Cover
Cover | 3 Months Ended |
Jan. 31, 2023 | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Jan. 31, 2023 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --10-31 |
Entity File Number | 000-56208 |
Entity Registrant Name | World Scan Project, Inc. |
Entity Central Index Key | 0001813744 |
Entity Tax Identification Number | 35-2677532 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Postal Zip Code | 169-0051 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Entity Shell Company | false |
Contact Personnel Email Address | Issuer's telephone number: +81-3-6670-1692 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jan. 31, 2023 | Oct. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 1,550,553 | $ 5,836,065 |
Accounts receivable, trade | 153,310 | 1,847,068 |
Other receivables, current | 687 | 489 |
Advance payments and prepaid expenses | 22,408,075 | 16,389,562 |
Inventories | 458 | 403 |
TOTAL CURRENT ASSETS | 24,113,083 | 24,073,587 |
Non-current assets | ||
Furniture, fixtures and equipment, net | 306,173 | 280,024 |
Lease asset long term | 738,880 | 705,007 |
Long term prepaid expenses and security deposits, net | 113,022 | 112,145 |
Deferred tax assets | 137,124 | 307,438 |
Other intangible assets, non-current | 21,351 | 19,960 |
TOTAL NON-CURRENT ASSETS | 1,316,550 | 1,424,574 |
TOTAL ASSETS | 25,429,633 | 25,498,161 |
Current Liabilities | ||
Accrued expenses and other payables | 2,475,483 | 2,453,668 |
Accounts payable - related party | 19,976 | 18,517 |
Income taxes payable | 5,248,647 | 3,329,572 |
Consumption tax payable | 1,280,818 | 941,483 |
Short-term lease liability | 224,833 | 231,041 |
Deferred revenue | 1,461,766 | 7,401,171 |
Due to related party | 458 | 458 |
TOTAL CURRENT LIABILITIES | 10,711,981 | 14,375,910 |
Lease liability long term | 561,244 | 520,002 |
TOTAL LIABILITIES | 11,273,225 | 14,895,912 |
Preferred stock ($0.0001 par value, 200,000,000 shares authorized; 10,000,000 shares issued and outstanding as of January 31, 2023 and October 31, 2022) | 1,000 | 1,000 |
Common stock ($0.0001 par value, 200,000,000 shares authorized, 10,647,350 shares issued and outstanding as of January 31, 2023 and October 31, 2022) | 1,065 | 1,065 |
Additional paid-in capital | 323,990 | 323,990 |
Accumulated earnings | 14,577,383 | 12,555,142 |
Accumulated other comprehensive income | (747,030) | (2,278,948) |
TOTAL SHAREHOLDERS' EQUITY | 14,156,408 | 10,602,249 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 25,429,633 | $ 25,498,161 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) | Jan. 31, 2023 $ / shares shares |
Statement of Financial Position [Abstract] | |
preferred par value | $ / shares | $ 0.0001 |
preferred authorized | 200,000,000 |
preferred issued | 10,000,000 |
common par value | $ / shares | $ 0.0001 |
common authorized | 200,000,000 |
common issued | 10,647,350 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Revenues | ||
Revenues | $ 5,257 | $ 4,930,028 |
Revenues, net | 7,737,907 | |
Total Revenues | 7,743,164 | 4,930,028 |
Cost of revenues | 3,492 | 2,383,993 |
Gross profit | 7,739,672 | 2,546,035 |
OPERATING EXPENSE | ||
4,109,658 | 955,237 | |
Total operating Expenses | 4,109,658 | 955,237 |
Income from operations | 3,630,014 | 1,590,798 |
Other income (expense) | ||
19,463 | ||
Total other income (expense) | 19,463 | |
Net income before tax | 3,630,014 | 1,610,261 |
Income tax expense | 1,607,773 | 671,720 |
NET INCOME (LOSS) | 2,022,241 | 938,541 |
OTHER COMPREHENSIVE INCOME (LOSS) | ||
1,531,918 | (57,443) | |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ 3,554,159 | $ 881,098 |
Income per common share | ||
$ 0.19 | $ 0.09 | |
$ 0.10 | $ 0.05 | |
Weighted average common shares outstanding | ||
10,647,350 | 10,647,350 | |
20,647,350 | 20,647,350 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Comprehensive Income [Member] | Retained Earnings [Member] | Total |
Balance - January 31, 2023 | $ 1,000 | $ 1,065 | $ 323,990 | $ (160,194) | $ 3,646,360 | $ 3,812,221 |
Balance - October 31, 2022 at Oct. 31, 2021 | 1,000 | 1,065 | 323,990 | (160,194) | 3,646,360 | 3,812,221 |
Net income | 938,541 | 938,541 | ||||
Foreign currency translation | (57,443) | (57,443) | ||||
Balance - January 31, 2023 | 1,000 | 1,065 | 323,990 | (217,637) | 4,584,901 | 4,693,319 |
Balance - January 31, 2023 | 1,000 | 1,065 | 323,990 | (2,278,948) | 12,555,142 | 10,602,249 |
Balance - October 31, 2022 at Oct. 31, 2022 | 1,000 | 1,065 | 323,990 | (2,278,948) | 12,555,142 | 10,602,249 |
Net income | 2,022,241 | 2,022,241 | ||||
Foreign currency translation | 1,531,918 | 1,531,918 | ||||
