses for the year were $18,717,456, primarily related to developing technologies for new products. The increase in R&D expenses contributed to the net loss reported.
The company reported cash and cash equivalents of $5,698,883 as of October 31, 2023, a decrease from $5,836,065 in the previous year. Working capital decreased to $6,608,501 from $9,697,677.
World Scan Project operates through its wholly owned subsidiary, World Scan Project Corporation, based in Tokyo, Japan. The company is focused on developing and manufacturing autonomous aerial vehicles, including drones.
The filing notes that the company has plans to expand its sales volume for digital currency mining rigs and to begin selling products overseas, mainly in the USA.
The company acknowledges the impact of COVID-19 on its operations, noting minimal effects on its primary revenue source from crypto miner sales.
The report indicates a change in the company's independent registered public accounting firm, with Mercurius & Associates LLP engaged for the fiscal year ended October 31, 2023.
The filing also details the company's internal control weaknesses, including a lack of a functioning audit committee and inadequate segregation of duties.
World Scan Project does not anticipate cash dividend payments to common stockholders in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the World Scan Project Inc Com annual 10-K report dated November 19, 2024. To report an error, please email earnings@qz.com.