Wed, Nov 20, 11:05 AM (54 days ago)
**World Scan Project, Inc. (WSP)** reported significant financial challenges for Q2 2024, ending April 30, 2024. Revenues plunged to **$1,967.6K**, a stark decline from **$23,261.1K** in Q2 2023, primarily due to a drop in crypto miner sales. The company recorded a **net loss of $197.9K** compared to a net income of **$7,148.8K** in the prior year, indicating a **103% year-over-year decline**. Operating cash flow was negative at **$10,616.9K**, reflecting increased advance payments and reduced sales. Current assets rose to **$13,470.8K**, bolstered by **$13,230.7K** in advance payments, while cash and equivalents dwindled to **$231.7K**. Total liabilities decreased to **$2,886.8K**, down from **$5,324.1K**, enhancing working capital by **68%** to **$11.1M** since October 31, 2023. Despite ongoing liquidity pressures, management remains optimistic, citing growth in working capital and a focus on revenue generation. However, uncertainties persist, especially regarding market conditions and operational impacts from COVID-19. The company's ability to sustain operations hinges on recovering sales and managing cash effectively in the coming quarters.