Balance - January 31, 2023 | $ 1,000 | $ 1,065 | $ 323,990 | $ (747,030) | $ 14,577,383 | $ 14,156,408 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Unaudited) Continued - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Comprehensive Income [Member] | Retained Earnings [Member] | Total |
Balance - January 31, 2022 | $ 1,000 | $ 1,065 | $ 323,990 | $ (160,194) | $ 3,646,360 | $ 3,812,221 |
Balance - October 31, 2022 at Oct. 31, 2021 | 1,000 | 1,065 | 323,990 | (160,194) | 3,646,360 | 3,812,221 |
Net income | 938,541 | 938,541 | ||||
Foreign currency translation | (57,443) | (57,443) | ||||
Balance - January 31, 2022 | 1,000 | 1,065 | 323,990 | (217,637) | 4,584,901 | 4,693,319 |
Balance - January 31, 2022 | 1,000 | 1,065 | 323,990 | (2,278,948) | 12,555,142 | 10,602,249 |
Balance - October 31, 2022 at Oct. 31, 2022 | 1,000 | 1,065 | 323,990 | (2,278,948) | 12,555,142 | 10,602,249 |
Net income | 2,022,241 | 2,022,241 | ||||
Foreign currency translation | 1,531,918 | 1,531,918 | ||||
Balance - January 31, 2022 | $ 1,000 | $ 1,065 | $ 323,990 | $ (747,030) | $ 14,577,383 | $ 14,156,408 |
Statement - Consolidated Statem
Statement - Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
$ 2,022,241 | $ 938,541 | |
12,817 | 8,734 | |
13,824 | ||
73,153 | 81,246 | |
Changes in operating assets and liabilities: | ||
1,866,010 | (11,247) | |
(3,628,404) | (633,996) | |
(390,316) | ||
(126) | 16,735 | |
5,107 | ||
203,551 | ||
(300,962) | 8,586 | |
1,607,464 | 891,602 | |
(6,664,286) | (1,460,087) | |
(78,060) | (81,652) | |
(4,872,778) | (626,747) | |
(14,029) | ||
(14,029) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net effect of exchange rate changes on cash | 587,266 | 5,808 |
Net Change in Cash and Cash Equivalents | (4,285,512) | (634,968) |
Cash and cash equivalents - beginning of period | 5,836,065 | 2,583,218 |
Cash and cash equivalents - end of period | 1,550,553 | 1,948,250 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest paid | ||
Income taxes paid | ||
NON-CASH INVESTING AND FINANCING TRANSACTIONS | ||
ROU Asset/Liability | $ 1,207,972 |
NOTE 1 - ORGANIZATION AND DESCR
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | 3 Months Ended |
Jan. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | 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, Ryohei Uetaki gifted 7,000,000 shares of our Common Stock and 10,000,000 shares of our Series A Preferred Stock, which represented all of our issued and outstanding shares of Preferred Stock at the time, to SKYPR LLC, a Delaware Limited Liability Company (referred to herein as “SKYPR LLC”). Our CEO Ryohei Uetaki owns and controls 100% of the membership interests in SKYPR LLC. In September, 2020, the Company entered into subscription agreements with 41 shareholders. Pursuant to these agreements, the Company issued 647,350 shares of common stock in total to these shareholders and received $323,675 as aggregate consideration. At the time of purchase the price paid per share by each shareholder was the equivalent of about 0.50 USD. These shares were sold pursuant to the Company’s effective S-1 Registration Statement deemed effective on August 28, 2020 at 4pm EST. We operate through our wholly owned subsidiary, World Scan Project Corporation, a Japanese Company. We are a start-up stage company currently focused on developing, designing and selling small sized drones which may be used for a variety of purposes. Our principal executive offices are located at 2-18-23, Nishiwaseda, Shinjuku-Ku, Tokyo, 169-0051, Japan. The Company has elected October 31 st |
NOTE 2 - SUMMARY OF SIGNIFICANT
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidations The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, World Scan Project Corporation, whose registered address is 2-18-23, Nishiwaseda, Shinjuku-Ku, Tokyo, 162-0051, Japan. All significant intercompany accounts and transactions have been eliminated. Basis of Presentation This summary of significant accounting policies is presented to assist in understanding the Company’s financial statements. These accounting policies conform to accounting principles, generally accepted in the United States of America, and have been consistently applied in the preparation of the financial statements. Reclassification Certain amounts in the prior period have been reclassified to conform to the current period presentation. Use of Estimates 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. Advertising and Promotion All advertising, promotion and marketing expenses, including commissions, are expensed when incurred. Leases The Company capitalizes