World Scan Project, Inc. reported significant financial changes in its 10-Q filing for the three months ended January 31, 2024, compared to the same period in the previous fiscal year. The company experienced a substantial decline in revenue, generating $1.8 million, down from $7.7 million in the prior year. This decrease in revenue was accompanied by a drop in gross profit, which fell to $1.5 million from $7.7 million.
Operating expenses also decreased, totaling $1.8 million for the current period, compared to $4.1 million a year earlier. Despite this reduction in expenses, the company reported a loss from operations of $276,148, contrasting sharply with an income of $3.6 million in the same quarter of the previous year. The net loss before tax for the current quarter was $372,580, compared to a net income of $3.6 million in the prior year. Ultimately, the net loss for the three months ended January 31, 2024, was $308,261, a significant decline from the net income of $2.0 million reported in the same period in 2023.
The company's total assets increased to $15.9 million as of January 31, 2024, up from $14.0 million at the end of October 2023. This growth was driven by an increase in total current assets, which rose to $12.7 million from $11.3 million. However, total liabilities also increased significantly, reaching $7.3 million compared to $5.3 million in the previous period, primarily due to a rise in accrued expenses and other payables, which surged to $6.2 million from $1.1 million.
Cash and cash equivalents saw a dramatic decline, falling to $767,210 from $5.7 million at the end of October 2023. The net change in cash and cash equivalents for the current quarter was a decrease of $4.9 million, compared to a decrease of $4.3 million in the same quarter of the previous year.
The balance of total equity (deficit) improved slightly, moving from $(2.5 million) at the end of October 2023 to $(2.3 million) as of January 31, 2024. This reflects a continued effort to stabilize the company's financial position despite the operational losses reported during the quarter.
About World Scan Project, Inc.
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