Here are the 10-Q quarterly reports from World Scan Proj Inc (WDSP) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow WDSP and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full WDSP filings page.
World Scan Project, Inc. reported lower sales but narrower losses for the nine months ended July 31, 2025. Revenue was $10,257,153, down from $12,956,465 a year earlier, mainly because sales of crypto miners declined.
The company posted a modest net loss of $196,673 for the nine months, improving from a loss of $1,057,883 in the prior-year period, as cost of revenues and general and administrative expenses decreased. For the Q3 2025 quarter, revenue was $1,585,499 with a net loss of $511,032.
Cash and cash equivalents were $211,684 at July 31, 2025, while shareholders’ equity increased to $22,153,998, helped by $5,244,000 of proceeds from common share sales. Inventories declined to $14,866,256, and total liabilities fell to $1,958,182, leaving the balance sheet largely equity-funded.
World Scan Project, Inc. filed an Amendment No. 1 to its previously filed quarterly report to correct a clerical error in the number of preferred shares issued and outstanding reported in the Stockholders' Equity tables and to update the signature date. The amendment states no other changes were made to the original filing. The filing includes unaudited financial statement references and snippets of balance and activity figures (shares authorized and issued, selected asset and accrual amounts, lease costs, depreciation policy, and advance payments related to cryptocurrency miner sales), but many numeric items appear fragmented and the amendment focuses solely on correcting the share count and signature.
World Scan Project, Inc. reported higher profitability but weaker cash for the quarter and six months ended April 30, 2025. Six‑month revenue was $8.7 million, down from $10.9 million a year earlier, mainly from lower crypto miner sales, yet gross profit rose to $3.2 million as cost of revenues fell. The company moved from a six‑month net loss of $0.2 million to net income of $0.3 million, helped by lower general and administrative spending.
Total assets were $25.8 million, with inventories of $16.1 million and advance payments of $5.0 million tied largely to cryptocurrency miners, while total liabilities dropped to $2.0 million. Shareholders’ equity increased to $23.8 million, boosted by $5.2 million of common share sales and favorable currency translation. Despite the profit, operating activities used $6.7 million of cash, leaving only $120,263 in cash at period end. Management also disclosed material weaknesses in internal controls, including heavy reliance on a single executive, limited board independence, and lack of an audit committee.
World Scan Project, Inc. reported a small profit for the quarter ended January 31, 2025 while revenue declined. Revenue was $4,084,010, down from $6,635,195 a year earlier, mainly due to lower sales of cryptocurrency miners. Cost of revenues fell more than sales, lifting gross profit margin and leading to net income of $101,969 versus a net loss of $308,262 in the prior-year quarter.
Cash and cash equivalents were $1,449,453, and total shareholders’ equity increased to $21,722,465, helped by issuing 437,000 common shares for $5,244,000 through an S-1 offering. Operating activities used $5,293,451 of cash, largely from reductions in payables and advances, while financing inflows from share sales mostly offset this. Management states current cash is sufficient to fund operations, but also discloses ongoing material weaknesses in internal control because key functions are concentrated in one executive and the company lacks an audit committee and a majority of outside directors.
World Scan Project, Inc. (WDSP) amended its quarterly report to restate previously net-presented revenue to a gross presentation after discussions with its auditor. The amendment discloses revenues and cost of revenues for periods ended July 31, 2024 and July 31, 2023, and shows a decrease in revenues driven mainly by reduced sales of cryptocurrency miners. The company reported significant research and development expenses for technology and cooling systems (multimillion-dollar amounts) that contributed to a net loss before tax of $3,416,587 for the year ended October 31, 2023, which led to an income tax credit of $2,092,461. The filing notes capitalization of certain software costs after year-end, advance payments and prepaid expenses of approximately $5.6 million as of July 31, 2024, depreciation expense of $41,114 for the period, lease costs recorded, and changes in share counts and authorized shares.
World Scan Project, Inc. filed an amended quarterly report for the period ended April 30, 2024 to restate revenue from crypto miner sales, changing presentation from net to gross so that both product revenue and related cost of revenues are fully shown.
For the six months ended April 30, 2024, the company reported revenue of $10,856,066, down from $23,261,095 a year earlier, mainly due to lower crypto miner sales, and moved from net income of $7,148,756 to a net loss of $197,986. Operating cash flow was negative $10,588,383, driven by advance manufacturing payments, inventory purchases, and lower revenue, while cash fell to $231,669, partially offset by $5,832,000 of equity raised from selling 486,000 shares.
Working capital increased to about $11.1 million, and total shareholders’ equity rose to $13,542,629, but management still reports material weaknesses in internal controls, including reliance on a single executive, limited board oversight, and lack of an audit committee.
World Scan Project, Inc. filed an amendment restating prior quarterly revenue presentation from net to gross after discussions with its current auditor. The filing shows revenues of $6,635,195 for a reported period and references other revenue and revenue-related amounts including $1,261,420 and $7,737,907 in various line items.
The company recorded substantial R&D expenses: $12,889,323 for a data-center cooling system and $5,077,179 for NFT-related technology, contributing to a net loss before tax of $3,416,587 for the year ended October 31, 2023 and an associated tax credit of $2,092,461. During the period ended January 31, 2024 the company capitalized $406,641 of developed external software and reported accrued expenses and other payables of $6,166,607 as of January 31, 2024.