all leased assets pursuant to ASU 2016-02, Leases (Topic 842) Related party transaction A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of nine months or less when purchased to be cash equivalents. Accounts Receivable and Credit Policies Accounts receivable are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. Bad debts are written off as incurred. If there is a claim for a defect of product within four days after arrival of goods, the Company shall accept a goods return. Advance payments and prepaid expenses Advance payments and prepaid expenses are cash paid amounts that represent costs incurred from which a service or benefit is expected to be derived in the future. Inventory Inventories, consisting of products available for sale, are primarily accounted for using the first-in, first-out (“FIFO”) method, and are valued at the lower of cost or market value. This valuation requires the Company to make judgments, based on currently-available information, about the likely method of disposition, such as through sales to individual customers, returns to product vendors, or liquidations, and expected recoverable values of each disposition category. Fixed assets and depreciation Property, plant and equipment are stated at cost less depreciation and impairment loss. The initial cost of the assets comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the respective assets as follows: computer software developed or acquired for internal use, 2 to 5 years; computer equipment, 2 to 5 years; buildings and improvements, 5 to 15 years; leasehold improvements, 2 to 10 years; and furniture and equipment, 1 to 5 years. F-5 Table of Contents Foreign currency translation The Company maintains its books and records in its local currency, Japanese YEN (“JPY”), which is a functional currency as being the primary currency of the economic environment in which its operation is conducted. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In accordance with ASC Topic 830-30, “Translation of Financial Statement”, assets and liabilities of the Company whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements are recorded as a separate component of accumulated other comprehensive income within the statements of shareholders’ equity. Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates: January 31, 2023 Current JPY: US$1 exchange rate 130.47 Average JPY: US$1 exchange rate 136.04 Comprehensive income or loss ASC Topic 220, “Comprehensive Income”, establishes standards for reporting and display of comprehensive income or loss, its components and accumulated balances. Comprehensive income or loss as defined includes all changes in equity during a period from non-owner sources. Accumulated comprehensive income, as presented in the accompanying consolidated statements of shareholders’ equity consists of changes in unrealized gains and losses on foreign currency translation. Revenue recognition 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. 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. The following table summarizes our revenue recognized under ASC 606 in our consolidated statements of operations: Three Months Ended January 31, 2023 2022 Revenues Product sales $ 4,344 $ 4,906,820 Crypto miners sales, net 7,737,907 - Program for educational institution - 23,208 Other 913 - Total Revenue Under ASC 606 7,743,164 4,930,028 Total Revenue Under ASC 606 $ 7,743,164 $ 4,930,028 Revenue from product sales 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. Revenue from crypto miners sales 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. Revenue from educational institution program 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. Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. The Company recognized deferred tax assets of $137,124 and $307,438 as of January 31, 2023 and October 31, 2022, respectively. Basic Earnings (Loss) Per Share The Company computes basic and diluted earnings (loss) per share in accordance with ASC Topic 260, Earnings per Share Basic and diluted earnings per share are as follows: January 31, 2023 2022 Basic earnings per share $ .19 $ .09 Diluted earnings per share $ .10 $ .05 Fair Value of Financial Instruments The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. ASC 820, Fair Value Measurements and Disclosures - Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. - Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. - Level 3 – Inputs that are both significant to the fair value measurement and unobservable. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of January 31, 2023. