Skkynet Cloud Systems, Inc. Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>Skkynet Cloud Systems, Inc. has filed its Q1 2024 10-Q report, detailing financial performance and operational updates.</b>

AI Summary

Skkynet Cloud Systems, Inc. (SKKY) filed a Quarterly Report (10-Q) with the SEC on March 13, 2024. Skkynet Cloud Systems, Inc. filed a 10-Q for the period ending January 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on October 31st. The filing was submitted on March 13, 2024. The company's principal business address is in Mississauga, Ontario, Canada.

Why It Matters

For investors and stakeholders tracking Skkynet Cloud Systems, Inc., this filing contains several important signals. This 10-Q filing provides investors with a quarterly update on Skkynet's financial health and operational progress, crucial for understanding short-term performance trends. The detailed financial information within the report allows stakeholders to assess the company's revenue, expenses, and overall financial position as of January 31, 2024.

Risk Assessment

Risk Level: low — Skkynet Cloud Systems, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain information indicating significant new risks or immediate financial distress.

Analyst Insight

Monitor future 10-Q filings for trends in revenue growth and operational expenses to assess Skkynet's ongoing performance.

Financial Highlights

revenue

53143822

total Assets

70000000

total Debt

0

net Income

0

eps

0.00

revenue Growth

0.00

Key Numbers

• 2024-01-31 — Period End Date (Quarterly report period)
• 2024-03-13 — Filing Date (Date of submission)
• 1031 — Fiscal Year End (Company's fiscal year end)
• 7372 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Skkynet Cloud Systems, Inc. (company) — Filer name
• 2024-01-31 (date) — Period of report
• 2024-03-13 (date) — Filed as of date
• Mississauga (location) — Business address city
• NV (state) — State of incorporation
• 1934 Act (regulation) — SEC Act
• 000-54747 (identifier) — SEC file number
• 2020-12-15 (date) — Cogent Systems acquisition date

FAQ

Industry Context

Skkynet Cloud Systems operates in the pre-packaged software industry, providing cloud-based solutions.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded entities, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for revenue and expense trends.
2. Analyze any management discussion and analysis (MD&A) sections for insights into operational performance and future outlook.
3. Compare key financial metrics to previous periods to identify significant changes or trends.

Key Dates

• 2024-01-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-03-13: Filing Date — Date the 10-Q was officially submitted to the SEC.
• 2023-10-31: Previous Fiscal Year End — Marks the end of the prior fiscal year, preceding the current reporting period.
• 2020-12-15: Cogent Systems Acquisition — Significant past event related to business operations.

Year-Over-Year Comparison

This filing represents the quarterly update for the period ending January 31, 2024, following the annual report for the fiscal year ending October 31, 2023.

Key Financial Figures

• $20,000 — ued a two year note for US$ 15,678 (CDN $20,000) under the Canadian Emergency Business
• $40,000 — ued a two year note for US$ 30,032 (CDN $40,000) under the Canadian Emergency Business
• $630,536 — iod ended January 31, 2024, revenue was $630,536 compared to $492,119 for the same perio
• $492,119 — 2024, revenue was $630,536 compared to $492,119 for the same period in 2023. Revenue in
• $592,180 — ales by Cogent. Operating expense was $592,180 for the three months period ended Janua
• $625,964 — riod ended January 31, 2024 compared to $625,964 for the same period in 2023. The decrea
• $38,356 — Company reported an operating income of $38,356 compared to operating loss of $133,845
• $133,845 — f $38,356 compared to operating loss of $133,845 for the same period in 2023. The operat

Filing Documents

• skky_10q.htm (10-Q) — 455KB
• skky_ex311.htm (EX-31.1) — 12KB
• skky_ex312.htm (EX-31.2) — 12KB
• skky_ex321.htm (EX-32.1) — 5KB
• skky_ex322.htm (EX-32.2) — 5KB
• 0001477932-24-001185.txt (&nbsp;) — 2409KB
• skkynet-20240131.xsd (EX-101.SCH) — 27KB
• skkynet-20240131_lab.xml (EX-101.LAB) — 170KB
• skkynet-20240131_cal.xml (EX-101.CAL) — 31KB
• skkynet-20240131_pre.xml (EX-101.PRE) — 134KB
• skkynet-20240131_def.xml (EX-101.DEF) — 70KB
• skky_10q_htm.xml (XML) — 270KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 4 Consolidated Balance Sheets as of January 31, 2024 (Unaudited) and October 31, 2023 (Audited) 4 Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three Months Ended January 31, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended January 31, 2024 and 2023 (Unaudited) 6 Consolidated Statements of Cash Flows for the Three Months Ended January 31, 2024 and 2023 (Unaudited) 7

Notes to Consolidated Financial Statements(Unaudited)

Notes to Consolidated Financial Statements(Unaudited) 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 13

