Skkynet Cloud Systems, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Skkynet Cloud Systems, Inc. has filed its 2023 annual report detailing its financial performance and business operations for the fiscal year ending October 31, 2023.</b>

AI Summary

Skkynet Cloud Systems, Inc. (SKKY) filed a Annual Report (10-K) with the SEC on January 25, 2024. Skkynet Cloud Systems, Inc. filed its annual report for the fiscal year ending October 31, 2023. The filing covers the period from November 1, 2022, to October 31, 2023. The company's principal business address is located at 2233 Argentia Road, Suite 302, Mississauga, A6, L5N 2X7. Skkynet Cloud Systems, Inc. was formerly known as Skyynet Cloud Systems, Inc., with a name change effective April 9, 2012. The company is incorporated in Nevada and operates within the Prepackaged Software industry (SIC 7372).

Why It Matters

For investors and stakeholders tracking Skkynet Cloud Systems, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Skkynet Cloud Systems, Inc.'s financial health, operational activities, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess the company's performance and future prospects. The detailed information within the filing, including financial statements and risk factors, allows for a thorough evaluation of the company's market position, potential challenges, and growth opportunities in the software industry.

Risk Assessment

Risk Level: low — Skkynet Cloud Systems, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant financial or operational disclosures that would suggest a high-risk profile based solely on this document.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K filing to understand Skkynet Cloud Systems, Inc.'s performance and potential challenges.

Financial Highlights

revenue

53143822

net Income

6632450

revenue Growth

15

Key Numbers

• 2023-10-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-01-25 — Filing Date (The date the 10-K was filed with the SEC.)
• 7372 — SIC Code (Standard Industrial Classification for Prepackaged Software.)
• 000-54747 — SEC File Number (The SEC's file number for the company.)

Key Players & Entities

• Skkynet Cloud Systems, Inc. (company) — Filer name and subject of the report.
• 2023-10-31 (date) — Fiscal year end date.
• 2024-01-25 (date) — Filing date.
• 2233 Argentia Road, Suite 302, Mississauga, A6, L5N 2X7 (address) — Company's business and mailing address.
• Skyynet Cloud Systems, Inc. (company) — Former company name.
• 7372 (industry_code) — Standard Industrial Classification code for Prepackaged Software.
• NV (state) — State of incorporation.
• 888-702-7851 (phone_number) — Company's business phone number.

Forward-Looking Statements

• The company may issue additional common shares up to the authorized limit. (Skkynet Cloud Systems, Inc.) — medium confidence, target: 2024-10-31

FAQ

Key Dates

• 2023-10-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-01-25: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.001 — (g) of the Act: Common Stock, par value $0.001 Indicate by check mark if the registr
• $2,374,216 — inancial services companies. Cogent had $2,374,216 in annual revenues from its operations
• $2,151,463 — fiscal year ended October 31, 2023 and $2,151,463 in annual revenues for the fiscal year

Filing Documents

• skky_10k.htm (10-K) — 899KB
• skky_ex311.htm (EX-31.1) — 10KB
• skky_ex312.htm (EX-31.2) — 13KB
• skky_ex321.htm (EX-32.1) — 5KB
• skky_ex322.htm (EX-32.2) — 4KB
• skky_10kimg2.jpg (GRAPHIC) — 4KB
• skky_10kimg3.jpg (GRAPHIC) — 3KB
• skky_10kimg1.jpg (GRAPHIC) — 22KB
• 0001477932-24-000359.txt (&nbsp;) — 3951KB
• skky-20231031.xsd (EX-101.SCH) — 40KB
• skky-20231031_lab.xml (EX-101.LAB) — 232KB
• skky-20231031_cal.xml (EX-101.CAL) — 39KB
• skky-20231031_pre.xml (EX-101.PRE) — 202KB
• skky-20231031_def.xml (EX-101.DEF) — 124KB
• skky_10k_htm.xml (XML) — 472KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS PART 1 Item 1.

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 14 Item 2.

Properties

Properties 14 Item 3.

Legal Proceedings

Legal Proceedings 14 Item 4. Mine Safety Disclosure 14 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 15 Item 6.

Selected Financial Data

Selected Financial Data 16 Item 7.

Management's Discussion and Analysis of Financial Conditions and Results of Operations

Management's Discussion and Analysis of Financial Conditions and Results of Operations 16 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 19 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 19 Item 9A.

Controls and Procedures

Controls and Procedures 20 Item 9B. Other Information 20 PART III Item 10. Directors, Executive Officers and Corporate Governance 21 Item 11.

Executive Compensation

Executive Compensation 24 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 28 Item 13. Certain Relationships and Related Transactions, and Director Independence 30 Item 14. Principal Accounting Fees and Services 31 PART IV Item 15. Exhibits, Financial Statement Schedules 32

SIGNATURES

SIGNATURES 33 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Various statements in this Annual Report on Form 10-K, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of our business activities, our revenues, income and capital spending. We generally identify forward-looking statements with the words "believe," "intend," "expect," "seek," "may," "should," "anticipate," "could," "estimate," "plan," "predict," "project" or their negatives, and other similar expressions. All statements we make relating to our estimated timelines and commencement of operations, and our projected earnings, costs, expenditures, cash flows, and financial results or to our expectations regarding future industry trends are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those that we expected. The forward-looking statements contained in this Form 10-K are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors and it is impossible for us to anticipate all factors that could affect our actual results. In addition, management's assumptions about future events may prove to be inaccurate. We caution all readers that the forward-looking statements contained in this Form 10-K are not guarantees of future performance, and we cannot assure any reader that such statements will prove correct, or the forward-looking events and

: BUSINESS

ITEM 1: BUSINESS. Overview Skkynet is a Nevada corporation headquartered in Mississauga, Canada. Skkynet operates its business through its wholly-owned subsidiaries Cogent Real-Time Systems, Inc. ("Cogent"), Skkynet, Inc. ("Skkynet (USA)"), Skkynet Corp. ("Skkynet (Canada)"). Skkynet was established to enhance Cogent's existing business lines through the integration of cloud-based systems ("Cloud"), and to deliver a Software-as-a-Service ("SaaS") product targeting the Industrial Internet of Things ("IoT") market, often referred to by the term "Industry 4.0" Boston Consulting Group issued reports on Industry 4.0 and how the future of productivity and growth in manufacturing industries will be impacted by the convergence of nine new technologies 1 , and how it will transform the industrial workforce 2 . Of the nine new technologies, several fit within the scope of Skkynet's core technical expertise: the cloud, cybersecurity, the industrial internet of things, and horizontal and vertical system integration. Specifically, Skkynet provides software and related systems and facilities to collect process and distribute real-time information over networks. This capability allows our customers to both locally and remotely manage, supervise and control industrial processes and financial information systems. By using our software and web-based assets we provide our clients and their end-customers, the ability and tools to observe and interact with these processes in real-time. We give our customers the power to analyze, change and control their local and remote systems to meet regulatory requirements and exceed target objectives. We believe there is a steady movement of manufacturing facilities from developed countries to underdeveloped countries because of the economic advantages of lowering production costs; however, this relocation process should not be viewed in traditional frameworks alone. In the United States there is a movement from high to low-cost states such as

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View this 10-K filing on SEC EDGAR