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. As of January 31, 2023 and October 31, 2022, the Company had no financial instruments. Recently Issued Accounting Pronouncements The Company does not believe that any recently issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the accompanying financial statements. Concentration of Purchases Net purchase from suppliers accounting for 10% or more of total purchases are as follows: For the period ended January 31, 2023, 100% of the inventories were purchased from G-Force in the amount of $3,492. For the period ended January 31, 2022, 90.7% of the inventories were purchased from G-Force in the amount of $2,161,817. Concentration of Revenues Gross revenues from customers accounting for 10% or more of total revenues are as follows: For the period ended January 31, 2023, none. For the period ended January 31, 2022, 98.2% of total revenue was generated from Drone Net in the amount of $4,839,829. F-6 Table of Contents |
NOTE 3 - GOING CONCERN
NOTE 3 - GOING CONCERN | 3 Months Ended |
Jan. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 3 - GOING CONCERN | NOTE 3 - GOING CONCERN The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company demonstrates some positive trends, compared with the previous fiscal years, in our financial statements as in below: As of January 31, 2023, the Company recorded cash and cash equivalents of $1,550,553, a decrease of $397,697 as compared to $1,948,250 in the prior year period ended January 31, 2022. For the period ended, the Company’s major sources of liquidity is derived from crypto miner sales. The main cause of the decrease in cash from October 31, 2022 to January 31, 2023 is due to the working capital, which is an increase in Advance payments and prepaid expenses by $6M. The balance mainly consists of advance payments for crypto miner procurements. As stated in the consolidated financial statements for the period ended on January 31, 2023, the Company recorded a net income of $2,022,241 (+115% y-o-y) and used 4,872,778 (777% y-o-y) in cash flows from operating activities. As a result, the Company’s working capital has grown to approximately $12.8 million compared to October 31, 2022 working capital of approximately $9.7 million. Having reviewed the above, the Company realizes that whether we shall be able to continue demonstrating the positive trends demonstrated in our financial statements, lies in our ability to continue to generate revenue and increase revenue going forward. Principally, the Company's consolidated financial statements are based on going concern assumptions, which assume the realization of assets and offset of liabilities in the normal course of business. Based on this, the Company also recognizes that it is critical for us to continue to operate and/or perform our obligation(s) in the future and procure any required funds needed to meet the redemption of its debt during normal business operations. Management has evaluated the estimated impact of COVID-19, which has become a significant factor impacting operations of businesses globally, one of which we believe we will need to continue to monitor as to the potential effects it may have on our own business. The Company assessed the impact of COVID-19 and believes there to be minimal impact of COVID-19 on the Company’s drone sales, which is currently the Company’s primary source of revenue. The Company will need to continue to monitor COVID-19 and the effects it may have, socially and economically, as it is possible that such developments may in fact impact our operations going forward or more specifically, our sales results. At this time, the Company believes that it will not affect our assumptions as a going concern. Based on the Company’s evaluation, based on the positive financial trends it has experienced year over year e.g. increase in net income, management believes that it has completely mitigated the circumstances that led to a doubt with respect to the Company’s ability to continue as a going concern, i.e. dependency on a single major customer, which existed at the time of the filing of the Company’s prior year report. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern. |
NOTE 4 - ACCOUNTS RECEIVABLE
NOTE 4 - ACCOUNTS RECEIVABLE | 3 Months Ended |
Jan. 31, 2023 | |
Note 4 - Accounts Receivable | |
NOTE 4 - ACCOUNTS RECEIVABLE | NOTE 4 - ACCOUNTS RECEIVABLE 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. Concentration of Accounts Receivable Accounts receivable from customers accounting for 10% or more of total accounts receivable are as follows: 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. |
