Skkynet Cloud Systems Files 2024 10-K

TL;DR

Skkynet Cloud Systems 2024 10-K filed: $8.22M assets, $8.07M liabilities. Software focus.

AI Summary

Skkynet Cloud Systems, Inc. filed its 10-K for the fiscal year ending October 31, 2024. The company reported total assets of $8.22 million and total liabilities of $8.07 million. Revenue for the period was not explicitly stated but the filing indicates a focus on prepackaged software services.

Why It Matters

This filing provides a snapshot of Skkynet Cloud Systems' financial health and operational status as of October 31, 2024, which is crucial for investors and stakeholders to assess the company's performance and future prospects.

Risk Assessment

Risk Level: medium — The company has a significant portion of its assets covered by liabilities, indicating a potentially tight financial position.

Key Numbers

• $8.22M — Total Assets (Represents the company's total resources as of the fiscal year end.)
• $8.07M — Total Liabilities (Indicates the company's total obligations as of the fiscal year end.)
• 1031 — Fiscal Year End (The end date of the company's reporting period.)

Key Players & Entities

• Skkynet Cloud Systems, Inc. (company) — Filer of the 10-K report.
• 2024-10-31 (date) — Fiscal year end for the reported period.
• $8.22 million (dollar_amount) — Total assets reported.
• $8.07 million (dollar_amount) — Total liabilities reported.
• 7372 (number) — Standard Industrial Classification code for 'SERVICES-PREPACKAGED SOFTWARE'.

FAQ

Key Financial Figures

• $0.001 — (g) of the Act: Common Stock, par value $0.001 Indicate by check mark if the registra
• $2,561,745 — inancial services companies. Cogent had $2,561,745 in annual revenues from its operations
• $2,374,216 — fiscal year ended October 31, 2024 and $2,374,216 in annual revenues for the fiscal year

Filing Documents

• skky_10k.htm (10-K) — 933KB
• skky_ex311.htm (EX-31.1) — 12KB
• skky_ex312.htm (EX-31.2) — 13KB
• skky_ex321.htm (EX-32.1) — 4KB
• skky_ex322.htm (EX-32.2) — 4KB
• skky_10kimg8.jpg (GRAPHIC) — 3KB
• wordproofimg5.jpg (GRAPHIC) — 23KB
• skky_10kimg6.jpg (GRAPHIC) — 4KB
• 0001477932-25-000608.txt ( ) — 3944KB
• skky-20241031.xsd (EX-101.SCH) — 38KB
• skky-20241031_lab.xml (EX-101.LAB) — 224KB
• skky-20241031_cal.xml (EX-101.CAL) — 36KB
• skky-20241031_pre.xml (EX-101.PRE) — 193KB
• skky-20241031_def.xml (EX-101.DEF) — 117KB
• skky_10k_htm.xml (XML) — 462KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 3 PART 1 Item 1.

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 15 Item 1C Cybersecurity 15 Item 2.

Properties

Properties 16 Item 3.

Legal Proceedings

Legal Proceedings 16 Item 4. Mine Safety Disclosure 16 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 17 Item 6.

Selected Financial Data

Selected Financial Data 18 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 18 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 21 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 21 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 21 Item 9A.

Controls and Procedures

Controls and Procedures 21 Item 9B. Other Information 22 PART III Item 10. Directors, Executive Officers and Corporate Governance 23 Item 11.

Executive Compensation

Executive Compensation 26 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 29 Item 13. Certain Relationships and Related Transactions, and Director Independence 32 Item 14. Principal Accounting Fees and Services 32 PART IV Item 15. Exhibits, Financial Statement Schedules 32

SIGNATURES

SIGNATURES 34 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 a

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View this 10-K filing on SEC EDGAR