2023 Q1 Form 10-Q Financial Statement

#000159991623000047 Filed on March 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $5.257K $4.930M
YoY Change -99.89% 136.25%
Cost Of Revenue $3.492K $2.384M
YoY Change -99.85% 212.9%
Gross Profit $7.740M $2.546M
YoY Change 203.99% 92.17%
Gross Profit Margin 147226.02% 51.64%
Selling, General & Admin $4.110M $955.2K
YoY Change 330.22% 35.92%
% of Gross Profit 53.1% 37.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.82K $8.730K
YoY Change 46.85%
% of Gross Profit 0.17% 0.34%
Operating Expenses $4.110M $955.2K
YoY Change 330.22% 35.92%
Operating Profit $3.630M $1.591M
YoY Change 128.19% 155.72%
Interest Expense $0.00
YoY Change
% of Operating Profit 0.0%
Other Income/Expense, Net $0.00 $19.46K
YoY Change -100.0% -81.8%
Pretax Income $3.630M $1.610M
YoY Change 125.43% 120.89%
Income Tax $1.608M $671.7K
% Of Pretax Income 44.29% 41.72%
Net Earnings $2.022M $938.5K
YoY Change 115.47% 166.31%
Net Earnings / Revenue 38467.59% 19.04%
Basic Earnings Per Share $0.19 $0.09
Diluted Earnings Per Share $0.10 $0.05
COMMON SHARES
Basic Shares Outstanding 10.65M shares 10.65M shares
Diluted Shares Outstanding 20.65M shares 20.65M shares

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.551M $1.948M
YoY Change -20.41% 189.25%
Cash & Equivalents $1.551M $1.948M
Short-Term Investments
Other Short-Term Assets $22.41M $3.666M
YoY Change 511.18% 253.42%
Inventory $458.00 $433.8K
Prepaid Expenses
Receivables $153.3K $15.75K
Other Receivables $690.00 $0.00
Total Short-Term Assets $24.11M $6.064M
YoY Change 297.64% 85.79%
LONG-TERM ASSETS
Property, Plant & Equipment $1.045M $1.230M
YoY Change -15.06% 1094.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $137.1K
YoY Change
Total Long-Term Assets $1.317M $1.380M
YoY Change -4.58% 1065.1%
TOTAL ASSETS
Total Short-Term Assets $24.11M $6.064M
Total Long-Term Assets $1.317M $1.380M
Total Assets $25.43M $7.444M
YoY Change 241.62% 120.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.495M $267.0K
YoY Change 834.49% 22.05%
Accrued Expenses $1.506M $253.7K
YoY Change 493.38% 387.31%
Deferred Revenue
YoY Change
Short-Term Debt $460.00 $460.00
YoY Change 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.71M $1.906M
YoY Change 461.9% 51.75%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $561.2K $844.1K
YoY Change -33.51% 1558.04%
Total Long-Term Liabilities $561.2K $844.1K
YoY Change -33.51% 1558.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.71M $1.906M
Total Long-Term Liabilities $561.2K $844.1K
Total Liabilities $11.27M $2.751M
YoY Change 309.86% 110.42%
SHAREHOLDERS EQUITY
Retained Earnings $14.58M
YoY Change
Common Stock $1.065K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.16M $4.693M
YoY Change
Total Liabilities & Shareholders Equity $25.43M $7.444M
YoY Change 241.62% 120.08%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $2.022M $938.5K
YoY Change 115.47% 166.31%
Depreciation, Depletion And Amortization $12.82K $8.730K
YoY Change 46.85%
Cash From Operating Activities -$4.873M -$626.7K
YoY Change 677.47% 107.82%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $14.03K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$14.03K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities -$4.873M -$626.7K
Cash From Investing Activities -$14.03K
Cash From Financing Activities
Net Change In Cash -$4.286M -$635.0K
YoY Change 574.92%
FREE CASH FLOW
Cash From Operating Activities -$4.873M -$626.7K
Capital Expenditures $0.00 $14.03K
Free Cash Flow -$4.873M -$640.8K
YoY Change 660.45%