NOTE 5 - ADVANCE PAYMENTS AND P
NOTE 5 - ADVANCE PAYMENTS AND PREPAID EXPENSES | 3 Months Ended |
Jan. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
NOTE 5 - ADVANCE PAYMENTS AND PREPAID EXPENSES | NOTE 5 - ADVANCE PAYMENTS AND PREPAID EXPENSES Advance payments are comprised of the payments for the undelivered products and other deliverables. As of January 31, 2023 and October 31, 2022, the Company had advance payments and other prepaid expenses of $ 22,408,075 16,389,562 January 31, 2023 October 31, 2022 Purchase of products from G-Force Inc. $ 110,947 $ 101,158 Purchase of parts from Team M 42,155 37,097 Purchase of parts from Wise Partners Co., Ltd 259,980 228,785 Purchase of parts from Rogyx Co., Ltd 32,838 31,161 Purchase of cryptocurrency miners from Cellessence Corp. 15,896,037 15,915,311 Purchase of cryptocurrency miners from CU Holdings 5,633,479 - Other advances and prepaid expenses 432,638 76,050 Totals $ 22,408,075 $ 16,389,562 |
NOTE 6 - FIXED ASSETS
NOTE 6 - FIXED ASSETS | 3 Months Ended |
Jan. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
NOTE 6 - FIXED ASSETS | NOTE 6 - FIXED ASSETS The company recognizes purchased assets with a useful life longer than one year as fixed or non-current assets. These assets are depreciated using the straight-line method of depreciation over the estimated useful life of the assets. During the period ended January 31, 2023, the Company purchased no additional long-term assets The Company is depreciating previously purchased assets over a 5-10 year period once they were put into use. Depreciation expense for the period ended January 31, 2023 was approximately $ 12,817 During the year ended October 31, 2022, the Company purchased long-term assets, including building renovations, totaling approximately $ 227,180 The Company is depreciating these assets over a 5-10 year period once they were put into use. Depreciation expense for the year ended October 31, 2022 was approximately $ 50,535 |
NOTE 7 - DEFERRED REVENUE
NOTE 7 - DEFERRED REVENUE | 3 Months Ended |
Jan. 31, 2023 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
NOTE 7 - DEFERRED REVENUE | NOTE 7 - DEFERRED REVENUE Deferred revenue is the amount the Company received in advance from the customer for their orders placed with us. As of January 31, 2023 deferred revenue in the amount of $ 1,461,766 7,401,171 |
NOTE 8 - INCOME TAXES
NOTE 8 - INCOME TAXES | 3 Months Ended |
Jan. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
NOTE 8 - INCOME TAXES | NOTE 8 - INCOME TAXES For the periods ended January 31, 2023 and 2022, the Company had income tax expense in the amount of $1,607,773 and $ 671,720 United States The Company was incorporated under the laws of the State of Delaware on October 25, 2019. The U.S. federal income tax rate is 21%. Japan The Company conducts its major businesses in Japan through WSP Japan and is subject to tax in this jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the local tax authority. The Company is subject to a number of income taxes, which, in aggregate, represent a statutory tax rate approximately as follows: Company’s assessable profit For the year ended October 31, Up to JPY 4 million Up to JPY 8 million Over JPY 8 million 2022 22.9% 25.37% 37.59% For the periods ended January 31, 2023 and 2022, the Company’s income tax expenses are as follows: Three Months Ended January 31, 2023 2022 Current $ 1,404,222 $ 671,720 Deferred 203,551 - Total $ 1,607,773 $ 671,720 As of January 31, 2023 and October 31, 2022, the Company had income tax payable of $ 5,248,647 3,329,572 |
NOTE 9 - SHAREHOLDERS EQUITY
NOTE 9 - SHAREHOLDERS EQUITY | 3 Months Ended |
Jan. 31, 2023 | |
Equity [Abstract] | |
NOTE 9 - SHAREHOLDERS EQUITY | NOTE 9 - SHAREHOLDERS EQUITY Preferred Stock The authorized preferred stock of the Company consists of 200,000,000 shares with a par value of $0.0001. The authorized Series A Preferred Stock of the Company consists of 100,000,000. There were 10,000,000 shares of Series A Preferred Stock issued and outstanding as of January 31, 2023 and October 31, 2022. The rights, preferences, privileges, restrictions and other matters relating to the Series A Preferred Stock are as follows: (a) Each share of Series A Preferred Stock shall have no voting rights; (b) Each shareholder of Series A Preferred Stock may convert their shares at the option of the holder thereof into an equal amount of shares of any other class or series of the Company’s stock on a one to one basis. Common Stock The authorized common stock of the Company consists of 200,000,000 shares with a par value of $0.0001. There were 10,647,350 shares of common stock issued and outstanding as of January 31, 2023 and October 31, 2022. |