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 14

Controls and Procedures

Item 4. Controls and Procedures 14

: OTHER INFORMATION

PART II: OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 16

Risk Factors

Item 1A. Risk Factors 16

Sales of Equity Securities and Use of Proceeds

Item 2. Sales of Equity Securities and Use of Proceeds 16

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 16

Mine Safety Information

Item 4. Mine Safety Information 16

Other Information

Item 5. Other Information 16

Exhibits

Item 6. Exhibits 17

Signatures

Signatures 18 2 Table of Contents

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS 3 Table of Contents PART I

: FINANCIAL STATEMENTS

ITEM 1: FINANCIAL STATEMENTS SKKYNET CLOUD SYSTEMS, INC. CONSOLIDATED BALANCE SHEETS January 31, 2024 October 31, 2023 (Unaudited) (Audited) ASSETS Current Assets: Cash and cash equivalents $ 922,098 $ 916,780 Accounts receivable 367,596 306,255 Receivable related parties - 4,695 Prepaid expenses 19,818 24,261 Total current assets 1,309,512 1,251,991 Property and equipment, net of accumulated depreciation of $ 90,352 and $ 86,930 respectively 4,085 4,554 Total Assets $ 1,313,597 $ 1,256,545 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses $ 129,904 $ 84,870 Accrued liabilities – related party 98,770 95,865 Deferred revenue 325,445 360,170 Total current liabilities 554,119 540,905 Total liabilities 554,119 540,905 Commitments and contingencies - - Stockholders' Equity: Preferred stock: $ 0.001 par value, 5,000,000 shares authorized, 5,000 shares issued and outstanding, respectively 5 5 Series B Preferred convertible stock: $ 0.001 par value, 500,000 shares authorized, 193,661 issued and outstanding, respectively 194 194 Common stock; $ 0.001 par value, 70,000,000 shares authorized, 53,143,822 shares issued and outstanding, respectively 53,145 53,145 Additional paid-in capital 7,166,880 7,146,991 Accumulative other comprehensive income 79,554 74,082 Accumulated deficit ( 6,540,298 ) ( 6,558,777 ) Total stockholders' equity 759,480 715,640 Total Liabilities and Stockholders' Equity $ 1,313,597 $ 1,256,545 The accompanying notes are an integral part of the unaudited consolidated financial statements. 4 Table of Contents SKKYNET CLOUD SYSTEMS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) For Three Months Ended January 31, 2024 2023 Revenue $ 630,536 $ 492,119 Operating Expenses: Depreciation 611 613 Salaries and wages 239,139 195,727

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION Skkynet Cloud Systems, Inc. ("Skkynet" or "the Company") is a Nevada corporation formed on August 31, 2011 and headquartered in Toronto, Canada. Skkynet operates its business through its wholly owned subsidiaries Cogent Real-Time Systems, Inc. ("Cogent"), Skkynet Corp. (Canada) and Skkynet, Inc. (USA). Skkynet was formed primarily for the purpose of taking the existing business lines of Cogent and its current and future customers and integrating these businesses with Cloud based systems. We also intend to expand the areas of business activity to which the kinds of products and services we provide are applied. The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (the "SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's October 31, 2023 Annual Report on form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the consolidated financial statements for the most recent fiscal year end October 31, 2023 as reported on Form 10-K, have been omitted. Certain prior period amounts were reclassified to conform to the manner of presentation in the current period. The reclassifications have no effect on the net loss or stockholders' equity. NOTE 2- RECENT ADOPTED ACCOUNTING STANDARDS Recen

: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2 : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This report contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Skkynet's actual results could differ materially from those set forth on the forward-looking statements as a result of the risks set forth in Skkynet's filings with the Securities and Exchange Commission, general economic conditions, and changes in the assumptions used in making such forward looking statements. OVERVIEW Skkynet is a Nevada corporation headquartered in Mississauga, Canada. Skkynet operates three different lines of business through its wholly owned subsidiaries Cogent Real-Time Systems, Inc. ("Cogent"), Skkynet, Inc. ("Skkynet (USA)"), and Skkynet Corp. ("Skkynet (Canada)"). Skkynet was established to enhance Cogent's existing business lines through the integration of Cloud-based systems, and to deliver a Software-as-a-Service ("SaaS") product targeting the Industrial Internet of Things ("IoT") market, now referred to by the terms "Industry 4.0" and "Industrial Internet Consortium". The Company provides software and related systems and facilities to collect, process, and distribute real-time information over a network. This capability allows the customers to both locally and remotely manage, supervise, and control industrial processes and financial information systems. By using this software and, when requested by a client, our web based assets, our clients and their relevant customers are given the ability and the tools to observe and interact with these processes and services in real-time as they are underway and to give them the power to analyze, alter, stop, or otherwise influence these activities to conform to their plans. RESULTS OF OPERATIONS For the three month period ended January 31, 2024, revenue was $630,536 compared to $492,119 for the same period

View Full Filing

View this 10-Q filing on SEC EDGAR