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World Scan Project, Inc. has submitted its 10-Q filing for the quarterly period ended April 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $1,967,597, a decrease from $23,261,095 in the same period the previous year.
The company reported a net loss of $197,986 for the six months ended April 30, 2024, compared to a net income of $7,148,756 in the prior year.
Cash used in operating activities was $10,616,853, due to prepaid manufacturing services and decreased revenue.
Cash provided by financing activities was $5,832,000, attributed to the sale of common shares.
World Scan Project had cash and cash equivalents of $231,669 as of April 30, 2024, a decrease from $2,381,921 in the prior year.
The company highlighted its dependence on crypto miner sales as a primary revenue source.
Management noted the impact of COVID-19 on operations, stating minimal effects on crypto miner sales.
The company identified material weaknesses in internal controls, including domination of management by a single individual and lack of an audit committee.
World Scan Project does not anticipate any legal proceedings against the company and reported no defaults upon senior securities.
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.