Tue, Nov 19, 8:07 PM (14 days ago)
**World Scan Project, Inc. (WDSP) Summary - FY 2023** For the fiscal year ending October 31, 2023, World Scan Project, Inc. reported revenues of $30,986,882, a slight increase from $29,440,341 in FY 2022. However, the company experienced a significant net loss of $3,416,587 compared to a net income of $8,908,782 the previous year, largely due to increased research and development expenses totaling $18,717,456. Operating expenses surged to $36,336,303, reflecting the company's ongoing investment in technology development. Earnings per share declined to $(0.32) from $0.84, indicating a challenging year. The company's cash position remained relatively stable, with cash and cash equivalents at $5,698,883, down from $5,836,065 in FY 2022. The working capital decreased by 32% to $6,608,501, highlighting liquidity concerns. Strategically, World Scan is focused on expanding its market presence in drone and IoT technologies, with plans for direct sales in Japan and potential overseas expansion. However, the company faces risks, including reliance on a single customer, Drone Net, and regulatory changes affecting drone operations. Overall, while World Scan is investing heavily in R&D and expanding its product offerings, the financial performance reflects significant challenges that need addressing for future growth and stability.