NOTE 10 - RELATED-PARTY TRANSAC
NOTE 10 - RELATED-PARTY TRANSACTIONS | 3 Months Ended |
Jan. 31, 2023 | |
Note 10 - Related-party Transactions | |
NOTE 10 - RELATED-PARTY TRANSACTIONS | NOTE 10 - RELATED-PARTY TRANSACTIONS Loan to the Company As of January 31, 2023, our CEO and Director, Ryohei Uetaki, has advanced to the Company $ 19,976 458 |
NOTE 11 - LEASE ASSETS AND LIAB
NOTE 11 - LEASE ASSETS AND LIABILITIES | 3 Months Ended |
Jan. 31, 2023 | |
Leases [Abstract] | |
NOTE 11 - LEASE ASSETS AND LIABILITIES | NOTE 11 - LEASE ASSETS AND LIABILITIES Our adoption of ASU 2016-02, Leases (Topic 842), and subsequent ASUs related to Topic 842, requires us to recognize substantially a ll leases on the balance sheet as an ROU asset and a corresponding lease liability. The new guidance also requires additional disclosures as detailed below. We adopted this standard on the effective date of November 1, 2020 and used this effective date as the date of initial application. Under this application method, we were not required to restate prior period financial information or provide Topic 842 disclosures for prior periods. We elected the ‘package of practical expedients,’ which permitted us to not reassess our prior conclusions related to lease identification, lease classification, and initial direct costs, and we did not elect the use of hindsight. We determine if a contract is a lease at the inception of the arrangement. We review all options to extend, terminate, or purchase the ROU assets, and when reasonably certain to exercise, we include the option in the determination of the lease term and lease liability. We have six operating leases related to our office space in Tokyo with remaining lease terms of 1 to 10 years. We recognized $73,153 and $11,541 in operating lease costs for the three months ended January 31, 2023 and January 31, 2022, respectively. Lease ROU assets and liabilities are recognized at commencement date of the lease, based on the present value of lease payments over the lease term. The lease ROU asset also includes any lease payments made and excludes any lease incentives. When readily determinable, we use the implicit rate in determining the present value of lease payments. When leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date, including the lease term. The tables below present financial information associated with our leases. As noted above, we adopted Topic 842 using a transition method that does not require application to periods prior to adoption. Balance Sheet Classification January 31, 2023 October 31, 2022 Right-of-use assets Lease asset long $ 738,880 $ 705,007 Current lease liabilities Short-term lease liability 224,833 231,041 Non-current lease liabilities Lease liability long term 561,244 520,002 Maturities of lease liabilities as of January 31, 2023 are as follows: 2023 230,516 2024 115,891 2025 91,975 2026 91,975 2027 and beyond 459,876 Total 990,233 Less interest (204,156) Present value of lease liabilities 786,077 |
NOTE 12 - ACCRUED EXPENSES AND
NOTE 12 - ACCRUED EXPENSES AND OTHER PAYABLES | 3 Months Ended |
Jan. 31, 2023 | |
Payables and Accruals [Abstract] | |
NOTE 12 - ACCRUED EXPENSES AND OTHER PAYABLES | NOTE 12 - ACCRUED EXPENSES AND OTHER PAYABLES Accrued expenses and other payables are comprised of trade accounts payable, accrued payroll tax liabilities and accrued expenses As of January 31, 2023 and October 31, 2022, the Company had accrued expenses and other payables of $ 2,475,483 2,453,668 January 31, 2023 October 31, 2022 Accounts payable, trade $ 2,408,852 $ 2,383,161 Accounts payable for employees 47,099 54,879 Accrued payroll liabilities 19,532 15,628 Totals $ 2,475,483 $ 2,453,668 |
NOTE 13 - SUBSEQUENT EVENTS
NOTE 13 - SUBSEQUENT EVENTS | 3 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
NOTE 13 - SUBSEQUENT EVENTS | NOTE 13 - SUBSEQUENT EVENTS The Company has evaluated subsequent events through March 8, 2023 , the date on which the consolidated financial statements were available to be issued and has found no material transactions to report. |
NOTE 2 - SUMMARY OF SIGNIFICA_2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidations | Principles of Consolidations The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, World Scan Project Corporation, whose registered address is 2-18-23, Nishiwaseda, Shinjuku-Ku, Tokyo, 162-0051, Japan. All significant intercompany accounts and transactions have been eliminated. |
