World Scan Project, Inc. Files Q2 2024 10-Q

TL;DR

World Scan Project (WSP) filed its Q2 2024 10-Q, covering operations up to April 30, 2024.

AI Summary

World Scan Project, Inc. filed its 10-Q for the period ending April 30, 2024. The filing covers the second quarter of their fiscal year, which ends on October 31st. The company is based in Shinjuku-ku, Tokyo, Japan, and operates in the wholesale of computer and peripheral equipment and software.

Why It Matters

This filing provides investors with an update on World Scan Project, Inc.'s financial performance and position for the second quarter of fiscal year 2024, offering insights into its operations in the computer equipment and software wholesale sector.

Risk Assessment

Risk Level: low — This is a routine quarterly filing (10-Q) and does not contain immediate red flags or significant new risks.

Key Players & Entities

• World Scan Project, Inc. (company) — Filer of the 10-Q
• 20240430 (date) — End of the reporting period
• 20241120 (date) — Filing date
• Shinjuku-ku, Tokyo (location) — Company's business address
• WHOLESALE-COMPUTER & PERIPHERAL EQUIPMENT & SOFTWARE [5045] (industry) — Company's Standard Industrial Classification

FAQ

Key Financial Figures

• $0.0001 — 0,000 shares of Common Stock, par value $0.0001 per share and 10,000,000 shares of Seri
• $2,000 — Series A Preferred Stock, is valued at $2,000. On October 25, 2019, Ryohei Uetaki w
• $323,675 — otal to these shareholders and received $323,675 as aggregate consideration. At the time
• $1,740,000 — otal to these shareholders and received $1,740,000 as aggregate consideration. At the time
• $ — rrency is not US$ are translated into US$, using the exchange rate on the balance
• $1,781,279 — les net of costs. As of April 30, 2024, $1,781,279 of advance received are related to depo
• $101,441 — mpany recognized deferred tax assets of $101,441 and $27,841 as of April 30, 2024 and Oc
• $27,841 — zed deferred tax assets of $101,441 and $27,841 as of April 30, 2024 and October 31, 20

Filing Documents

• worldscan_q224f.htm (10-Q) — 583KB
• ex31_224.htm (EX-31) — 11KB
• ex32_224.htm (EX-32) — 7KB
• 0001599916-24-000292.txt ( ) — 2786KB
• wdsp-20240430.xsd (EX-101.SCH) — 30KB
• wdsp-20240430_cal.xml (EX-101.CAL) — 15KB
• wdsp-20240430_def.xml (EX-101.DEF) — 28KB
• wdsp-20240430_lab.xml (EX-101.LAB) — 168KB
• wdsp-20240430_pre.xml (EX-101.PRE) — 134KB
• worldscan_q224f_htm.xml (XML) — 368KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM 1

FINANCIAL STATEMENTS - UNAUDITED

FINANCIAL STATEMENTS - UNAUDITED F1 Consolidated Balance Sheets - UNAUDITED F1 CONSOLIDATED Statements of Operations AND COMPREHENSIVE INCOME- UNAUDITED F2 cONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)- UNAUDITED F3 cONSOLIDATED Statement of Cash Flows - unaudited F4 Notes to CONSOLIDATED Financial Statements - unaudited F5 ITEM 2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS 3 ITEM 3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 3 ITEM 4

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 4

- OTHER INFORMATION

PART II - OTHER INFORMATION ITEM 1

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 5 ITEM 1A

RISK FACTORS

RISK FACTORS ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 5 ITEM 3 DEFAULTS UPON SENIOR SECURITIES 5 ITEM 4 MINE SAFETY DISCLOSURES 5 ITEM 5 OTHER INFORMATION 5 ITEM 6 EXHIBITS 5

SIGNATURES

SIGNATURES 6 -2- Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION WORLD SCAN PROJECT, INC. CONSOLIDATED BALANCE SHEETS April 30, 2024 (Unaudited) October 31, 2023 ASSETS Current Assets Cash and cash equivalents $ 231,669 $ 5,698,883 Accounts receivable, trade - 125,981 Other receivables, current 103 - Advance payments and prepaid expenses 13,230,732 5,122,849 Inventories 8,260 358,635 TOTAL CURRENT ASSETS 13,470,764 11,306,348 Non-current assets Furniture, fixtures and equipment, net 237,799 244,277 Lease asset long term 651,984 788,150 Investment securities 1,529,637 1,605,244 Long term prepaid expenses and security deposits, net 43,212 52,769 Deferred tax assets 101,441 27,841 Other intangible assets, non-current 394,629 15,147 TOTAL NON-CURRENT ASSETS 2,958,702 2,733,428 TOTAL ASSETS $ 16,429,466 $ 14,039,776 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accrued expenses and other payables $ 410,234 $ 1,103,686 Accounts payable - related party 18,758 19,679 Income taxes payable 223 117 Consumption tax payable - 29,027 Short-term lease liability 158,814 186,351 Advance received 1,781,279 3,358,529 Due to related party 458 458 TOTAL CURRENT LIABILITIES 2,369,766 4,697,847 Non-Current Liabilities Lease liability long term 517,071 626,242 TOTAL LIABILITIES $ 2,886,837 $ 5,324,089 Shareholders' Equity Preferred stock ($ 0.0001 par value, 200,000,000 shares authorized; 10,000,000 shares issued and outstanding as of April 30, 2024 and October 31, 2023) $ 1,000 $ 1,000 Common stock ($ 0.0001 par value, 200,000,000 shares authorized, 11,303,350 and 10,817,350 shares issued and outstanding as of April 30, 2024 and October 31, 2023, respectively) 1,131 1,082 Additional paid-in capital 7,895,924 2,063,973 Accumulated earnings 8,940,569 9,138,555 Accumulated other comprehensive income ( 3,295,995 ) ( 2,

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS A pril 30, 2024 (UNAUDITED) NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS World Scan Project, Inc., a Delaware corporation ("the Company") was incorporated under the laws of the State of Delaware on October 25, 2019. On October 25, 2019, Ryohei Uetaki, our officer and director, paid for expenses involved with the incorporation of the Company with personal funds on behalf of the Company, in exchange for 10,000,000 shares of Common Stock, par value $0.0001 per share and 10,000,000 shares of Series A Preferred stock, par value $0.0001 per share, which issuance was exempt from the registration provisions of Section 5 of the Securities Act under Section 4(2) of such same said act. The value of the stock provided to Mr. Uetaki, based on the par value of $.0001 per share of common stock and Series A Preferred Stock, is valued at $2,000. On October 25, 2019, Ryohei Uetaki was appointed as Chief Executive Officer, Chief Financial Officer, President, Director, Secretary, and Treasurer. On November 18, 2019, Yasumasa Ichikawa was appointed as Chief Technology Officer. On January 25, 2020, the Company entered into and consummated a Share Contribution Agreement with Ryohei Uetaki. Pursuant to this agreement Mr. Uetaki gifted to the Company, at no cost, 300 shares of common stock of World Scan Project Corporation, a Japan corporation ("WSP Japan"), which represented all of its issued and outstanding shares. The Company has since gained a 100% interest in the issued and outstanding shares of WSP Japan's common stock and WSP Japan is now a wholly owned subsidiary of the Company. The Company and WSP Japan were under common control at the time of the acquisition. WSP Japan was incorporated under the laws of Japan on January 22, 2020. Currently, WSP Japan is headquartered in Tokyo, Japan. The Company's primary business is focused on developing and manufacturing of autonomous aerial vehicles including drones. On February 19, 2020, R

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