World Scan Project, Inc. reported significant financial changes in its 10-Q filing for the period ending July 31, 2024, compared to the same period in the previous fiscal year. The company experienced a substantial decline in revenue, with total revenues for the three months ended July 31, 2024, amounting to $572,943, a decrease from $5,054,229 in the same quarter of 2023. For the nine months ended July 31, 2024, revenues were $4,175,496, down from $28,315,324 in the prior year.
Despite the drop in revenue, the company reported a gross profit of $571,164 for the three months ended July 31, 2024, compared to $5,028,935 in the same period of 2023. The gross profit for the nine months also decreased to $3,302,305 from $28,285,910 year-over-year. Operating expenses saw a significant reduction, totaling $1,474,719 for the three months ended July 31, 2024, down from $22,109,095 in the previous year. For the nine-month period, operating expenses decreased to $4,559,062 from $34,309,797.
The company reported an operating loss of $(903,555) for the three months ended July 31, 2024, an improvement from the loss of $(17,080,160) in the same quarter of 2023. The nine-month operating loss also improved to $(1,256,757) from $(6,023,887) year-over-year. Net loss before tax for the three months was $(904,367), compared to $(17,073,849) in the prior year, while the nine-month net loss before tax was $(1,352,216), down from $(6,049,505).
Net income for the three months ended July 31, 2024, was $(689,408), a notable improvement from the $(10,896,067) loss reported in the same period of 2023. For the nine months, the net loss was $(1,057,883), compared to $(3,747,311) in the previous year. The total comprehensive income for the three months ended July 31, 2024, was $294,677, contrasting sharply with a loss of $(11,356,281) in the same quarter of 2023.
As of July 31, 2024, the company reported cash and cash equivalents of $1,121,894, a significant decrease from $5,698,883 as of October 31, 2023. Total current assets increased to $23,178,849 from $11,306,348, and total assets rose to $26,667,694 from $14,039,776. Shareholders' equity also improved to $16,400,765 from $8,715,687, reflecting a rise in additional paid-in capital to $10,629,846 from $2,063,973.
About World Scan Project, Inc.
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