Basis of Presentation | Basis of Presentation This summary of significant accounting policies is presented to assist in understanding the Company’s financial statements. These accounting policies conform to accounting principles, generally accepted in the United States of America, and have been consistently applied in the preparation of the financial statements. |
Reclassification | Reclassification Certain amounts in the prior period have been reclassified to conform to the current period presentation. |
Use of Estimates | Use of Estimates 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. |
Advertising and Promotion | Advertising and Promotion All advertising, promotion and marketing expenses, including commissions, are expensed when incurred. |
Leases | Leases The Company capitalizes all leased assets pursuant to ASU 2016-02, Leases (Topic 842) |
Related party transaction | Related party transaction A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of nine months or less when purchased to be cash equivalents. |
Accounts Receivable and Credit Policies | Accounts Receivable and Credit Policies Accounts receivable are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. Bad debts are written off as incurred. If there is a claim for a defect of product within four days after arrival of goods, the Company shall accept a goods return. |
Advance payments and prepaid expenses | Advance payments and prepaid expenses Advance payments and prepaid expenses are cash paid amounts that represent costs incurred from which a service or benefit is expected to be derived in the future. |
Inventory | Inventory Inventories, consisting of products available for sale, are primarily accounted for using the first-in, first-out (“FIFO”) method, and are valued at the lower of cost or market value. This valuation requires the Company to make judgments, based on currently-available information, about the likely method of disposition, such as through sales to individual customers, returns to product vendors, or liquidations, and expected recoverable values of each disposition category. |
Fixed assets and depreciation | Fixed assets and depreciation Property, plant and equipment are stated at cost less depreciation and impairment loss. The initial cost of the assets comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the respective assets as follows: computer software developed or acquired for internal use, 2 to 5 years; computer equipment, 2 to 5 years; buildings and improvements, 5 to 15 years; leasehold improvements, 2 to 10 years; and furniture and equipment, 1 to 5 years. F-5 Table of Contents |
Foreign currency translation | Foreign currency translation The Company maintains its books and records in its local currency, Japanese YEN (“JPY”), which is a functional currency as being the primary currency of the economic environment in which its operation is conducted. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In accordance with ASC Topic 830-30, “Translation of Financial Statement”, assets and liabilities of the Company whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements are recorded as a separate component of accumulated other comprehensive income within the statements of shareholders’ equity. Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates: January 31, 2023 Current JPY: US$1 exchange rate 130.47 Average JPY: US$1 exchange rate 136.04 |
Comprehensive income or loss | Comprehensive income or loss ASC Topic 220, “Comprehensive Income”, establishes standards for reporting and display of comprehensive income or loss, its components and accumulated balances. Comprehensive income or loss as defined includes all changes in equity during a period from non-owner sources. Accumulated comprehensive income, as presented in the accompanying consolidated statements of shareholders’ equity consists of changes in unrealized gains and losses on foreign currency translation. |
Revenue recognition | Revenue recognition 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. 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. The following table summarizes our revenue recognized under ASC 606 in our consolidated statements of operations: Three Months Ended January 31, 2023 2022 Revenues Product sales $ 4,344 $ 4,906,820 Crypto miners sales, net 7,737,907 - Program for educational institution - 23,208 Other 913 - Total Revenue Under ASC 606 7,743,164 4,930,028 Total Revenue Under ASC 606 $ 7,743,164 $ 4,930,028 Revenue from product sales 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. Revenue from crypto miners sales 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. Revenue from educational institution program 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. |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. The Company recognized deferred tax assets of $137,124 and $307,438 as of January 31, 2023 and October 31, 2022, respectively. |
