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World Scan Project, Inc. has submitted its 10-Q filing for the quarterly period ended July 31, 2024.
The filing includes financial statements for the quarter, showing revenues of $572,943, down from $5,054,229 in the same quarter the previous year. The decrease is attributed to reduced sales of crypto miners.
Cost of revenues for the quarter was $1,779, resulting in a gross profit of $571,164, compared to $5,028,935 in the previous year.
Operating expenses for the quarter totaled $1,474,719, with research and development expenses of $318,858 and general and administrative expenses of $1,155,861.
The company reported a net loss of $689,408 for the quarter, compared to a net loss of $10,896,067 in the previous year.
Cash used in operating activities was $12,378,167, primarily due to prepaid manufacturing services and inventory purchases.
Cash provided by financing activities was $8,565,948, due to the sale of common shares.
World Scan Project had a working capital of $13.4 million as of July 31, 2024, an increase from $6.6 million at the end of the previous fiscal year.
The filing also details various financial agreements and transactions, including the sale of 743,000 shares of common stock during the period.
The company continues to focus on developing and manufacturing autonomous aerial vehicles, including drones, and highlights its dependence on sales of crypto miners for revenue.
World Scan Project does not anticipate any significant impact from COVID-19 on its crypto miner sales, which remain its primary source of revenue.
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 20, 2024. To report an error, please email earnings@qz.com.