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World Scan Project Inc (WDSP) has submitted its 10-Q filing for the quarterly period ended January 31, 2024.
The filing includes financial statements for the quarter, showing total revenues of $1,805,445, a decrease from $7,743,164 in the same quarter the previous year. This decrease is attributed to a reduction in sales of crypto miners.
Operating expenses for the quarter were $1,762,586, compared to $4,109,658 in the previous year. The decrease is primarily due to a reduction in general and administrative expenses.
The company reported a net loss of $308,261 for the quarter, compared to a net income of $2,022,241 in the previous year. The loss is attributed to decreased revenues and increased research and development expenses.
Cash used in operating activities was $10,519,503, while cash used in investing activities was $439,326. Cash provided by financing activities was $5,832,000.
World Scan had a working capital of $6,023,960 as of January 31, 2024. The company acknowledges its dependence on generating revenue and increasing revenue going forward to meet future obligations.
The filing also details various financial activities, including the purchase of fixed assets and software totaling $439,326 and the receipt of deposits for share subscriptions.
World Scan does not anticipate any significant impact from COVID-19 on its crypto miner sales, which are currently the primary source of revenue.
The company identified material weaknesses in its internal controls over financial reporting due to domination of management by a single individual without adequate compensating controls.
World Scan continues to focus on developing and manufacturing autonomous aerial vehicles, including drones, through its wholly owned subsidiary, World Scan Project Corporation, in Japan.
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 quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.