Basic Earnings (Loss) Per Share | Basic Earnings (Loss) Per Share The Company computes basic and diluted earnings (loss) per share in accordance with ASC Topic 260, Earnings per Share Basic and diluted earnings per share are as follows: January 31, 2023 2022 Basic earnings per share $ .19 $ .09 Diluted earnings per share $ .10 $ .05 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. ASC 820, Fair Value Measurements and Disclosures - Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. - Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. - Level 3 – Inputs that are both significant to the fair value measurement and unobservable. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of January 31, 2023. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. As of January 31, 2023 and October 31, 2022, the Company had no financial instruments. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements The Company does not believe that any recently issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the accompanying financial statements. |
Concentration of Purchases | Concentration of Purchases Net purchase from suppliers accounting for 10% or more of total purchases are as follows: For the period ended January 31, 2023, 100% of the inventories were purchased from G-Force in the amount of $3,492. For the period ended January 31, 2022, 90.7% of the inventories were purchased from G-Force in the amount of $2,161,817. |
Concentration of Revenues | Concentration of Revenues Gross revenues from customers accounting for 10% or more of total revenues are as follows: For the period ended January 31, 2023, none. For the period ended January 31, 2022, 98.2% of total revenue was generated from Drone Net in the amount of $4,839,829. |
NOTE 11 - LEASE ASSETS AND LI_2
NOTE 11 - LEASE ASSETS AND LIABILITIES (Tables) | 3 Months Ended |
Jan. 31, 2023 | |
Leases [Abstract] | |
financial information associated with our leases. | The tables below present financial information associated with our leases. As noted above, we adopted Topic 842 using a transition method that does not require application to periods prior to adoption. Balance Sheet Classification January 31, 2023 October 31, 2022 Right-of-use assets Lease asset long $ 738,880 $ 705,007 Current lease liabilities Short-term lease liability 224,833 231,041 Non-current lease liabilities Lease liability long term 561,244 520,002 Maturities of lease liabilities as of January 31, 2023 are as follows: 2023 230,516 2024 115,891 2025 91,975 2026 91,975 2027 and beyond 459,876 Total 990,233 Less interest (204,156) Present value of lease liabilities 786,077 |
NOTE 5 - ADVANCE PAYMENTS AND_2
NOTE 5 - ADVANCE PAYMENTS AND PREPAID EXPENSES (Details Narrative) - USD ($) | Jan. 31, 2023 | Oct. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Advance payments and other prepaid expenses | $ 22,408,075 | $ 16,389,562 |
NOTE 6 - FIXED ASSETS (Details
NOTE 6 - FIXED ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Oct. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | ||
Depreciation expense period | $ 12,817 | $ 50,535 |
Long term assets purchased | $ 227,180 |
NOTE 7 - DEFERRED REVENUE (Deta
NOTE 7 - DEFERRED REVENUE (Details Narrative) - USD ($) | Jan. 31, 2023 | Oct. 31, 2022 |
Revenue Recognition and Deferred Revenue [Abstract] | ||
Deferred Revenue from Cryptocurrency Miners | $ 1,461,766 | $ 7,401,171 |
NOTE 8 - INCOME TAXES (Details
NOTE 8 - INCOME TAXES (Details Narrative) - USD ($) | 3 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
[custom:Incometaxexpense] | $ 1,607,773 | $ 671,720 | |
Income tax payable | $ 5,248,647 | $ 3,329,572 |
NOTE 10 - RELATED-PARTY TRANS_2
NOTE 10 - RELATED-PARTY TRANSACTIONS (Details Narrative) | Jan. 31, 2023 USD ($) |
Note 10 - Related-party Transactions | |
Amount advanced for salary | $ 19,976 |
Amount advanced for expenses | $ 458 |
NOTE 11 - LEASE ASSETS AND LI_3
NOTE 11 - LEASE ASSETS AND LIABILITIES (Details Narrative) | 9 Months Ended |
Jul. 31, 2022 USD ($) | |
Leases [Abstract] | |
[custom:Operatingleasecosts] | $ 73,153 |
NOTE 12 - ACCRUED EXPENSES AN_2
NOTE 12 - ACCRUED EXPENSES AND OTHER PAYABLES (Details Narrative) - USD ($) | Jan. 31, 2023 | Oct. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued expenses and other payables, as of | $ 2,475,483 | $ 2,453,668 |