Skkynet Cloud Systems Inc

For the period ended Jan 31, 2024. Filed Mar 13, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jan 31, 2024 · Filed Mar 13, 2024

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Contents

Consolidated Balance Sheets as of January 31, 2024 (Unaudited) and October 31, 2023 (Audited)

	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 sharesauthorized, 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

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

	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
Advertising	53,032	96,711
Stock compensation	19,889	52,283
General & administrative expenses	279,509	280,630
Operating expense	592,180	625,964
Income (loss) from operations	38,356	(133,845)
Other income (expense):
Other income	2,987	10
Currency exchange	(19,959)	(13,371)
Total other income (expense)	(16,972)	(13,361)
Income (loss) before taxes	21,384	(147,206)
Income taxes refund	-	-
Net income (loss)	21,384	(147,206)
Preferred dividends	(2,905)	(2,905)
Income (loss) to common stockholders	18,479	(150,111)
Foreign currency translation adjustment	5,472	5,484
Comprehensive income (loss)	$23,951	$(144,627)
Net income (loss) per share to common stockholders- basic	$0.00	$(0.00)
Weighted average common shares outstanding -basic	53,143,822	53,143,822
Net income (loss) per share to common stockholders - diluted	$0.00	$(0.00)
Weighted average common shares outstanding – diluted	61,217,272	53,143,822

CONSOLIDATED****STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2024 AND 2023

Accumulated
Series B Preferred · Additional · Other · Total
Common Stock · Preferred Stock · Convertible Stock · Paid-In · Accumulated · Comprehensive · Stockholders’
	Shares	Amount	Shares	Amount	Shares	Amount	Capital	Deficit	Loss (Income)	Equity
Balance at October 31, 2022	53,143,822	$53,145	5,000	$5	193,661	$194	$6,990,526	$(6,449,285)	$76,011	$670,596
Stock option expense	-	-	-	-	-	-	52,283	-	-	52,283
Change due to currency translation	-	-	-	-	-	-	-	-	5,484	5,484
Dividend accrued on series B preferred shares	-	-	-	-	-	-	-	(2,905)	-	(2,905)
Net loss	-	-	-	-	-	-	-	(147,206)	-	(147,206)
Balance at January 31, 2023	53,143,822	53,145	5,000	5	193,661	194	7,042,809	(6,599,396)	81,495	578,252
Balance at October 31, 2023	53,143,822	53,145	5,000	5	193,661	194	7,146,991	(6,558,777)	74,082	715,640
Change due to currency translation	-	-	-	-	-	-	-	-	5,472	5,472
Dividend accrued on series B preferred shares	-	-	-	-	-	-	-	(2,905)	-	(2,905)
Stock option expense	-	-	-	-	-	-	19,889	-	-	19,889
Net income (loss)	-	-	-	-	-	-	-	21,384		21,384
Balance at January 31, 2024	53,143,822	$53,145	5,000	$5	193,661	$194	$7,166,880	$(6,540,298)	$79,554	$759,480

The accompanying notes are an integral part of the unaudited consolidated financial statements

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.