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CY2023Q1 us-gaap Reclassifications
Reclassifications
<p id="xdx_84D_eus-gaap--Reclassifications_zTZIxFgAvQXk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_865_zXXFs2rMjs3d">Reclassification</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Certain amounts in the prior period have been reclassified to conform to the current period presentation.</span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="color: #000000"> </span></p>
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_849_eus-gaap--UseOfEstimates_zDEhOdaIwrt5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_86C_zLzLJfvxyPHh" style="color: #000000"><b>Use of Estimates</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="color: #000000"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2023Q1 us-gaap Revenue Recognition Accounting Policy Gross And Net Revenue Disclosure
RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure
<p id="xdx_845_eus-gaap--RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure_zoXpS7xfWt87" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_86E_zJCu6D2BKeV" style="color: #000000"><b>Revenue recognition</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="color: #000000"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">The Company adopted ASC 606 – Revenue from contracts with Customers: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Revenue amount represents the invoiced value, net of a value-added tax (“Consumption Tax”) and applicable local government levies. The Consumption Tax on sales is calculated at 10% of gross sales. The Company is subject to consumption taxes in Japan for the year ended October 31, 2022. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="background-color: white">The following table summarizes our revenue recognized under ASC 606 in our consolidated statements of operations:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td colspan="6" style="padding-right: 4.95pt; padding-left: 4.95pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Three Months Ended</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>January 31,</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td colspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td colspan="3" style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td colspan="2" style="padding-right: 4.95pt; padding-left: 4.95pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenues</b>   </span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product sales  </span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td colspan="2" style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,344</span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,906,820</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Crypto miners sales, net</span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td colspan="2" style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,737,907</span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Program for educational institution</span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td colspan="2" style="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"> </td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,208</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">913</span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Revenue Under ASC 606</span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,743,164</span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,930,028</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Yu Gothic,sans-serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Revenue Under ASC 606</span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td colspan="2" style="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,743,164</span></td> <td style="padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="border-bottom: black 2.25pt double; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,930,028</span></td></tr> <tr style="background-color: white"> <td style="width: 49%"> </td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 2%"> </td> <td style="width: 16%"> </td> <td style="width: 7%"> </td> <td style="width: 9%"> </td> <td style="width: 11%"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><i><span style="text-decoration: underline">Revenue from product sales</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Revenue for products is recognized when the products are delivered to the customer and the customer completes the product inspection. Cash receipts for undelivered products are recorded as deferred revenues. As of January 31, 2023, no deferred revenues are related to product sales. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><i><span style="text-decoration: underline">Revenue from crypto miners sales</span></i>       </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">During the period ended January 31, 2023, the Company acted as an agent in facilitating the sales of crypto miners, produced by a third-party manufacturer, to customers of the Company. Revenue for the sale of crypto miners was recognized when the miners were delivered to the customers and the customers completed the inspection of the miners. Management assessed the Company’s contracts with the third-party manufacturer and customers in consideration of ASC 606, “Revenue from Contracts with Customers”, and determined the Company as the agent in said transactions. As such, the company recognized crypto miner sales net of costs. For the period ended January 31, 2023, Cost of goods sold for miner purchases, netted by the gross sales was $26,084,482. As of January 31, 2023, $1,461,766 of deferred revenues are related to deposits for crypto miners.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><i><span style="text-decoration: underline">Revenue from educational institution program</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Revenue for educational institution fees is recognized when the services are provided to the customer. Cash receipts for undelivered products are recorded as deferred revenues. As of January 31, 2023, the Company had no deferred revenues related to the educational institution program.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="color: #000000; background-color: white"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="color: #000000"> </span></p>
CY2023Q1 WDSP Concentrationofpurchases
Concentrationofpurchases
<p id="xdx_846_ecustom--Concentrationofpurchases_zt5pb194bUFj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_86E_zjVpupuOWTmk">Concentration of Purchases</span></b>   </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Net purchase from suppliers accounting for 10% or more of total purchases are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">For the period ended January 31, 2023, 100% of the inventories were purchased from G-Force in the amount of $3,492.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">For the period ended January 31, 2022, 90.7% of the inventories were purchased from G-Force in the amount of $2,161,817.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2023Q1 WDSP Concentrationofrevenues
Concentrationofrevenues
<p id="xdx_84E_ecustom--Concentrationofrevenues_zrrGejthrnD2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_860_znxpFNtOrA2f">Concentration of Revenues</span></b>     </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Gross revenues from customers accounting for 10% or more of total revenues are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">For the period ended January 31, 2023, none.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">For the period ended January 31, 2022, 98.2% of total revenue was generated from Drone Net in the amount of $4,839,829.</span></p>
CY2023Q1 WDSP Accountsreceivablepolicy
Accountsreceivablepolicy
<p id="xdx_807_ecustom--Accountsreceivablepolicy_zsE4H3W30lE4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b><span id="xdx_828_zYREZWEFeksh">NOTE 4 - ACCOUNTS RECEIVABLE</span></b>  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Accounts receivable from customers totaled $153,310 as of January 31, 2023 and $1,847,068 as of October 31, 2022. No bad debt allowance was provided as of January 31, 2023 and October 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><b>Concentration of Accounts Receivable</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Accounts receivable from customers accounting for 10% or more of total accounts receivable are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">For the period ended January 31, 2023, 99.9% of total accounts receivable was owed to the Company by Soar in the amount of $153,291.  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="color: #000000; background-color: white"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"> </span></p>
CY2023Q1 WDSP Advancepayments
Advancepayments
22408075 usd
CY2022Q4 WDSP Advancepayments
Advancepayments
16389562 usd
CY2023Q1 WDSP Depreciationexpenseperiod
Depreciationexpenseperiod
12817 usd
CY2022 WDSP Longtermassetspurchased
Longtermassetspurchased
227180 usd
CY2022 WDSP Depreciationexpenseperiod
Depreciationexpenseperiod
50535 usd
CY2023Q1 WDSP Deferredrevminers
Deferredrevminers
1461766 usd
CY2022Q4 WDSP Deferredrevminers
Deferredrevminers
7401171 usd
CY2023Q1 WDSP Incometaxexpense
Incometaxexpense
1607773 usd
CY2022Q1 WDSP Incometaxexpense
Incometaxexpense
671720 usd
CY2023Q1 WDSP Incometaxpayable
Incometaxpayable
5248647 usd
CY2022Q4 WDSP Incometaxpayable
Incometaxpayable
3329572 usd
CY2023Q1 WDSP Salaryadvance
Salaryadvance
19976 usd
CY2023Q1 WDSP Advancedexpenses
Advancedexpenses
458 usd
WDSP Operatingleasecosts
Operatingleasecosts
73153 usd
CY2023Q1 WDSP Accruedexpensesandotherpayables
Accruedexpensesandotherpayables
2475483 usd
CY2022Q4 WDSP Accruedexpensesandotherpayables
Accruedexpensesandotherpayables
2453668 usd

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ex32_wsp.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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